Property Type

Waterford Property Buys Two Multifamily Communities in Pasadena for $335.1M

by Amy Works June 21, 2021

PASADENA, CALIF. — Waterford Property Co., in partnership with the California Statewide Communities Development Authority (CSCDA), has purchased Residences at Westgate and The Hudson in Pasadena for $335.1 million. The partnership acquired the 513 units to provide housing affordability as part of an innovative workforce housing finance program created in 2020 by CSCDA. Residence at Westgate, located at 31 S. DeLacey Ave., was purchased for $237 million, and The Hudson, located at 678 E. Walnut St., was acquired for $98.1 million. Joseph Smolen, Geoff Boler and Lee Redmond of Eastdil Secured represented both parties in the Residences at Westgate transaction. Blake Rogers, Hunter Combs, Alexandra Caniglia and Javier Rivera of Walker & Dunlop represented both parties for The Hudson’s sale. The Residences at Westgate, which was developed in 2015, features 340 apartments and 20,521 square feet of retail space. The Hudson, which was built in 2018, offers 173 apartments and 11,409 square feet of retail space. At the time of acquisition, both communities were approximately 96 percent occupied. Since January, Waterford and CSCDA have acquired six multifamily communities in Southern California, totaling 2,022 units of housing and more than $1 billion of acquisition value as part of the essential housing …

June 21, 2021

Acquisitions Colorado Industrial Office Western

Kenai Capital, CWCapital Acquire Four-Property Flex Portfolio in Westminster, Colorado

by Amy Works June 21, 2021

WESTMINSTER, COLO. — Kenai Capital Advisors has partnered with CWCapital Investment Management to purchase a portfolio of properties — three office/flex buildings and one development parcel on Church Ranch Boulevard in Westminster. Etkin Johnson sold the assets for an undisclosed price in an off-market transaction. Totaling 151,746 square feet, the portfolio includes 7237, 7401 and 7403 Church Ranch Blvd. and an adjacent, 6.19-acre, vacant development site, which has received preliminary approval for an 80,000-square-foot flex industrial building. The existing flex buildings are situated on a 12.6-acre campus and are currently 82 percent leased to eight tenants, with 27,96 square feet of space available for lease. Tenants include Motorola, Cummins, Concentra Health Services and UCHealth. Built in 2000, the buildings feature 16- to 18-foot clear heights, 4.24:1,000 parking ratio, individual suite entrances, roll-up doors, 800-amp power, LED lighting, expansive window lines, manicured landscaping with multiple fountains and mountain views.

June 21, 2021

Acquisitions Colorado Retail Western

Evergreen Devco Sells Multi-Tenant Retail Building at Shops at Beeler Park in Denver

by Amy Works June 21, 2021

DENVER — Evergreen Devco has completed the disposition of a multi-tenant retail building located at the northeast corner of 56th Avenue and Central Park Boulevard in northeast Denver. 5565 N Beeler LLC acquired the building, which is located within The Shops at Beeler Park. The acquisition price was not released. Situated on 33,371 square feet, the 8,500-square-foot building is fully leased to five tenants: Epic Cycles, Aspen Lane, Paws’n’Play, Box State Barbers and Northfield Pediatric Dentistry. Dorit Fischer and Hayden Hirschfield of Shames-Makovsky Realty Co. represented the buyer in the deal.

June 21, 2021

Loans Mixed-Use Multifamily Oregon Retail Western

Alliant Credit Union Provides $13M Loan for Mixed-Use Building in Portland, Oregon

by Amy Works June 21, 2021

PORTLAND, ORE. — Alliant Credit Union has provided a $13 million permanent loan with $9.5 million in initial funding to refinance debt on a mixed-use building in Portland. The name of the borrower was not released. The financing included a cash-out of equity and an earn-out provision structured as a reimbursement based on the borrower’s capital improvement budget. Additionally, the loan structure ensures the loan-to-value ratio for the property will remain below 65 percent. Built in the late 1990s, the five-story, 129,398-square-foot building features 85 apartments and 26,402-square-foot of fully leased, ground-floor retail space, which H-Mart Asian Grocery occupies. The Class B property also features on-site parking. Peter Margolin of Alliant originated the loan, while Casey Davidson of JLL Capital Markets referred the transaction to Alliant.

June 21, 2021

Acquisitions California Net Lease Retail Western

Hanley Investment Group Brokers $3.2M Sale of Single-Tenant Retail Building in Fontana, California

by Amy Works June 21, 2021

FONTANA, CALIF. — Hanley Investment Group has arranged the sale of a single-tenant retail building located at Highland Village Shopping Center in Fontana. Adler Realty Investments sold the asset to an Inland Empire-based 1031 exchange investor for $3.2 million. Sit ‘n Sleep occupies the 8,400-square-foot property on a triple-net-lease basis. Built in 2019, the building is located at 16948 S. Highland Ave. The seller developed the Highland Village Shopping Center, which is anchored by a 30,000-square-foot Sprouts Farmers Market, in 2018 and 2019. Other tenants at the shopping center include Jack in the Box, Raising Cane’s Chicken Fingers, Jersey Mike’s Subs, Café Rio, Oggi’s Restaurant, Pacific Dental, Quick Quack Car Wash and Mountain View Tire & Auto Service. Kevin Fryman, Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller in the transaction.

