Commercial Real Estate & Business News – August 20, 2014

Lenders Look for Opportunities Beyond Multifamily Projects

The construction boom is spreading to office buildings, industrial projects and even residential condominium projects as top lenders look to add more variety to their balance sheets… Read more »

Beverly Hills Billionaires Buy 1,100 Arizona Apartments for $34.7M

The real estate arm of the billionaire Nazarian family has bought more than 1,100 apartments in Tucson for $34.65 million. The Nazarian family operates Beverly Hills, California-based Omninet Capital LLC. The family held major stakes in Qualcomm and are of Jewish-Iranian descent. They have also been involved in Hollywood movie productions… Read more »

Passco Venture Buys 270-Unit Apartment Project in $25.85 Million Deal

A company formed by PASSCO Cos. LLC and InSite Investment Realty paid $25.85 million ($106,852 per unit) to purchase the 270-unit Monarch at Tempe apartments at 4505 S. Hardy Drive in Tempe. The seller was Monarch Greenwood Venture L.P., a limited partnership formed by Monarch Group… Read more »

Oregon Investor Makes First Valley Deal…Pays $19.5 Million for Goodyear Apartments

A company formed by Ryan Thompson of Umbrella Properties Inc. paid $19.5 million ($93,750 per unit) to acquire the 208-unit Desert Sage apartments located at 1737 N. Central Avenue in Goodyear. The seller was PM Desert Sage Goodyear LLC, a company formed by PEM Investments Real Estate Group in Scottsdale… Read more »

Skywater at Tempe Town Lake Opens

Resmark Apartment Living and Lennar Multifamily Communities announce the opening of a new luxury apartment community, Skywater at Town Lake, in Tempe. The community has completed the first group of apartment units and will welcome its first residents this month. The 328-unit apartment community, a joint venture between Resmark Apartment Living and Lennar Multifamily Communities, is located at 601 W Rio Salado Parkway across the street from the Tempe Center for the Arts and Tempe Town Lake… Read more »