Property Type

CRG Sells The Cubes at Troutdale Industrial Facility Near Portland to KKR

by Amy Works September 15, 2020

TROUTDALE, ORE. — CRG has completed the sale of The Cubes at Troutdale, a 350,000-square-foot speculative industrial facility located at 2503 NW Sundial Road in Troutdale, a suburb on the east side of Portland. KKR acquired the asset for an undisclosed price. Situated within Troutdale Reynolds Industrial Park, the facility includes a 76,000-square-foot cooler space. At the time of sale, the property was fully leased to C&S Wholesale Grocers, the largest wholesale grocery supplier in the United States. CRG led the development of the facility and formed a joint venture partnership with U.S. Logistics Fund 1 to invest in the project. Vertical construction started in February 2019. The developers claim the property will create 300 new jobs for C&S.

September 15, 2020

Acquisitions California Office Western

Buchanan Street Partners Divests of Office Building in San Diego for $20.6M

by Amy Works September 15, 2020

SAN DIEGO — Newport Beach, Calif.-based Buchanan Street Partners has completed the disposition of an office building located at 6059 Cornerstone Court West in San Diego. A private buyer acquired the asset for $20.6 million, or $398 per square foot. Verimatrix, a San Diego-based company that specializes in content security for digital television services, occupies the 51,690-square-foot building, which is located within Cornerstone Heights Corporate Center. Matt Pourcho, Gary Stache, Anthony DeLorenzo and Bryan Johnson of CBRE represented the seller, whiel Joe Winkelmann of Colliers International represented the buyer in the transaction.

September 15, 2020

Acquisitions Multifamily Nevada Western

Northcap Commercial Arranges $20M Sale of Cypress Springs Apartments in Las Vegas

by Amy Works September 15, 2020

LAS VEGAS — Northcap Commercial has negotiated the sale of Cypress Springs Apartments in Las Vegas. AWI Cypress Springs LP sold the asset to an undisclosed buyer for $20 million, or $138,889 per unit. Located at 3651 N. Rancho Drive, the property features 144 apartment units. Devin Lee, Robin Willett, Jerad Roberts and Jason Dittenber of Northcap Commercial handled the transaction.

September 15, 2020

California Content Partner Lument Multifamily RED Capital Group Western Western Feature Archive

The Inland Empire: A Rare 2020 Apartment Sector Success Story

by Sarah Daniels September 15, 2020

Someone once remarked that eighty percent of success in life is just showing up. Human experience verifies that being in the right place at the right time often is the intangible ingredient that leads to triumph. The strong performance this year of the Inland Empire multifamily market is a variation on this theme. During the pandemic, many renters sought refuge from the high density and high costs associated with big city life, and the work-from-home phenomenon made this objective feasible. For many Angelinos, Empire living was the best solution — close enough to Los Angeles to maintain contact with family and friends or to go into the office when necessary but substantially less densely settled and more affordable than most L.A. neighborhoods. By way of quantification, the average Riverside and San Bernardino County monthly rent in July was about $1,578 — and that is 28 percent less than the L.A. County average. The percentage savings for Class A space were about 1 percent greater, and parking, an omnipresent issue for Southern Californians, is typically free. The cost economies found in the Empire are more than trivial. Moreover, renters are more likely than in the past to find the unit and …

September 15, 2020

Acquisitions Massachusetts Multifamily Northeast ORIX Seniors Housing Top Stories

Orix to Grow LIHTC Platform to $15B with Acquisition of Boston Capital’s Portfolio

by John Nelson September 15, 2020

BOSTON — Boston Financial Investment Management, a subsidiary of Orix Corp. USA, has agreed to acquire Boston Capital’s low-income housing tax credit (LIHTC) fund portfolio. The purchase of Boston Capital’s portfolio will nearly double Orix’s LIHTC platform to $15 billion in funds under management. (Boston Financial and Boston Capital are not affiliated.) Boston Financial is one of the leading syndicators in the LIHTC industry. The firm currently manages a $7.7 billion portfolio comprising more than 1,125 properties and 98,110 units. Boston Financial will service Boston Capital’s assets under management. According to a release from Orix, the firm views the LIHTC business as one that shows projected growth, even during the economic uncertainty of the COVID-19 pandemic. Because rent for LIHTC properties is often below comparable non-tax-credit properties and the government supports many LIHTC residents in the form of rental assistance, Boston Financial has seen occupancy rates remain stable during the pandemic. The closing of the transaction is subject to customary closing conditions and approvals. The acquisition price was not disclosed. Established by Congress in 1986, LIHTC is a tax incentive program designed to promote the supply of affordable rental housing for low-income households. LIHTC syndicators such as Boston Financial and …

September 15, 2020