Utah Investor Plans to Modernize Property in Rapidly Growing Suburb

Phoenix, Arizona –  The Laguna Village apartment community at 102 Palomino Dr. in Chandler has been sold to a Utah based investor for $70.25 million ($152,717 per unit).  The buyer intends to complete modernization of the 460-unit property and increase the development’s value within a submarket that has recently experienced strong population growth.

“This property is ideally suited for upgrades and re-positioning,” says Cindy Cooke senior executive vice president of Colliers International in Arizona.  “Laguna Village is located in Chandler which has seen some of the strongest employment growth in the Valley. The area has also experienced tremendous population growth and Laguna Village is surrounded by a very limited supply of rental competition.

Bridge Acquisitions, headquartered in Salt Lake City, purchased the property from PB Bell of Scottsdale.  Cindy Cooke and Brad Cooke of Colliers International in Arizona represented the seller in the transaction and Bridge Acquisitions was self-represented.

Laguna Village was built in 1985 and consists of 31 two-story buildings totaling 363,684 square feet.  The one- and two-bedroom units average 792 square feet each with full-size washers and dryers in every unit.  Bridge Acquisitions intends to continue the renovations that were started by PB Bell, plus upgrade all the common area amenities at the community.  Properties in the submarket that have completed renovations are achieving rent premiums of up to $200 per month.

“This outstanding submarket has experienced 10 percent rent growth in recent history, while enjoying a vacancy rate below five percent,” says Cooke.  Westech Corporate Center is positioned directly across the street from Laguna Village The 130-acre master-planned business park is scheduled to have more than 2,000 employees on-site at its completion.

Laguna Village is located between the dynamic Downtown Chandler and Downtown Gilbert submarkets.  Situated less than five minutes from US-60, Laguna Village provides quick access to the Loop 202 Red Mountain Freeway, Loop 101 Freeway and Interstate 10.  Approximately 80 tech companies are situated within 15 minutes of the property along the established Loop 101 Tech Corridor, including Amazon, Microsoft, GoDaddy and Paypal.  In addition, the neighborhood benefits from high end retail in Downtown Gilbert, as well as proximity to Banner Desert Medical Center.

Second SundAZe celebrates Tucson Museum of Art’s 95th Birthday Party March 10th

TUCSON, ARIZONA — The Tucson Museum of Art and Historic Block is celebrating their 95th Birthday on March 10, 2019, from 10:00 a.m. to 5:00 p.m. in collaboration with Second SundAZe Family Day @ TMA, the museum’s popular admission-free monthly program. Join the museum for birthday-inspired art-making projects, a performance by Cirque Roots including stilt walkers, jugglers, and acrobats; a workshop and performance by Artifact Dance Project; and the Gonzo Hour: an interactive, musical, physical theater clown show for all ages. The day will also include face painting, piñatas, and a cake-cutting ceremony at 2 p.m.! All events are free and open to the public.

Schedule of Activities:
10:00 a.m. – 5:00 p.m. – Free Museum Admission and art-making
10:30 – 11:10 a.m.  – The Gonzo Hour: an interactive, musical, physical theater clown show for all ages
11:00 a.m. – 3:00 p.m. – DJ Steve will spin the day away in Mooney Hall
11:30 a.m. – 1:30 p.m. – Face painting in Mooney Hall
12:00 p.m. – 1:00 p.m. – Artifact Dance Project Kids Costume-making workshop
1:00 p.m. – 1:30 p.m. – Artifact Dance Project Creative Movement workshop for Families
1:30 p.m. – 2:00 p.m. – Artifact Dance Project Performance
2:00 p.m. – 2:30 p.m. – Cake-cutting ceremony in Mooney Hall, Cirque Roots perform throughout the museum
2:30 p.m. – 3:00 p.m. – Pinatas on the Plaza of Pioneers

Second SundAZe Family Day @ TMA presented by the Stonewall Foundation is a monthly program designed to provide opportunities for families to engage with art. Additional support for Second SundAZe Family Day @ TMA is provided by the David and Lura Lovell Foundation. Museum admission is free for residents of Arizona and Sonora, MX. Come create and explore TMA and join in the festivities.

TUCSON, ARIZONA — Bill Alter is pleased to announce the sale of EZ 8 Self Storage located at 702 W. Silverlake Road in Tucson, Arizona.

The sale closed on February 28, 2019 for more than $2,150,000, which represents a price per square foot of about $60 and a cap rate of about 6%. The property was constructed in 1982 and consisted of 350 individual units, more than 90% of which were occupied at the time of sale.

The property will be managed by CubeSmart for the new owner.

The property was sold by one out-of-state investor, E-Z 8 Self Storage of Las Vegas to another out-of-state investor, MHC 51, LLC of Brooklyn, NY. This was Bill Alter’s 164th self-storage sale.

For more information contact Bill Alter at 602-315-0771 or [email protected]. You may also visit WWW.RGCRE/author/BillA

To learn more, login and see RED Comp #6613.

[mepr-show rules=”58038″]Business sold for $645,000 in this transaction with 348 exact number of units.[/mepr-show]