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Paradise-Esplanade-Paradise-NV
AcquisitionsNevadaRetailWestern

JLL Negotiates $46.4M Sale of Paradise Esplanade Retail Center Near Las Vegas

by Amy Works

PARADISE, NEV. — JLL Capital Markets has arranged the $46.4 million sale of Paradise Esplanade, a 58,727-square-foot neighborhood shopping center located in Paradise, roughly 11 miles south of the Las Vegas Strip and adjacent to the University of Nevada-Las Vegas. CVS Pharmacy and Ferraro’s Italian Restaurant & Wine Bar anchor the two-building property, which was 89 percent leased at the time of sale. Daniel Tyner and Gleb Lvovich of JLL’s Investment Sales and Advisory team represented the private seller in the transaction. The buyer was a Los Angeles-based private family office.

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Charbern-Apts-Seattle-WA
AcquisitionsMultifamilyWashingtonWestern

Kidder Mathews Brokers $35.2M Sale of Three-Property Multifamily Portfolio in Seattle

by Amy Works

SEATTLE — Kidder Mathews has brokered the sale of a three-property apartment portfolio in Seattle. Los Angeles-based Vista Investment Group acquired the asset from long-time private owner John Stephanus for a total of $35.2 million. The portfolio includes: – Charbern Apartments, a 67-unit property located at 1705 Belmont Ave. that sold for $12.3 million. – Stockbridge Apartments, a 76-unit asset at 1330 Boren Ave. that sold for $11.5 million. – Carolina Court Apartments, a 72-unit community at 527 Eastlake Ave. that sold for $11.3 million. Dylan Simon, Jerrid Anderson, Matt Laird and JD Fuller of Simon | Anderson Multifamily at Kidder Mathews represented the seller and procured the buyer in the deal.

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Coronado-Apts-Los-Angeles-CA
CaliforniaLoansMultifamilyWestern

PSRS Secures $10M Refinancing for Los Angeles Apartment Building

by Amy Works

LOS ANGELES — PSRS has arranged $10 million in refinancing for Coronado Apartments, a multifamily property in Los Angeles. The apartment building offers 33 studio, one- and two-bedroom units, underground parking and a rooftop deck. Jonny Soleimani and George Gianoukakis of PSRS secured a five-year, full-term interest-only loan through a bank execution.

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LoansMixed-UseNew YorkNortheast

ERG Commercial Arranges $3M Loan for Refinancing of Lower Manhattan Mixed-Use Building

by Taylor Williams

NEW YORK CITY — Locally based financial intermediary ERG Commercial Real Estate has arranged a $3 million loan for the refinancing of a mixed-use building in Lower Manhattan. The 5,443-square-foot building is located at 79 Avenue A in the Alphabet City neighborhood and houses six apartments and two commercial spaces, both of which were occupied at the time of the loan closing. The names of the borrower and direct lender were not disclosed.

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2229-2235-E-Magnolia-St-Phoenix-AZ
AcquisitionsCaliforniaIndustrialWestern

Stos Partners Buys 39,351 SF Warehouse in Phoenix, Sells 18,000 SF Industrial Property in San Diego County

by Amy Works

PHOENIX AND POWAY, CALIF. — Stos Partners has completed two industrial transactions in Phoenix and Poway. The firm acquired a 39,351-square-foot freestanding industrial building at 2229-2235 E. Magnolia St. in Phoenix for $5.2 million, or $131 per square foot. Purchased from a private investor in an off-market transaction, the vacant warehouse is situated in the Sky Harbor submarket. The building features a clear height of 24 feet, two dock-high and two grade-level doors. Stos Partners plans to reposition the property through a series of capital improvements, including roof replacement, parking lot resurfacing, HVAC upgrades, new speculative office build-out, exterior and interior painting and drought-tolerant landscaping. Parker Huston of DAUM Commercial represented Stos Partners, while Jerry Hillary of DAUM represented the seller in the deal. Stos Partners also completed the $6.5 million disposition of 12575 Stowe Drive in Poway. The firm acquired the 18,000-square-foot property in 2020 for $3.6 million and executed its business plan ahead of schedule. The asset includes a large, secured yard, 26 percent floor-area ratio, a clear height of 20 feet, four grade-level doors and two stories of office space. Tim Clepper of San Diego Commercial represented Stos Partners, while Josh West of Voit Real Estate represented the …

