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Vol. XVII, No. 49 December 16, 2011

al multi-family is sue Sp e ci

Post Office Box 15216 Scottsdale, Arizona 85267 (480) 905-0500 Fax (480) 905-0005 web site:

IPA/P.B. BELL VENTURE TO DEVELOP 240-UNIT APARTMENT COMPLEX AT FORMER BARCELONA SITE Scottsdale – A joint venture formed by Investment Property Associates LLC in Grand Haven, Mich. (Scott Brooks, James Brooks, Patrick Gaughan, Robert Diamond, managers) and P.B. Bell Cos. in Scottsdale (Phil Bell, Chapin Bell, principals) plans to develop a 240-unit apartment community on a site once partly occupied by the Barcelona restaurant/nightclub in Scottsdale. In deal set to close at press time, Plinth Venture LLC (the IPA/P.B. Bell entity) was expected to pay $10.25 million to acquire the 5.83-acre site. The seller is Scottsdale Place LLC, a company formed by Jeffrey Newburg in Phoenix. The seller was represented by Rue Bax, Ari Spiro and Sean Stutzman of ORION Investment Real Estate Solutions in Scottsdale. Dave Headstream of CBRE in Phoenix and Cindy Cooke and Brad Cooke of Colliers International in Phoenix worked on behalf of the buyer. The prime site is located near the northeast corner of Greenway-Hayden Loop and Scottsdale Road, and is directly north of the Scottsdale Quarter mixed-use project and kitty-corner to the Kierland Commons mixed-use development. The luxury apartment project will replace Barcelona at 15440 N. Greenway-Hayden Loop and an adjoining office building at 15509 N. Scottsdale Road. Plans from L.R. Niemiec Architects in Scottsdale show four, four-story structures to be built over podium parking. The studio, one- and two-bedroom units will range from 800 sq. ft. to 1,200 sq. ft. Monthly rental rates projected to run from about $1,200 to $1,900. Construction scheduled to start fourth quarter 2012, with opening expected year-end 2013. MT Builders in Scottsdale to serve as contractor. Development cost (land and buildings) estimated at $40+ million. Construction financing yet to be arranged. Both IPA and P.B. Bell have extensive experience in the multi-family sector. IPA owns and manages roughly 4,000 apartment and student housing units. In November 2009, a company formed by IPA paid $47.8 million ($97,951 per unit) to buy the 488-unit San Melia apartments located at 14435 S. 48th Street in Phoenix. The privately-held IPA is in the process of developing the 332-unit Avendia apartments in Chandler. Two months ago, IPA paid $10.4 million to buy a 35-acre parcel in the Ahwatukee area of Phoenix that is planned for a mixed-use project, including a luxury apartment complex. Since 1975, P.B. Bell has developed 3,200+ apartments in 20 communities in the Valley. IPA and P.B. Bell are looking for more multi-family development opportunities in the Phoenix area. The contact at IPA is Bill Fettis . . . call him at (616) 846-6900. Reach the Bells at (480) 951-2222. Newburg is at (602) 778-0400. Talk to the ORION agents at (480) 634-6934. CORNERSTONE-MANAGED ENTITY SPENDS $32 MILLION FOR 288 APARTMENTS IN PHOENIX Phoenix – A company managed by Cornerstone Real Estate Advisers LLC in Santa Monica, Calif. paid $32 million ($111,111 per unit) to buy the 288-unit Mountainside apartments located at 3625 E. Ray Road. Records show Mountainside Apartments LLC (the Cornerstone entity) paid cash for Mountainside. The seller was Phoenix Commercial Investments LLC, a company formed by Property Reserve Inc. on behalf of The Church of Jesus Christ of Latter-Day Saints in Salt Lake City, Utah. The sale was brokered by Steve Gebing and Cliff David of Marcus & Millichap Real Estate Services in Phoenix. Mountainside was built by Fairfield Residential Inc. in San Diego, Calif. in 1996. At that time, the community was called San Marino. Phoenix Commercial Investments took ownership of Mountainside in July 2002 for an undisclosed price. Based in Hartford, Conn., Cornerstone Real Estate Advisers is a global investment adviser with offices located throughout the world. The purchase of Mountainside is the third multifamily investment in the Phoenix area in the past six months for Cornerstone. The company is looking for additional investment opportunities in the Valley. In August, BREW reported another company managed by Cornerstone paying $44.55 million ($123,750 per unit) to acquire the 360-unit Windsor at Mountain Park Ranch apartments at 13820 S. 44th Street in Phoenix. In July, BREW reported another company formed by Cornerstone paying $40 million ($166,667 per unit) to buy the 240-unit Level at Sixteenth apartments at 1550 E. Campbell Avenue in Phoenix. Jim Gallagher is the contact at Cornerstone . . . (310) 234-2525. Mike Dehner is the contact for Phoenix Commercial Investments . . . reach him at (801) 321-8272. Gebing and David are at (602) 687-6700. BARON PROPERTIES DROPS $26.9 MILLION FOR 240 APARTMENT UNITS IN PEORIA Peoria – Enclave Apts LLC, a company formed by Baron Properties in Greenwood Village, Colo. (J. Jeffrey Riggs, Scott Fisher, T.J. Tarbell, principals), paid $26.9 million ($112,083 per unit) to buy the 240-unit Enclave at Paradise Lane apartments located at 8092 W. Paradise Lane in Peoria. The sellers were four funds managed by Benjamin E. Sherman & Sons Inc. in Deerfield, Ill. (David Sherman, chairman). The sale was brokered through Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE in YEARLY SUBSCRIPTION RATE: 50 weekly issues $359.00 (includes $26.40 sales tax). BUSINESS REAL ESTATE WEEKLY (ISSN 1091-6156) is published weekly except the last Friday week in December and the first Friday week in January by Business Real Estate Weekly, Inc., 14269 N. 87th Street, #108, Scottsdale, Arizona 85260. REPRODUCTION OF THIS REPORT IS ABSOLUTELY PROHIBITED. POSTMASTER: send address changes to Business Real Estate Weekly, P.O. Box 15216, Scottsdale, Arizona 85267. Periodicals Postage paid at Scottsdale, Arizona and additional offices. COPYRIGHT 2011 BUSINESS REAL ESTATE WEEKLY, INC.

