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JV Picks up Phoenix Metro MF for $54M

Tuscany Ridge, a 336-unit Class A multifamily community located at 8203 W. Oraibi Dr. in Peoria, AZ, has sold for $54 million. The buyer was a San Diego-based JV partnership between Gerry Ranglas/RV Management, Wermers Properties and Loma Linda University Endowment.

Constructed in 2004, Tuscany Ridge is a garden-style property offering a desirable low-density site plan. The property features spacious one, two, and three-bedroom floor plans and is the high-end Arrowhead submarket.

Impact Multifamily Advisors’ Mike Dow negotiated the deal on behalf of the buyers. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch represented the seller, an undisclosed NY-based pension fund advisor. Los Angeles-based PCCP, LCC provided the financing for the property.

“Tuscany Ridge presented investors with a well-positioned value-add opportunity located in a highly sought-after West Valley submarket,” said CBRE’s Anderson. “The community is surrounded by well-maintained residential master-planned communities, affluent demographics and top-rated schools.”


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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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