JLL announces $51 million sale of Broadstone Scottsdale Horizon in North Scottsdale, AZ

Broadstone Scottsdale Horizon Apartments, 9259 East Raintree Drive, Scottsdale, AZ

John Cunningham

PHOENIX, AZ – On behalf of Rockwood Capital and Alliance Residential Company, JLL’s Capital Markets experts announced the firm completed the sale of Broadstone Scottsdale Horizon, a 330-unit multifamily rental community in one of the most coveted neighborhoods in North Scottsdale, Arizona. 

MG Properties purchased the community for $51 million.

Executive Vice President John Cunningham and Senior Vice President Charles Steele led the JLL team on the deal.

“The Phoenix multifamily market continues its economic expansion, with a balanced supply of new units in concert with strong job growth in leading sectors representing long-term sustainability,” said Cunningham. 

“North Scottsdale is in attractive proximity to all of metro Phoenix’s major employment corridors, putting it in a prime position to capitalize on the area’s strong amenity base and the appeal that provides to a growing renter base.”

Located at 9259 E. Raintree Drive in Scottsdale, at Raintree Drive and 92nd Street, Broadstone Scottsdale Horizon sits within a high-amenity submarket that includes neighborhood grocery and power centers, luxury retailers and restaurants, award-winning schools and immediate access to the Loop 101 Freeway. The targeted submarket renter (age 25 – 34) is projected to grow by three percent over the next five years.

Charles Steele

Averaging 883 square feet, units at Broadstone Scottsdale Horizon feature 9- and 22-foot ceilings, wood burning fireplaces, contemporary kitchens and dual master bedroom designs with private patio or balcony access off of every bedroom to enjoy direct mountain views.

 Common areas include a resort-style pool, resident clubhouse, business center and fitness facility. Built in 1986, the community has enjoyed regular improvements, but represents the opportunity to add value through additional amenity and unit upgrades.

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For a complete copy of the company’s news release, please contact:

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

Marcus & Millichap Arranges $650,000 Sale of The Vineyard Apartments in Clearwater, FL

  

 

Shawn Rupp

CLEARWATER, FL, Dec. 23, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of The Vineyard, a 12-unit apartment community located in Clearwater, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $650,000.

“The seller had done significant improvements to the property and had stabilized the asset after buying it out of foreclosure,” says Shawn Rupp, associate in Marcus & Millichap’s Tampa office. “Our marketing process generated a bidding war for the property, which ultimately resulted in a closing within four percent of listing price.”

Rupp, along with Casey Babb, CCIM and vice president investments, and Luis Baez, CCIM and senior associate, also in the firm’s Tampa office, had the exclusive listing to market the property on behalf of the seller. 

The Vineyard a 1960’s vintage apartment community located at 1015 Vine Avenue in Clearwater, Florida. The property consists of twelve, two-bedroom/one-bathroom apartments averaging approximately 576 square feet and featuring private entrances, granite countertops, new cabinets and new tile floors. The units are housed in six, one-story, garden-style apartment buildings.

For a complete copy of the company’s news release, please contact:

Ari Ravi

Regional Manager

Tampa

(813) 387-4700

American Realty Advisors Acquires Class A Trophy Office Asset in San Francisco’s Transbay District

  

Foundry Square III, Transbay District, San Francisco, CA

 

Drew Hess

San Francisco, CA – American Realty Advisors (“ARA”), a leading real estate investment firm, announced the acquisition of Foundry Square III, a Class A trophy office asset located in the heart of San Francisco’s highly sought-after and amenity-rich Transbay District.

ARA has acquired the property on behalf of one of its open-end commingled real estate funds. The seller, a development joint venture between Tishman Speyer and institutional investors advised by J.P. Morgan Asset Management, completed the building in 2014.

The seller was represented by Jeffrey Weber and Stephen Van Dusen of Eastdil Secured. 

Located one block from San Francisco’s visionary $4.5 billion Transbay Transit Center, Foundry Square III is at the intersection of the South Financial and SOMA submarkets and is surrounded by premier technology, financial, legal and consumer goods companies. The area is in immediate proximity to a number of public transit options and neighborhood amenities.

The LEED Certified-Gold asset consists of a single 10-story 291,093 sf dynamic office building that includes ground floor retail space. Foundry Square III, built in 2014, is 100% leased to high quality tenants including IBM, NASDAQ, Perkins Coie, Neustar, and Silicon Valley Bank.

 

Austin Maddux

The property features state-of-the-art building systems, floor to ceiling glass, abundant building amenities including an open air sky deck, large efficient floor plates and a two-story lobby with a unique living wall.

Drew Hess, Senior Director, Investment Group, American Realty Advisors, notes, “acquiring a recently completed high-quality asset with long-term leases in-place to creditworthy tenants at First and Howard streets is the ultimate core investment.  We see San Francisco continuing to lead global innovation with this location as the epicenter.”

ARA focuses its national investment activity in major metropolitan markets that are innovation hubs containing high concentrations of our nation’s globally competitive industries that benefit from highly educated/professional human capital.

 “This acquisition gives us a significant position in one of the strongest office markets in the country adding to an existing San Francisco office portfolio that includes 153 Townsend in SOMA,” adds Austin Maddux, Assistant Portfolio Manager at American Realty Advisors. “Foundry Square III brings stability of income and potential future upside in an urban setting that is poised for long-term value appreciation. This acquisition represents the type of high-quality assets our firm continues to seek and we are pleased to add this exceptional property to our portfolio.”

For a complete copy of the company’s news release, please contact:

Lexi Astfalk / Jenn Quader for American Realty Advisors

Brower, Miller & Cole

(949) 955-7940,

LAstfalk@browermillercole.com

www.americanreal.com.