Desert Gardens II Apartments Sell for $23 Million
Desert Gardens II, a multi-family community located at 13621 W. Glendale Ave., has been sold for $23 million. Locally based ReNUE Properties purchased assets as part of its portfolio expansion within Arizona, according to a press release.
Bill Hahn, executive vice president with Colliers International in Greater Phoenix, said the property “offered a unique combination of excellent physical condition and abundance of on-site amenities within a property that is poised for some strategic value enhancement.” He said the buyer will "modernize the community in meaningful ways.” Hahn, Trevor Koskovich and Jeff Sherman of Colliers International in Greater Phoenix negotiated the sale transaction. ReNUE Properties Arizona, Inc. purchased the multi-family project from Desert Gardens VI, LLC, an Arizona limited liability company.
Desert Gardens II was built in 2003 and consists of 14 two-story building on a 13.3-acre site. All but one of the units are two-bedroom apartments and the community was 90 percent leased at the time of the sale.
ASU and Catellus Development Corporation Announce Next Phase of Novus Innovation Corridor
Arizona State University (ASU) and master developer Catellus Development Corporation announced the next phase of the Novus Innovation Corridor, the bold new community created by ASU’s establishment of a university athletic facilities district, according to a press release.
When completed, Novus will integrate more than 8-million square feet of private, mixed-use urban development with new and renovated technology-enhanced collegiate athletic venues, ultimately bringing approximately 20,000 new jobs and 5,000 new residents to central Tempe. This new phase will see the completion of the first 1-million square feet of mid-rise, Class A office space, urban residences, hotel rooms, and a diverse collection of retail shops and restaurants in a compact, urban setting just north of the University Avenue Metro Rail station.
“This is a rare opportunity to create a new infill, urban community from the ground up at an unmatched location and with the resources of a premier research university. This foundation facilitates our shared objective to develop a technologically advanced, sustainable, innovative environment,” Greg Weaver, executive vice president with Catellus Development Corporation, said in a press release. “Catellus is committed to transforming Novus Innovation Corridor into a world-class urban community.”