Phoenix, Ariz. –  ABI Multifamily is proud to announce the $10,540,000 / $250,952 Per Unit / $218.79 Per SF sale of The Tides at Downtown Gilbert in Gilbert, Ariz.

The Tides at Downtown Gilbert is a 42-unit garden-style apartment community situated in the Gilbert submarket and conveniently located near many of the town’s premier attractions, including restaurants, entertainment and the Gilbert Heritage District.

Built in 2005 and renovated in 2018-19, The Tides at Downtown Gilbert’s 42 three bed/two bath units have all been upgraded with electric stainless steel appliances, modern cabinetry, vinyl plank flooring, quartz countertops and LED-lighted ceiling fans.

ABI Multifamily Partner Eddie Chang and VP Ryan Smith represented the Seller.

“By assembling this distressed former condo property into a for-rent multifamily community, the Seller was able to create a unique value proposition for the area,” Chang said. “Gilbert’s Heritage District is one of the most dynamic and engaging areas in the entire Valley, and as a result of the assemblage and the upgrades, the Buyer is now in an excellent position to realize long-term value moving forward with a solidly-structured asset in an exceptionally strong location.”

Both the Buyer and Seller are private investment firms based in California.

TUCSON, ARIZONA — Berkadia announced the sale of and financing for Palm Canyon Apartment Homes, a 368-unit garden-style multifamily property in Tucson, Arizona.

Located at 2255 West Orange Grove Road, Palm Canyon features one-, two- and three-bedroom floor plans with full-size washers and dryers, dishwashers, spacious closets, air-conditioning and private patios or balconies. Community amenities include two pools, a grill, a picnic area, a clubhouse, a fitness center, a business center, covered parking, door-to-door trash pick-up, on-site maintenance, online rent payment capabilities and complimentary internet access. Residents are also afforded convenient access to employers such as Raytheon, Casas Adobes Park, Wildwood Park, the University of Arizona and the shops and restaurants along North La Cholla Boulevard.

Senior Managing Director Art Wadlund and Director Clint Wadlund of Berkadia’s Tucson, Arizona office completed the $40.3 million ($109,500 per unit) sale on behalf of the seller, Houston-based Domain Communities. The buyer was Seattle-based Thayer Manca Residential, and the deal closed on July 29.

“The buyer purchased this property, because of its prime location in the strong Tucson market and added opportunity to upgrade its units,” said Art Wadlund.

Managing Director Lou Weisman of Berkadia’s Seattle office secured $25.35 million in acquisition financing for this property, through the Fannie Mae DUS program for a 10-year full term with fixed-rate interest-only loan payments.

“Berkadia and Fannie Mae both saw the value proposition in Thayer Manca Residential’s signature renovation package,” said Weisman. “Their renovation package will provide over $13,500 per-unit in interior and exterior improvements, in addition to a sustainability package of green improvements that will lower utility costs for tenants and landlords alike. The entire transaction is a win-win for all parties.”

For more information, Clint Wadlund should be reached at 520.615.1100 and Art Wadlund can be contacted at  520.299.7200.

To learn more, see RED Comp #7038.

Phoenix, AZ – Trammell Crow Company (TCC) Phoenix and an institutional investor have announced the sale of Tolleson Logistics Center, a 329,000-square-foot Class A industrial building located at 200 North 99th Avenue in Tolleson, Az. The building, which sits on 22.2 acres, was purchased by Cohen Asset Management and is 100% leased on a long-term basis to two international companies. The project is located in the Southwest Valley industrial submarket of Metropolitan Phoenix and was completed in 2018.

“Cohen Asset Management will benefit from the asset’s steady cash flow and favorable structural submarket fundamentals,” said Cullen Mahoney, a vice president with Trammell Crow Company Phoenix. “This deal also showcases how community goals can be aligned with financial objectives. We’re looking forward to the new VFW facility located on the site.”

The project’s state-of-the-art features include three points of ingress and egress with dedicated truck queuing lanes, 36’ clear height, cross-dock loading with 100% concrete truck courts, an ESFR sprinkler system, heavy trailer parking and automatic truck court gates. In addition, its location within the Southwest Valley submarket is highly desirable by occupiers with immediate access to Interstate 10, Interstate 17, the future Loop 202 and proximity to Sky Harbor International Airport. The project reached 100% occupancy in seven months following substantial completion. The venture donated 1.4 acres of land to the Veterans of Foreign Wars (VFW) for the development of a new facility.

Cushman & Wakefield’s Will Strong represented the venture in the transaction.