ORO VALLEY, ARIZONA – Two office buildings at 180 & 190 West Magee Road, at the Ridgeview Plaza, sold for investment at $4.6 million ($210 PSF) to a local investor, Academy Medical Center, LLC (Eddy Chernecki, manager).  The property is located northeast of Oracle and Magee Road in Oro Valley.

Built in 1999, the 21,895 square-foot property consists of 11 office units with 830 square feet vacant at time of sale. Tenants include a chiropractor, Life is Good Chiropractic, two physical therapy offices, A Wise Move Physical Therapy & Pilates and Freedom Therapy Myofascial Release.  Others tenants include Nancy Weigand Therapeutic Massage, Tucson Property Executives, Theodora Korte – American Family Insurance, Joe Foster – State Farm Insurance, Lewis Management Resources, Beyond Bookkeeping and S AZ Jewish Federation office.

The seller, W.V.L.C. LLC, an investment group / joint venture formed by two family trusts, Spritzer Family Trust (Steve Spritzer) and Kohn Family Trust (Sidney Kohn) was represented by Michael Gross of Tucson Realty & Trust.

The buyer was represented by Jon O’Shea of Vast Commercial Real Estate, who is now contracted for leasing.

For more information, Gross can be reached at 520.577.7000 and O’Shea is at 520.624.9400.

To learn more, see RED Comp #10029.

TEMPE, Ariz.– Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Villatree, a 150-unit apartment property in Tempe, Arizona. The asset sold for $43.1 million which equates to $287,333 per unit.

“Villatree is the foremost example of boutique, value-add multifamily real estate in the highly sought-after north Tempe submarket. The property’s landlocked position provides direct reach to the area’s numerous mixed-use developments, business services-related employment opportunities, and influx of working professionals,” said Cliff David, IPA executive managing director. David and IPA executive managing director Steve Gebing represented the seller, Western Wealth Capital and procured the buyer, Epic Investment Services.

Built in 1980 on eight acres, Villatree is located along the Loop 101/Price Freeway, close to Loop 202/Red Mountain Freeway and U.S. 60/Superstition Freeway, providing residents mobility throughout Greater Phoenix. The Valley Metro’s Price Road/Apache Boulevard light rail station is within walking distance and there are 483,200 employees within a 10-mile radius. Major employers in the area include State Farm, Bank of America, Intel, Verizon and U-Haul. Shopping and entertainment in close proximity can be found at Tempe Marketplace, Mesa Riverview and Sloan Park – Spring Training Home of the Chicago Cubs.

Villatree is a two-story, garden-style property with a mix of studio, one- and two-bedroom apartment homes with an average unit size of 815 square feet and site density of approximately 18 units per acre. Unit interiors feature dishwashers and private patios or balconies with exterior storage space. Approximately half of the apartment homes are equipped with stackable washers and dryers. Community amenities include two swimming pools, two on-site laundry facilities, a community playground, and covered parking.

Developer plans second build-for-rent community near Taiwan Semiconductor Facility

Scottsdale, Ariz. – On the tails of announcing its closing on a 40-acre parcel near the Taiwan Semiconductor Manufacturing Company (TSMC), Empire Group purchases a second parcel less than a mile up the road. Securing approximately 37-acres for $9.08 million located east of North Valley Parkway and Rancho Laredo Drive. This parcel is the future site for Village at Sonoran Vista, a gated community that will include 240 single-family build-for-rent homes, plus the developer’s signature lifestyle amenities.

Empire Group is targeted to break ground on Village at Sonoran Vista by late 2022 with leasing to begin by early 2024. Village at Sonoran Vista will offer one- two- and three- bedroom homes for rent ranging from approximately 680 to 1,300 square feet.

“The projected growth for the area with TSMC and other vendors and suppliers adding or expanding operations in the Phoenix market only increases the already significant demand for housing,” states Richard Felker, founding partner of Empire Group.

Cashen Realty Advisors represented the Empire Group in the purchase of the 37-acre parcel.

Empire Group currently has six projects under construction totaling 1,337 units, with another five communities that include Village at Sonoran Vista and Village at Bronco Trail,  totaling another 1,400 units the company is expected to break ground on by the end of 2022.

In addition to its developments in Greater Phoenix, Empire Group is beginning its expansion into other states with three land deals closing. The company recently closed on a 48-acre parcel in Fort Worth, Texas with 29.9 acres zoned for a 322 single-family build-for-rent community and the remaining acreage for commercial use. Empire Group is scheduled to close on 30.6- acres in Hutto, Texas by the end of August. Construction plans include a gated community of 276 single story homes for rent. In Colorado Springs, Empire Group is on track to close this fall on a 26-acre parcel where the developer is working with the city to finalize development plans on a 247 build-for-rent home community.

To learn more about Empire Group of Companies and its portfolio of projects, visit builtbyempire.com.