Property Type

JLL Arranges $222.5M Refinancing for Two Multifamily Properties in San Diego

by Amy Works July 15, 2019

SAN DIEGO — JLL has secured $222.5 million in refinancing on behalf of Sunroad Enterprises for two apartment assets within the 232-acre Centrum Master Plan in San Diego’s Kearny Mesa submarket. Aldon Cole, Tim Wright and Bharat Madan of JLL Capital Market arranged the 10-year, fixed-rate loan for the borrower. Totaling 803 units, the portfolio includes Ariva, a 253-unit property, and Vive on the Park, a 550-unit asset. Built in 2014, Ariva features studio, one- and two-bedroom units ranging in size from 595 square feet to 1,241 square feet. Community amenities at Ariva include a recreation room, exercise room, game room, learning center, outdoor pool and spa, outdoor showers, private cabanas, barbeque areas, pool deck, fire pit and waterfall. Completed in 2019, Vive on the Park features studio, one-, two- and three-bedroom units with a variety of community amenities, including rooftop lounges, pool, spa, multi-level fitness center, business center, sand fire pits, wooded elevated deck, clubroom, game room, social club and on-site storage.

July 15, 2019

California Development Multifamily Seniors Housing Western

Public-Private Partnership Breaks Ground on $36M Alameda Point Senior Apartments in Bay Area

by Amy Works July 15, 2019

ALAMEDA, CALIF. — The City of Alameda, Eden Housing and Alameda Point Partners have broken ground on Alameda Point Senior Apartments, a 60-unit affordable seniors housing community in Alameda, just south of Oakland. Development costs are estimated at $36 million. The community will be located at Alameda Point’s Site A, a $1 billion mixed-use, transit-oriented waterfront development on the site of the former Naval Air Station Alameda, which closed over 20 years ago. Alameda Point Senior Apartments includes 48 one-bedroom and 12 two-bedroom apartments that will be available to seniors with annual incomes from 20 to 60 percent of the Alameda County Area Median Income. Thirty units will serve seniors experiencing homelessness, of which 28 will serve veterans exiting homelessness. “Alameda has stepped up to provide homes for those without housing, most importantly for homeless veterans who have served our county,” said City of Alameda Mayor Marilyn Ezzy Ashcraft. “I can’t think of a better place to do that than at the former Naval Air Station.” Supportive services will be delivered to residents through a collaboration between Operation Dignity, Eden Housing and the VA. This development is being built using green building techniques and materials and incorporates a number of …

July 15, 2019

Hilton-Garden-Inn-San-Diego-Mission-Valley-Stadium-CA

Acquisitions California Hospitality Loans Western

Meridian Capital Group Secures $23.1M in Acquisition Financing for Hilton Garden Inn San Diego

by Amy Works July 15, 2019

SAN DIEGO — Meridian Capital Group has arranged $23.1 million in financing for the acquisition of Hilton Garden Inn San Diego Mission Valley Stadium in San Diego. The name of the borrower was not released. Seth Grossman, Steven Adler and Jackie Tran of Meridian Capital Group secured the 10-year CMBS loan, which features a fixed rate and 24 months of interest-only payments followed by a 30-year amortization schedule. Located at 3805 Murphy Canyon Road, the four-story hotel features 178 guestrooms, including 17 upgraded suites. The property was converted from a Holiday Inn into a Hilton Garden Inn with a $10 million renovation, completed in July 2016. Renovations included upgrades to the guest rooms, guest bathrooms, lobby, front desk, 5,000 square feet of meeting space and on-site restaurant and bar. Additionally, the hotel offers a heated outdoor pool and spa, fitness center, business center and guest laundry.

July 15, 2019

Acquisitions Multifamily New Mexico Western

Marcus & Millichap Brokers Sale of 240-Unit Multifamily Property in New Mexico

by Amy Works July 15, 2019

HOBBS, N.M. — Marcus & Millichap has arranged the sale of Homestead, a multifamily property located in Hobbs. Terms of the transaction, including the names of the seller and buyer and acquisition price, were not released. Built in 2016 and situated in 10.6 acres, Homestead features 240 apartments with high-end interior finishes. John McGregor, Nick Fluellen and Bard Hoover of Marcus & Millichap represented the seller and procured the buyer in the deal. Matt Reeves of Marcus & Millichap is the broker of record in New Mexico.

