East Valley Business - 06.12.2022

east valley

Volume 4 Issue 48 Mesa, AZ

June 12, 2022

The Nolan in Mesa recently sold for $92 million, the second largest of five apartment complex sales in the city since late May. (Special to the Tribune)

Mesa sees 6 resident complex deals totaling $334M

BY PAUL MARYNIAK Tribune Executive Editor

F

IN THE BIZ

ive Mesa apartment complexes and a condo community have traded hands in the last three weeks in deals totaling $334 million.

And on the heels on those deals, a nationwide rental listing firm said that Public Notices ............... page 2 © Copyright, 2022 East Valley Tribune

while trends in apartment vacancies and rent indicate that more empty apartments are entering the market and rent increases are slowing – for now.

The biggest deal involved the $142-million sale of the 460-unit Indian Springs Apartments on South Stewart, near Southern Avenue and Alma School Road, by California-based Open Path In(USPS 004-616) is published weekly

Mailing Address: 1620 W. Fountainhead Pkwy., Suite 219, Tempe, AZ 85282

(480) 898-6500 Steven Strickbine, publisher Paul Maryniak, executive editor

vestments to Rise48 Equity of Phoenix, according to Valley real estate tracker vizzda.com.

Built in 1985, the complex consists of 25 buildings, three pools and basketball/tennis court, three laundromats and a club house on just under 10 acres.

The sale equaled a per-square-foot price of $723 and a per-unit price of Subscriptions are $26 for 2 years, $14 for one year.

Periodicals postage paid at Phoenix, AZ 85026.

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$308,685, vizzda said.

Another big transaction also saw Rise48 Equity buying the 288-unit The Nolan on W. Broadway Road for $92 million. Northmarq Phoenix said its investment sales team ’s investment sales and debt and equity teams represented the buyer.

The sale price was more than three times greater than the $30 million that seller Benedict Canyon Equities paid for the 36-year-old complex in 2018, The gated complex comprises 18 twostory residential buildings, three pools and a clubhouse on 12.3 acres. Vizzda said the sale broke down to a per-unit cost of $319,444.

Rise48 Equity plans to renovate the interiors of all the units at The Nolan, Northmarq said in a release.

“Rise48 has purchased over 1,000 multifamily units in Arizona since the start of 2022, and over $1 billion in transactions since 2019,” said Brandon Harrington, a member of Northmarq’s debt and equity team. “They continue to seek out wellpositioned communities with valueadd opportunities through improvements to the individual units and the complex amenities.”

A third mega-deal, recorded last week, involved Starpointe Communities’ sale of the 244-unit Maxwell at Cooley Station on S. Power Road near Williams Field Road to Robert J. Ctvrtilk & Apartment Management Consultants of Utah, which on its website says manages more than 122,000 units across 28 states.

Built in 2021 on 8.4 acres, the gated complex comprises 16 one- and threestory buildings housing mostly studios and one-bedroom apartments and a

2,732-square-foot clubhouse. The sale price equaled $344,262 per apartment.

Two of the three other sales, while not nearly as large, showed their sellers more than doubled what they paid for the complexes only a few years ago.

Keystone National Group of San Ramon, California, sold the Mountain View Condominiums on E. Brown Road near Mesa Drive to a California man for $7.8 million – nearly three times the $2.6 million the seller paid for the complex in 2016, vizzda data showed. The sale represented a per-unit cost of $28,333.

Built in 1973, the complex has three buildings with an almost even mix of one- and two-bedroom units.

Also a California woman paid $4 million to buy a 16-unit complex on North Date near Counctry Club Drive and McKellips Road. Built in 1973 and expanded in 1984, the ciomplex comprises four two-story buildings, according to vizzda.

The smallest of the three deals involved the purchase of an 18-unit complex on N. Williams by a Seattle man for $3.6 million – twice what a Utah man paid for it four years ago.

Located near University Drive and Gilbert Road, the complex was built in 1968 and consists of three two-story buildings and a laundry facility. The sale price represent a per-unit price of $200,000, vizzda said.

The deals came as a nationwide listing service of millions of apartments nationwide said vacancy rates were easing and the surge in rent was slowing down.

“In Phoenix, for example, rents have increased by just 2 percent over the past six months, during which time the city’s

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vacancy index has gradually eased back to 5 percent, close to where it was before the onset of the pandemic,” Apartmentlist.com said last week.

“After experiencing significant disruption over the past two years, the rental market has begun to gradually stabilize,” it continued. “The markets that saw large spikes in vacancies in the early pandemic have since seen renters return. Meanwhile, demand has started to level off in the nation’s hottest markets. That said, the availability of vacant units nationally remains notably constrained compared to the pre-pandemic norm.

“Even if our national vacancy index continues its gradual easing, it won’t surpass 6 percent until well into next year on its current trajectory.”

