IRVING, TEXAS — Locally based brokerage firm Wellington Realty has arranged the sale of Cielo Azul, an apartment community in Irving that was originally built in 1985 and totals 320 units, according to Apartments.com. The property offers one- and two-bedroom units and amenities such as a pool, fitness center, business center, playground and outdoor grilling and dining stations. David Shaffer, Caleb Jones, Will Miller and Charles Larkam of Wellington Realty brokered the deal. The buyer and seller were not disclosed.
IRVING, TEXAS — Eagle Property Capital, an investment firm with offices in Miami and Mexico, has sold Colinas Ranch Apartments, a 160-unit multifamily complex in Irving. Built in 1971, the property offers one-, two- and three-bedroom units and amenities such as a pool, clubhouse, outdoor grilling and dining areas and onsite laundry facilities. Eagle Property Capital acquired the asset in 2018 and implemented a value-add program. The buyer was not disclosed.
MESQUITE, TEXAS — Boston-based general contractor Suffolk has broken ground on the Dallas County Mesquite Government Center, a 56,325-square-foot civic project that will be located on the eastern outskirts of Dallas. The project will allow the Dallas County government to expand its presence in Mesquite. As such, the two-story building will house offices for tax appraisers, the county constable, justice of the peace and juvenile services, as well as an area for community events and early voting. Completion is slated for next June.
GARLAND, TEXAS — Marcus & Millichap has brokered the sale of Casa Bella, a 46-unit apartment complex located in the northeastern Dallas suburb of Garland. According to Apartments.com, the property was built in 1975. Ford Braly, Dylan York and Al Silva of Marcus & Millichap represented the out-of-state seller and procured the locally based buyer in the transaction. Both parties were private investors that requested anonymity. The new ownership plans to implement a value-add program.
RENO, NEV. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Mountain Lakes Estates, a 131-unit independent living community in Reno. The property was built in 2020 and totals 120,316 square feet on approximately 5.2 acres of land. The seller was a regional owner-operator located in the West. The buyer was a private equity company based in New York that specializes in active adult and independent living communities. The price was not disclosed. Jason Punzel, Dave Balow, Vince Viverito and Brad Goodsell of SLIB handled the transaction.
TORRANCE, CALIF. — Faris Lee Investments has arranged the $8 million sale of a retail outparcel located in Torrance, roughly 20 miles south of Los Angeles. Situated within South Bay Towne Center, the outparcel building was fully leased at the time of sale to tenants including Starbucks Coffee, Subway, Flame Broiler, Sushi Boy, Great Steak and Hong Kong Express. JP Morgan provided acquisition financing.
PORTLAND, ORE. — Lument has provided a $14.7 million proprietary bridge loan to refinance Arcadia Senior Living, a 68-unit assisted living community in Portland. Casey Moore, managing director with Lument in San Diego, led the transaction for Lument. The bridge loan refinances outstanding debt, provides earn-out proceeds and positions Arcadia for a future HUD refinancing. Built in 2019, Avant Senior Housing & Consulting LLC operates the community. Arcadia is owned by a partnership whose principal, Kelvin Ng, represented the borrower in this transaction.
SEATTLE – Stuf, a self-storage startup company, has entered the Seattle market with two new locations. Stuf partners with property owners to monetize basements, garages and other spaces in buildings as tech-enabled storage. This model creates new cash flow opportunities for landlords while providing local communities with an easy-to-access and secure environment to store personal belongings, business inventory and more. Stuf’s first Seattle location is at 220 Second Ave. South in Seattle’s Pioneer Square district. Rubicon Point Partners owns the property. As part of the owner’s repositioning of the building, it partnered with Stuf to monetize 3,500 square feet of existing basement space into tech-enabled storage. Wright Runstad & Co. developed 400 University St., which will host Stuf’s downtown Seattle location. The startup is transforming 5,500 square feet of sub-grade mezzanine space in the 10-story office building into tech-enabled storage accessible through the garage level directly below the building.
ARIZONA — Capital Funding Group (CFG) has provided $10.3 million in financing for a 112-bed skilled nursing facility in Arizona. The transaction replaces an existing bridge loan, which CFG also provided, into HUD financing. The name of the borrower and more specific details on the property were not disclosed. Tommy Dillon originated the transaction for the CFG.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $150 million sale of the Sea Park Affordable Housing Portfolio, a collection of three mixed-income residential properties totaling 818 units on Brooklyn’s Coney Island. Victor Sozio, Shimon Shkury, Benjamin Vago and Remi Mandell of Ariel Property Advisors represented the seller, Arker Cos., in the transaction. The buyer was a partnership between Tredway, Gilbane Development Co. and ELH Management. The sale included a 89,357-square-foot parcel that can support 153 units of new development.