PHOENIX—Western Vertical Holdings, a company formed by Bob Agahi and David Sellers, has begun construction on Phase 1 of The Colony, an adaptive re-use project located on 7th Street just north of Missouri Avenue in Phoenix.

PHOENIX—Investment Property Associates celebrated the grand opening of its first class A, multifamily development in Ahwatukee with a ribbon cutting ceremony at Liv Ahwatukee.

PHOENIX—Lee & Associates Arizona has closed on the three-office building leasehold sale of Papago Arroyo, 1255, 1275 and 1295 E. Washington St. in Phoenix for $40.85 million.

PHOENIX—The P.B. Bell Companies has acquired The Boulevard, a 294-unit apartment community in north Phoenix. P.B. Bell purchased the luxury apartment community, located near Bell Road and 7th Street, from Franktown, CO-based Slavin Residential for $33.5 million.

PHOENIX—Savills Studley has opened its first Phoenix office. Tiffany Winne, senior vice president at Savills Studley will lead the firm's operations in Phoenix.

PHOENIX—CBRE has negotiated the sale of Esplanade III, a 218,266-square-foot office building located at 2415 E. Camelback Rd. in Phoenix. The sale closed at $74.3 million.

PHOENIX—Capital Asset Management, Phoenix, announces the sale of The Forum at Gilbert Ranch office complex for $9 million.

PHOENIX—Lincoln Property Company has been selected to develop the first phase of class A and mixed-use office space for The Grand at Papago Park Center.