PHOENIX, Arizona – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Avenue 15, a 148-unit apartment complex located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $14,725,000 ($99,493 per unit).

Pete Te Kampe, first vice president investments in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer was represented by Karl Abert of Kidder Mathews. “The seller originally purchased this asset two years ago as a fractured condominium reconversion opportunity,” Te Kampe explained. “Subsequent to stabilizing the asset and making necessary improvements, the owner decided to list the property with Marcus & Millichap. After receiving 13 competitive offers on the property, it ultimately sold at 97% of list price to a local buyer who plans to renovate and update the property. What made this asset so desirable was that it controls 21% of all three-bedroom/two-bathroom units in the North Central Phoenix submarket in multifamily properties comprising 50 or more units.” Avenue 15 represents the seventh condo reversion project Te Kampe has assisted his clients with. Every condo reversion he has done involved multiple sellers transferring ownership to one investor in which the investor acquired 100% of the units along with H.O.A. control and declarant rights.

Avenue 15 is located at 1609 West Glendale Avenue in the North Central Phoenix submarket of Phoenix, Arizona. Built in 1972, the property underwent a reassembly campaign in 2017. The property went through a condominium conversion approximately 12 years ago. Avenue 15 consists of 28 two-bed/one-bath units, 66 two-bed/two-bath units, and 54 three-bed/two-bath units.

TUCSON, ARIZ. – The Tucson office of engineering consulting firm Terracon recently presented a $3,500 check from its foundation to Tucson Clean and Beautiful, which will use the money for its youth environmental leadership mentoring program.

The Terracon Foundation Board selected TC&B as its grant recipient. Terracon Senior Associate and Tucson Office Manager Derek Koller submitted the nomination. Koller recently was promoted to Senior Associate based on his exemplary leadership at Terracon and his community involvement.

The funds will be used to support the Youth Environmental Leadership, Learning and Action (YELLA) school mentoring program.

YELLA allows high school students to mentor school-based youth groups to develop and implement action projects that result in environmental improvements on campus and changes in environmental attitudes and behaviors of students.

“It was my honor and privilege to present this wonderful organization with a Terracon Foundation grant,” Koller said. “Our Tucson office has been involved with TC&B for more than 10 years. We have sponsored and maintained a 1-mile stretch of road where our employees help pick up litter.

“I became passionate about TC&B because they are a community-based environmental organization with an educational component. I am especially excited about the YELLA program because it will give high school students the opportunity to mentor younger students and encourage creativity and volunteerism,” Koller said.

Student leaders in YELLA will plan, plan, recruit, execute, celebrate and evaluate projects.

“We are thrilled to receive this grant from the Terracon Foundation,” said Katie Gannon, Executive Director of Tucson Clean and Beautiful. “This funding will support two high school student mentors who will develop and lead service-learning projects to address real-world environmental challenges. We are grateful to Terracon for helping build 21st century environmental leaders while moving school campuses toward cleaner greener and more sustainable solutions.”

Terracon is an employee-owned consulting engineering firm with more than 4,000 employees providing environmental, facilities, geotechnical, and materials services from more than 140 offices with services available in all 50 states.

Terracon currently ranks 24th on the Engineering News-Record list of Top 500 Design Firms and is ranked No. 1 in Asbestos and Lead Abatement Design. To learn more about Terracon visit terracon.com/offices/tucson/.

Phoenix, Ariz. — Solera Health Inc. continues to expand adding slightly over 11,000-square-feet of offices, open workspace, meeting rooms, and collaboration hubs  to their existing 19,000-square-foot footprint within the 111 W. Monroe building.

The company moved its headquarters to The Monroe in April of last year, taking the entire third floor, which includes a rare outdoor patio feature.

Designed as a highly collaborative work environment for their expanding technology teams, the expansion space is located on the floor below their existing space and will be connected via internal staircase linking the two floors allowing for easy access between the spaces.  The expansion will also provide a more accessible visitor entry and receiving area adjacent to The Monroe’s recently-completed amenity zone on the second floor.

Brenda Schmidt, founder and CEO of the integrated benefit network, said they are excited to expand their space within the building, as their team grows to more than 200 people in the next several months.

The Phoenix Med-Tech company recently raised $42M in growth equity capital and plans expand its network of community organizations and digital solutions in managing chronic diseases such as obesity and diabetes with the goal of more broadly addressing the social and behavioral determinant of health.

“Solera’s mission is to change lives by guiding people to better health in their communities,” Schmidt said. “The Monroe Building’s location, amenities and creative space support Solera’s corporate culture and help us attract and retain employees.”

Phoenix Mayor, Kate Gallego, had this to say of the expansion, “Growing our healthcare industry is of critical importance for Phoenix, the fastest growing city in the country. This growth not only improves community health outcomes, it produces high-wage jobs and diversifies our economy. I am happy to see Solera call Downtown Phoenix home.”

“Collaborating with Brenda and her talented team has been a pleasure,” commented Danny Swancey, a principal at ViaWest.  “We have an amazing roster of tenants at The Monroe that help foster a unique vibe and ecosystem that is enticing to companies attempting to attract and retain top talent.”

After leasing its newly delivered full-floor spec suite to game developer, Rainbow Studios, ViaWest Group recently completed another chic full-floor spec suite on the 8^th floor in anticipation of accommodating the growth of existing tenants or new tenant prospects.

The intersection of creative space, amenities, and location make The Monroe a destination for tech-influenced companies including Freshly, Integrate, Solera, Orb Health, Gainsight, Inspire Data, Fin Exploration, and Rainbow Studios.

For more about The Monroe experience you can visit https://themonroephx.com