MARTINEZ, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Hidden Creek Apartments, a multifamily property located in Martinez. Fairfield Hidden Creek LLC sold the asset to an undisclosed buyer for $47.5 million. Built in 1985 and situated on 5.4 acres, Hidden Creek Apartments features 168 units in a mix of one- and two-bedroom floor plans, averaging 793 square feet. On-site amenities include a resort-style swimming pool with furnished sundeck, an updated fitness center, a business center and children’s playground. Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni of IPA represented the seller in the deal.
ANAHEIM, CALIF. — Pacific Industrial, a privately held industrial development and investment firm, has acquired North Stadium Business Center, a multi-tenant business park located at 2020-2120 E. Howell Ave. in Anaheim’s Platinum Triangle. 2020 Howell Avenue Enterprises and Howell Avenue Enterprises sold the asset for $22.6 million. Situated on 9 acres, the property features 151,000 square feet of office space and is within walking distance of Angel Stadium and The Honda Center. At the time of sale, the center was leased to more than 30 tenants. With this acquisition, Pacific Industrial now owns 17.5 contiguous acres between Angel Stadium and The Honda Center. Seth Davenport, Mitch Zehner and Rob Socci of Voit Real Estate Services represented the buyer and seller in the transaction. Additionally, Pacific Industrial appointed Voit has its exclusive agent for the business park and property.
SAN BERNARDINO, CALIF. — Tower 16 Capital Partners, in a joint venture with Henley USA, has acquired Hillside Village Apartments, a multifamily property located in San Bernardino. A private seller sold the property for $11 million. Located at 2196 Kendall Drive, the property features 80 apartments in a mix of one- and two-bedroom layouts with private balconies or patios, a pool, spa, fitness center and laundry facilities. Warren Berzack and Slavic Zlatkin of Lee & Associates represented the buyer and seller in the transaction.
PORTLAND, ORE. — CBRE has brokered the sale of a residential and office building located in Portland’s Cultural District. W.H.J. Holdings LLC sold the property to Harsch Investment Properties for $10 million. Located at 1111 SW 10th Ave., the five-story, 66,074-square-foot building is currently occupied by Morrison Child and Family Services, a nonprofit that provides specialized services to children who have experienced trauma or adversity. Built in 1958 and renovated in 2002, the former YWCA building currently features on-site parking, a full gym, pool and cafeteria. Trevor Kafoury of CBRE represented the seller in the deal.
CRAIG, COLO. — Marcus & Millichap has brokered the purchase of Golden Arms Apartments, an apartment building located in Craig. A private investor acquired the property for $2.5 million. Jason Hornik of Marcus & Millichap represented the buyer in the transaction. Built in 1979, the 55,960-square-foot building features 40 two-bedroom/one-bath units and 24 three-bedroom/one-bath units. Additionally, the property features a variety of upgrades including new exterior paint, landscaping, a resurfaced parking lot, a new storage shed, guttering and fencing, laundry room broiler and updated laundry room equipment.
From its near-perfect weather, parks and beaches to its commerce-friendly environment and well-educated workforce, Orange County has plenty of attractions to offer residents, businesses and multifamily investors. Add to that list well-paying jobs in the expanding professional and business services, and tech and healthcare sectors, and you can see why demand for housing in the county is on the rise. Job growth has pushed the unemployment rate to below 3 percent, a level not seen since the fourth quarter of 1999. The strengthening economy has created a tremendous tailwind for apartment demand in a metro where the cost of a single-family home is out of reach for most households. As a result, Orange County’s multifamily vacancy rate stood at the extremely low level of 3.8 percent at the end of the third quarter. The low level of apartment vacancy has also been positively affected by a change in the rate of new construction. After several years of increased supply, the amount of new housing in the pipeline has begun to decrease, having reached the apex of the current cycle in 2017. This year and next, the county will receive about 4,000 new apartments, down from the more than 4,800 units …
For developers of affordable housing, a certain amount of NIMBYism is virtually inevitable. But the contentiousness of our times has amplified the rumbling of, “not in my backyard,” into a shout. Time consumed in countering the claims and tactics of affordable housing opponents can damage or derail a developer’s plans — delaying approvals, raising costs and in some cases causing the project to be abandoned altogether. At a time when large segments of the population have been priced out of many neighborhoods, the need to defuse NIMBYism is critical, not simply for preserving individual communities, but also for protecting the greater social fabric. Fortunately, time-tested strategies that have long been used to win over local affordable housing opponents become even more effective when shifted to web-based platforms. Savvy developers are now using their websites and social media to discredit stereotypes about affordable housing communities, demonstrate transparency and promote dialogue. When community members realize that affordable housing is something that can contribute to their neighborhood rather than detract from it, the conversation changes dramatically. Introduce Yourself with a Compelling Website Opponents of affordable housing often couch their objections as an appeal to the greater good, highlighting the potential effect a community …
REDMOND, WASH. — Demolition began on Jan. 8 for Microsoft’s multibillion-dollar overhaul of its corporate headquarters campus in Redmond and includes the decommissioning and demolition of 13 buildings. In mid-2018, the company announced its plans to renovate its campus and build nearly 3 million square feet of new workspace on 72 acres at its current campus in Redmond. Construction of the new buildings is expected to begin soon, with completion slated for 2022. The project team includes architecture firms LMN, NBBJ, WRNS Studio and ZGF Architects; general contractors Skanska, Balfour Beatty, GLY and Sellen; and lead landscaping architect Berger Partnership with OLIN. CBRE, JLL and OAC Services are serving as project managers for the redevelopment. Once complete, the modernized campus will include: • 18 new buildings, ranging from 180,000 square feet to 200,000 square feet, clustered in four distinct villages • Accessibility features to enhance mobility and ease of access for all employees • Buildings that are four to five stories in height • Atriums and courtyards for improved daylighting and direct connections to the outdoors • Sustainable design strategies • A gateway to serve employees and visitors arriving via Sound Transit’s Redmond Technology Center light rail station • A …
BEVERLY HILLS, CALIF. — HFF has secured $160 million, or $5,691 per square foot, in refinancing for a high-street retail property located at 338-346 N. Rodeo Drive in Beverly Hills. Tom Ford, Bally and Balenciaga occupy the two-story, 28,114-square-foot retail property, which is situated on the premier 300 block and across street from the flagship Gucci store. Marc Schillinger led the HFF team that arranged the 10-year, fixed-rate loan through an entity managed by an affiliate of Apollo Global Management for the borrower, a private owner.
GOODYEAR, ARIZ. — Minnesota-based Andersen Corp., a window and door manufacturer, along with Opus Development Co., has broken ground on a manufacturing facility within Goodyear Crossing Industrial Park in Goodyear. Situated on 26 acres, the 550,000-square-foot facility will feature 21 truck bays on the east side of the building, four truck bays on the southeast corner, rail service by two lines and a front entrance with two stories of glass windows. As lead developer, designer and constructor, Opus expects the building shell to be completed in October, and Andersen aims to have the facility fully operational by first-quarter 2020. The project team includes Opus Development Co. as developer, Opus Design Build as design-builder and Opus AE Group as architect and structural engineer of record. Cushman & Wakefield represented Andersen, while JLL represented Opus in the lease deal.