LOS ANGELES — Core Spaces has received construction financing for Hub on Campus II, a 577-bed student housing development located near the University of Southern California (USC) in Los Angeles. TSB Capital Advisors secured the loan through Square Mile Capital and PacWest Bank on behalf of the borrower. Details of the financing were undisclosed. The project is scheduled for completion by fall 2023.
LOS ANGELES — A joint venture between New York-based LIVWRK and Daniel Kotzer of Los Angeles has purchased a historic 63,100-square-foot property in Los Angeles’ Art District for $20 million. The partnership will transform the two-building asset, located at 800-810 Traction Ave., into an office and lifestyle project called AtTraction. Construction on the renovations is slated to begin this week, with completed scheduled for early 2023. Upon completion, AtTraction will be a five-story building, plus a basement, totaling 53,400 square feet. Floors will range between 7,500 square feet to 10,700 square feet with ceilings ranging from 10 feet to 15 feet. The property at 810 Traction Ave. will be a two-story building, plus basement, totaling 9,700 square feet. Each building will also offer the potential for ground-level retail. The building at 800 Traction Ave. will feature a rooftop patio deck and the building at 810 Traction Ave. will offer a private gated patio space. Additionally, there is a private parking lot serving both buildings. The building originally housed the Joannes Brothers Co., a coffee, tea and spice processor and wholesaler, followed in the mid 1950s by the Los Angeles Desk Co. Mike Condon Jr., McKenna Gaskill and Brittany Winn of …
PHOENIX — ABI Multifamily has arranged the sale of Verde Vista Apartments, a multifamily property located in Phoenix. A California-based buyer acquired the asset from a New Jersey-based seller for $24.5 million, or $135,359 per unit. Built in 1978, Verde Vista Apartments is a 181-unit, garden-style community comprising eight residential buildings. The property offers a mix of 80 studio units, 94 one-bedroom/one-bath units and seven two-bedroom/two-bath units. Community amenities include two swimming pools, two laundry facilities, a large children’s playground, barbecue grills, an on-site rental office and covered and open parking. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group represented the buyer and seller in the transaction.
AURORA, COLO. — Blue West Capital has brokered the sale of Abilene Marketplace, a multi-tenant retail property located at 1113 S. Abilene St. in Aurora. A California-based seller sold the property to a California-based investor for an undisclosed price. The 19,138-square-foot property was fully leased at the time of sale. Tenants include Verizon Wireless, Mattress Firm, EyeCare Specialties of Colorado, Canvas Credit Union and Scrubs & Beyond. Tom Ethington of Blue West Capital represented the seller in the transaction.
TIGARD, ORE. — Marcus & Millichap has arranged the sale a retail property located at 9009 SW Hall Blvd. in Tigard. A limited liability company sold the property for $9.6 million. Macy’s Furniture Gallery has occupied the 50,808-square-foot property since 2008, with a triple-net lease extending through 2028. Scott Logan of Marcus & Millichap represented the seller in the deal. The name of the buyer was not released.
ARLINGTON HEIGHTS, ILL. — The Chicago Bears have signed an agreement to acquire the Arlington International Racecourse property in Arlington Heights, a northwest suburb of Chicago. The purchase price was $197.2 million, according to the Chicago Tribune. The agreement raises the potential that the Bears could relocate to the 326-acre property and build a new stadium in the suburbs. The football team’s lease at Soldier Field in Chicago expires in 2033. “Finalizing the agreement was the critical next step in continuing our exploration of the property and its potential,” says Ted Phillips, Bears president and CEO. “Much work remains to be completed, including working closely with the Village of Arlington Heights and surrounding communities.” However, Chicago Mayor Lori Lightfoot tweeted late last night that her administrative team remains committed to keeping the team in the city. Arlington International held its last horserace on Saturday, Sept. 25. Owner Churchill Downs announced earlier this year that it was listing the site for sale, and expected any potential buyer to pursue redevelopment opportunities. The property provides direct access to transit, with a Metra commuter rail stop and convenient highway access at Route 53. “This has been an extraordinarily competitive bid process,” says Bill …
AUSTIN, TEXAS — Dallas-based Dalfen Industrial has acquired 146 acres in northeast Austin for the development of an approximately 1 million-square-foot project. The development will be located at the site of the former Manor Downs horse racetrack, about eight miles from the downtown area and 10 miles from Austin-Bergstrom International Airport. The project will consist of six buildings that will range in size from 70,000 to 365,560 square feet and will feature 32- to 36-foot clear heights. Construction is scheduled to begin in the third quarter of next year.
HOUSTON — Berkadia has arranged the sale of two multifamily properties totaling 646 units in Houston’s Heights neighborhood. The first property is the 337-unit 15th Street Flats, which was built in 2021 and features one- and two-bedroom units ranging in size from 638 to 1,273 square feet. The second community is the 309-unit Heights Waterworks, which was constructed in 2020 and offers one- and two-bedroom floor plans ranging in size from 600 to 1,265 square feet. Chris Curry, Todd Marix, Jeffrey Skipworth, Joey Rippel and Chris Young of Berkadia represented the seller, Alliance Residential, in the transaction. In addition, Mitch Sinberg, Matt Robbins and Brad Williamson of Berkadia arranged an undisclosed amount of acquisition financing on behalf of the borrower, Florida-based Cardone Capital. Cincinnati-based Eagle Realty Group provided the six-year loan, which was structured with three years of interest-only payments at a fixed rate and a floating rate thereafter.
SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Axis at The Rim, a 308-unit apartment community located within The Rim master-planned development in San Antonio’s Forest Crest neighborhood. Built on 10.5 acres in 2016, the property offers studio, one- and two-bedroom units and amenities such as a pool, fitness center and a courtyard. Will Balthrope and Drew Garza of IPA represented the seller, Chicago-based Sherman Residential, in the transaction. The duo also procured the buyer, an affiliate of Treeline Multifamily Partners Ltd.
By Mark Ventre, Senior Vice President, Stepp Commercial As it turns out, COVID has once again delayed hopes of a return to normalized operations for apartment owners. Just when it seemed the shackles that have hindered the ability to raise rents and recoup lost income would be removed, it now appears the light at the end of the tunnel has grown more distant. Fortunately, there have been positive indicators that the economic environment in Los Angeles for the first half of 2021 has improved considerably from the second half of 2020. According to the California Labor Market, the unemployment rate lowered from 17.9 percent to 10.6 percent a year ago. Apart from the third quarter of 2020, which experienced an enormous economic bounce back of 33.4 percent, the second quarter of this year has seen a GDP increase of 6.5 percent, one of the strongest since 2003. This is great news for a city that was particularly hard hit, considering the amount of hospitality and leisure jobs. However, Los Angeles has still lagged the nation with respect to rent growth in 2021. Average asking rents have improved by 3.9 percent since the beginning of the year, far below the national average …