December16, 2011




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December 16, 2011 Phoenix. Records show the Baron Properties entity purchased Enclave at Paradise Lane with a $17 million loan from Great West Life & Annuity Insurance Co. in Greenwood Village. A venture formed by Trammell Crow Residential and Opus West Corp. in Phoenix developed Enclave at Paradise Lane in 2008. At that time, the community was called Alexan Paradise Lane apartments. In June 2009, BREW reported the funds formed by Benjamin E. Sherman & Sons paying $21.5 million ($89,583 per unit) to acquire Enclave at Paradise Lane. With the purchase of the Peoria apartments, Baron Properties now owns 1,314 units in five multi-family properties in the Valley. The Colo.-based investor is interested in buying additional apartment projects in the Phoenix area. In August, BREW reported a company formed Baron Properties paying $32.325 million ($115,446 per unit) to purchase the 280-unit Broadstone Canyon Crossroads apartments at 33600 N. 27th Drive in Phoenix. In April, BREW reported a company formed by Baron Properties paying $36.5 million ($88,164 per unit) to buy the 414-unit Empirian on Central apartments at 4140 N. Central Avenue in Phoenix. In August, BREW reported Baron Properties selling the 123-unit Barrington Regent apartments at 825 W. Osborn Road in Phoenix. Baron Properties owns another 3,700 apartment units in Denver, Colo., Colorado Springs, Colo. and Austin, Tex. Learn more from the Baron Properties principals at (303) 290-9007. Scott Gould is the contact at Benjamin E. Sherman & Sons . . . call him at (312) 425-1600. Reach the CBRE agents at (602) 735-5555. L.A. INVESTMENT GROUP PICKS UP 200 APARTMENT UNITS IN CHANDLER IN $12.6 MILLION DEAL Chandler – A company formed by Robert Bard and Roger Hill of Select Suites in Los Angeles, Calif. paid $12.6 million ($63,000 per unit) to acquire the 200-unit Chandler Meadows apartment complex located at 3175 N. Price Road in Chandler. The seller was PMCF Properties LLC, a company formed by Prudential Mortgage Capital Co. in Atlanta, Ga. The cash sale was brokered by Cliff David and Steve Gebing of Marcus & Millichap Real Estate Investment Services in Phoenix. The previous owner of Chandler Meadows defaulted on a loan secured by the complex and lost the asset to foreclosure. In October 2007, BREW reported a company formed by Alan Collenette and Kes Narbutas of Portico Properties in San Francisco, Calif. paying $16.6 million ($83,000 per unit) to buy Chandler Meadows (at that time called Chandler Pointe). The apartment complex was built in 1983. Over the years, BREW has reported companies formed by Bard and Hill buying and selling multiple apartment projects in the Phoenix area. The Los Angeles-based investors are looking for additional value-added multi-family investment opportunities in the Valley. In June 2009, a company formed by Bard and Hill paid $20.25 million ($45,550 per unit) to buy the 472-unit Villagio apartments at 1133 W. Baseline Road in Tempe. The Select Suites principals also own the 150-unit Fiesta Village apartments at 960 W. Southern Avenue in Mesa and the 222-unit Stonegate apartments at 825 S. Alma School Road in Mesa. Find out more from Bard and Hill at (310) 826-1554. Talk to Christopher Holden of Prudential Mortgage at (415) 291-5020. Gebing and David are at (602) 687-6700.


