Multifamily

1500-Granville-Los-Angeles-CA

LOS ANGELES — Suffolk has completed the construction of 1500 Granville, a mixed-use building in West Los Angeles. CIM Group us developer and Lorcan O’Herlihy Architects is designer. The property offers affordable and community-focused housing options for University of California Los Angeles Medical house staff and graduate students. The five-story building features 153 units, 15,000 square feet of retail space and 308 subterranean parking spaces. Units are available in a mix of studio, one-bedroom, two-bedroom and live-work unit floor plans with 16 units set aside as affordable. Community amenities include a clubhouse, co-working space, a gym, pool area, barbecue area and multiple outdoor and courtyard areas for recreation. The ground-floor retail and restaurant spaces feature multifamily outdoor dining and recreation areas that connect the public housing to the surround community. The project is the final phase of the multi-block development that was previously occupied by car dealerships. The area includes the Elevate, a 147-unit apartment community, and three four-story buildings of The Westgate Collection. CIM Group sold 1500 Granville to a joint venture between UCLA Housing and UCLA Medical, as a housing option for UCLA Medical’s house staff (medical residents, fellows and interns), medical graduate students and other graduate students.

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Sundance-West-Apts-Reno-NV

RENO, NEV. — Haley Real Estate Group has completed the sale of Sundance West Apartments, a multifamily property located at off Moana Lane in Reno. Priderock Capital Partners acquired the asset for an undisclosed price. Built in 1974 on seven acres, Sundance West Apartments features 350 units, three swimming pools with sundecks, open greenbelts, two gazebo areas with barbecues and picnic areas, a fitness center and five laundry facilities. Kenneth Bloomsterberg, Ryan Rife and Daniel Winrod of Marcus & Millichap represented the seller and procured the buyer in the transaction. The acquisition was financed via a government agency loan.

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EMERYVILLE, CALIF. — CIM Group has closed an $89 million construction loan for AMCAL’s development of Bayview, a seven-story multifamily property in Emeryville. Situated on 2.3 acres, Bayview will feature 186 units with studio, one-, two-, three-bedroom and townhome-style floor plans and 257 parking spaces. Community amenities will include a fitness center, co-working spaces, a clubhouse and an indoor/outdoor roof deck. Construction is slated to begin this month. Bryan Gortikov of Gortikov Capital arranged the financing.

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TUCSON, ARIZ. — San Diego-based Tower 16 Capital Partners, in partnership with Drake Real Estate Partners, has purchased La Mirada Apartments in Tucson. A private seller sold the asset for an undisclosed price in an off-market transaction. Located at 4415 E. Grant Road, La Mirada Apartments features 201 two- and three-bedroom apartments with a clubhouse and two swimming pools. Tower 16 Capital plans to implement a $4 million upgrade and renovation program to the property, which will include modernized unit upgrades, a new clubhouse, gym and updated pool areas. Additionally, the new owners will add outdoor amenities such as barbecues, seating and outdoor gaming areas.

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McClellan-Court-Apts-North-Highlands-CA

NORTH HIGHLANDS, CALIF. — Marcus & Millichap has brokered the acquisition of McClellan Court Apartments, a multifamily community located in North Highlands, a suburb of Sacramento. A private investor purchased the asset for $18.5 million, or $129,370 per unit. Eduardo Vergara and Louis Kwok of Marcus & Millichap represented the buyer in the deal. David Campbell, also of Marcus & Millichap, arranged $13.9 million in acquisition financing for the buyer. The 30-year loan was structured with a West Coast-based financial services company at a competitive interest rate and 75 percent loan-to-value ratio. Built in 1960 on five acres, the 84,681-square-foot property features 131 one-bedroom units, nine two-bedroom units and two three-bedroom units, as well as a 150-space parking lot.

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CHICAGO — Kiser Group has brokered the $10.2 million sale of Graceway Corners, a three-story multifamily development in Chicago’s Lakeview neighborhood. The property features 24 multifamily units and 13,600 square feet of commercial space. Originally built in 1927 as a hotel, it was later converted into a 117-unit boarding house. The seller, Keen Realty, purchased the development in the early 1980s and renovated it into its current configuration of loft-style flats and duplexes. Andrew Friedman, Jake Parker and Lee Kiser of Kiser represented both the seller and the undisclosed buyer.

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MINNETONKA, MINN. — Colliers | Minneapolis-St. Paul has negotiated the sale of a 3.9-acre development site within Opus Park in Minnetonka for $4.9 million. The site presents a transit-oriented development opportunity, as it is adjacent to the Opus Light Rail Transit (LRT) station along the Southwest Light Rail Line. The buyer, Pittsburgh-based Linden Street Partners, plans to break ground on a 275-unit apartment complex later this year. Andy Heieie, Ted Bickel and Jeff Budish of Colliers represented the seller, Newport Partners.

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Texas-Tower-Houston

HOUSTON — A partnership between two developers, Houston-based Hines and Montreal-based Ivanhoe Cambridge, has topped out Texas Tower, a 47-story office building located in downtown Houston. Designed by Pelli Clarke Pelli, the 1 million-square-foot building is currently 40 percent preleased to tenants such as Hines and law firms Vinson & Elkins LLP and DLA Piper. Amenities will include a fitness center, conference center, tenant lounge, lobby coworking area and rooftop gardens. Completion is slated for the fourth quarter.

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Cortland-Farmers-Market-Dallas

DALLAS — Cortland, an Atlanta-based multifamily developer, has opened Cortland Farmers Market, a $74 million apartment community located at 1011 S. Harwood St. in downtown Dallas. Units come in one-, two- and three-bedroom floor plans. Amenities include on-demand fitness and wellness classes, a 24-hour fitness and yoga studio, private resident bar, resort-style rooftop pool and a dog park. Rents start at approximately $1,500 per month for a one-bedroom unit.

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The-Conley-Apartments-Leander

LEANDER, TEXAS — Cushman & Wakefield has arranged the sale of The Conley, a 259-unit apartment community located in the northern Austin suburb of Leander. Completed in March 2020, the garden-style property offers floor plans that range from 521-square-foot studios to 1,598-square-foot three-bedroom units. Unit interiors feature stainless steel appliances, island kitchens with quartz countertops and private patios or yards. Communal amenities include a resort-style pool with private cabanas and barbecue grills, a resident lounge with a market pantry and coffee bar, dog park, 24-hour gym and a yoga room. John Carr and Ben Fuller of Cushman & Wakefield represented the seller, Stillwater Capital Investments LLC, in the transaction. Scott Wadler and Matthew Nihan of Berkadia arranged acquisition financing through CrossHarbor Capital Partners on behalf of the buyer, a partnership between Miami-based Constellation Group and Beacon Real Estate Group.

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