COLORADO SPRINGS,COLO. — Rivendell Global Real Estate has acquired the 194-unit Commons at Briargate in Colorado Springs for $44.5 million. The community is located at 2845 Freewood Point. Commons at Briargate was built in 1996. The property was 96 percent occupied at the time of sale. It is situated adjacent to the 2 million-square-foot Briargate Business Campus, which houses tenants like USAA, Kaiser Permanente and T.Rowe Price. Kevin McKenna and Saul Levy of ARA Newmark represented..
NEWPORT BEACH, CALIF. — A joint venture between Greenlaw Partners and Hilrod has acquired a 156,310-square-foot office building within the master-planned Koll Center Newport in Newport Beach for $59.8 million. The Class A building is located at 4400 MacArthur Blvd. The property is 92 percent leased to tenants like Bank of the West and Fidelity National Title Co. It was built in 1979 and renovated between 2014 and 2016. The JV represented itself in this transaction. NKF’s Kevin..
ALBUQUERQUE, N.M. — Terrapin Investments & Management Corp. has purchased the 276-unit Sheraton Albuquerque Airport Hotel for an undisclosed sum. The hotel is located at 2910 Yale Blvd. SE in Albuquerque. The property is the only lodging facility situated on airport grounds at Albuquerque International Sunport Airport. Sheraton Albuquerque Airport Hotel is located about five miles southeast of downtown Albuquerque, two miles south of the University of New Mexico and three miles west of..
HEALDSBURG, CALIF. — R.D. Olson Construction has started construction of the 122-room Hotel Trio in the Sonoma wine country submarket of Healdsburg. The hotel will be located at 110 Dry Creek Road. The property includes 13 one-bedrooms and 109 studios. It is within walking distance of the downtown area and a host of local wineries. Hotel Trio will also offer on-site bicycle rentals to provide access to the hundreds of wineries within a 30-mile radius. Amenities will include a bar,..
ANAHEIM, CALIF. — Savills Studley has arranged the $18.5 million sale of Anaheim Lincoln Shopping Center, a 72,950-square-foot retail center located roughly 27 miles outside Los Angeles in Anaheim. Savills Studley’s Kyle Miller and Bill Bauman brokered the transaction. A Los Angeles-based private investor acquired the center from an undisclosed private partnership. Vallarta Supermarket anchors the property.
Orange County’s well-diversified and growing economy, coupled with its high quality of life, attract residents nationally and internationally to the region. Prohibitive home pricing also intensifies the high barrier to home ownership, further supporting overall apartment fundamentals in the Orange County market. Developers are targeting urban centers where they can transform the areas with Class A rentals. Anaheim’s Platinum Triangle, the Disney Resort, Convention Center Complex and..
SANTA CLARITA, CALIF. — Trammell Crow Co. and Clarion Partners have purchased 54 additional acres of land to develop the Center at Needham Ranch, a 132-acre business park in the Los Angeles submarket of Santa Clarita. The Class A park will be situated one mile from the intersection of Interstate 5 and Highway 14, about 30 miles from downtown Los Angeles and 15 miles from Burbank Airport. Phase I will include an 869,760-square-foot park with 30- to 36-foot clear heights, ESFR fire..
MESA, ARIZ. — A joint venture between Henley USA and Modern Residential Co. has acquired the 265-unit Sonoma Villas apartments in Mesa for $22.4 million. The community is located at 1800 E. Covina St. Sonoma Villas was built in 1980. The JV plans to enhance the property by making strategic improvements to the common area amenities, apartment interiors, leasing space and clubhouse. The Jones Group represented the buyer, while David and Steve Gebing of Institutional Property Advisors..
TURLOCK, CALIF. — AMCAL Equities LLC has opened The Vista, a 660-bed student housing community located near California State University, Stanislaus in Turlock. The property offers one-, two-, three- and four-bedroom units. Community amenities include a clubhouse with outdoor volleyball and basketball courts; a resort-style swimming pool; outdoor television lounge; theater; cyber café with free coffee; and 24-hour fitness center. Asset Campus Housing is managing the property. Humphreys..
DENVER — Northstar Commercial Partners has completed Balfour at Stapleton, a 74-unit assisted living and memory care community in Denver’s Stapleton neighborhood. A grand opening will be held in September for the 63,000-square-foot community. Northstar partnered with Balfour Senior Care, a Colorado-based operator, for the project. Northstar and Balfour are currently developing another community, a $51 million, 151-unit project in Ann Arbor, Mich. Construction is expected to begin this..