Phoenix

Olen Residential Realty Corp., a Newport Beach, CA-based firm, increased its Arizona portfolio with the acquisition of a 392-unit apartment complex in Mesa for $47 million.

A joint venture between Douglas Wilson Cos. and Phelps Development L.L.C. has received the final approval from the City of Tempe to move forward with the development of One Hundred Mill, two mixed-use towers located on the former site of Monti’s La Casa Vieja at the corner of Rio Salado Parkway and Mill Avenue in Tempe.

The Farmers Insurance Building located at 16001 N. 28th Ave. in the Arizona Business Park was recently sold for $16.85 million to Select Income REIT. The Newton, Mass.-based REIT acquired the 106,397-square-foot office building from an entity belonging to Sabal Financial Group.

Scottsdale-based SAXA Inc. and Caliber Cos. entered a joint venture to develop Bahia 101, a 40,000-square-foot commercial office building in North Scottsdale. The project will rise on a 2.5-acre tract located south of Bell Road on Bahia Drive and is the first new Class A development in the area since 2009.

Hot on the heels of announcing the development of a new residential community in Chandler, NexMetro Communities has appointed Mary Tanner as the company’s Finance Manager and Jill Long as Corporate Administrator. The new hires will help with the company’s industrious expansion plan, which includes the development of four new communities in the Phoenix metro area in 2015.

In a little over four months, 29th Street Capital (29SC), a real estate investment firm based in Irvine, CA, expanded its Phoenix portfolio by four multifamily assets. The firm recently closed on the 72-unit Williams Landing Apartments and the 108-unit Village Green Apartments, just a few months after grabbing two other multifamily communities in Mesa.

Crescent Communities has started pre-leasing operations for the Crescent Scottsdale Quarter, a 275-unit, luxury apartment community in North Scottsdale. The residences are set to open doors this July.

Laurus Corp., an affiliate of real estate private equity firm Ethika Investments, L.L.C., recently acquired the Canyon Village office park in Scottsdale for an undisclosed amount. Canyon Village is a four-building, 93,890-square-foot office complex in the DC Ranch mixed-use neighborhood center. It features in addition to office components, various retailers and restaurants.

Resource Real Estate Opportunity REIT, Inc., a non-traded real estate investment trust focused on distressed properties, recently announced the acquisition of the Springs at Gilbert Meadows Apartments, a 459-unit apartment community in Gilbert, AZ. Financial terms of the deal have not been disclosed.