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DevelopmentMichiganMidwestMultifamilySeniors Housing

Lockwood Senior Living Opens $46M Community in Hartland, Michigan

by Kristin Harlow

HARTLAND, MICH. — Lockwood Cos. has opened Lockwood of Hartland, a 146-unit senior living community in Hartland, about 50 miles northwest of Detroit. The $46 million project offers one- and two-bedroom independent living apartments, all with private patios or balconies. Sixty-one of the units are designated as affordable housing. The property is situated on 17 wooded acres with nature trails. Amenities include chef-prepared meals, a fitness room, life enrichment programs, a barber shop, beauty salon and theater.

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DevelopmentIndustrialMichiganMidwestSelf-Storage

Inland, Devon Complete 767-Unit Self-Storage Conversion Project in Southfield, Michigan

by Kristin Harlow

SOUTHFIELD, MICH. — Inland Real Estate Investment Corp. and Devon Self Storage have completed a 77,600-square-foot self-storage facility in the Detroit suburb of Southfield. The project involved the conversion of an office building into a four-story, climate-controlled self-storage facility with 767 units, a 24-hour security system and covered loading area. The property is located at 24700 Northwestern Highway near I-696. Devon is a member of The Inland Real Estate Group of Cos. Inc.

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AcquisitionsLoansMidwestMissouriMultifamily

Gantry Arranges $11.5M Acquisition Loan for Kansas City Multifamily Property

by Kristin Harlow

KANSAS CITY, MO. — Gantry has arranged an $11.5 million loan for the acquisition of The Life at Highland Village multifamily property in Kansas City’s Lewis Heights neighborhood. The 200-unit garden-style community includes 11 buildings with a mix of one- and two-bedroom floor plans. Most units feature recent appliance upgrades and new finishes. Amenities include a grass-covered open space, pool, playground and dog park. Mark Reichter and Alex Frook of Gantry arranged the financing on behalf of the borrower, a private real estate investor. An insurance company lender provided the three-year, fixed-rate loan, which features an upfront interest-only period followed by a 30-year amortization.

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Affordable HousingDevelopmentMidwestMissouriMultifamily

Guadalupe Centers Delivers 50-Unit Affordable Housing Community in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Guadalupe Centers Inc. (GCI) has opened Villa View Apartments, an affordable housing community designed for teachers and local families in Kansas City. Situated on the southeast corner of GCI’s Villa Guadalupe school campus at 1616 Hardesty Ave., the four-story development features 50 units, 42 of which are designated as affordable housing for households earning up to 60 percent of the area median income. The remaining apartments are offered at market rates. Community amenities include a business center, community room, courtyard, rooftop patio and picnic areas. Built in compliance with Enterprise Green Communities and the 2021 International Energy Conservation Code, the property is energy efficient and fully electric. Residents will benefit from services provided free of charge by GCI. These include youth education, after-school programs, financial literacy, tax preparation, health screening, cultural community events, mental health counseling, job training and food pantries. GCI partnered with Riverstone Platform Partners as co-developers. The project team included Altman-Charter Co. as general contractor, SLATTERY Design + Architecture as the architect of record and Beacon Management LLC as the property manager. The development was financed in part with $12.5 million in federal Low-Income Housing Tax Credits (LIHTC) syndicated by Hunt Capital Partners …

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Stream-Northwest-Houston
DevelopmentIndustrialTexas

Stream Realty Partners to Develop 300,000 SF Industrial Project in Northwest Houston

by Taylor Williams

HOUSTON — Stream Realty Partners will develop a 300,000-square-foot industrial project in northwest Houston. The 17-acre site is located off West 43rd Street between Hempstead Highway and U.S. Highway 290. The cross-dock building will be able to accommodate a single or multiple users. Seeberger Architecture is designing the project, and Kimley-Horn is providing civil engineering services. Stream will also be the property’s leasing agent. Construction is scheduled to begin in the first quarter of 2026 and to be complete before the end of next year.

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