PHOENIX, ARIZONA  – AZCREW, the commercial real estate organization that exists to transform the industry by advancing women globally, kicks off 2022 with guest speaker Angela Garmon, who will present her discussion “Align, Redefine and Grow Through Change.”

The program is scheduled for Jan. 21 from 8:30 a.m. to 10:30 a.m., at MEET24 at the Biltmore Center, 2398 E. Camelback Road, Phoenix. Registration is $45 for AZCREW members and $55 for nonmembers. Continental Breakfast is included.

Garmon is a leading voice for effective change management. She is the Founder and CEO of ARG Coaching & Consulting Group, a strategic change management consulting

firm that supports diverse leaders nationwide as it conquers change and cultivates results. She was the 2019 President of the Phoenix chapter of the National Association of Women Business Owners (NAWBO).

“Each new year brings a fresh opportunity for self-reflection and growth. January is the perfect time to lean into who we are becoming and what we aim to achieve in 2022. I can’t imagine a better professional development event given all that we’ve experienced and continue to experience in our industry and communities,” said Heather Fox Skinner, CBRE, Global Workplace Solutions, 2022 AZCREW President.

Beneficial to all professionals in the commercial real estate industry – men and women, experienced and new, individuals and teams – the January program is designed to facilitate the building of skills to manage change in this increasingly dynamic market.

Those attending are required to fill out a COVID-19 waiver prior to attending the event. Register here. The waiver can be found on the registration form.

Transaction completes the sale of one of the largest multifamily portfolios in Tucson for a total of $204 million

TUCSON, Arizona – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Yardz on Kolb, a 410-unit multifamily asset in Tucson, Arizona. The property traded for $65.5 million, or $159,756 per unit.

Constructed between 1972 and 1974 on 17-plus acres, the garden-style property is in Tucson’s central submarket near access to high-profile employers, central malls and retailers. Nearby Interstates 1o and 19 provide access to Oro Valley, Green Valley and Tucson International airport.

“Yardz on Kolb is an excellent candidate for the implementation of an interior renovation program,” said Hamid Panahi, IPA first vice president. “Previous ownership modernized a small percentage of the units, creating the opportunity for the buyer to continue or exceed the improvement program to optimize demand and maximize future revenue growth.” Panahi and IPA’s Steve Gebing and Cliff David represented the seller, Monarch Investment and Management Group, and procured the buyer, Greenwater Real Estate Management.

The transaction completes the sale of one of the largest multifamily portfolios in Tucson, the 1,286-unit Tucson Five Portfolio. Closed by Panahi, Gebing and David for a total of $204 million, the other four properties in the portfolio are Hampton Park, Lakeside Casitas, San Mateo and Solano Springs.

To learn more, see RED Comp #9509.

MESA, ARIZONA  — Decron Properties capped off the most active year in the firm’s 30-year history with its acquisition of BB Living at Eastmark, a 132-unit multifamily Build to Rent (BTR) community in Mesa, AZ for $76 million.

In 2021, the Los Angeles-based real estate investment firm acquired six assets for $570 million, far outpacing the company’s previous record of  $345 million in acquisitions in 2018. The firm also disposed of another $413 million in assets during the year, producing transaction volume for the year of just under $1 billion.

With its acquisition of BB Living at Eastmark, Decron now has 1,482 units in the Phoenix MSA, all of them having been acquired in 2021. Having created an expansive footprint in Phoenix, Decron will use the same investment formula to recreate its success in other geographic markets as the firm continues to grow and diversify its portfolio outside of California, according to Decron CEO David Nagel.

“Our concerns about the current regulatory environment in California heightened our focus on investing outside of our home state in places like Arizona because of its more favorable regulatory environment and its robust population and job growth,” Nagel said. “As we look toward our next market, cities like Austin, Texas and Salt Lake City, Utah both meet those requirements as they represent lower cost markets with a lot of tech talent migration. It can be hard to break into a new market, but when you come with a reputation of successfully winning deals in other markets like we did in Seattle and Phoenix, we believe people will take us seriously. What we accomplished in Phoenix in a relatively short amount of time demonstrates we have the firepower needed to go into any market and win deals.”

The company’s next market needs to offer the kind of population, job and overall economic growth that made Phoenix attractive for apartment investment.  Affordability is also a critical component and compared to Seattle, San Jose, and Los Angeles, the Sun Belt and Rocky Mountain job center cities, offer that as well said Nagel.

Built in 2020, the 132-unit community is located in the master planned community of Eastmark at 5150 Inspirian Parkway. BB Living at Eastmark features three- and four-bedroom townhomes with attached two-car garages. Home interiors offer high-level amenities such as stainless steel appliances, custom cabinetry, granite countertops, wood-style tile flooring, SmartRent Home systems and a washer and dryer. Community amenities include resort pool and splash pad, basketball court, and clubhouse.

The opportunity to expand into the BTR product is something Decron hopes to do in other Phoenix submarkets and other Sun Belt cities. There are currently only 4,400 BTR units in the entire Phoenix MSA and less than 30 percent of that product is 3-bedroom or 4-bedroom product. Further the average unit size at the former BB Living community, to be rebranded as the Reserve at Eastmark, is 1,862 giving this product a feel of a true single-family home with the additional benefit of nearby amenities such as a pool, spa, kids playground and outdoor social areas.

“Adding this BTR asset and potentially others to our portfolio enables us to provide additional housing options for individuals and families looking to rent a home with a larger floor plan,” Nagel said. “We will use the momentum of our record setting year to continue to propel our company forward as we seek ways to diversify and expand the Decron brand in new markets and varied asset types.”

Decron Properties (https://www.decron.com/) is one of the largest privately owned real estate firms in California with 2022 revenues projected to be in excess of $250 million. Decron’s portfolio includes approximately 9,100 apartment units and 1 million square feet of office and retail centers throughout California, Washington and Arizona.