News

 

01 Jul

Posted at 17:36h in Uncategorized

July 2023 Scottsdale-based Avenue North LLC just sold its 80-unit south Phoenix build-to-rent community, Proximity Baseline, for $27.2 million, according to Tempe-based Vizzda LLC real estate database. An entity tracing to CVG Properties and Jonathan Lampitt bought the 6.68-acre community, paying $340,000 per unit, according to Vizzda. The Scottsdale investment group put $14.2 million down, with the remaining $13 million debt being carried by Avenue North, Vizzda records...

01 May

Posted at 17:34h in Uncategorized

May 2023 Long known for developing industrial and office projects in metro Phoenix, New York-based Rockefeller Group is getting into the build-to-rent sector. The developer of several industrial and retail projects in metro Phoenix bought two parcels totaling 16.5 acres in south Phoenix with plans to invest about $40 million to develop 152 rental townhomes. Ranging between 1,126 and 1,525 square feet, each two-story unit will have a...

01 Oct

Posted at 17:32h in Uncategorized

October 2022 Avenue North has sold Proximity on 16th, an 85-unit luxury single-family rental community located at 7500 S. 16th St., to Bridge Founders Group for $30.1 million. A Phoenix-based Northmarq investment sales team represented the seller in the transaction. Proximity on 16th was built in 2021 on 6.7 acres and totals 85,935 square feet of space, according to CommercialEdge data. The community offers a mix of...

06 May

Posted at 22:01h in Uncategorized

May 2022 Avenue North, which has been busy developing $200 million build-to-rent communities in south Phoenix, has launched a construction company to build projects for other developers and owners. The goal of this new third-party construction firm is to build 1,000 units a year, said Ryan Hartman, chief vision officer for Scottsdale-based Avenue North. It will operate as an affiliate of Avenue North. "We're interested in providing a service to...

18 Apr

Posted at 23:13h in Uncategorized

Apr 2022 Tower Capital arranged more than $20 million in non-recourse construction financing for Proximity 7th, a build-to-rent (BTR) multifamily community being developed by Avenue North real estate investments in Phoenix. The seven-acre property is located at 801 E. Euclid Avenue and will house an 84-unit BTR development that is expected to deliver first units in Q1 2023. “We remain bullish on the Phoenix market and are...

18 Dec

Posted at 23:11h in Uncategorized

Dec 2021 Avenue North, LLC acquired 4 acres at the northwest corner of 36th St & Southern Avenue in Phoenix, AZ.  The acquisition included 3 separate parcels and is located on Esteban Park. With access to downtown Phoenix, Tempe, Scottsdale, and Sky Harbor Airport, the property is ideally located for a new residential community.  Construction on a new residential community is anticipated to begin in early 2023. ...

30 Sep

Posted at 18:05h in Uncategorized

Sep 2021 Avenue North, LLC is proud to announce the $37,050,000 sale of Yardz on Cheyenne Apartments, a 184-unit property in North Las Vegas, NV.  The property was purchased in 2019. Built in 1984 and renovated in 2019, Yardz on Cheyenne offers a buyer a value-add opportunity through interior renovations. Previous renovations in 2019 focused on the exterior of the property. The property consists of 184 single story...

17 Aug

Posted at 01:04h in Uncategorized

August 2021 Arizona real estate firm Avenue North aims to start construction on a tract of single-family rental homes in North Las Vegas, renderings of which are seen here. (Courtesy Avenue North) An Arizona developer plans to break ground this year on a tract of rental houses in North Las Vegas, the latest competitor in this growing slice of the market. Avenue North founder Ryan Hartman told the...

24 Jul

Posted at 20:16h in Uncategorized

July 2021 The developer of this build-to-rent project in South Phoenix has $200 million in projects in the South Mountain area. Scottsdale-based Avenue North LLC has big plans to build more single-family rental communities in South Phoenix, where the company already has two projects underway. Plans call for investing $200 million into that South Mountain corridor, said Ryan Hartman, chief vision officer for Avenue North. Syndicate financing comes...

