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Standard Pacific Launches New Community in Phoenix; Broadstone Camelback Awarded LEED Platinum

18 May 2014, 5:14 am

By Amalia Otet, Associate Editor

California homebuilder Standard Pacific Homes has officially launched its newest gated community in Phoenix.

Dubbed The Enclave at Blossom Hills, the development is situated at the base of South Mountain Park and minutes away from downtown Phoenix, providing residents with convenient access to the area’s best employment, dining and entertainment options. Sky Harbor International Airport and downtown Tempe are also just short drives away.

The neighborhood features eight brand-new home designs specifically tailored to meet the needs of today’s most discerning home shoppers.

Homes range from approximately 2,900 to 4,350 square feet and contain as many as five bedrooms and four-and-a-half baths. Among a series of contemporary design elements, the properties showcase flexible living spaces, gourmet kitchens, generous bedroom counts, spa-like master suites, large outdoor covered living areas, as well as plenty of storage space in both single- and two-story plans. Additionally, homes may include an optional front casita, an office or even a puppy wash station.

The exterior styles of the homes are inspired from the architectural marvels of the Southwest, offering Hacienda Ranch, Spanish Colonial and European Cottage elevations.

Prices for the estate-size residences within The Enclave at Blossom Hills start in the $400,000s, according to the developer.

Founded and headquartered in Orange County, California, Standard Pacific Homes specializes in building family-oriented communities, with a particular focus on the nation’s largest housing markets, including California, Florida, Arizona, North Carolina, South Carolina, Texas and Colorado.

Meanwhile, Broadstone Camelback, a 270-unit luxury apartment community in the upscale Biltmore area, has been awarded LEED Platinum certification by the U.S. Green Building Council, reported AZ Big Media.

Developed by Alliance Residential, the multifamily complex offers a mix of studio, one- and two-bedroom residences ranging in size from 650 to 1,100 square feet.

The community incorporates a variety of green elements and sustainability features, including an energy-efficient building envelope (insulation), recycled building materials, high-efficiency mechanical systems, water-conserving fixtures and irrigation systems, environmentally conscious landscaping, high-efficiency low-E windows, climate-controlled elevators and halls, enhanced indoor-air quality, EnergyStar appliances and electric vehicle charging stations.

Photo credits: The Enclave at Blossom Hills Home Model courtesy of Standard Pacific Homes; Broadstone Camelback via Official Website



Bela Flor Unveils 121-Unit Condo Development in Mesa

10 May 2014, 2:06 am

By Amalia Otet, Associate Editor

Real estate development firm Bela Flor Communities has debuted Villa Rialto, a 121-unit luxury condominium development in Mesa.

Villa Rialto is located at 7726 East Baseline Road, near the junction of Loop 202 and I-60 in the southeast Valley. It offers easy access to Superstition Springs Mall, Costco, golf courses, lakes and other destinations.

The upscale development offers nine two- and three-bedroom floor plans, ranging in size from 947 to 1,557 square feet. Interiors feature high-end appliances and fixtures, including gourmet kitchens with solid slab granite countertops, stainless steel appliances, 9-foot ceilings, 8-foot entry doors and 18″ ceramic tile flooring.

Common amenities include gated access, free Wi-Fi, a heated pool, a clubhouse outfitted with an entertainment kitchen and fitness center, and attached garages.

Additionally, the residences will offer a ‘smart home’ technology package upgrade ,that includes tankless electric water heaters and high-tech thermostats, both of which allow residents to adjust settings and monitor usage via an iOS or Android mobile device.

“Smart home technology has become increasingly attractive for today’s buyer,” said Hudd Hassell of Bela Flor. “It helps us offer a truly hassle-free ‘lock-and-leave’ lifestyle, which is very appealing – especially for homeowners who travel a lot,” he added.

Prices for the residences at Villa Rialto start in the mid-$140,000 range.

Bela Flor plans to break ground later this year on another high-end condominium project. Dubbed Bella Victoria, the 240-unit community will be located at Ellsworth and US 60. Offering high-tech features is part of the firm’s strategy to attract condominium buyers.

Photo credit: Villa Rialto via official website



MIG Real Estate Pays $42M for M-F Community in Tempe

28 Apr 2014, 1:58 am

By Amalia Otet, Associate Editor

Newport Beach, Calif.-based MIG Real Estate L.L.C. has acquired Quadrangles Village, a 510-unit multi-family community in Tempe. The purchase price was  $41.9 million or $82,108 per unit, reported Business Real Estate Weekly of Arizona. The seller, an affiliate of Beverly Hills FSC Realty Inc. in Beverly Hills, Calif., was represented by Tyler Anderson and Sean Cunningham of CBRE Group Inc.

“In acquiring this property, MIG Real Estate recognized Quadrangles Village’s desirable location next to ASU’s 60,000 students and 12,000 employees, as well as its excellent potential for value-add upgrades,” said MIG Real Estate’s CEO Greg Merage in a statement. Quadrangles Village represents the company’s second investment in the local multifamily market, following its investment in Acacia Creek in Scottsdale in 2013.

Located at 1255 E. University Drive, the complex consists of 23 three-story buildings with studio, one- and two-bedroom apartments.  Units feature walk-in closets, private patios or balconies, and fully equipped kitchens with breakfast bars.

Community amenities include gated access, three swimming pools with spas, poolside WiFi and water features, a clubhouse with a kitchen, billiards table and televisions, a fitness center, a business center and laundry facilities. Greystar Student Living will provide property management services.

