Property Type

FPA Multifamily Buys Two-Property Multifamily Portfolio in Thousand Oaks, California for $171.2M

by Amy Works December 15, 2023

THOUSAND OAKS, CALIF. — FPA Multifamily, on behalf of its Core Plus Fund V, has acquired a two-property multifamily portfolio totaling 399 units in Thousand Oaks, a suburb west of Los Angeles. Decron Properties sold the assets for $171.2 million. The portfolio consists of Los Robles Apartments, a 253-unit asset built in 1972, and The Retreat at Thousand Oaks, a 146-unit property built in 1966. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Los Robles Apartments features studio, one- and two-bedroom apartments, averaging 882 square feet, spread across 32 residential buildings. Units have ductless heating and cooling systems, washers/dryers and new plank flooring. Community amenities include a new leasing office, resort-style pool, fitness center and outdoor lounge areas. The Retreat at Thousand Oaks offers a mix of one- and two-bedroom apartments, three-bedroom townhomes and four-bedroom flats, with an average unit size of 1,260 square feet. The property is within walking distance of Janss Marketplace, an outdoor retail center.

December 15, 2023

Arizona Colorado Development Industrial Multifamily Western

StarPoint Properties Plans Two Opportunity Zone Projects in Arizona, Colorado

by Amy Works December 15, 2023

MESA, ARIZ., AND DENVER — StarPoint Properties is developing two Opportunity Zone projects totaling $115 million. StarPoint has started vertical construction on Lotus Point, a $79.2 million multifamily development in Mesa, and Point Central, a $36.7 million industrial project in Denver. Located at 139 N. Dobson Road, the four-story Lotus Point will offer 245 apartments. The community will benefit from a property tax abatement agreement with the City of Mesa for eight years after construction, which will generate significant property tax savings. Point Central, located at 1051 and 1161 E. 73rd Ave. in Denver, will offer 157,473 rentable square feet split across two industrial buildings with access to Denver’s major highways. Completion of both properties is slated for 2025. StarPoint expects Lotus Point to be stabilized by fourth-quarter 2025 and Point Central by the second quarter of 2025.

December 15, 2023

Acquisitions California Office Western

City of Garden Grove, California Acquires Office Building for $12.1M

by Amy Works December 15, 2023

GARDEN GROVE, CALIF. — The City of Garden Grove, located in Orange County, has purchased Garden Grove Plaza, located at 12966 Euclid St. in Garden Grove. A private seller sold the asset for $12.12 million, or $188 per square foot. Anthony DeLorenzo, Bryan Johnson, Nick Williams and Peter Wells of CBRE represented the seller in the deal. Situated on two acres, the five-story glass-and-steel building offers approximately 64,468 square feet of office space. The property was recently renovated and is currently 77 percent occupied.

December 15, 2023

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Brokers $8.2M Sale of Apartment Community in Glenwood Springs, Colorado

by Amy Works December 15, 2023

GLENWOOD SPRINGS, COLO. — NorthPeak Commercial Advisors has arranged the sale of a multifamily property located at 228 Auburn Ridge Lane in Glenwood Springs, a resort city approximately midway between Denver and the Utah border. The property traded for $8.2 million, or $171,875 per unit. The 30,376-square-foot asset features 48 apartments. Kevin Calame and Matt Lewallen of NorthPeak handled the transaction.

December 15, 2023

Development Multifamily New Jersey Northeast

Partnership Breaks Ground on 477-Unit Multifamily Project in Jersey City

by Taylor Williams December 15, 2023

JERSEY CITY, N.J. — West Side Square Development Fund, which is a partnership between LanTree Developments, Altree Developments Inc., Lanterra Developments Inc. and Westdale Properties, has broken ground on a 477-unit multifamily project in Jersey City. West Side Square will be located in the Journal Square area and will house studio, one- and two-bedroom units, as well as 9,841 square feet of retail space. Amenities will include an outdoor deck with a pool and grilling stations, fitness center, coworking space, a community room and a dog run. Marchetto Higgins Stieve is the project architect, with Childs Dreyfus Group handling interior design. Completion is slated for summer 2026.

