Phoenix, Arizona — Newmark announces it has completed the $25.2 million sale and $20 million financing of Plaza 550, a 92-unit, value-add multifamily community located at 550 E Earll Drive in Phoenix, Arizona.

The property traded from B&R Capital to Rise48 Equity, a Phoenix-based multifamily investment firm that has been an active buyer in the market. Newmark Senior Managing Directors Chris Canter and Brett Polachek and Executive Managing Director Brad Goff represented the seller in the transaction. Executive Managing Directors Scott Snowball and Darin Stovall of Newmark’s Debt and Structured Finance team helped secure the acquisition financing.

“Located next to Phoenix Country Club, Plaza 550 offers access to all of the fun and excitement that Phoenix has to offer,” said Canter. “And with approximately two-thirds of the units remaining in classic condition, the complex offers the new owner a strong value-add opportunity.”

Originally built in 1973 and renovated in 2020, Plaza 550 is an eight-building, garden style multifamily community featuring 92 one-bedroom units with an average unit size of 600 square feet. Unit interiors feature all-electric kitchens, breakfast bars, modern stainless-steel appliances, spacious walk-in closets and washers and dryers in renovated units. Property amenities include two large pools with sun decks, barbeque and picnic areas, laundry facilities, controlled access entry and Amazon package lockers.

Plaza 550 is situated in the North Central Avenue Business District and nearby several prominent job centers including Arizona State University’s Downtown Phoenix Campus, Camelback Corridor, Chase Field, Banner University Medical Center and Sky Harbor International Airport. The location also provides convenient access to the light rail and city transportation, offering residents access to local entertainment and shopping amenities.

According to Newmark Research, 268,331 multifamily units were absorbed nationally during the third quarter of 2021, marking the highest quarterly absorption figure in history. As more workers return to the office and the cost to own single-family homes continues to rise to historic levels, rental housing is anticipated to see strong demand. The increased demand is projected to support strong levels of rent growth through the end 2022. For the 12 months ending in third quarter 2021, Phoenix experienced the highest rent growth of all major U.S. markets, with annual average effective rent growth of 12.3%.

SPECIALIZING IN THIRD–PARTY LEASING & DEVELOPMENT FOR HEALTHCARE

PHOENIX, Ariz. – Tracy Altemus, CCIM, along with veteran colleagues spanning decades with Ensemble Real Estate Solutions and Investments, has established  REsource Commercial (REsource Commercial Real Estate LLC), a brokerage firm to serve existing and expanding clients in healthcare. With more than 35 years of experience in the industry, Altemus is the designated broker of the firm that also includes Bill Molloy and Murray Gares, CCIM, who have worked together for over 30 years.

REsource specializes in third–party leasing and development for healthcare properties, leveraging its experience and long–time clients Sun Health, HonorHealth, and more. Some
tenant representative clients also retained include Zona Spine and Pain, Terros Health, and Horizon Health & Wellness.

Branching off from their brokerage came as a natural progression as Ensemble recently shifted its focus to go back to its roots of managing and leasing only properties it owns. So, it is discontinuing its brokerage and property management efforts in Arizona. Amicably, Altemus, Molloy and Gares determined it was time to go back to their own roots of what they’ve always excelled at in the industry. The REsource team is continuing to work with the clients it has retained from its previous brokerage work and has already added to its roster.

“After 35 years with one company it’s quite a change, but one I welcome. I am excited to continue to serve my clients and to expand in ways I’ve always wanted to,” said Tracy Altemus,
CCIM, CEO at REsource.

Forming this team has created a sense of coming “full circle” in their careers as they go back to what they have been successful in for decades. Altemus’ highly qualified background includes
being a former medical practice consultant before becoming involved in the leasing, sales and development of healthcare facilities with DevMan Co. in 1987, and then with Ensemble when
the companies merged in 2008. She was recently honored by the Arizona Business Leaders publication as an “Influential Real Estate Broker” in the Medical category.

Founder of DevMan in 1981, Molloy got his start in healthcare real estate with a career in hospital administration as the Vice President for Operations at Phoenix Memorial Hospital. His
resume of over 40 years in the industry includes development of numerous healthcare projects, asset and property management services, and commercial brokerage transactions throughout Arizona. Molloy serves as the Managing Director, Healthcare Brokerage and Development at REsource today.

REsource’s Managing Director, Commercial Real Estate Leasing and Sales, Gares, has over 30 years of experience representing landlords/tenants and buyers/sellers. His expansive CCIM
network provides a national representative with specific niche market experience from a local CCIM network partner. His local market experience is invaluable in representing his clients in
both the medical and office markets in the metropolitan Phoenix area.

Although REsource predominantly focuses on healthcare properties, the team has gained diverse experience in other sectors and is able and willing to meet the clients’ needs, whether it
be land acquisitions or office leasing. REsource is licensed in Arizona, California and Nevada

TUCSON, ARIZONA – Local investor Larsen Baker, through its affiliate Rancho Center Developers, LLC recently acquired the 80,000-square-foot shopping center located at 3302-3416 E Speedway Blvd. in Tucson, Arizona for $10.1 million ($126 PSF).

Located southeast of Country Club on Speedway, within minutes of the University of Arizona, El Con Mall and Banner University Medical Center. Built in the 1950s, the center was 83% occupied when it sold, anchored by Whole Foods Market, Bookmans Entertainment Exchange and Zia Records. Other tenants include Pacific Dental Services, Jersey Mike’s Subs, Desert Spin, B.K.S Iyengar Yoga Studio, Tomas Woodwork, Real Estate Direct, 9^th Street Rentals and others.

A few of the retail centers similar in size to Rancho Center owned by Larsen Baker include:

• Tucson Place, NWC First Ave & Wetmore in Tucson
• Marana Marketplace, SEC Orange Grove & Thornydale in Marana
• Circle Plaza, SEC Kolb & Broadway in Tucson
• Cochise Plaza, NEC Fry Blvd & Coronado, Sierra Vista
• Crossroads Festival, NEC Swan & Grant in Tucson
• Oracle Fort Lowell Center, NEC Oracle & Fort Lowell in Tucson
• Manzanita Plaza, NWC Valencia & Cardinal in Tucson
• Tri Valley plaza, SEC Florence & Colorado, Casa Grande
• The Plaza at Williams Centre, SWC Broadway & Craycroft in Tucson
• 22^nd & Craycroft Center, NWC Craycroft & 22^nd Street in Tucson

The sellers, Rancho Center, LLC and SMOSK Holdings, managed by the Robert Kivel Family, are also local investors.

The buyer was represented by Isaac Figueroa with Larsen Baker, LLC. The seller, Rancho Center, LLC, et al. was represented by Debbie Heslop with VOLK Company.

For more information, Figueroa can be contacted at 520.296.0200 ext. 218 and Heslop can be reached at 520.495.2235.

To learn more, see RED Comp #9698.