Property Type

Gelt Acquires 390-Unit Value-Add Apartment Community Near Denver for $61M

by Amy Works October 31, 2019

THORNTON, COLO. — Los Angeles-based Gelt Inc. has purchased Timber Lodge, a multifamily property located in Thornton, approximately nine miles from downtown Denver. BMC sold the asset for $61 million. Situated on 12.6 acres at 1769 Coronado Parkway, Timber Lodge consists of 15 two-story buildings with basements. Built in 1972, the property features 390 apartments in a mix of 178 one-bedroom units and 202 two-bedroom units. On-site amenities include two swimming pools, a fitness center, business center, playground, barbecue area, soccer field, dog park and carports. Terrance Hunt, Shane Ozment, Amanda Meldrum and MacKenzie Walker of Newmark Knight Frank represented the seller in the deal.

October 31, 2019

Acquisitions California Multifamily Seniors Housing Western

JCH Brokers $95.5M Sale of Seniors Housing Community in Southern California

by Amy Works October 31, 2019

ORANGE COUNTY, CALIF. — JCH Senior Housing Investment Brokerage has arranged the sale of a seniors housing community in Orange County for $95.5 million. The property features 214 units of independent living, assisted living and memory care. The specific name and location were not disclosed. JCH represented the seller, a national owner-operator. The buyer was a Chicago-based private equity firm highly involved in the seniors housing industry. According to JCH, the transaction benefitted from the seller’s willingness to retain operations, high barriers to market entry, 94 percent occupancy and a 53 percent operating margin. Nick Stahler, Mike Mooney and Jim Hazzard were lead advisors in the transaction.

October 31, 2019

California Development Loans Multifamily Seniors Housing Western

Parkview Financial Provides $28M Construction Loan for Age-Restricted Apartment Project in California

by Amy Works October 31, 2019

NATIONAL CITY, CALIF. — Parkview Financial has funded a $28 million construction loan for the development of Paradise Senior Apartments, a 126-unit age-restricted multifamily property in National City. The borrower is a San Marcos, Calif.-based private developer. Located at 2238 Sixth St., the project will include 116 one-bedroom units averaging 568 square feet and 10 two-bedroom units averaging 1,137 square feet for residents age 55 or older. Units will feature stainless steel appliances, wood cabinets, washers/dryers, balcony or patio, plank flooring and other upgrades. The community will feature on-site management, a lounge area, rooftop deck, fitness center and 10,000 square feet of ground-floor commercial space. Additionally, the project will feature one underground level of parking, as well as parking on the ground level, totaling 147 spaces. Construction for the project is slated to begin later this year with completion expected by the second quarter of 2021.

October 31, 2019

Acquisitions Colorado Office Western

Sperry Properties Sells Yosemite Office Plaza in Southeast Denver for $13.3M

by Amy Works October 31, 2019

DENVER — Irvine, Calif.-based Sperry Properties has completed the sale of Yosemite Office Plaza, an office property located at 3600 S. Yosemite St. in Denver. Miami-based SF Partners acquired the asset for $13.3 million. James Brady, Campbell Davis, Mike Winn, Jenny Knowlton and Tim Richey of CBRE represented the seller in the deal. CBRE’s John Marold, Mitch Bradley and Lindsay Gilbert are handling leasing for the property. Built in 1974 and renovated in 2018, the 10-story property features 126,436 rentable square feet on approximately 6 acres. The building also includes underground parking and surface parking, as well as a fitness facility and outdoor building terrace. At the time of sale, the property 97 percent occupied by 26 tenants.

