Opening Marks 13th Location in Iowa

TUCSON, Ariz.—After going public on June 28th, Tucson-based Mister Car Wash continues to expand its presence in the Hawkeye State with the opening of its newest location in Grimes, IA. The Grimes location is Mister’s 13th in the state and brings Mister’s total employment in the greater Des Moines area to nearly 170.

Mister Car Wash operates more than 340 car washes in 21 states.

“Adding a new location in Grimes made a lot of sense. It’s growing rapidly and gives our members and customers in the northwest part of the city access to the Mister brand,” said Ryan Darby, vice president, development and construction. “We’ve nearly doubled our store count in the Des Moines area since 2018 and it’s been exciting to see new members join our Unlimited Wash Club program and enjoy all the benefits of having access to our locations across the city.”

At Mister, Iowans get a car wash that is specially formulated for the local climate and road conditions to ensure the best clean. For those who want to experience the Mister “shine” for themselves, the new Grimes location will be offering free car washes on July 24-25.

Mister Car Wash (NYSE: MCW) at its public debut, raised $468 million as shares rallied to $22.40, 49% above the IPO price of $15. The offering is unique because Mister Car Wash is the only publicly traded company in its business category. The stock closed Wednesday at $22.39.

For more information on Mister Car Wash please visit https://mistercarwash.com/

TUCSON, ARIZONA — The Ranch at Star Pass changed hands recently for $57.5 million ($171,131 per unit). Built in 2000, the luxury student housing complex has 336-units and 1,020 beds.

California-based, Element Property Company (Michael Silberman, member) purchased the property from PC Star Pass, LLC of Provo, Utah that acquired it in 2018 for $38.65 million.

It will now be rebranded The Reserve at Star Pass.

Element Property Company is a Real Estate Investment firm focused on the acquisition of Multi-Family properties and owns owns several other apartment complexes in Tucson:  Overlook at Pantano, Rancho del Mar, Metro On First, Mission Antigua, Tierra Ridge, Arcadia Gardens, Cabo Del Sol, La Posada, as well as Saddle Ridge in Oro Valley, but this is its first student housing community.

The property serves the University of Arizona and Pima Community College. Choose from one-bedroom, two-bedroom, and four-bedroom apartment homes, each bedroom has its own bathroom. Amenities include a business center, clubhouse, lounge, fitness center, conference room, spa, pool, basketball court, tennis court, volleyball court, walking/biking trails, game room, barbecue area, barbecue/grill, and media center/movie theater.

To learn more, see RED Comp #8880.

Phoenix, Arizona – CBRE announced the sale of Sky Harbor Inn, a 237-unit multifamily property in Phoenix, for $17.06 million to a California-based private equity group.

CBRE’s Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke represented the local seller, Incline Village Properties LLC, in the transaction.

Sky Harbor Inn was originally built in 1977 and is located at 2307 East Van Buren Street, proximate to several prominent locations including the midtown, downtown and Biltmore corridors, as well as several other employment and entertainment hubs in the greater Phoenix area.

“With the continued upward momentum of the Phoenix market, we saw this as a great opportunity to improve the community through targeted renovations and activation of amenity features,” said Josh Needle, president of Newport Beach, Calif.-based InTrust Property Group. “This project fits within our program- providing clean, safe, and appealing housing at affordable rents. We’re excited to see this transformation take place and fulfill a much-needed product within the metro.”

Added CBRE’s Smigiel, “We received a large amount of attention for this property,” said Smigiel. “Sky Harbor Inn recently went through several capital improvements including the replacement of several HVAC units and a new 30-year roof. These upgrades, along with great value-add opportunities through interior and exterior renovations, will enable the new owner to reposition the property in the coming years.”

A recent survey of commercial real estate investors ranked Phoenix as a top-10 target among Americas metros. The Sun Belt market jumped five spots to #4 in CBRE’s 2021 Americas Investor Intentions Survey.

The sale of Sky Harbor Inn is one of three transactions the team closed within a month, totaling about $69.7 million