SIERRA VISTA, Ariz. – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Port Royale, a 252-unit multifamily property in Sierra Vista, Arizona. The $46.5 million sales price equates to $184,524 per unit.

“Southern Arizona is one of the state’s most rapidly growing areas and in April 2022, Sierra Vista was ranked No. 7 nationally for year-over-year rent growth,” said Hamid Panahi, IPA senior vice president. “The seller recognized that a post-2000-vintage asset like Port Royale is rarely available to new investors and capitalized on the demand.”

“Previous ownership implemented a robust renovation program that new ownership can continue, further adding value for existing and new residents,” said Clint Wadlund, IPA senior director. Panahi, Wadlund and IPA’s Steve Gebing and Cliff David represented the seller, Element Property Company, and procured the buyer, Sundance Bay. The property is located near Arizona State Routes 82 and 90, the University of Arizona South, Cochise College, and Sierra Vista Municipal Airport. Shopping is close by at the Plaza Vista Mall, Cochise Crossroads, and Hastings Center. Sierra Vista’s major employers include Canyon Vista Medical Center and Fort Huachuca, which is five miles from Port Royale.

Constructed in 2004 and 2008 on 13 acres, the property is a gated, 18 residential building asset with a renovated leasing office and clubhouse, a resort-style swimming pool, assigned covered parking and detached garages. The one-, two- and three-bedroom apartments have full-size washers and dryers and private patios or balconies. The average unit size is 874 square feet.

Tucson, ARIZONA — LGI Homes closed on another 126 lots in the Star Valley master-planned community MPC in Tucson’s southwest submarket. The paper lots were purchased for $4,961,250 ($39,375/Lot). The land was purchased from GAC Star Valley, LLC. The Star Valley MPC ownership is a partnership formed in 2020 between Mike Geddes, Rick Andreen, and Sunbelt Holdings. With several large-scale Tucson projects in different stages of production, Sunbelt Holdings has become one the largest master developers in the region.

The new lots are 45’X120’ and located in Block 3, south of Yedra Road. The latest purchase -will offer LGI product flexibility in addition to the 101- 40’X110’ lots that LGI purchased in January of this year.

Star Valley has emerged as one of the best producing projects in the Tucson metro area. Sales at Star Valley Destiny Collection (Lennar), Las Patrias at Star Valley (Meritage Homes) and Seasons at Star Valley (Richmond American) continue to be strong and have signaled a renewed strength to Tucson’s southwest submarket. The project will have new phases approved and available lots towards the end of 2022 which will continue to provide seamless lot supply for the community’s homebuilders.

Will White and John Carroll of Land Advisors Organization in Tucson handled the transaction and have the marketing assignment for all of Star Valley.

White commented, “The growing homebuilder roster at Star Valley is very impressive. The master-plan has supplied a large amount of lots in the past 18 months and the permit/construction activity is reflective of that. It is becoming more apparent that the southwest Tucson submarket was severely undersupplied and underserved. Star Valley has definitely been part of the solution to this pent-up demand. Just driving through the project and seeing all the construction, you can feel the synergies”

For more information, the Land Advisors Organization team of White and Carroll can be reached at 520.514.7454.

To learn more, see RED Comp #9954.

Plans $52 million renovation of Biltmore Commerce Center in coveted live-work-play submarket

PHOENIX, ARIZONA – Phoenix-based developer George Oliver has purchased Biltmore Commerce Center, a landmark building in the heart of metro Phoenix’s coveted Camelback Corridor, for its latest office transformation. The acquisition marks George Oliver’s sixth experiential office project in the Valley in just over three years, continuing its vision of reimagining prime urban office assets with a high-touch design and an amenity package focused on the health and well-being of employees.

Biltmore Commerce Center is located at 3200 E. Camelback Road in Phoenix, on the northeast corner of Camelback Road and 32^nd Street. It sits within one of metro Phoenix’s most popular office corridors, with prime access to a diverse labor pool, abundant housing and a market-leading hospitality and restaurant base.

George Oliver will deploy over $52 million in capital improvements at the 3200 building, reimagining the asset with its trademark experiential office approach and property-specific improvements reflecting the high-end demographics of the location. This includes flexible, open-planned workspaces finished with a refined material palette and infused with resort-style health-and-wellness amenities.

“Our goal is to deliver a George Oliver office project in each of metro Phoenix’s top office submarkets, and Camelback Corridor is on the top of that list,” said George Oliver Founder and Managing Partner Curt Kremer. “We are more than excited to establish a building on this prominent corner and to continue to deliver what we see as the market’s greatest requirement, which is flexible, well-amenitized, collaborative workplaces. Employers want their office settings to promote interaction and employee wellness. Our projects overachieve on that at every level.”

Delivered to market in 1985, Biltmore Commerce Center totals 260,878 square feet with three stories. Key features include a three-story central atrium, large floorplates, multiple common areas and outdoor amenity spaces, conference facilities, and a bronze-colored metal building exterior that serves as a striking identifier within the market. The building sits across the street from Biltmore Plaza shopping center, minutes from Biltmore Fashion Park and extensive dining options, and at the center of executive and new luxury multifamily housing options.

JLL Senior Directors Ben Geelan and Will Mast represented the sellers, a joint venture of Lincoln Property Company and Oaktree Capital Management.

“The office workforce has changed significantly over the past few years, and tenants are responding with a flight to quality as they work to entice employees back into the physical office space,” said Mast. “George Oliver’s vision for  Biltmore Commerce Center aligns with those demands and will start a new chapter for one of Arizona’s premier office assets.”

The design and architecture for the 3200 building will be led by George Oliver Design. JLL Managing Director Ryan Timpani will serve as the project’s exclusive leasing broker. Arcadia Management Group will serve as the on-site property manager.

Biltmore Commerce Center adds to George Oliver’s notable portfolio of office transformations, including Arbor in downtown Tempe, CASA in Phoenix’s Uptown neighborhood, The Alexander and The Johnathan in downtown Chandler, and Quad in South Scottsdale.