24 Jul

Posted at 20:02h in Uncategorized

Jun 2021 Avenue North, LLC acquired 6.7 acres near the intersection of 7th St and Euclid in Phoenix, AZ. The company plans to build 84 townhome units with private backyards. The community will complement the company's 85 unit and 80 unit developments near 16th St and Baseline. With access to downtown Phoenix, Tempe, Scottsdale, and Sky Harbor Airport, the property is ideally located for a new residential...

24 Jul

Posted at 19:58h in Uncategorized

Jun 2021 Avenue North, LLC acquired 10 acres near the intersection of Central and Baseline in Phoenix, AZ.  The company plans to build 243 garden style apartment units in mostly 2 story buildings.  The community will feature a fitness center, co-work space, dog park, and garages and is walking distance to the future light rail station located at Central and Baseline.  The light rail provides access...

02 Feb

Posted at 18:40h in Uncategorized

Jan 28, 2021 Build to rent hybrid models that combine the best of single-family homes with apartment rentals are taking the country by storm.   A Scottsdale multifamily investor is in the midst of a giant pivot as it buys land to build more single-family hybrid rental communities. With two projects already under construction near South Mountain, Avenue North LLC is working on two more projects in Phoenix and...

18 Dec

Posted at 02:46h in Uncategorized

Dec 2020 Avenue North, LLC is proud to announce the$6,650,000/$158,333per Unit/ $251.94 per SF sale of Harmony Chandler Apartments, a 42-unit property in Chandler, AZ.  The property was purchased in 2016 via a 1031 exchange. Built in1973 and renovated in 2017, Harmony Chandler offers a buyer a value-add opportunity through interior renovations. Previous renovations in 2017 focused on the exterior of property. The property consists of 42 garden-style...

18 Dec

Posted at 02:45h in Uncategorized

Dec 2020 Avenue North, LLC acquired 17.8 acres at the intersection of 36th St & Southern Avenue in Phoenix, AZ.  The acquisition included 3 separate parcels and is located on Esteban Park. With access to downtown Phoenix, Tempe, Scottsdale, and Sky Harbor Airport, the property is ideally located for a new residential community.  Construction on a new residential community is anticipated to begin in 2022....

18 Dec

Posted at 02:45h in Uncategorized

Nov 2020 PHOENIX, ARIZONA (NOVEMBER, 2020) – The Proximity at Papago Apartments, located near 48th Street and south of McDowell Road, sold on November 20th for $30,100,000. NorthMarq’s Phoenix Investment Sales team led by Trevor Koskovich, Jesse Hudson, and Bill Hahn, brokered the sale and represented both buyer and seller in this transaction. NorthMarq’s Dallas Debt and Equity Team financed the acquisition with an attractive 80% LTV...

30 Sep

Posted at 02:46h in Uncategorized

Sep 2020 NorthMarq’s Las Vegas and Phoenix investment sales team of Thomas Olivetti, Vice President, Trevor Koskovich, President, Bill Hahn, Executive Vice President and Jesse Hudson, Senior Vice President brokered the sale of the Yardz at Mirabelli Apartments on December 18th, 2020. The 168-unit multifamily property is located at 6250 Hargrove Avenue in Las Vegas, Nevada. NorthMarq represented both the buyer, Nitya Capital, LLC and the seller,...

30 Jul

Posted at 02:28h in Uncategorized

July 2020 Just as Andrew Biskind and Ryan Hartman prepare to open a leasing office for an 85-unit single-family rental community in south Phoenix, they're already making plans for a similar community two blocks away. Unlike an apartment community, these single-story rental units offer more room, complete with their own backyard and doggie doors. Not only are they growing in popularity among renters, but investors also are scooping them up. Plans call for...

28 Mar

Posted at 11:27h in Uncategorized

March 2020 Owner and applicant, Avenue North LLC recently submitted plans to the City of Phoenix for a new multifamily development to be located east of the NEC of 16th Street and Baseline Road. The applicant is requesting to rezone approximately 7.44 acres on the south side of the Western Canal at 1640 E. Baseline Road from One Family Residence District, Baseline Area Overlay District, to Multifamily...

