Newly Completed Skywater at Town Lake Sells for $94 Million

Area Map

Lennar Multifamily's new Skywater at Town Lake mixed-use apartment complex sold Wednesday for $94.2 million, or just over $300,000 per unit. The Teachers' Retirement System of the State of Illinois are the new owners of the property, purchased care of real estate management firm Heitman. A $47.1 million note with Nationwide Life Insurance Company funded the transaction.

Skywater at Town Lake is located near the southeast corner of Hardy Drive and Rio Salado Parkway in Tempe, less than a mile from Arizona State University. It features an array of floorplans including studios, 1-3 bedrooms, lofts, and live/work units. A 155,000 square foot parking structure is included on the property, as well as two pools and a clubhouse. The 328-unit project completed construction earlier this year.

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The Domain at Tempe Student Housing Sells for $65 Million

Area Map

The 299-unit / 959 bed Domain at Tempe Student Housing Apartment Complex sold Thursday for $65 million or $217,000 per unit. It is located near the intersection of McClintock Drive and Apache Boulevard, less than two miles east of the Arizona State University Tempe campus. The Scion Group purchased this asset from Harrison Street. Both buyer and seller are based in Chicago.

A five-story parking garage, two pools, two strip retail buildings and a three-story clubhouse are included on the property. The unit mix includes units of two, three, and four bedrooms.

Wide Area Map

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Canadian Investors Purchase 240-Unit Apartments at Priest and Broadway

Area Map

North Vancouver investors Western Wealth Capital purchased the 240-unit Anzio Apartments on Friday for $19.5 million, or $81,250 per unit. The apartment complex is located at the northeast corner of Priest and Broadway, just over a mile southwest of the ASU Tempe Campus and just a short drive from the I-10 freeway. Its unit mix includes one and two-bedroom floorplans in thirteen two and three-story buildings built 1971. A $15.5 million Freddie Mac loan was recorded with the sale.

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!



        

Vizzda Planning and Zoning Week in Review July 27 - 31 2015:

Here is a brief look some of the newest Planning and Zoning cases for Maricopa County for the week of July 27 - 31 2015:

ASU Mixed Use:  – The 100-unit apartment complex known as University Village at 936 South Terrace Road in Tempe is being planned for demolition. The 53-year old apartments are planned to be replaced by a 5-story 559,700 square foot mixed use development designed for Arizona State University student housing. University Village 2.0 will have 260 units and a mix of 22 studios, 29 one bedroom / one bathroom, 56 two bedroom / two bathroom and 153 - four bedroom / four bathroom units in addition to 1,800 square feet of ground floor commercial space. The developer is California-based Legacy Partners who recently completed the mixed-use development The Legacy Bungalows near downtown Phoenix.

Initial Rendering

Phoenix Multi-Family: – The offices located at 4811 N 7^th Street in Phoenix are to be replaced by a multifamily development known as Alta Camelback. The 230-unit four story building with a unit mix of: 146 one bedroom / one bathroom, 78 two bedroom / two bathroom and 6 – three bedroom / two bathroom is currently in the development review process within the City of Phoenix Encanto Village team. The community will also include a 338 space parking garage, pool and 7,300 square foot clubhouse. The project developer is Wood Partners with Biltform Architecture serving as the project architect.  

Initial Rendering

Tempe Retail: -- Dunkin Donuts franchisee James A Klusman submitted the site plan for a new retail building at 4715 S Rural Road in Tempe. The 8,050 square foot multi-tenant building site is the former location of The Lingerie Superstore and is adjacent to City Scape At Lakeshore Apartments. At the time of submittal the planned occupants are Dunkin Donuts and Tokyo Joe's, the building will have the capacity to hold two additional tenants. Bar Napkin Productions is serving as the project architect. 

Single Family Subdivisions: -- The Town of Gilbert approved the Final Plats for two single family residential subdivisions at the July 30th meeting. Fulton Homes was given approval for the 193 lot / 34.6 acre Phase 2, Parcel 15 of Cooley Station near the NWC of Recker and Williams Field Roads. Ryland Homes was given approval for Brighton a 43 lot subdivision on 12.4 acres at the NWC of Val Vista Drive and Elliot Road.

For more information on these properties, visit us at our website or send us an email. We're happy to hear from you!



        

Gateway at Tempe Apartments Conveys in Bankruptcy Sale

Area Map

The 288-unit Gateway at Tempe Apartments near the corner of McClintock and University Drives sold Monday for a purchase price of $56.75 million, or just over $197,000 per unit with no debt recorded. Apex One Investment Partners acquired the property via bankruptcy sale. It had previously been sold for $51 million back in 2006, funded by a $33,150,000 loan with Wachovia Bank.

The complex consists of one, two, three, and four bedroom units. It was built in 1998 and is currently being used as ASU student housing.

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!