December16, 2011 MARK-TAYLOR ASSEMBLING PARCELS IN SCOTTSDALE . . . LOOKING TO BUILD 575 APARTMENTS Scottsdale – Mark-Taylor Inc. in Scottsdale (Jeff Mark, Scott Taylor, principals) plans to develop roughly 575 apartment units on a site the company is assembling in Scottsdale that is just east of the former Los Arcos Mall. At one time, Mark-Taylor planned to build 360 to 375 apartment units on the property, but the project has been expanded with the assemblage of additional parcels. Mark-Taylor will spend $11.72 million to buy the 27.66-acre site, which is located along the south side of McDowell road and east of 74th Street. Mark-Taylor expects to complete the five-property assemblage by the end of January. The company may develop the upscale project in phases. Construction set to start in August 2012, with opening slated for June 2013. Mark-Taylor Development to serve as contractor. No word on development cost. Construction financing still to be arranged. One-, two- and three-bedroom units to range from 645 sq. ft. to 1,442 sq. ft. Monthly rental rates projected to run from $800 to $1,525. Mark-Taylor is buying the properties with a company called 74th & McDowell Apartments LLC. To date, the Mark-Taylor entity has paid $9.1 million to buy 19.67 acres of the site. The Mark-Taylor company paid $6.4 million to acquire a 15.46-acre (gross) parcel. The seller was PDG LA Loan LLC, a company managed by ML Manager LLC in Peoria, which is the entity disposing assets from the defunct lender Mortgages Ltd. The sale was brokered by Steve Nicoluzakis and Dave Fogler of Cassidy Turley BRE Commercial in Phoenix. That property, at the southwest corner of Miller and McDowell roads, was formerly occupied by the Los Arcos Crossing retail plaza. In a $2.7 million sale, 74th & McDowell Apartments LLC purchased a 4.21-acre parcel occupied by a 48,393-square-foot office project. That property, at 7540 E. Culver Street, was sold by P. Schubert Properties Ltd Partnership in Tempe (Wayne Schubert, Mark Wirth, principals). The Mark-Taylor entity acquired those assets with a $8.4 million loan from a private lender. The remaining 7.99 acres is being purchased for $2.62 million. Mark-Taylor is buying a 3.72- acre parcel and a 1.55-acre parcel from Scottsdale and 2.72 acres from a church. BREW has reported Mark-Taylor developing and selling numerous apartment projects in the Valley. The company is looking for more multi-family development sites in the Phoenix area. Get more from Taylor at (480) 991-9111. Mark Winkleman is the contact at ML Manager . . . call him at (623) 234-9560. Reach the Cassidy Turley agents at (602) 954-9000. VEDURA RESIDENTIAL STARTING WORK ON 288-UNIT APARTMENT COMPLEX IN FLAGSTAFF Flagstaff – Vedura Residential in Scottsdale (Bruce Hart, Paul Fannin, principals) is starting its first apartment development in Flagstaff. The company is building a 288-unit apartment complex located across the street from Flagstaff Mall at Mall Way and Marketplace Drive. In May 2010, BREW reported Hart and Fannin forming Vedura Residential and buying a note that was secured by the 14.4-acre site in Flagstaff and then foreclosing on the land. Vedura Residential has formed a venture with Thackeray Partners in Dallas, Tex. (Mary Hager, Tony Dona, principals) to develop the project, which is called Elevation. A $23 million construction


