Commercial Real Estate & Business News – August 25, 2014

Large Phoenix Apartment Complex Faces Foreclosure

A large Phoenix apartment complex faces foreclosure over a $59.4 million loan. The 856-unit Saratoga Ridge Apartment Homes complex at Bell Road and 14th Street faces a foreclosure sale on November 4. The complex is owned by GS Saratoga Ridge LLC, an arm of Charleston, South Carolina-based Greystar, according to Arizona Corporation Commission and Maricopa County records… Read more »

Frenetic Week Of Multi-Family Trading Ending With Sale Of 676 Units For $66.6 Million

In a deal that will cap off a seven-day period of robust multi-family property sales activity in the Phoenix area, the 676-unit Lakeview at Superstition Springs apartments in Mesa is set to close in a $66.6 million transaction ($98,521 per unit). The project, located within the Superstition Springs community, is at 1849 S. Power Road. The multi-family property is being purchased by Fairfield Residential Inc… Read more »

MIG Continues Multifamily Buying Spree

Less than two months after his brother, David Merage of Consolidated Investment Group, closed on the distressed Block 1949 Apartments in Tempe, Greg Merage of MIG Real Estate has acquired Symphony Apartments in Chandler for $34.164m or more than $150k per unit. This is the second major multifamily acquisition by MIG this year following the $41.85m purchase of the Quadrangles in April and the fourth major acquisition since the start of 2013, totaling $126.564m for 1,048 apartment units and a 90k SF office building… Read more »

GM Hiring 1,000 After Opening Of Chandler Tech Center

General Motors has opened one of four national “innovation centers” in Chandler and is hiring 1,000 employees as the U.S. economy continues a shift toward knowledge-based jobs in science and engineering. GM announced the grand opening of the software-development center on Friday and over three years plans to add 500 more jobs to the 500 already created… Read more »

Record 82,000 Students Choose ASU

While college enrollments may have slowed in recent years, Arizona State University continues to draw record numbers of academically qualified students who are eager to learn and embark on their journey to a better life. As the fall 2014 semester gets under way Aug. 21, the university anticipates an enrollment of more than 82,000 undergraduate and graduate students ? a new record for number of students enrolled and a nearly 8 percent increase from last year. Increases also are seen in number of transfer, international and veteran and veteran dependent students, and the student body is the most diverse ever… Read more »