CAPRE’s Commercial Real Estate Headlines for January 6, 2020

Check out the latest deals and developments in commercial real estate for January 6, 2020: Marcus & Millichap Facilitates Sale of Scottsdale Multifamily Development: Marcus & Millichap has announced the sale of Royal Palms, a 12–unit apartment complex located in Scottsdale, Your Valley reports. "Regional Manager of the firm’s Phoenix office Ryan Sarbinoff says the asset commanded a sales price of $1.86 million or $155,000 per unit. Rich Butler, a senior vice president investments in Marcus & Millichap’s Phoenix office, and Sean Connolly, a multi-family specialist, negotiated the sale on behalf of the buyer, who recently purchased two other assets on the same street through Marcus & Millichap," reads the article, which included the factoid that the new owner plans an extensive repositioning campaign with this portfolio. Bell Partners Acquires Alexan Marymoor in Redmond, WA: Bell Partners has acquired Alexan Marymoor, a 222-unit multifamily community in Redmond, Washington on behalf of its Fund VII investors. The property will be renamed Bell Marymoor Park and will be managed by Bell Partners. This is the company's second acquisition in the Seattle metro area, following the acquisition of Bell Overlake in September. Bell Marymoor Park is situated near the Seattle area's largest employers, including Amazon, Facebook and Salesforce. Additionally, the multibillion-dollar redevelopment of Microsoft's nearby world headquarters will create further job opportunities for residents. Multiple light-rail stations are being constructed near the property with completion scheduled for 2023, which will connect the community…