Phoenix, Ariz. –  ABI Multifamily  is proud to announce the $19,750,000 / $120,427 per unit / $181.07 PSF sale of Ridgepoint Apartments in Glendale, Arizona.

Ridgepoint is a 164-unit apartment community in the South Glendale submarket, a well-established area that is currently experiencing a wave of growth and development. Infrastructure and commercial projects in various stages of development currently total more than $173 Million, including more than 475 new multifamily units with an estimated construction and development cost of more than $73 Million.

Built in 1986, Ridgepoint offers an attractive mix of one and two-bedroom unit types. An ongoing renovation program over recent years left the property with approximately 42 percent of its units fully renovated, 39 percent partially renovated and 20 percent little changed from the original at the time of the sale.

ABI Multifamily’s Alon Shnitzer, John Kobierowski, Rue Bax, Eddie Chang and Doug Lazovick represented both parties.

“The Seller, Emma Capital, is a long-term client of ABI’s,” Shnitzer said. “In 2012, we represented them on the initial transaction, which marked their formal entry into the Phoenix multifamily market. It has truly been a pleasure working with them and helping them grow their Phoenix multifamily portfolio.”

He continued, “Emma Capital timed the market perfectly and began implementing a value-add interior renovations play at acquisition, but they also held the smart strategic mindset of leaving value-add capacity for the next buyer, which caused a flurry of activity to present itself during the marketing campaign.”

Emma Capital was founded in 2012 and specializes in the identification, financing, acquisition and operation of multifamily residential complexes, particularly in the Sun Belt and Midwestern states in the U.S. To date, Emma Capital’s portfolio consists of total asset value of approximately $1.3 Billion of property and approximately 10,000 units in the Phoenix, Atlanta, Charlotte, Nashville, Orlando, Indianapolis and Raleigh/Durham markets.

The Arizona-based Buyers — Whitehaven Capital and Source Capital — are a conglomerate of private investment equity firms specializing in the acquisition and re-positioning of apartment assets in the Phoenix MSA. They focus on acquisitions with opportunities to create significant additional value through strategic management and physical asset renovations.

PIMA COUNTY, ARIZONA — Two Pima County programs that assist at-risk students in graduating high school are accepting applications for entry into sessions starting in July.

Pima Vocational High School is accepting students age 16-21 who want to earn their high school diploma for the program session that begins July 16. Interested students must attend a two-day orientation July 11-12 from 1:30 to 4:30 p.m. each day, at PVHS’s south campus, 175 W. Irvington Road. Pima Vocational’s second campus is located on the northwest side, 5025 W. Ina Road. Call 724-9740 to reserve a spot. Download a registration packet from the PVHS website or pick one up at either campus.

PVHS offers students real-world work experience with their academic classes, enabling them to pair their studies with internships ranging from office work to daycare to nonprofit work.

Students leave with an accredited high school diploma, career plan, and possessing the ability to sustain a job.

Pima County’s Las Artes Arts & Education Center is also accepting students for the GED program session that begins July 8. The program pays students a weekly incentive to offset the cost of transportation, clothing and school supplies. A new student orientation takes place July 8 at 8:30 a.m. at the school, 23 W. 27^th St. in South Tucson.

Young people ages 17-22 must complete an application and take a basic assessment to determine placement level before attending the Las Artes orientation. They can come to the school Monday through Thursday for that initial assessment, beginning at 8:15 a.m.

Both schools are programs of the Pima County Community Services, Employment and Training Department.

Cushman & Wakefield sells 156,000 SF to Southwestern Property Corp.

PHOENIX, Arizona – On behalf of New York-based Carlyle Development Group, Cushman & Wakefield sold a portion of Metrocenter Mall – the former JCPenney’s – to Denver-based Southwestern Property Corp. The property located at 9617 N. Metro Parkway in Phoenix sold for $3.17 million.

Brent Mallonee, Don Arones and Greg McMillan of Cushman & Wakefield’s Phoenix office represented the seller in the transaction. Mallonee stated, “We’re pleased to be able to work on behalf of Carlyle on this transaction and the continued repositioning of this iconic property in the heart of Phoenix. We look forward to continuing our role in the evolution and next life of Metrocenter.”

Southwestern Property Corp. plans to redevelop the former 156,000-square-foot JCPenney’s into a high-end self-storage and boat/RV storage facility, or entertainment uses.

Metrocenter Mall includes 686,000 SF of existing buildings located on a 52-acre portion of a 130-acre Planned Unit Development (PUD) site in North Phoenix. Metrocenter represents the opportunity to redevelop a large regional suburban mall into an urban central core mixed-use project that is envisioned to have high density, multifamily housing, employment, retail, entertainment, and enhanced transit opportunities including an on-site future light rail station and existing bus station.

The potential mixed-use redevelopment site allows for a variety of uses including retail, office, multi-family, senior housing, healthcare, education, and much more. The site is currently configured with three existing anchor tenant buildings and a two-story enclosed mall building all of which can be re-adapted for new uses or removed to accommodate new construction under the very flexible PUD. The property is also located in an Opportunity Zone.