Apartment list also said that the rapid cooling of the housing market may have an adverse impact on rental units’ supply and, consequently, rates.

“There are factors at play which could present headwinds to that easing,” it said. “Although we’re now at the start of the busy season for the rental market, when the bulk of moving activity normally takes place, rapidly rising rents may incentivize many renters to stay put and renew existing leases rather than looking for new ones.

“At the same time, the recent spike in mortgage rates has created yet another barrier to a historically difficult for-sale market, potentially sidelining wouldbe homebuyers and keeping them in the rental market. Given these factors, it’s possible that the easing of our vacancy index could level off in the coming months.”

JUNE 12, 2022

Public Notice Superior Court of California, County of Corte Superior de California, Condado de 4175 Main Street Riverside CA 92501 Summons (Domestic Violence Restraining Order) Citacion (Orden de restriccion de violencia en el hogar) Case No. DVRI2200386.

If ordered by a judge to use this form, complete items (1) only. (2) Si un juez le ha ordenado llenar este formulario, Ilene solo los puntos (1) y (2).(1) Person asking for protection: La persona que solicita proteccion: RUBY VILLALPANDO (2) Notice to (name of person to be restrained): Aviso a (nombre de la persona a ser restringida): IAN STEPHON SOLOMON The per-son in (1) is asking for a Domestic Violence Restraining Order against you. La persona en (1) esta pidiendo una or-den de restriccion de violencia en el hogar contra usted. Lea la pagina 2 para mas informaci6n. (3) You have a court date Tiene una audiencia en la corte Date/Fecha 7/7/2022. Time/Hora 8:30AM Dept/ Depto.: F301. What if I don’t go to my court date? If you do not go to your court date, the judge can grant a restraining order that limits your contact with the person in (1).

If you have a child with the person in (1), the court could make orders that limit your time with your child.

Having a restraining or-der against you may impact your life in other ways, in-cluding preventing you from having guns and ammuni-tion.

If you do not go to your court date, the judge could grant everything that the person in (1) asked the judge to order. Que pasa si no voy a la audiencia? Si no va a la audiencia, el juez puede dictar una orden de restriccion que limita su contacto con la persona en (1). Si tiene un hijo con la persona en (1), la corte puede dictar ordenes que limitan su tiempo con su hijo. Una orden de restric-cion en su contra puede tener otras consecuencias, como prohibirle tener armas de fuego y municiones. Si no va a la audiencia, el juez puede ordenar todo lo que pide la per-sona en (1).

How do I find out what the person in (1) is asking for? To find out what the person in (1) is asking the judge to order, go to the courthouse listed at the top of page 1. Ask the court clerk to let you see your case file.

You will need to give the court clerk your case number, which is listed above and on page 1. The request for re-straining order will be on form DV-100, Request for Domestic Violence Restraining Order.

Como puedo entender lo que pide la persona en (1) Para entender lo que pide la persona en (1), vaya al tribunal en la direccion indicada en la parte superior de la pagina 1. Pida al secretario de la corte permiso para ver el expediente de su caso. Tendra que darle al secretario el numero de su caso, que aparece arriba y en la pagina 1. La solicitud de una orden de restriccion se hace en el formulario DV-100, Solicitud de or-den de restriccion de violencia en el hogar.

Where can I get help? Free legal information is available at your local court’s self-help center. Go to www. courts.ca.gov/ self-help to find your

local center. Donde puedo obtener ay-uda? Puede obtener informacion legal gratis en el centro de ayuda de su corte. Vea https://www.courts. ca.gov/ self-help-selfhelpcenters. htm?rdeLocaleAttr=es para encontrar el centro de ayuda en su condado. Do I need a lawyer?You are not required to have a lawyer, but you may want legal advice before your court hearing. For help finding a lawyer, you can visit www.lawhelpca.org or contact your local bar association. Necesito un abogado? No es oblig-atorio tener un abogado, pero es posible que quiera conse-jos legales antes de la audiencia en la corte. Para ayuda a encontrar unabogado, visite https://www.lawhelpca.org/es/ homepage o contacte al Colegio de Abogados local. Date/Fecha 19 May 2022. Clerk, by (Secretario, por): /s/ D. Cortez Deputy (Asist-ente).

