Legacy Partners, KTGY Break Ground on 236-Unit Araceli Multifamily Community in Denver

DENVER — Developer Legacy Partners and architect KTGY have broken ground on Araceli, an apartment property located within the Tech Center district of Denver.Designed as a 13-story wing and a 12-story wing, Araceli will feature 236 one-, two- and three-bedroom plus den units with built-in desks and workspaces and an amenity deck with a pool, grills, fireplaces and covered and exposed seating. Additional amenities include an event space with kitchen, gathering area and outdoor deck for …

June 29, 2022Colorado, Development, Multifamily, Western

CBRE Negotiates $32.7M Sale of Alderwood Towne Center in Lynnwood, Washington

LYNNWOOD, WASH. — CBRE has arranged the sale of Alderwood Towne Center, a retail center in Lynnwood. Bellevue-based Tri-Western Syndicated Investments, a private holding company controlled by the Radford family, acquired the asset from Alderwood Shopping Center 04 E LLC, a private investor, for $32.7 million.Dino Christophilis and Daniel Tibeau of CBRE’s National Retail Partners represented the seller in the deal. Jack Standeford with CBRE’s Debt & Structured Finance group …

June 29, 2022Acquisitions, Retail, Washington, Western

Landmark Properties to Start Construction of 166-Bed Student Housing Development Near UCLA

LOS ANGELES — Landmark Properties is set to break ground on The Mark at Los Angeles, a 166-bed student housing development located adjacent to the University of California, Los Angeles (UCLA) campus at 10915 Strathmore Drive.The community will offer two- through five-bedroom units, including five affordable units offering 21 beds. Shared amenities will include an outdoor courtyard, private and shared rooftop terraces, and a resort-style swimming pool.Landmark purchased the development …

June 29, 2022California, Development, Multifamily, Student Housing, Western

Goodman Real Estate Sells Coventry Court Apartment Property in Tacoma, Washington for $21.1M

TACOMA, WASH. — Goodman Real Estate has completed the disposition of Coventry Court IV Apartments, a multifamily community located at 908 76th Street Court East in Tacoma. Jordan Fisher with Next Wave Investors acquired the asset for $21.1 million, or $211,000 per unit. The transaction included the buyer assuming the loan on the property.Built in 1990, Coventry Court IV Apartments features 100 garden-style apartments. Brandon Lewis, Dylan Simon and Jerrid Anderson of The Simon and …

June 29, 2022Acquisitions, Multifamily, Washington, Western

Marcus & Millichap Brokers $3.3M Sale of Walgreens-Occupied Retail Property in Mesa, Arizona

MESA, ARIZ. — Marcus & Millichap has arranged the sale of a retail building located at 1158 S. Crismon Road in Mesa. A limited liability company sold the asset to an undisclosed buyer for $3.3 million.Walgreens occupies the 14,992-square-foot retail building, which was built in 2001, on a triple-net corporate lease with more than four years remaining.Chris Land and Mark Ruble of Marcus & Millichap represented the seller in the

June 29, 2022Acquisitions, Arizona, Net Lease, Retail, Western

PIDC, Ensemble/Mosaic Unveil $6B Mixed-Use Redevelopment Plan for Philadelphia’s Navy Yard

PHILADELPHIA — PIDC and Ensemble/Mosaic have revealed the “2022 Navy Yard Plan,” a roadmap for $6 billion of new investment for Philadelphia’s Navy Yard over the next 20 years. Plans call for 12,000 new jobs and 8.9 million square feet of new life sciences, commercial, residential, retail and mixed-use development. Of the total $6 billion investment, Ensemble/Mosaic’s development initiatives are slated to generate $4.8 billion.This is the third plan undertaken since PIDC, …

June 29, 2022Development, Mixed-Use, Northeast, Pennsylvania, Top Stories

Las Vegas Tops List of National Office Performers

By Ryan Sarbinoff, First Vice President and Regional Manager, Marcus & MillichapA growing, educated local labor force and lower rents compared to other office hubs in the region are driving office tenants to Las Vegas. The metro registered the largest drop in office vacancy among major U.S. markets over the 12-month span that ended in March, as tenants absorbed more than 2 million square feet. Much of this space was at Class B/C properties, with the subsector noting the strongest …

June 29, 2022Market Reports, Nevada, Office, Western, Western Market Reports

Ryan Cos. Breaks Ground on 409,000 SF Office Building at Legacy West in Plano

PLANO, TEXAS — Ryan Cos. has broken ground on Ryan Tower, a 409,000-square-foot office building within the Legacy West mixed-use development in Plano. Global tax firm Ryan LLC plans to occupy about half of the 23-story building as its new headquarters, and the Minneapolis-based developer has engaged JLL to market the remaining space for lease. ACORE Capital provided construction financing for the project, which Ryan Cos. is developing in a joint venture with the real estate investment arm of …

June 28, 2022Development, Office, Texas

SLIB Brokers Sale of 300-Unit Independent Living Community in Houston

HOUSTON — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 300-unit independent living community in Houston. The community spans 206,000 square feet across 7.6 acres. The seller was an undisclosed owner-operator that wanted to sell a non-core asset and shift its investment strategy to higher acuity seniors housing assets, including skilled nursing. The buyer was an undisclosed California-based investment firm. Matthew Alley, Vince Viverito, Brad Goodsell and Jason Punzel …

June 28, 2022Acquisitions, Multifamily, Seniors Housing, Texas

Geyser Group, Sephira Underway on 76-Unit Multifamily Project in East Austin

AUSTIN, TEXAS — Locally based developer The Geyser Group is underway on construction of The Johnny, a 76-unit multifamily project in East Austin. Geyser Group is developing the project in partnership with The Sephira Group. Units will come in studio, one- and two-bedroom formats and will be furnished with quartz countertops, stainless steel appliances and individual washers and dryers. In addition, 16 of the residences will be reserved for renters earning 60 percent or less of the area median …

June 28, 2022Development, Multifamily, Texas