TUCSON, Arizona – Tucson is well  known for its University of Arizona Wildcats and their recent journey to make the Final Four in the NCCA Men’s College Basketball tournament. Though they were eliminated during the Sweet 16, they still did great!  Student housing and multifamily properties in Tucson are widely spread out within miles of the University.  SVN Advisors, Chip Kloppenburg and Carrick Sears with the Desert Commercial Advisors office in Phoenix recently negotiated the sale of  Malibu Apartments for $2.24 million ($34,462 per unit).

The property is located only 3 miles from the University which makes the property a great investment for the new owner.  The seller stated they have interest in purchasing another assisted living property closer to home and home to them means the State of California.  With the market rents around the university, the seller was motivated to list the property for sale with SVN.  The 65-unit apartment complex is located at 3665 N. 1^st Ave. in Tucson.

The buyer, Scott Brittenham with 3665 N. 1^st Ave, LLC already owns approximately 100-units in Tucson and wanted to add to his multifamily portfolio. “I am confident that now is a great time to be acquiring well placed, well-run units, particularly in the central, northern, and northwest areas of town,” said Brittenham.  SVN advisor, Chip Kloppenburg who specializes in the multifamily property types is nationally known for his recent $17M sale in Tempe, AZ along with Sears. “In the end, we are excited that we were able to please both buyer and seller while overcoming a few hurdles during the process, said Kloppenburg.

One of its sellers, Lou Bouc will be focused on finding new property in California but stated, “The SVN team was instrumental in finding the best buyer for this property. They cooperated well with another brokerage that brought in the best offer we moved forward with.”  SVN advisor, Carrick Sears said, “I am confident that we found the best buyer for this property by actively marketing this property to the entire brokerage community.”

When buyers and sellers are satisfied with the deal, all parties are pleased.  Bouc stated, “SVN went above and beyond!”

To learn more, see RED Comp #4669.

Phoenix, Arizona – With 2016 coming to end, SVN Desert Commercial Advisors has always remained true to the mission of creating amazing value with their clients, colleagues and the community.   One of the most nationally recognized retail developments, Chandler Crossings was just named 2016 ‘Deal of the Year’.

Rommie Mojahed & Mary Nollenberger, the Directors of Sales & Leasing have also been recognized professionally for their unprecedented knowledge in the commercial real estate industry. Mojahed, named Tomorrow’s Leaders (Real Estate Forum-2014) and Nollenberger who received the honor as one of the Most Outstanding Women in Business with the Phoenix Business Journal earlier this year were both acknowledged last week for their instrumental role in the development of Chandler Crossings.

“Receiving the Outstanding Woman in Business was the most cherished and unexpected honors in my career,” said Nollenberger.  “I was absolutely humbled by the experience and by the opportunity to be recognized in the company of the amazing women with whom I shared the day.” The distant memory in 2014 was The Shoppes at Chandler Heights which was also acknowledged but not in a good way. It was named one of the biggest eyesores of Chandler by AZ Central.  Year after year, the advisors continued to believe in the potential of this development that was once a partially constructed abandoned building with mounds of dirt and tumbleweeds. However the vision from these two exceptional brokers is what dreams are made of.  The new owner renamed it to Chandler Crossings and the new Lifestyle & Entertainment Center in south Chandler went under development at the beginning of 2016.  Since then, over $24 million in lease deals are underway and almost 59,000 in square-footage have been leased.

Rommie Mojahed is currently working on a few more retail developments in Mesa with the same inspiration in mind.  “In the early discussions with the broker for Alamo Drafthouse, it appeared that Chandler Crossings was too far south,” said Mojahed.  While most people only see the dotted line that shows the deal is closed, there can be a very lengthy process in research and development during the deal-making process.  Mojahed continued to express, “After sending traffic studies, in depth demos, and other analytical details, we were able to get them committed to the site. We knew this tenant would help launch the site and we were very excited to get this signed.”

Among these end-of-the-year recognitions, several other advisors at Desert Commercial Advisors received other honors.  Office advisor, Paul Borgesen III and Justin Horwitz received the Centurion Award for their gross earnings this year. Borgesen III was also named into the “Ten-Million Dollar Club” for closing over $10 million in total deal volume.  Horwitz was a back to back recipient for closing over $10 million in 2015 and 2016. Multifamily advisors, Chip Kloppenburg and Carrick Sears also received the same honor. There most recognized deal was the sale of Amber Gardens to a Canadian investor for $17M.  Retail advisor, Beau Flahart received the Centurion Award and his back to back acknowledgement as an honorary member of the Ten-Million Dollar Club for his closed transactions in 2015 and 2016.  Flahart’s most notable deal this year was the sale of Village Grove for $7 million that he co-brokered with the Directors of Sales & Leasing.

The Deal of the Year advisors, Mojahed and Nollenberger were the first recipients to receive the Quarter Million Award for their gross earnings and closed over 36 deals totaling approximately $43 million in total deal volume in 2016.

In the end, SVN relies on building relationships with their clients, colleagues and the economic development across the valley. The former CEO of General Electric said it best. “Good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion.”

Congratulations SVN!

Phoenix, Arizona – Desert Commercial Advisors has announced that Alex Feria has joined the multifamily division at SVN in Phoenix. Associate advisor Feria will be working with senior investment advisors and CCIM’s, Chip Kloppenburg and Carrick Sears who recently closed the $17 million deal of Amber Gardens in downtown Tempe.  Feria just completed a 3-month internship and will be on board full-time at the nationally recognized SVN Phoenix brokerage.

Feria was born in Fayetteville, North Carolina while his father was stationed there for military training in the army.  After his move to Arizona, Feria went to high school here in the valley and is finishing up his college degree at Arizona State University in Tempe, AZ.  He will finish his studies at the W.P. Carey School of Business with his Business Communications degree and minor in Real Estate. His entrepreneurial leadership was developed early on in life when he started his first promotional business during his senior year in high school.  He moved on to manage a successful entertainment and event company for five years.  That entrepreneurial background coupled with his previous role in executive management makes his a valuable asset in the commercial real estate industry. His minor in real estate from ASU will also be instrumental moving forward.

He is currently a member of NAIOP Developing Leaders and will be specializing in multifamily investment properties.  His resourcefulness, critical and outside the box thinking will be an advantage to his clients in finding the right investment properties across the valley. Feria prides himself being knowledgeable of specific demographics focused around student housing developments. He will serve as the contact at SVN for investors who are searching for student housing developments around primary and secondary collegiate markets in the state of Arizona. After only three days on board, he already listed a 4-plex property for sale located on the SEC of Priest Dr. & 5^th St. in Tempe. Alex is also fluent in reading and writing in both English and Spanish so he will be able to help create more opportunities for Latino investors as well.