Recently Constructed Apartments near 101 & Scottsdale Sell for $74 Million

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The 322-unit Avion on Legacy Apartments sold Monday for just over $74 million, or $230,000 per unit. TDI Real Estate Holdings sold the property to Denver-based Simpson Housing in a cash-only transaction.

The Avion on Legacy Apartments, formerly known as Jefferson on Legacy, were built in 2014 on ten and a half acres near the Scottsdale Road ramp of the Loop 101. It includes a unit mix of one, two, and three bedroom floorplans, resort style pool, clubhouse, and fitness center. It is located just a mile northeast of the Scottsdale 101 Shopping Center as well as two and a half miles east of the Mayo Clinic.

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IMT Capital Purchases Deer Valley Village Apartments for $100 Million

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IMT Capital purchased the 832-unit Deer Valley Village Apartments on Tuesday for $100.5 million or $120,793 per unit. The purchase was funded by a $500 million Freddie Mac revolving line of credit dated December 23, 2013. Sellers Sterling American Property had acquired the property previously in April of 2008 for $85.2 million.

The Deer Valley Village Apartments are located at the southwest corner of 27th Avenue and the Loop 101, located near the I-17 / Loop 101 intersection, Deer Valley Towne Center and HonorHealth Deer Valley Medical Center. It was built in 1996 and includes one, two, and three-bedroom floorplans.

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



        
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259,000 Square Foot North Loop 101 Business Center Sells for $41.75 Million

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Los Angeles-based Regent Properties is the new owner of the North Loop 101 Business Center located at the southwest corner of 7^th Avenue and the 101 Freeway. The 259,142 square foot office sold for a price of $41.75 million or $161 per square foot, and was funded by a $29.5 million loan with Compass Bank.

The North Loop 101 Business Center consists of three single-story buildings built 2000 and one two story building built 2006. Current tenants include Peter Piper Pizza regional headquarters, Continental Dental Laboratory, Maldonado Medical, and Aviation Communication.

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



        

Vizzda Planning & Zoning Week In Review July 20 - 24, 2015

Here is a brief look at a three of the newest Planning and Zoning cases in Maricopa County for the week of July 20th - 24th:

Gallery: This project is an eighteen-unit town home project located northwest of the northwest corner of Scottsdale and Thomas Roads (7107 E Earll Drive in Scottsdale). The vacant 1.2 acre site currently owned by William Lund will be developed for eighteen detached three story town homes with first floor two car garages. The case, which will require a Minor General Plan Amendment and Rezoning, was submitted to the City of Scottsdale Planning Department on July 16th, 2015. It is currently in the review process, and no hearing dates have been set at this time.

Tegava Unit 2.1: Phase 2 of the 856.5 acre master planned community formerly known as Vista Verde was given approval by the Maricopa County Board of Supervisors on July 22nd. The Board of Supervisors approved the Final Plat for 168 single family residential lots on 57 acres. Shea Homes is the owner and developer of the property located on the northeast corner of 172nd Street and Rio Verde Drive.

Cornwell on Quail Ave: A rezoning case for the development of a 69,000 SF industrial flex project was submitted and is scheduled to be heard by the City of Phoenix Planning Commission when they reconvene on August 11th. The development will have five single-story buildings with suite sizes of 1,568 and 1,728 square feet. Cornwell Corporation is the owner and developer of the vacant 6.35 acre site located northwest of Cave Creek Road and State Route 101.

(Initial Renderings for Cornwall on Quail Ave)

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



        

Silverstone/Rawhide Apartments Coming Soon to North Scottsdale

Area Map with Zoom Detail (Subject land highlighted in red on right)

A 262-unit apartment complex is planned just a third mile south of the Scottsdale and Pinnacle Peak intersection in Scottsdale. The Silverstone/Rawhide Apartments are to be developed by Mark Taylor Residential, and are expected to total 478,000 square feet within ten multi-story buildings with an average unit size of 1,437 square feet. It will also include a parking garage, pool, and four acres of open space. Once built, this complex will be the only multifamily within a one and a half-mile radius.

For more information including detailed unit mix, contact information, and more go to 

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American Furniture Warehouse Buys 40 Acres in Glendale for $9m

Vizzda – July 23, 2013 –  A 41.49 acre parcel in Glendale located at the southwest corner of Loop 101 and Bethany Home Rd, opposite of Westgate City Center and City of Phoenix Stadium and previously planned for a 1.25m square foot, mixed-use project called “Bella Villagio,” has been sold by Stearns Bank to American Furniture Warehouse for $9.0m or $4.98 per square foot.

Site of future American Furniture Warehouse

The prior owners--doing business as Stadium Holdings LLC--previously acquired this land from the Arizona Department of Transportation on November 16, 2007 for $16.265m or $9.00 per square foot with $15.8m debt with Stearns Bank. The property was noticed for trustee sale November 26th, 2008 on the outstanding debt with Stearns. Stadium Holdings LLC filed for Chapter 11 Bankruptcy and Stearns Bank secured a ruling lifting the automatic stay on foreclosure on January 26th, 2010. The property then reverted to Stearns Bank on February 12, 2010 through trustee sale process for $16.495m credit bid amount.

Vizzda is actively researching the zoning and planned development for the site, which at this point appears to be in the early stages.

Edward Moore
Director of Research

emoore@vizzda.com
www.vizzda.com