Property Type

Oxford Properties Group-Oxford Properties Expands its San Diego

Oxford Properties Buys 250,000 SF Life Sciences/Office Campus in Carlsbad, California

by Amy Works October 25, 2022

CARLSBAD, CALIF. — Oxford Properties has expanded its life sciences portfolio in metro San Diego with the acquisition and long-term leaseback of Ionis Pharmaceuticals’ 18.4-acre life sciences campus and corporate headquarters in Carlsbad. As part of the transaction, Ionis will lease the properties for a minimum of 15 years. Additional terms of the transaction were not released. The three-building campus offers 250,000 square feet of existing office and life sciences space with chemistry labs, biology labs and R&D support systems, as well as a modern office space. The buildings were constructed between 2011 and 2021. Founded in 1989, Ionis is a publicly traded biotech company and a leader in discovering and developing RNA-targeted therapeutics.

October 25, 2022

California Loans Multifamily Western

George Smith Partners Arranges $120.1M Loan for Da Vinci Apartments in Los Angeles

by Amy Works October 25, 2022

LOS ANGELES, CALIF. — George Smith Partners has secured $120.1 million in permanent financing for Da Vinci Apartments, a residential complex in downtown Los Angeles. Gary Tenzer and Dasha Savchenko of George Smith Partners advised the undisclosed borrower. The loan features a fixed rate for 10 years at 4.38 percent with interest-only payments for the first seven years. The five- and six-story multifamily community offers 526 units, a professional basketball court, conference room, business center, heated swimming pool, 24-hour fitness center, dry sauna and tanning beds. At the time of financing, the property was 98 percent occupied.

October 25, 2022

Acquisitions Multifamily Oregon Western

Fairfield Sells Columbia Ridge Apartments in Portland for $36.2M

by Amy Works October 25, 2022

PORTLAND, ORE. — Fairfield Columbia Ridge LLC, an affiliate of San Diego-based Fairfield Residential, has completed the disposition of Columbia Ridge Apartments, a multifamily community in Northeast Portland. An undisclosed buyer acquired the asset for $36.2 million. Located at 15910 NE Sandy Blvd., the property comprises 35 two- and three-story buildings on 9.9 acres. Built in 1990, Columbia Ridge offers 144 two- and three-bedroom floor plans averaging 940 square feet. Units offer in-unit washers/dryers, private patios or balconies and walk-in closets. Community amenities include a fitness center, pool, resident clubhouse, three playgrounds and a basketball court. Josh McDonald, Joe Nydahl and Phil Oester of CBRE represented the seller in the deal.

October 25, 2022

Acquisitions Industrial Oklahoma Self-Storage Texas

VanWest Partners Acquires Two Tulsa Self-Storage Facilities Totaling 950 Units

by Taylor Williams October 25, 2022

TULSA, OKLA. — Denver-based investment firm VanWest Partners has acquired two self-storage facilities in Tulsa in off-market transactions. Combined, the facilities span more than 140,000 net rentable square feet across some 950 units, including outdoor parking/storage spaces. Both facilities were approximately 95 percent occupied at the time of sale. The seller and sales price were not disclosed. The new ownership is planning a capital improvement program that will include new gate and camera systems, door replacements and roof and asphalt upgrades.

October 25, 2022

Acquisitions Affordable Housing California Multifamily Seniors Housing Western

Joint Venture Acquires 165-Unit Woodbridge Manor Affordable Seniors Housing Community in Irvine, California

by Amy Works October 25, 2022

IRVINE, CALIF. — Asland Capital Partners, Fairstead, iimpact Capital, Nuveen Real Estate and Innovative Housing Opportunities (IHO) have acquired Woodbridge Manor, a 165-unit affordable housing community for seniors in Irvine. Woodbridge Manor apartments are available to seniors earning up to 60 percent of the area median income (AMI), or a maximum of $59,040 per year. The complex comprises a trio of three-story buildings that were built from 1981 to 2003, all of which underwent a major rehabilitation in 2006. The community was purpose built as affordable housing for residents at least 62 years old and those living with disabilities. “Woodbridge Manor is significant to IHO because it was our organization’s first project and also the first low-income housing complex ever created in Irvine,” says Rochelle Mills, president and CEO of IHO. Lument provided financing through the Freddie Mac CME program. Marcus & Millichap’s Affordable Housing Advisors served as the undisclosed seller’s broker in this transaction, while Gerd Alexander of Paul Hastings and Laurie Grasso of Hunton Andrews Kurth served as counsel for the purchasers.