June 21, 2021

Acquisitions Industrial Texas

RockFarmer Acquires Two Multifamily Properties Totaling 440 Units in Dallas

by Taylor Williams June 21, 2021

DALLAS — New York City-based investment firm RockFarmer Properties has acquired 98Fifty and Apex, two adjacent multifamily properties in the Lake Highlands area of Dallas totaling 440 units. Both properties were built around 30 years ago, feature one- and two-bedroom units and offer amenities such as pools, playgrounds, outdoor grilling stations, resident clubhouses and dog parks. NorthMarq represented RockFarmer and the undisclosed seller in the off-market transaction and arranged acquisition financing on RockFarmer’s behalf. The new ownership plans to invest in capital improvements.

June 21, 2021

Development Multifamily Texas

Legacy Partners, Bridge Investment Break Ground on 361-Unit Apartment Community in Metro Dallas

by Taylor Williams June 21, 2021

RICHARDSON, TEXAS — Legacy Partners and Bridge Investment Group have broken ground on Ovation at Galatyn Park, a 361-unit apartment community in the northeastern Dallas suburb of Richardson. Designed by WDG, the property will offer one-, two- and three-bedroom units that will range in size from 570 to 1,700 square feet. Amenities will include a fitness center, bike storage and repair shop, outdoor kitchen, sky lounge, coworking space and a grab-and-go convenience mart. Completion is slated for spring 2023. Rents will start at $1,400 per month for a one-bedroom unit.

June 21, 2021

Georgia Loans Multifamily Southeast

Newmark Secures $82M Refinancing Loan for 788 West Midtown Condo Property in Atlanta

by Julia Sanders June 21, 2021

ATLANTA — Newmark, on behalf of McKinley Homes, has secured an $82 million loan for the refinancing of 788 West Midtown, a 279-unit luxury condominium building located in Atlanta’s West Midtown neighborhood. Jordan Roeschlaub, Dustin Stolly, Chris Kramer, Nick Scribani and Ben Kroll of Newmark arranged the financing through Cerberus. Located close to Georgia Tech and Atlantic Station, 788 West Midtown is located at 788 W. Marietta St. NW. Roughly 40 percent of the condos at 788 West Midtown are sold and sales velocity is averaging more than four per month, according to Newmark. Based in Peachtree Corners in metro Atlanta, McKinley Homes is a land developer and builder specializing in real estate development and vertical construction.

June 21, 2021

Acquisitions Multifamily Student Housing Texas

Newmark Brokers Sale of 384-Bed Rio West Student Housing Near UT Austin

by Taylor Williams June 21, 2021

AUSTIN, TEXAS — Newmark has brokered the sale of Rio West, a 384-bed student housing community located less than a quarter of a mile from the University of Texas at Austin’s campus. The property offers a private parking garage, onsite management and maintenance services, a complimentary coffee bar, private study lounges, a resort-style pool with an outdoor patio and grilling stations and a 24/7 fitness center. Ryan Lang and Jack Brett of Newmark represented the seller, Virginia-based ILM Capital LLC, in the transaction. The buyer and sales price were not disclosed.

June 21, 2021

Acquisitions Loans Multifamily South Carolina Southeast Virginia

Alliant Credit Union Provides $55.4M in Loans for Two Multifamily Properties in Columbia, Richmond

by Julia Sanders June 21, 2021

COLUMBIA, S.C. AND RICHMOND, VA. — Chicago-based Alliant Credit Union has provided a total of $55.4 million in loans to finance two properties in Columbia and Richmond. The financing included a $32 million acquisition loan for a newly constructed, 285-unit apartment complex in Columbia. The undisclosed borrower was a private owner and operator of multifamily properties. The loan structure includes interest-only payments, minimal reserves and flexible exit options. Ira Zlotowitz and Michael Wyne of Eastern Union referred the transaction to Alliant Credit Union. Completed in 2019, the apartment property features a resort-style swimming pool, courtyard, clubhouse, fitness center and a media room. The average square feet of the apartment units is 1,033 square feet, and the average monthly rent price is $1,390. For the Richmond property, Alliant funded a $23.5 million refinance loan for a recently constructed multifamily property featuring 128 apartments and 8,000 square feet of retail space. The borrower was a private real estate investor, developer, operator and advisor with operations in the Southeast. The loan structure featured a seven-year term with an interest-only period, a step-down in interest rate, an earn-out provision and flexible exit options. Charles DuBose and Harmon Handorf of Phillips Realty Capital referred the …

June 21, 2021

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