Apartments at the Corner of Cactus and I-17 Sell for $43 Million

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The 696-unit "Villas at Cave Creek Apartments" at the southeast corner of Cactus Road and the Interstate 17 sold Friday to Weidner Apartment Homes for $43.15 million, or $62,000 per unit. This multifamily development is located just a mile northeast of Metrocenter Mall and includes floorplans of one, two, and three bedrooms in thirty-seven three-story buildings as well as two clubhouses, four pools, and two laundry facilities.

Weidner Apartments Homes funded their acquisition of this apartment complex with a $32 million loan with Citibank.

For more information on this property including complete unit mix, history, and buyer/seller contacts, visit us at our website or send us an email. We're happy to hear from you!



        

Biltmore Waterfront Apartments Sell for $10 Million in Bank Sale

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Pratik Jogani of Los Angeles has purchased the Biltmore Waterfront Apartments near the I-17 and Cactus Road for $10 million. The sales price on the 288-unit property reflects $35,000 per unit and was funded by an $8.8 million Fannie Mae loan. This is a bank sale from a CMBS portfolio managed by CW Capital, which comes five years after the property was foreclosed for a $7,328,000 opening bid amount.

The Biltmore Waterfront Apartments was built in 1979 on 9.5 acres. It consists of thirteen three-story buildings and includes a unit mix of one and two-bedroom floorplans, one pool, laundry facility, and gated access. It is located directly west of the I-17 freeway, and less than a mile north of Metrocenter Mall.

For more information on this property including full distress history, complete unit mix, and buyer/seller contacts, visit us at our website or send us an email. We're happy to hear from you!



        

The Villages at Metro Center Sells for $19 Million

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The 290-unit apartment complex The Villages at Metro Center sold yesterday for a total price of $19 million, or $65,517 per unit. It is located northwest of the Dunlap I-17 exit ramp, just west of Metrocenter Mall. California investor Jeffrey M Ctvrtlik purchased the property from Bertram Partners, funded by a $14.834 million Freddie Mac loan, originated with CBRE Capital Markets.

The Villages at Metro Center consists of twenty-one buildings built 1974 and has a diverse unit mix including studios, one, two, and three-bedroom floorplans.

For more information on this property including complete history and unit mix, visit us at our website or send us an email. We're happy to hear from you!



        

Metrocenter Mall Adding New Walmart Supercenter

Walmart Stores has acquired the southern anchor space of Metrocenter Mall, once occupied by Macy’s. The 9.93 acres is to be cleared to make way for a 148,000 square foot Walmart Supercenter. Carlyle Development sold the land to Walmart for a price of $2.6 million, or $6 per square foot, directly after acquiring the property for the same price. Ownership of the central 727,816 square feet of Metrocenter has been held by Carlyle since January of 2012. Carlyle holds option to repurchase the Walmart property. 

For more information including complete property history and buyer/seller contacts visit us at www.vizzda.com or email us at info@vizzda.com.