October 25, 2022

Acquisitions Hospitality Texas

ASAP Holdings Buys 293-Room Former Crowne Plaza Hotel in Austin, Plans Conversion

by Taylor Williams October 25, 2022

AUSTIN, TEXAS — California-based investment firm ASAP Holdings Inc. has purchased a former Crowne Plaza hotel in Austin with plans to convert the 293-room property into a Delta Marriott hotel. The seller, Lockwood Development Partners, purchased the asset in 2021 as part of a 10-property portfolio sale. The hotel was originally constructed in 1977. Eddy Nevarez of Marcus & Millichap represented both parties in the deal.

October 25, 2022

Acquisitions Multifamily Texas

Linesight Development Sells 19.5-Acre Multifamily Development Site in Sherman, Texas

by Taylor Williams October 25, 2022

SHERMAN, TEXAS — Dallas-based Linesight Development has sold a 19.5-acre multifamily development site that is located within the Hickory Hill master-planned community in the North Texas city of Sherman. Josh Watson of Land Advisors Organization represented Linesight Development in the deal. The name of the buyer and specific plans for the site were not disclosed.

October 25, 2022

Acquisitions Affordable Housing Indiana Midwest Multifamily

Revitate Cherry Tree Acquires Two Workforce Housing Communities in Indiana for $44.5M

by Kristin Harlow October 25, 2022

ELKHART AND JEFFERSONVILLE, IND. — Revitate Cherry Tree (RevCT) has acquired two workforce housing communities in Indiana for $44.5 million. Built in 1970, Walnut Trails is a 210-unit, garden-style community in Elkhart. Constructed in 1972, Beech Grove is a 182-unit community in Jeffersonville. RevCT says the acquisition of these two properties advances the firm’s overall strategy of preserving and enhancing workforce housing opportunities for families across the Midwest. Both of these properties cater to working-class residents such as those employed by local governments or in industries like healthcare, manufacturing, logistics and education. Workforce housing is defined as housing affordable to households earning between 60 and 120 percent of area median income.

October 25, 2022

Industrial Midwest Minnesota

CBRE Arranges JV Partnership for 627,980 SF Industrial Portfolio in Metro Minneapolis

by Kristin Harlow October 25, 2022

MINNEAPOLIS — CBRE has arranged a joint venture partnership between Capital Partners and Eagle Realty Group on a five-building industrial portfolio totaling 627,980 square feet in metro Minneapolis. Two of the newly constructed buildings are fully occupied, while the remaining three are still under construction. Judd Welliver and Bentley Smith of CBRE arranged the partnership on behalf of their client, Minneapolis-based Capital Partners. There is potential for a second phase of the partnership with an additional 550,000 square feet of development.

October 25, 2022

Illinois Industrial Leasing Activity Midwest

Luxe Weavers Signs 28,436 SF Industrial Lease in Woodridge, Illinois

by Kristin Harlow October 25, 2022

WOODRIDGE, ILL. — Rug company Luxe Weavers has signed a 28,436-square-foot industrial lease at Park 355 in the Chicago suburb of Woodridge. The building, which is located at 2145 Internationale Parkway, is now fully leased. Reinier Pranger and Joshua Hearne of Cawley Chicago represented the tenant. Sean Henrick, Jason West and Ryan Klink of Cushman & Wakefield represented the undisclosed landlord.

October 25, 2022

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