31 Jan

Posted at 21:50h in Uncategorized

January 2020 After acquiring the Mirabella apartments (rebranded to Yardz on Kolb) in December of 2016 for $15,225,000, Avenue North sold the 410 unit apartment property to a private investment group for $36,700,000 in January 2020. Berkadia's Art and Clint Wadlund were the brokers on the transaction.  The property is located in Tucson, AZ and was built in the 1970's. Avenue North invested significant capital into the property...

31 Dec

Posted at 21:53h in Uncategorized

December 2019 Avenue North acquired approximately 12 acres to build a 165-unit horizontal apartment development. The project will be one of the planned first single family rental communities in North Las Vegas, with limited like-kind competitive supply in the Las Vegas marketplace. The rental homes are an inspired alternative to traditional apartment communities with no common-walls, no neighbors above or below you, and private back-yards on...

28 Jun

Posted at 11:59h in Uncategorized

June 2019 The buyer of the 180-unit Class C multifamily asset financed the deal with a nearly $14 million Freddie Mac acquisition loan Avenue North has acquired The Cottages, a 180-unit Class C community in Las Vegas, from 3D Investments for $18.4 million, according to Yardi Matrix. Walker & Dunlop originated $13.8 million in Freddie Mac acquisition financing for the new owner. The loan matures in 2029. The...

28 Feb

Posted at 12:20h in Uncategorized

A Scottsdale multifamily investor has purchased some vacant infill land in south Phoenix to build its own project, looking to ride the popularity of single-family hybrid rental communities. Avenue North LLC paid $2.05 million cash for 6.7 acres at the northwest corner of 16th Street and Baseline Road. Plans call for developing a $16.9 million project totaling 85 units, said Andrew Biskind, vice president of Avenue North...

28 Nov

Posted at 12:37h in Uncategorized

Latitude Mgmt Sells Yardz at Mirabelli Apt Complex in Las Vegas November 2017 Avenue North Purchases 168-Unit Complex for $12.3M Latitude Management Real Estate Investors, Inc. sold the 168-unit Yardz at Mirabelli apartments in Las Vegas, NV to Avenue North LLC for $12.28 million, or approximately $73,000 per unit. The 152,320-square-foot multifamily property delivered in 1984 at 6250 Hargrove Ave. in the Charleston Preservation submarket of Clark County. It...

30 Jul

Posted at 08:04h in Uncategorized

July 2017 Las Vistas at Papago Park Apartments Sell for $13.5+ Million Apartment Community Re-Named Proximity at Papago Park and Slated for Modernization Phoenix, July 12, 2017 – Las Vistas at Papago Park, a 13-building apartment community at 1010 N 48th St., has been sold for $13,550,000 to an entity sponsored by Avenue North, LLC (www.ave-north.com) of Phoenix. The local buyer has plans to rename the property Proximity...

28 Dec

Posted at 12:43h in Uncategorized

December 2016 Mirabella Apartments features 401 apartment units and a plethora of amenities. Tucson, Ariz.—Berkadia recently announced it has arranged the sale of Mirabella Apartments, a multifamily property in Tucson, Ariz., for $16.2 million. Senior Managing Director Art Wadlund and Associate Director Clint Wadlund of the Tucson office led the team that completed the transaction. The property was sold by Salt Lake City-based Bridge Investment Group, and the...

28 Oct

Posted at 12:48h in Uncategorized

October 2016 Denver, CO – CBRE (http://www.cbre.com/) has completed the sale of Brix on Belleview, a 175- unit apartment community located at 175 West Belleview Avenue in Englewood. The property, which was approximately 95.4 percent leased at time of sale, commanded a sale price of $25.73 million. Jake Young, Dan Woodward, Dave Potarf and Matt Barnett with CBRE’s Denver oÜce negotiated the transaction on behalf of the seller,...

