PHOENIX — Kasten Long Commercial Group has arranged the sale of Azura, a 387-unit apartment complex located at 2800 W. Sahuaro Drive in Phoenix. An undisclosed buyer acquired the asset for $38.2 million, or $139.84 per square foot. Built in 1980, the property features 43 studio/one-bath units, 232 one-bedroom/one-bath apartments, 24 two-bedroom/one-bath units and 88 two-bedroom/two-bath layouts. The average unit size is 706 square feet. Linda Fritz-Salazar and Scott Trevey of Kasten Long Commercial Group handled the transaction.
SEATTLE — Norris, Beggs & Simpson Financial Services (NBS Financial) has arranged $22 million in financing for the development of Stream Dexios Apartments, located in the Westlake neighborhood of Seattle. The borrower is Stream Real Estate. Mike Wood and Colin Ceithaml of NBS Financial secured the construction/permanent loan financing, which was structured with a 13-year term and a 30-year amortization. State Farm Life Insurance Co., a life company correspondent of NBS Financial, provided the funding. When completed in 2019, the five-story, 80,800-square-foot property will feature 80 apartment units, 3,900 square feet of ground-floor retail space and 54 parking stalls. On-site amenities will include a rooftop deck with views of Lake Union, Capitol Hill and the Cascade Mountains.
MIDVALE, UTAH — Alpha Wave Investors has purchased Park Station Apartments, a multifamily property located at 7155 High Tech Drive #3 in Midvale, a suburb of Salt Lake City. A Northern California-based private investor sold the property for an undisclosed price in an off-market transaction. Constructed in 1974, Park Station Apartments features 94 two-bedroom/one-bath apartment units. Alpha Wave plans to invest $1.5 million in capital improvements at the property. Renovations will include the addition of a swimming pool, fitness center and leasing office. The company will also address deferred maintenance and renovate exteriors and interiors, including adding washers and dryers to each unit. Brock Zylstra and Danny Shin of Marcus & Millichap represented the buyer and seller in the deal. David Walkin of Meridian Capital Group arranged acquisition financing, provided by Texas-based ReadyCap, for the buyer.
COLORADO SPRINGS, COLO. — HFF has arranged $7.7 million in financing for two apartment properties — Alvarado Place and Solar Vista, both located in Colorado Springs. The borrower is Radford Investment Properties. Brock Yaffe of HFF arranged two separate fixed-rate loans through the Freddie Mac Small Balance Loan program for the borrower. Proceeds from the loan for Alvarado Place refinanced a floating-rate loan the HFF team sourced for the borrower in 2016, while proceeds from the loan for Solar Vista were used to acquire the property. Located at 1465 Alvarado Drive, Alvarado Place features 99 units in a mix of studio, one- and two-bedroom apartments averaging 519 square feet. Solar Vista, located at 1535 S. Eighth St., features 28 apartments in a mix of one- and two-bedroom layouts averaging 563 square feet.
In early 2017, real estate professionals in West Texas began to see a noticeable boost in demand for industrial properties across the Permian Basin. In keeping with economic tradition, demand for space in the Midland office market is now catching up to the industrial sector after a 12- to 18-month lag period. The beginning of 2018 is when Midland’s office market really began to gain steam, riding not only a surge in oil prices but also a 2.4 percent unemployment rate, which is more than a full percentage point below both the state and national averages. Several larger users entered the market at this time while some existing tenants, including Cimarex and Southwest Royalties, began looking for larger spaces. As of May 2018, the office occupancy rate had reached approximately 92 percent after wavering between 80 and 85 percent for much of the oil downturn. Average rents for office space are currently standing at about $22 per square foot for Class A space and $19 per square foot for Class B space. With approximately 6 million square feet of product, Midland’s office market is the unquestionable hub of the downstream side of the West Texas energy business. Any company with …
NEW YORK CITY — A joint venture between Deutsche Finance America and BLG Capital have acquired the upper floors of 685 Fifth Ave., an office tower known as the “Gucci Building” in Midtown Manhattan. Other purchasing partners include developer Michael Shvo, The Wings Group and Latner Partners. The sellers are GGP and Thor Equities. The purchase price was $135 million, according to the New York Post. The buyers raised $155 million of equity for the acquisition and will seek approximately $100 million of debt financing to fully capitalize the project. The partnership is also looking at the potential for redevelopment, according to Sven Neubauer, chief investment officer for Deutsche Finance Group. Built in 1926, the 20-story building features more than 100,000 square feet of office space. Coach, Stuart Weitzman and Tag Heuer occupy the multi-level retail space at the property. GGP will continue to own the first through fourth floors. In its second-quarter results released on July 31, the company disclosed the refinancing of a consolidated floating-rate loan of $340 million for 685 Fifth Ave. Deutsche Finance America is a subsidiary of Germany-based Deutsche Finance Group. BLG Capital is a division of Bilgili Group, which focuses on hotel and lifestyle investments. — Kristin …
WHITE PLAINS, N.Y. — Avison Young has arranged a $31.5 million refinancing for The Metro, a 124-unit apartment community in White Plains. The 12-story property is located in downtown White Plains at 34 S. Lexington Ave. David Krasnoff and Ryan Flannery of Avison Young arranged the financing package on behalf of the owner, Ginsburg Development Cos., a private real estate developer. The lender was undisclosed. Ginsburg recently acquired two buildings on the same block as The Metro and is currently redeveloping the area into a new project called City Square, which will include retail, office and residential space.
STAMFORD, CONN. — Northeast Private Client Group has arranged the $35 million sale of The Moderne Apartments, a 116-unit, two-building multifamily community in Stamford. The sales price equates to a capitalization rate of 5.4 percent based on the first year of net operating income. Bradley Balletto, Rich Edwards and Jeff Wright of Northeast Private Client Group represented the seller, RMS Cos., in the transaction. The buyer was Navarino Acquisitions LLC.
PLAINFIELD, N.J. — Gebroe-Hammer Associates has brokered the $6.4 million sale of a four-building, 56-unit multifamily portfolio in Plainfield. The properties include 1003 Park Ave., 122-124 E. 7th St., 128 E. 7th St. and 138 E. 7th St. Adam Zweibel of Gebroe-Hammer represented the seller, Plainfield MF LLC., in the transaction. The buyer was undisclosed.
BLOOMFIELD, N.J. — G.S. Wilcox & Co. has secured $7.2 million in refinancing for a 76,192-square-foot office building in Bloomfield. The seven-story property is located in the central business district of Bloomfield. Gretchen Wilcox, David Fryer and Wesley Wilcox of G.S. Wilcox & Co. arranged a 10-year term and 25-year amortization through Securian Financial for an undisclosed borrower.