December 16, 2011 loan is being provided by U.S. Bank. Construction is just starting, with opening set for September 2012. Wespac Construction Inc. in Phoenix is the contractor on the $33 million project. Vedura Residential is looking for more multi-family investment and development opportunities throughout Arizona. Learn more from Hart and Fannin at (480) 922-9200. AVATAR CLOSES PHASE TWO LAND ACQUISITION AT ESTRELLA MOUNTAIN RANCH Goodyear – JCH Estrella LLC in Scottsdale, a company owned by Avatar Holdings Inc. in Poinciana, Fla. (NASDAQ:AVTR), paid $6 million to buy 187.5 acres in the second phase of a three-phased take down of land within Estrella Mountain Ranch in Goodyear. The seller was NNP III-Estrella Mountain Ranch LLC, a company formed by Newland Communities in Phoenix. The cash sale was brokered by Nate Nathan and Dave Mullard of Nathan & Associates Inc. in Scottsdale. The property is part of a nearly1,800-unit active adult community Avatar is developing called CantaMia at Estrella. The retirement project is located along the west side of Estrella Parkway and south of the alignment of the Williams Field Road. Avatar’s predecessor (Joseph Carl Homes) agreed to the three-phase land buy and started the active adult community. The company acquired land in the first take down to build 643 homes. The phase two acquisition will allow for 700 residences. The final take down, scheduled for 2013, will throw off 450 homes. To date, Avatar has sold 100+ residences at CantaMia. The lots average 6,000 sq. ft. to 7,800 sq. ft. (50x120 and 65x120). Avatar is building homes ranging from 1,200 sq. ft. to 3,000 sq. ft. The homes are priced from $150,000 to $300,000. The Nathan & Associates agents are marketing the land at Estrella Mountain Ranch. Learn more from Carl Mulac of Avatar at (480) 703-1299. Rita Brandin is the contact at Newland . . . call her at (702) 768-6551. The Nathan & Associates agents are at (480) 367-0700. INVESTMENT GROUP BUYING 1,494 ACRES OF FARMLAND IN PINAL COUNTY Pinal County – A group of investors headed by Conley Wolfswinkel of Georgetown Holdings in Tempe is buying 1,494 acres of farmland in Pinal County in a two-phased deal totaling $7.171+ million. The seller in both cash transactions is Jorde Hacienda Inc. in Queen Creek (Paul Jorde, principal). The seller was represented by Kevin Petersen of Petersen Properties & Management Inc. in Queen Creek. The property is located along the south side of Interstate 8 and is bisected by Russell Road. In the first transaction, Jorde Stanfield LLC (the company formed by Wolfswinkel) paid $4.38 million to acquire 970 acres. And Jorde Stanfield is paying just over $2.791 million to purchase 524 acres in the second take down. That sale is set to close February 15, 2012. All but 188 acres of the land is able to be farmed. Over the years, BREW has reported Wolfswinkel buying and selling tens of thousands of acres in the Phoenix area. Wolfswinkel is interested in buying more farm land in the Valley. Jorde used proceeds from the sale to buy a officeretail plaza in Gilbert (see P. 10 for details). Get more from Wolfswinkel at (480) 831-2000. Petersen is at (602) 540-8151