30 Aug

Posted at 08:13h in Uncategorized

August 2015 Marcus & Millichap sells Central Phoenix multifamily for $3.16M/$79k per unit 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 Bethany at Midtown, a recently renovated mid-century art deco style apartment building in the Uptown Phoenix corridor. The asset commanded a sales price of $3,160,000 or $79,000 a...

28 Jul

Posted at 12:54h in Uncategorized

July 2015 2015 Curb Appeal Awards Honorable Mentions 1-Best Historic Restoration Description: Village Green’s Central West End City Apartments • St. Louis Part of the four-building community called Central West End City Apartments, this community features a unique entrance. The building’s regal quality is emphasized with wrought-iron awnings, flags and traditional landscaping, while artsy lettering and striped fabric awnings add a modern and casual flair. This combination of historic...

28 May

Posted at 13:02h in Uncategorized

May 2015 Midtown Phoenix apartments sold for $8.7 million A midtown Phoenix apartment complex was sold for $8.7 million by San Diego-based firm Pathfinder Partners, LLC to Denver-based Capital Real Estate, according to a statement released Tuesday. The 96-unit complex, located near Seventh Avenue and Osborn Road, was initially bought in 2012 by Pathfinder Partners and Avenue North for $4.1 million. Formerly called Academy Apartments, the firm renamed the...

30 Aug

Posted at 08:16h in Uncategorized

August 2014 Phoenix - Clear Sky Capital Airmont LLC in Phoenix (Marcus Kurschat, principal) paid $1.65 million ($68,750 per unit) to buy the 24-unit Bonfire at Midtown apartments at 529-530 E. Mariposa Street in Phoenix. The seller was 5th & Camelback LLC in Scottsdale (Ryan Hartman, principal). The cash sale was brokered through Brian Smuckler and Jeff Seaman of CBRE in Phoenix. Public records show the...

01 Jul

Posted at 08:22h in Uncategorized

June 2014 Pathfinder Partners, LLC, a San Diego-based firm specializing in opportunistic real estate investments, has closed the $1.9 million sale of Shorewood Apartments, a 21-unit community located in the midtown neighborhood of Phoenix, Ariz., just north of downtown. The property was acquired by Washingtonbased Atrium Apartments, LLC. According to Lorne Polger, senior managing director of Pathfinder, his firm and partner Ryan Hartman of Phoenix-based Avenue North,...

30 Jun

Posted at 07:59h in Uncategorized

June 2014 When it comes to neighborhoods, we've dished the dirt on the 10 best, the five up-and-comers, and the five most expensive. Now it's time to cater to cribs that keep you tuned in without being tied down. Yep, it's time to take a look at Phoenix's coolest apartments. From Grand Avenue and Midtown to Roosevelt Row and downtown central, here are our top five...

26 Jun

Posted at 07:54h in Uncategorized

June 2014 Marcus & Millichap Sells 32-Unit Multifamily Asset in the Central Avenue Corridor Of Phoenix Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announces the sale of The Ranch at Midtown, a 32-unit apartment property located in Phoenix, AZ. The asset commanded a sales price of $2.56 million or $80,000 a unit. Brian Tranetzki and Rich...

25 Jun

Posted at 07:41h in Uncategorized

June 2014 New Tempe Apartments on Light Rail to Replace Mobile Home Park In the rolling, undeveloped outskirts of the metro area, tracts are easy to plan, grade and build. When it comes to infill, there are challenges—like a lot of configuration. Pony Acres presents a head-scratching, creative juice-flowing project to Ayers Saint Gross Architects + Planners. Developer McClintock Station LLC has a 5.1-acre parcel with an existing...

28 Mar

Posted at 12:28h in Uncategorized

August 2012 Real estate developer Ryan Hartman says apartment complexes in central Phoenix that he’s been renovating will appeal to renters who are “artistic, eclectic and urban.” Life at Midtown includes 131 units in three complexes. The apartments, built-in 1960, have a mid-century modern style, Hartman said. “I love architecture, and these buildings have really good bones,” he said. The project includes Aura, a 96-unit complex at 3623...