July 15, 2019

Acquisitions Nevada Retail Western

Newmark Knight Frank Negotiates $6.4M Sale of Cornet Plaza Retail Center in Las Vegas

by Amy Works July 15, 2019

LAS VEGAS — Newmark Knight Frank has arranged the sale of Cornet Plaza in Las Vegas. Cornet Plaza LLC sold the asset to C&C Elliot Street LP for $6.4 million. Located at 771 E. Horizon Drive, the shopping center features 26,888 square feet of space. Tenants include Capriotti’s, Papa John’s and Hammers Grill & Bar. Michael Zobrist and Nelson Tressler of Newmark Knight Frank represented the seller in the deal.

July 15, 2019

Illinois Leasing Activity Midwest Office

Glassdoor Signs Two-Floor Office Lease in Chicago

by Kristin Harlow July 15, 2019

CHICAGO — Glassdoor has unveiled plans to further expand its presence in Chicago. The technology company, which operates a recruiting and job review website, has signed a long-term lease for two floors of a new office building, West End on Fulton. Glassdoor will maintain its existing space and operations at 1330 West Fulton. The new space will support up to 400 employees and the company plans to create up to 500 new jobs in Chicago over the next several years. Glassdoor expects to move into its new 52,000-square-foot space in summer 2020. Kyle Kamin and Dan Persa of CBRE represented Glassdoor in the lease transaction. Sara Spicklemire and Kelsey Scheive of CBRE represented the developer, Trammell Crow Co.

July 15, 2019

Development Midwest Minnesota Multifamily

Kraus-Anderson Breaks Ground on 341-Unit Apartment Building With Wells Fargo Bank Branch in Minneapolis

by Kristin Harlow July 15, 2019

MINNEAPOLIS — Kraus-Anderson has broken ground on a 16-story, 341-unit apartment building in Minneapolis that will house a new Wells Fargo bank branch. The existing bank branch will remain in operation throughout construction, but will eventually be demolished in order to make way for the apartment project, known as The Larking. The new bank, slated for completion in spring 2020, will span 3,500 square feet. The apartments are expected to open in early 2022. Amenities at The Larking will include a fitness center, golf simulator, sauna, game room, rooftop pool, outdoor courtyard, package lockers and work-from-home suites. Plans also call for 12,900 square feet of street-level retail space. Saturday Properties will manage the apartments. ESG Architects designed the project.

July 15, 2019

Affordable Housing Illinois Midwest Multifamily

Habitat Co. Assumes Management of 18 Affordable Housing Communities in Chicago

by Kristin Harlow July 15, 2019

CHICAGO — The Habitat Co. has assumed management of 18 affordable housing communities owned by the Chicago Housing Authority (CHA). The properties total 4,479 units and are scattered throughout Chicago’s West and South sides. Habitat Affordable Group, the company’s affordable housing division, now operates more than 12,000 units across three states. Of those, 8,215 units are owned by the CHA.

July 15, 2019

Acquisitions Indiana Midwest Multifamily

Cushman & Wakefield Brokers Sale of 184-Unit Multifamily Property Near Indianapolis

by Kristin Harlow July 15, 2019

WARREN TOWNSHIP, IND. — Cushman & Wakefield has brokered the sale of Pheasant Run Apartments in Warren Township, just east of Indianapolis. George Tikijian, Hannah Ott and John Baker of Cushman & Wakefield represented the seller, Birge & Held. Connecticut-based Hamilton Point Investments was the buyer. The firm plans to make common area and exterior improvements, including new LED lighting, landscaping and an updated clubhouse. Units will receive new appliances, flooring, counters and plumbing.

July 15, 2019

Affordable Housing Development Indiana Midwest Multifamily

32-Unit Affordable Housing Project Under Development in Lafayette, Indiana

by Kristin Harlow July 15, 2019

LAFAYETTE, IND. — RealAmerica Development LLC is developing H38 East Apartments, a 32-unit affordable housing project in Lafayette. The new development leverages the Indiana Housing and Community Development Authority program Moving Forward 2.0. This program is aimed at providing affordable, energy-efficient housing and transportation. All of the units will be priced affordably for low- to moderate-income individuals, with 30 units priced at 60 percent of the area median income (AMI) and two units priced at 50 percent AMI. The project will include solar power and geothermal features that use 35 percent less energy than a typical apartment development. Development partner Area IV Agency will provide an onsite life skills coach mentoring program that will assist families in education and career development. The community will include a classroom and technology center as well as a playground, fitness center and recreation area. Mortgage banking firm Merchants Capital secured an undisclosed amount of funding for the project. The city of Lafayette and Lafayette Housing Authority provided HOME funds and a tax abatement. Project costs are estimated at $7.4 million, according to the Lafayette Journal & Courier. A timeline for completion was not disclosed.

July 15, 2019

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