October 31, 2019

Loans Midwest Multifamily Ohio

Berkadia Arranges $67.5M Refinancing for Apartment Property in Cleveland

by Kristin Harlow October 31, 2019

CLEVELAND — Berkadia has arranged $67.5 million for the refinancing of Centric Apartments in Cleveland. The 272-unit apartment property, located in the University Circle neighborhood, features 28,000 square feet of commercial space. The building houses studios, one- and two-bedroom units with in-suite washers and dryers. Amenities include a sky deck, outdoor living space, grilling stations, bike storage, dog washing stations and covered parking. Commercial tenants include Tremont Athletic Club and Sweet Kiddles. Dan Geuther of Berkadia secured the permanent financing through Freddie Mac on behalf of Ohio-based Midwest Development Partners. Loan terms were not disclosed.

October 31, 2019

Acquisitions Midwest Office Wisconsin

Harbor Group International Acquires Spectrum Brands Headquarters in Madison, Wisconsin

by Kristin Harlow October 31, 2019

MADISON, WIS. — Harbor Group International LLC has acquired the headquarters of Spectrum Brands in Madison for $52 million. The single-tenant office building was originally built in 2013 and renovated in 2017. It rises four stories and spans 252,122 square feet. Spectrum Brands, a hardware, home improvements and pet supplies company, occupies the property on a net-lease basis through 2034. Livesey Co. was the seller.

October 31, 2019

Development Midwest Minnesota Office

Ryan Cos., Excelsior Group Break Ground on 11-Story Spec Office Building in St. Louis Park, Minnesota

by Kristin Harlow October 31, 2019

ST. LOUIS PARK, MINN. — Ryan Cos. and The Excelsior Group have broken ground on 10 West End, an 11-story speculative office building in St. Louis Park’s West End. The 343,000-square-foot property is situated near I-394 and Highway 100. Typical floor plates will span 30,362 square feet. ACORE Capital provided project financing. Ryan A+E is the architect and Ryan Construction is the general contractor. Mike Honsa of Transwestern will lease the property. A timeline for completion was not disclosed.

October 31, 2019

Acquisitions Midwest Multifamily North Dakota

IRET Sells Five Apartment Communities in Bismarck, North Dakota for $24M

by Kristin Harlow October 31, 2019

BISMARCK, N.D. — IRET has sold five apartment communities comprising 414 units in Bismarck for an aggregate price of $24 million. The properties include Crestview, Kirkwood Manor, North Pointe, Pebble Springs and Westwood Park. Proceeds from the transaction will be utilized to pay down borrowings on IRET’s revolving line of credit. The company plans to increase its presence in target markets of Denver and the Twin Cities, according to Mark Decker Jr., president and CEO. The buyer was not disclosed.

October 31, 2019

Development Illinois Midwest Multifamily Seniors Housing

Smith Senior Living Begins $22.3M Expansion at CCRC in Chicago

by Kristin Harlow October 31, 2019

CHICAGO — Smith Senior Living has broken ground on an expansion project at Smith Village, a continuing care retirement community in Chicago’s Beverly neighborhood. The project will modernize the community’s Johanson Wing, which offers short-term rehabilitation, skilled nursing care and therapy rooms. The expansion will feature a three-story, 10,204-square-foot structure upon completion. Construction will actually reduce the number of licensed beds in Johanson Wing from 100 to 78, as most double-occupancy rooms will be replaced by private suites. Development costs for the project are estimated at $22.3 million.

October 31, 2019

Acquisitions California Lee & Associates Retail Western

Lee & Associates Negotiates Sale of 17,908 SF Retail Building Near San Diego for $6.1M

by Amy Works October 31, 2019

ESCONDIDO, CALIF. — Lee & Associates – North San Diego County has arranged the sale of a retail asset located in Escondido. Malakooti & Kaikavoosnejad Revocable Trust sold the property to Goodwill Industries of San Diego for $6.1 million. Located at 315 W. Washington Ave., the building features 17,908 square feet of retail space. The property is situated on a 2.1-acre lot adjacent to City Hall and the California Center for the Arts. Michael Golden of Lee & Associates – North San Diego County represented the seller, while Bryan Cunningham of Flocke & Avoyer represented the buyer in the deal.

October 31, 2019

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