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December 16, 2011


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December 16, 2011

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December16, 2011 COMMERCIAL TRANSACTIONS Phoenix – Nevada California Pacific Properties LLC in Santa Monica, Calif. (Mohamad Ali Moinpour, mgr. ) paid $4.275 million ($295.03 per foot) to purchase a 14,490-square-foot retail building located at 2420 E. Baseline Road in Phoenix. The seller was Ketchum Real Estate Investments Phoenix in Beverly Hills, Calif. (Stuart Ketchum, Jr., pres.).The sale was brokered through Jamie Medress and Mark Ruble of Marcus & Millichap Real Estate Investment Services in Phoenix. The freestanding building, which was constructed in 2002, is leased to Walgreen Drug Store for another 11 years. The buyer acquired the property by assuming a loan with an original balance of $3.8 million owed to the registered holders of J.P. Morgan Chase Commercial Mortgage PassThrough Certificates Series 2004-LN2. The master servicer is Berkadia Commercial Mortgage LLC in Horsham, Pa. Gilbert – Jorde Hacienda Inc. in Queen Creek (Paul Jorde, principal) paid $3.75 million to buy 44,484 sq. ft. of retail and office space located at the southeast corner of Higley and Queen Creek roads in Gilbert. The plaza, called Higley Village, also has land for two more retail buildings and an additional office structure. The seller was Meridian Land Holdings LLC, a company formed by Meridian Bank in Scottsdale. The seller in the cash transaction was represented by Rick Danis, Paul Boyle, Ryan Schubert and Michael Hackett of Cassidy Turley BRE Commercial in Phoenix. The buyer was represented by Kevin Petersen of Petersen Properties & Management Inc. in Queen Creek. Petersen is also an investor with Jorde in the property. The mixed-use project has 22,527 sq. ft. of retail space at 3303, 3321 and 3373 E. Queen Creek Road and a 3.53-acre parcel at the hard corner that is targeted for a gas/convenience store and a fast food restaurant. The new owner intends to sell the retail pads. The existing retail space is 31 percent occupied. The rest of the plaza is comprised of 21,957 sq. ft. of offices in buildings at 3271, 3341 and 3369 E. Queen Creek Road and a .70-acre pad planned for a two-story office of 33,061 sq. ft. That parcel is also available for sale. The existing office space is 80 percent leased. Jorde acquired the center with 1031 Exchange funds from the sale of farmland in Pinal County (see related story on P. 5). Jorde is looking for another office and/or retail property to complete another exchange. Phoenix – Kararibri LLC in Glendale (Joseph Van de Loo, manager) paid $1.275 million ($89.29 per foot) to acquire a 14,280square-foot industrial project at 4001 S. 34th Street in Phoenix. The seller was Busskohl Realty LLC in Scottsdale (Craig Busskohl, trustee). The seller was represented by Mike Wallis and Chris Rogers of DAUM Commercial in Phoenix. The buyer was represented by Carl Johnson and Ben Johnson of DAUM. The 3.48-acre property, which was developed in 1986, will be occupied by Mountain States Contracting Inc. (owned by Van de Loo). The buyer acquired the real estate with a $900,000 loan from BMO Harris Bank.