        

Lennar Multifamily Moves Forward With 395-Unit Complex East of ASU

Dorsey Ln / Apache Blvd Vicinity Map

Lennar Multifamily assembled 6.7 acres at the intersection of Dorsey Lane and Apache Boulevard in Tempe to build a 395-unit apartment complex. “The Hayden at Dorsey Station” will total 600,000 square feet, with a podium-style ground floor parking and retail, and floorplans of one, two, and three bedrooms.  The project shares an intersection with the Dorsey Lane light rail stop. Two respective properties, a 101-unit two-story hotel and a 78-unit two-story multifamily of ten buildings, currently occupy on the proposed project footprint - all to be demolished. Lennar purchased these properties for a combined value of $11,475,000 or $1,712,687 per acre.

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

Tempe Resort Style Student Housing at Rural & Apache Comes Online, Sells to REIT

By: Daniel Alpers | Vizzda

Another lavish student-housing complex in Tempe has come online near the Tempe ASU campus. The District on Apache is a 900-bed development that is located ±350 ft from the southeast corner of Rural Road and Apache Boulevard, which is the intersection that marks the southeast corner of campus. The Education Realty Trust REIT purchased the property from Residential Housing Development, a Houston, Texas & West Palm Beach, Florida based developer for $91m or $101,111 per bed. This is just one of many large student housing that have been built in the booming Tempe urban market.

Photo of Streetscape on Apache

The six-story single-building property was built in 2013, totals ±365,225 SF, and wraps a 6-tiered 770 unit parking structure. The property features 1,044 square feet of ground floor retail space that is divided by the parking structure entrance. The property's 279 units consist of a mix of studio, one-bedroom, two-bedroom, three-bedroom, four-bedroom, and five-bedroom living spaces. These units surround the very unique lazy river style pool and Jacuzzi. Another notable feature is the 2-story workout facility.

In their press release, Education Realty Trust REIT describes The District on Apache property to be “laden with the high-end amenities that are fast becoming the prerequisite among the student population”. This property enters the resort style Tempe student housing submarket with the likes of 922 Place (across Apache Boulevard to north), Vista Del Sol (±700 feet west of southwest corner of Rural & Apache), & The Villas at Vista Del Sol (±1,400 feet west of southwest corner of Rural & Apache), University House, and Grigio at Tempe Town Lake, most of which have been built in the last few years.

 

Rural & Apache vicinity map

This project, entitled with high intensity mixed use & residential zoning (MU-4 & R-5) contributes to the Apache Boulevard urban streetscape with the vertical 6-story building street-wall regulated to just 5-foot setbacks. This dense and walkability-prioritized urban mixed-use building design compliments the surrounding southeast campus student community that also includes a recently built dense cluster of ASU dorms at the northwest corner of the intersection. Altogether, this relatively new southeast-campus student living cluster has created a beehive of pedestrian activity at the intersection of Rural Road and Apache Boulevard.

The majority of the land for the District on Apache project (4.36 acres) was assembled in 2010 by Rockbridge Capital through three transactions. Residential Housing Development bought that 4.36 acre piece in 2011, the 28-unit “Spence Ave Apartments” with the sale, and traded land with Kevin Baer of Baers Den Bar, all concurrently on November 1^st, 2011, to assemble the 5.25 acres that the District on Apache sits on today. Baers Den Bar relocated to the west side of the property.

Student Housing Planned for Former Theological Institute in Tempe

By: Cody Weisel | Vizzda.com

An abandoned theological institute west of the northwest corner of Priest Road and University Drive may soon be transformed into a new low-density student housing complex. The site—which was operated as the Charles H. Cook Christian Training School from 1965 through its closure in 2008—could soon be razed and replaced with “village-style” student housing units. 

The project is referred to in planning documents as Capstone Cottages and would contain 159 units for a total of 718 beds with a variety of townhome and multi-unit cottage style housing products. Tempe Development Review Board (DRB) recently approved a design approval request for the project on April 21st, 2014, however the DRB approval will be appealed before City Council later this month. 

The Lindon Park Neighborhood Association, a community organization for the neighborhood just east of the proposed site, has been fervently opposed to the project since being approached by the city and developer. This is not the first time residents of Lindon Park have been opposed to projects at the site. Proposed developments in 2008 and 2011 were both met with opposition by the Neighborhood Association, and were ultimately abandoned.  

The current issue of contention is one that echoes past concerns of the residents. Specifically, medium to high density projects at the site would generate increased traffic within the community. To mitigate these traffic concerns, the Capstone developers have agreed to provide a shuttle bus service for residents, install a traffic signal at Lindon and University, and to place speed bumps on the roads which abut the development. Despite these offers, residents remain skeptical about the project. 

Contention surrounding this and other academic housing projects raises the issue of specific zoning designations for student housing within the Tempe. The city has no such definition within the Zoning Ordinance for student housing developments, and thus, this and other academic housing projects are able to get away with being considered “multi-family”. Emily Gersema, President of the Lindon Park Neighborhood Association, raised this issue at an April DRB meeting, and will the make a final appeal of the project before Tempe City Council on May 22nd, 2014.

