TEMPE, ARIZONA – Situated on the northeast corner of McClintock Drive and Apache Boulevard, the 1,400-square-foot, freestanding building closed for $715,000, or $511 per square-foot. 1800 East Apache Boulevard sits on approximately 0.39 acres of land and there is redevelopment potential using the existing CSS zoning. Sitting adjacent to a light rail stop makes for easy transportation to and from Tempe Marketplace, Arizona State University’s Campus, and other Tempe amenities. The site is approximately one mile from Loop 101 and Loop 202 freeways.

Nick Miner, CCIM of ORION Investment Real Estate exclusively represented the Seller, Irving O Kozinets and Esther S Kozinets Revocable Trust. Miner said, “This property was vacant at time of sale. The buyer was able to secure a tenant during the due diligence period that could utilize the existing property. During the marketing timeline there were several interested parties, but the key issue was the fact that all parties were wanting to have a drive-thru.”

The Buyer, Western American Investments, LLC, was self-represented.

PIMA COUNTY – Pima County recently received the highest form of recognition granted by a national association of finance and budget experts.

Last month, the Government Finance Officers Association (GFOA) presented the Finance and Risk Management Department with its Distinguished Budget Presentation Award for the 21st consecutive year.

“This award represents a significant achievement,” Association spokesman Michele Mark Levine said in a written statement. “It reflects a commitment of the and staff to meeting the highest principles of government budgeting.”

Three separate budget professionals with public sector budgeting experience evaluated documents submitted by the Department’s budget division. Judges assessed how well the budget performs in four categories: as a policy document, as a financial plan, as an operations guide and as a communications device.

“This award demands recipients show meticulous detail and accuracy, so we are extremely pleased that we’ve once again been able to reflect our commitment to accountability and transparency in budgeting through this independent review,” Pima County Administrator Chuck Huckelberry said. “Taxpayers can be assured we will continue to utilize best practices as we strive for ongoing excellence in budgeting.”

Only 33 other Arizona governments have ever received this prestigious award from the GFOA, the premier professional organization among government finance officials. Pima County has won this award 28 times.

“This award would not be possible without the County’s commitment to excellence and the hard work and dedication of the Finance and Risk Management staff.” Finance and Risk Management Director Michelle Campagne said. “We also appreciate the oversight of the Board of Supervisors and the planning and direction we get from County administration, as well as the assistance from other County departments.”

The Government Finance Officers Association is a nonprofit professional association serving more than 19,000 government finance professionals in the nation. The Distinguished Budget Presentation Awards Program is the only national awards program in governmental budgeting.

PHOENIX, Arizona – CBRE announced it secured a $60.3 million loan on behalf of Aultas Investment Management, a private real estate investment company based in San Diego, for the refinancing of two student housing properties in Flagstaff, Ariz.

Brian Eisendrath and Cory Wizenberg of CBRE arranged the 10-year loan through Freddie Mac. The refinance proceeds were used to take out the existing HUD loans that were assumed by Aultas at the time of acquisition in May 2016 and return capital back to Aultas.

“Freddie Mac’s multifamily lending programs continue to support our efforts to deliver clean, safe, affordable housing to our residents in Flagstaff,” said Aultas principal Stu Bone. “In partnership with Freddie Mac’s Green Advantage program, we are also proud to report that we will be reducing energy and water consumption at these properties by over 30 percent. As always, it was a pleasure to work with Brian Eisendrath, Cory Wizenberg and their capital markets advisory team. They continue to deliver capital on time and on terms.”

The first property, Clear Creek Village, is located at 875 East Pine Knoll Drive and features 107 units with a mix of one-, two- and three-bedroom apartments. The second, Ridge at Clear Creek located at 997 East Pine Knoll Drive, is a 306-unit, garden-style apartment complex. Both properties are situated near Northern Arizona University.

“Given the properties’ proximity to the university, there is steady, high demand from the student population,” said Eisendrath. “These properties sit in a market that continues to trend positively and has experienced consistent growth.”