December 16, 2011

Life’s a Beach… We’re Just Selling the Sand.

Happy Holidays To All Our Friends!

Howard Weinstein Brad Kuiper

Derek Harris Chad Lafferty 11

Patty Lafferty Leona Weinstein



MULTI-FAMILY TRANSACTIONS Mesa – Raven’s View Development Inc. in Vancouver, B.C., Canada (David Barnes, pres.) paid $942,500 ($44,881 per unit) to acquire 21 units of the 71-unit Paragon Place Condominiums community located at 1050 S. Stapley Drive in Mesa. The seller was Sunland Condominiums LLC in Dallas, Tex. (Charles Willis, managing member). The buyer in the cash transaction was represented by Joe Dietz of U.S. Investment Realty in Phoenix. The seller was represented by Dean Selvey of RE/MAX Excalibur Realty in Scottsdale. All 21 of the units were leased at the time of closing. Dietz has been hired to resell the units on an individual basis. The complex was built in 1979. In December 2005, BREW reported a company formed by investors James French, Boone Powell and Frances Jackson of Dallas, Tex. paying $5.1 million ($71,831 per unit) to purchase all 71units at Paragon Place (at that time called Sunland Manor apartments). The project was converted and 50 of the units were sold to individual investors. Phoenix – Woodridge Manor Holdings Inc. in Vancouver, B.C., Canada (Dario Lorenzo, principal) paid $800,000 ($22,222 per unit) to buy the 36-unit Grandview Terrace apartments at 2424 E. Grandview Road in Phoenix. The seller was The Svetozar Minic and Stana Minic Revocable Trust in Scottsdale (Svetozar Minic, Stana Minic, trustees). The transaction was negotiated through Brian Smuckler and Jeff Seaman of CBRE in Phoenix. The buyer purchased the property with $640,000 in carryback financing from the seller. In December 2010, the Minic trust took title to the apartment complex through a quit claim from the previous owner. In July 2008, BREW reported First Management LLC in Phoenix (Valentin Goman, Benjamin Goman, Diana Goman, principals) paying $1.8 million ($50,000 per unit) to purchase Grandview Terrace. The complex was built in 1984. Lorenzo has been buying and selling multi-family properties in the Valley, and is looking for additional apartment projects in the Phoenix area. Phoenix – In three separate transactions totaling a combined $938,450 ($14,438 per unit average), a company formed by Eric Guina in Mesa acquired 65 units of the 176-unit Vista del Monte Condominiums located at 7750 N. 12th Street in Phoenix. The sales were brokered by Jeff Sherman, Bill Hahn and Trevor Koskovich of Colliers International in Phoenix. Records show 3646AZ LLC (Guina’s company) paid $630,000 ($15,000 per unit) to purchase 42 units at Vista del Monte. The seller was KFT AZ Holdings LLC in Seattle, Wash. (William Kirch, JoAnn Kirch, principals). The rental units were sold through a short sale. In August 2005, BREW reported the Kirchs paying $2.94 million ($70,000 per unit) to buy the 42 units at Vista del Monte. The complex was built in 1972. In another transaction, 3646AZ LLC paid $163,800 ($14,891 per unit) to purchase 11 units at Vista del Monte. The seller was Strategic Real Estate LLC in Gilbert (Jerry Coleman, principal). And in a $144,650 deal ($12,064 per unit), Guina’s company acquired 12 units at Vista del Monte. Arizona Residential Fund LLC (formed by Coleman) was the seller. Records show Guina’s companies acquired the multi-family units with $940,000 in loans from a private lender. Guina has been an active multi-family investor in the Valley, and is looking for additional properties from 20 to 100 units located east of Central Avenue in Phoenix.

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December 16, 2011  
December 16, 2011  

BREW for 12/16/11