Tempe Land Planned for Student Housing Sells for $6.5m

Site of 1010 Lemon Development

 Vizzda – February 18, 2014 – IMH Financial sold the 3.74-acre vacant parcel of land at 1010 East Lemon Street to Blue Vista Capital of Chicago for $6.5m or $41.89 per square foot. William Meris, president and chief executive officer of IMH, and Irene Moroko, senior vice president of Blue Vista, closed the deal. 

The property at 1010 E Lemon is planned for a mixed-use student housing project, which includes a ground floor retail component, convenient access to light rail and is described by the development team as follows:

1010 Lemon, a mixed-use development, reflects a village concept in which there is opportunity for residency including dining and recreation within the development, and on the same hand to go to school, work, buy merchandise and recreate within the area. This connectivity is reasonably available without the use of an automobile. This proposal is predominantly residential but includes a commercial restaurant component at the Lemon and Terrace intersection for enjoyment by the public. The proximity of the site to ASU main campus (educational use), Mill Avenue (mixed-use) and to Apache Boulevard (commercial use, including grocery) via walking or bicycling is a principal feature that supports the village concept.

The project, as approved by the Tempe City Council on June 27, 2013, would include a ±325,399 sf 6-story housing cluster of 220 dwelling units with 600 bedrooms and a ±131,198 sf integrated 400-vehicle parking structure. This project will rise ±76 ft above the city streets on a triangular parcel at the northwest corner of Terrace Rd and Lemon St in the neighborhood just east of ASU. The planned unit mix is 24 1-bedroom units, 84 2-bedroom units, 40 3-bedroom units and 72 4-bedroom units.  The sale price of this project corresponds to $29,545 per dwelling unit or $10,833 per bedroom. For more information on the project, including renderings and site plans, follow this link and complete the form.

IMH Financial had originally loaned $6.12m on this property on May 16, 2008 to developers Ken Losch & David Dewar of Avenue Communities (also Tempe Land Company) and acquired ownership of the property on September 22, 2010 through a trustee sale.

Edward Moore
Director of Research
www.vizzda.com

Holualoa Joins ASU Foundation and Plaza Cos. at Skysong

Vizzda—August 28^th, 2013 — An entity formed by Holualoa Companies, The Plaza Cos. and Arizona State University Foundation have signed a new 75-year ground sub-lease for SkySong, the ASU Scottsdale Innovation Center. Holualoa and Plaza displaced the original developer of the site, USAA Real Estate, which retains interest in the multifamily development onsite. As this was not a fee simple conveyance, no affidavit of value is required and therefore no sale price is available.

The acquiring entity secured $17.839m in new construction financing with Alliance Bank of Arizona to begin construction on SkySong III—a 145,000 ft² 4-story research facility in the southwest quadrant of the project. Plaza Cos., which is the master developer of SkySong I and II, will continue in that capacity with assistance from Holualoa; the master developers have enlisted DPR as the general contractor and Butler Design as the architect. Groundbreaking is slated for Late September.

SkySong was developed under a Government Property Lease Excise Tax arrangement with the City of Scottsdale, who is the master lessor of the property. This arrangement calls for the City of Scottsdale to acquire the property from the original developers and lease it back to them at a discount to property tax payable in lieu of collecting said property tax for a period, after which time the property tax liability and the ground lease rent are roughly equivalent. This master ground lease was modified to reflect the new leasehold ownership several days after the close of the sub-lease agreement.

 By:

Paul Dionne

Director of Analytics

Vizzda.com

Two Tempe Apartment Complexes Noticed For Trustees Sale, 239 Units / $8.3M+ Debt

VIZZDA – 11/29/2012 An entity formed by Pacific Western Bank has recorded two notices of trustee sale on apartment complexes just east of the ASU Tempe campus- near Rural & Lemon. Trustee sale auction is set for 2/27/13 @ 10am for both properties.

Campus Pointe
1115 E Lemon St
163 units
Three 4-story buildings, built 1970 on 3.92 ac, zoned CSS
$5.94m noticed debt
Previously purchased 10/14/2004 for $8.4m or $51.5k per unit ($2.46m down).

Riviera Palms
914 E Lemon St
76 units
Three 2-story buildings, built 1963 on 1.92 ac zoned R-4
$2,366,250 noticed debt
Previously purchased 10/13/2004 for $3.2m or $42.1k per unit ($833,750 down).

Pacific Western Bank is the successor beneficial interest after
Affinity Bank (original lender) was closed by the FDIC 8/28/2009; note assigned 5/31/2011.

Vizzda not only tracks all sale comps… we also track the daily pipeline of noticed properties- researching each one with owner contacts, lender contacts, verified property descriptions, transaction history, photos / video, and more. Plus we monitor the entire auction process- updating for cancellations, note sales, postponements, and credit bids. Call Kris today to see what Vizzda can do for you (480) 383-9310.