December 15, 2023

Development Massachusetts Multifamily Northeast Seniors Housing

Kisco Senior Living to Develop 159-Unit Complex in Boston

by Taylor Williams December 15, 2023

BOSTON — California-based owner-operator Kisco Senior Living will develop The Newbury at Brookline, a 159-unit complex that will be located on the west side of Boston. The site is located on the historic former Newbury College campus. The facility will ultimately comprise 81 independent living units, 38 assisted living residences and 40 memory care units via 190,000 square feet of new construction and 20,000 square feet of restoration to the historic Mitton House. The complex is scheduled to open next fall.

December 15, 2023

Acquisitions Civic New York Northeast

Joyce Theater Acquires Civic Building in Manhattan’s East Village for $16M

by Taylor Williams December 15, 2023

NEW YORK CITY — The Joyce Theater Foundation has acquired a civic building located at 287 E. 10th St. in Manhattan’s East Village for $16 million. The seven-story, 58,000-square-foot building formerly housed a Boys & Girls Club facility, and the Joyce Theater plans to use the space for rehearsal, performance and administrative purposes. Paul Wolf of nonprofit advisory firm Denham Wolf Real Estate Services negotiated the sale of the building. The seller was not disclosed.

December 15, 2023

Civic Development Michigan Midwest

University of Michigan Breaks Ground on Center for Innovation in Detroit

by Kristin Harlow December 15, 2023

DETROIT — The University of Michigan (U-M) has broken ground on its Center for Innovation in downtown Detroit. The satellite campus will serve as a graduate school facility, offering masters’ degrees and workforce development programs that will focus on technology and innovation. The center will be funded by a $100 million gift from prominent U-M donor Stephen Ross, $100 million from the state of Michigan, a two-acre land donation from Olympia Development of Michigan, and an additional $50 million will be raised from donors. The project site is near the proposed $1.5 billion, 10-building mixed-use development in The District Detroit from Related Cos. and Olympia Development. Ross is a Detroit native, alum of U-M and chairman of Related Cos. Olympia Development is the real estate development business of the Ilitch family.

December 15, 2023

Affordable Housing Indiana Loans Midwest Multifamily

BWE Arranges $19.7M in Acquisition, Rehabilitation Financing for Trio of Indiana Affordable Housing Properties

by Kristin Harlow December 15, 2023

ARCADIA, RENSSELAER AND FOWLER, IND. — BWE has arranged $19.7 million in financing for the acquisition and rehabilitation of three affordable housing properties in rural Indiana. Lundat Kassa and Bob Morton of BWE arranged the financing on behalf of Vita Investment Holdings LLC, an Indiana-based developer of affordable and seniors housing communities. Vita acquired the properties to preserve their long-term affordability for residents. The financing consisted of two loans, including a construction loan from Fifth Third Bank. BWE also secured a $17.1 million loan through the USDA 538 Forward Permanent Loan program. The nonrecourse loan features a 40-year amortization schedule. Vita also utilized 4 percent Low-Income Housing Tax Credits to finance the project. The three properties include: Hamilton Place, which totals 54 units in Arcadia; Madison Cottage of Rensselaer, which includes 71 units in Rensselaer; and Madison Cottage of Benton County, a 51-unit building in Fowler. The developments will be preserved as affordable to residents who earn up to 60 percent of the area median income. All three properties will receive improvements to mechanical systems and the unit interiors will be enhanced. Community amenities will also be upgraded.

December 15, 2023

Acquisitions Connecticut Northeast Retail

Chozick Realty Arranges $11M Sale of Retail Center in Rocky Hill, Connecticut

by Taylor Williams December 15, 2023

ROCKY HILL, CONN. — Locally based brokerage firm Chozick Realty has arranged the $11 million sale of Hillview Plaza, a 33,799-square-foot retail center located in Rocky Hill, roughly 10 miles south of Hartford. Tenants at the property, which was built in 1990 and was 97 percent leased at the time of sale, include Webster Bank, Salute Restaurant and Dunkin’. Tom Boyle and Jordan Pinto of Chozick Realty represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

December 15, 2023

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