Quadrangles Village is within walking distance of the main Arizona State University campus. Nearby attractions include Wells Fargo Arena, Sun Devil Stadium, and Tempe Town Lake. Retail amenities include Tempe Marketplace and Mill Avenue Shopping District.

Since April 2009, MIG Real Estate has acquired nearly 7 million square feet of investment properties totaling approximately $1 billion in assets under management throughout Arizona, California, Colorado, Edmonton-Alberta, Florida, Hawaii, Nevada, North Carolina, Texas, Utah, Washington, and Wyoming.

Photo credit: Quadrangles Village in Tempe, Arizona via Official Facebook Page



Buchanan Street Picks Up Office, M-F Properties for $43M

15 Apr 2014, 9:40 pm

By Amalia Otet, Associate Editor

Newport Beach, Calif.-based Buchanan Street Partners has teamed with Baron Properties of Denver to purchase Vue Park West, a 260-unit luxury apartment community in Peoria. The partnership paid $30 million for the complex, or $115,300 per unit.

Buchanan Street is currently on a buying spree, with eyes on California, Arizona, Nevada and Texas. The company is targeting properties in the $10 million to $100 million range.

“Vue Park West is an excellent example of the caliber of core-plus and value-add investments that we are making in select Western markets,” said Bob Dougherty, partner at Buchanan Street, adding that the venture was drawn to the asset’s cash flow and the prospect for rent growth in the West Valley market.

Completed by Wood Partners in 2008, the asset has reportedly enjoyed an occupancy rate of more than 90% since 2010, outperforming its submarket during that period.

Formerly known as Alta Park West, the community is located at 9680 W Northern Ave., within walking distance of the Park West lifestyle center and minutes away from Westgate Entertainment District. It also offers easy access to the Agua Fria (101) Freeway at West Northern Avenue.

The complex is a mix of studio, one-, two-, and three-bedroom units with island kitchens, vaulted ceilings, washer and dryer in the unit, garden tub and oversized closets. Common amenities include a business center, swimming pool, fitness center, pet park, eco-friendly environment, covered parking and gated access. Additionally, the new ownership plans to add value and re-position the property by implementing a series of improvements.

Further expanding its Phoenix footprint, Buchanan Street has acquired Mesa Corporate Center, a two-story Class A office building in Mesa, for $13.2 million. The seller was Parkway Properties in Orlando, Fla.

Located at 1001 W. Southern Avenue, the 106,077-square-foot property was 89 percent occupied at the time of closing, with a credit tenant roster that included Allstate Corp. and Carrington College (DeVry).

According to Brian Payne, vice president at Buchanan Street Partners, Mesa Corporate Center is a first-class property in a premier location and has amenities that broaden the firm’s offerings to present and potential tenants, and achieve further economies of scale.

Buchanan Street picked up the property at a 40% discount to estimated replacement cost and was attracted to the project’s current cash flow and the opportunity to participate in improving fundamentals as leases expire.

Photo credit: Vue Park West Apartment Homes in Peoria, Az. via Official Website



W. P. Carey Pays $43M for Chandler Office Building; Meritex Makes Local Debut With Industrial Acquisition

8 Apr 2014, 10:58 pm

By Amalia Otet, Associate Editor

In a $43 million deal, W. P. Carey Inc. has acquired a 183,000-square-foot Class A office building in the heart of Chandler’s Price Road Corridor, one of the Phoenix metro’s most sought-after office submarkets. The seller was Los Angeles-based Regent Properties.

The transaction was arranged by a three-member team of Colliers International brokers: Neil Glassmoyer, senior vice president; Tivon Moffitt, vice president; and Peter Bauman, senior associate, AZ Big Media reported.

Located at 2700 Frye Road, the three-story building serves as the West Coast regional headquarters of QBE Holdings, a global insurance company, which occupies the property under a 10-year-lease. Amenities include covered parking for more than 1,000 vehicles, a large cafeteria, reflective windows and significant IT infrastructure. The site offers additional development opportunities.

“The Price Road Corridor is Phoenix’s strongest submarket, with an 8.9 percent Class-A office vacancy,” said Gino Sabatini, W. P. Carey managing director and co-head of global investments, in a statement. “”The submarket – referred to as the ‘Silicon Desert’ – is filled with companies that specialize in research, technology, financial services and high-tech manufacturing. High-tech, professional and other ‘knowledge workers account for over 60% of Chandler’s workforce.”

In industrial investment news, Minneapolis-based Meritex Enterprises purchased a two-building industrial portfolio totaling 193,366 square feet in a deal that marks the company’s entry into the Phoenix market. The Class A properties are located at 21410 and 21415 North 15th Lane in the Deer Valley submarket.

At the time of closing, the buildings were 97 percent leased to ten tenants, including one that recently expanded by nearly 15,000 square feet. Both properties offer easy access to I-17 and Loop 101.

Tony Lydon and Pat Harlan, both managing directors with JLL, represented Meritex. Metro Commercial Properties will continue to handle management duties for the assets, and John Pompay of Cassidy Turley has been retained as the listing agent.

Meritex’s chief investment officer, Dan Williams, said in a statement that the firm will seek additional investment opportunities in the Phoenix area as part of its strategy to expand and diversify its industrial portfolio.

Photo courtesy of W.P. Carey Inc. via official website







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