Published: East Valley Tribune, May 29, Jun 5, 12, 19, 2022 / 46826

be filed no earlier than 150 days before the election (June 20, 2022), and no later than 120 days before the election (July 18,2022) with the Board of Directors of San Tan Irrigation District by delivering the petition to the of-fices of the District at 3978 E Chandler Heights, Suite 104, Gilbert, Arizona 85298. A.R.S. § 16-311(B). Write in candidates must comply with A.R.S. § 16312(B) (October 6, 2022) or A.R.S. § 48-3011(A) (November 4, 2022). All voters eligible to vote in the election may register or check the status of their registration in the offices of the District at 3978 E Chandler Heights, Suite 104, Gilbert, Arizona 85298 until November 9, 2022. No person shall be allowed to vote unless that person is registered and can show that they are the holder of lands within the District as shown by the public records as of the 90th day before the date of the election (August 17, 2022) and otherwise meets the qualifications of electors within the District under A.R.S. § 48-3043, nor shall any person cast more votes than the number of votes to which he or she is en-titled as shown by the District register, to be established by the District Secretary no later than 5 days before the election (A.R.S. § 48-3044). The polls shall be open from 8:00 a.m. to 6:00 p.m. on the day of the election (November 15, 2022) and shall be held at the District Office, 3978 E Chandler Heights, Suite 104, Gilbert, Arizona 85298. President DATED this 6th day of June, 2022. SAN TAN IRRIGATION DISTRICT OF MARICOPA COUNTY, ARIZONA BY: Ed Roberts, Board President.

Published: East Valley Tribune, June 12, 19, 2022 / 47234

Public Notice Public Notice: Boingo Wireless, Inc. proposes the construction of a 80-ft AGL monopole communications tower to be located at 6321 S. Ellsworth Rd., in the southern portion of the City of Mesa, within Maricopa County, Arizona ( Maricopa County Parcel #31325-859S ). Boingo Wireless, Inc. seeks comments from all interested persons on any potential significant impact the proposed action could have on the quality of the human environment pursuant to 47 C.F.R. Section 1.1307, including potential impacts to historic or cultural resources that are listed or eligible for listing in the National Register of Historic Places. Please submit any written comments by July 6, 2022 regarding the potential effects that the proposed tower may have on Historic Properties that are listed or eligible for inclusion on the National Register of Historic Places to: Tower Engineering Professionals, Inc. (Attn: George Swearingen ) 326 Tryon Road, Raleigh, NC 27603 Telephone: ( 919 ) 661-6351 Fax: ( 919 ) 661-6350 Published: East Valley Tribune, Jun 12, 2022 / 47225

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Public Notice CITY OF MESA PUBLIC NOTICE The Mesa City Council will hold a public hearing concerning the following ordinances at the June 20, 2022, City Council meeting beginning at 5:45 p.m. in the Mesa City Council Chambers, 57 East First Street.

1. ZON21-01285 (District 6) Within the 4900 to 5200 blocks of South Power Road (east side) and within 6800 to 7000 blocks of East Ray Road (north side). Located north of Ray Road on the east side of Power Road (41± acres). Site Plan Modification. This request will allow for the development of a hotel.

Jose Pombo, Vivo Development Partners, applicant; Power 202 Mixed Use, LLC., owner.

2. ZON22-00093 (District 6) Within the 7900 block of East Warner Road (south side). Located east of Sossaman Road and west of Hawes Road (50± acres).

Rezone from Agricultural (AG) to Light Industrial with a Planned Area Development overlay (LI-PAD) and Site Plan Review. This re-quest will allow for an industrial development.

Shane Cassidy, Comunale Properties, applicant; Victor Riches, owner.

3. ZON22-00160 (District 3) Within the 800 block of North Country Club Drive (west side), within the 400 block of West Rio

Public Notice SAN TAN IRRIGATION DISTRICT CALL OF ELECTION FOR NOVEMBER 15, 2022 PUBLIC NOTICE IS HEREBY GIVEN to the qualified electorate of San Tan Irrigation District of Maricopa County that the Board of Directors of San Tan Irrigation District, pursuant to the Arizona Revised Statutes Title 48, Ch. 19, Article 5 (A.R.S. § 48-3041 and following —Acreage System of Voting), calls for a general election to be held on the 15th day of November, 2022, for the purpose of electing one (1) member of the Board of Directors.

Nomination petitions for Director shall be signed by qualified electors of the District representing no less than one-half of one per-cent of the acreage vote in the District, but not more than two hundred and fifty and not fewer than five individual signatures. A.R.S. § 16-322(A) (12). Nomination petitions shall

EAST VALLEY BUSINESS

Salado Parkway (north side), and within the 400 block of West 9th Street (south side). Located south of Brown Road on the west side of Country Club Drive (2.3± acres).

Rezone from Multiple Residence (RM-4) and Limited Commercial (LC) to Limited Commercial with a Bonus Intensity Zone overlay (LCBIZ), Site Plan Review. This request will allow the development of a new Child Crisis Arizona headquarters.

Chris Woosley, Architectural Resource Team, applicant; SAFE KIDS STRONG FAMILIES LLC, owner.

Dated at Mesa, Arizona, this 12th day of June 2022.

Holly Moseley, City Clerk Published in the East Valley Tribune June 12, 2022 / 47249

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JUNE 12, 2022

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