Property Type

Blueprint Negotiates Sale of 87-Unit Seniors Housing Community Near San Diego

by Amy Works March 5, 2019

SAN DIEGO — Blueprint Healthcare Real Estate Advisors has brokered the sale of an 87-unit assisted living and memory care community in North County, just outside San Diego. A publicly traded REIT sold the community to a San Diego-based owner-operator with an existing California portfolio. The name of the community and price were not disclosed. The property was sold as a value-add proposition, as new competition in the area had lowered occupancy. The buyer intends to renovate the community and capitalize on operational synergies within its larger management platform. Ben Firestone, Michael Segal and Scott Frazier of Blueprint facilitated the transaction.

March 5, 2019

Acquisitions Colorado Retail Western

Newmark Knight Frank Arranges $3.2M Acquisition of 3,358 SF Retail Asset in Colorado

by Amy Works March 5, 2019

GRANBY, COLO. — Newmark Knight Frank has arranged the purchase of a retail property, located at 308 W. Agate Ave. in Granby. K & G Granby Properties acquired the 3,358-square-foot property from Kum & Go L.C. for $3.2 million. Justin Kaufmann, Riki Hashimoto and Daniel Grooters of Newmark Knight Frank represented the buyer, while CBRE/Hubbell Commercial represented the seller in the deal.

March 5, 2019

Arizona Loans Multifamily Western

Dougherty Mortgage Closes $9.5M Fannie Mae Loan for Tuscano Village Apartments in Arizona

by Amy Works March 5, 2019

GLENDALE, ARIZ. — Dougherty Mortgage has closed a $9.5 million Fannie Mae loan for the acquisition of Tuscano Village Apartments. The borrower is 6816 W. Bethany Home Rd PCPRE LLC, through a partnership with Pinnacle Financial Group, a Marcus & Millichap company. Located in Glendale, Tuscano Village Apartments features 119 market-rate apartment units.

March 5, 2019

Acquisitions California Multifamily Western

Private Buyer Acquires 76-Unit Multifamily Property in Los Angeles’ Koreatown for $12.6M

by Amy Works March 5, 2019

LOS ANGELES — 1057 S Western LLC, a private buyer, has purchased Western Arms, an apartment property located at 1057 S. Western Ave. in the Koreatown neighborhood of Los Angeles. Prana Growth Fund 1, an entity of Prana Investments, sold the property for $12.6 million. Cole Martens and Cory Stehr of Lee & Associates-LA North/Ventura represented the buyer and seller in the transaction. Originally built in 1926 as a hotel, Western Arms features 76 studio and one-bedroom units. The buyer plans to update the property with tech and service amenities.

March 5, 2019

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $6.9M Sale of University Gardens Apartment Building in Northridge, California

by Amy Works March 5, 2019

NORTHRIDGE, CALIF. — Marcus & Millichap has arranged the sale of University Gardens, a multifamily property located in Northridge. A foreign investor sold the property to an undisclosed buyer for $6.9 million. University Gardens features 29 apartments. Paul Darrow, Gregory Harris, Kevin Green and Joe Grabiec of THG Multifamily in Marcus & Millichap’s South Bay office represented the seller in the deal.

March 5, 2019

Acquisitions Arizona Multifamily Western

Bascom Arizona Ventures Buys 423-Unit Multifamily Complex Near Phoenix for $89.2M

by Amy Works March 5, 2019

PHOENIX — Bascom Arizona Ventures, a subsidiary of Irvine, Calif.-based The Bascom Group, has acquired Tempo at McClintock Station Apartments, a Class A, mid-rise multifamily property in Tempe. P7 McClintock Station Owner LLC sold the asset for $89.2 million, or $210,377 per unit. Constructed in 2017, the gated community features 423 apartments in a mix of one-, two- and three-bedroom layouts. On-site amenities include a barbecue/picnic area, cyber/tech lounge, two resort-style pools with surrounding cabana areas, volleyball court, rentable storage closets, self-service bike repair, private garages, package concierge service, dog park with a self-service dog grooming area, community clubhouse and a 24/7 fitness center with separate yoga and spin studios. The buyer plans to invest in capital improvements, including upgraded finishes to the leasing office, clubhouse, pool and other common areas, as well as unit interiors. Oaktree Real Estate Finance II provided debt financing, which Brian Eisendrath, Brandon Smith and Annie Rice of CBRE arranged for the acquisition. Stephen Peters of Melody West advised the buyer and seller in the transaction. Arizona-based MEB Management Services will manage the property.

March 5, 2019

Hospitality Loans Midwest Ohio

PMZ Realty Capital Secures $35M Refinancing for Ohio Hospitality Portfolio

by Kristin Harlow March 5, 2019

BEAVERCREEK, DAYTON AND WESTCHESTER, OHIO — PMZ Realty Capital LLC has secured $35 million for the refinancing of a three-property hotel portfolio in Ohio. The assets include the 118-room Springhill Suites by Marriott in Beavercreek, the 130-room Holiday Inn North Cincinnati in West Chester and the 111-room Holiday Inn Express & Suites in Dayton. Middletown Management was the borrower. PMZ arranged 10-year, nonrecourse CMBS loans for the Beavercreek and West Chester properties, and a fixed-rate loan for the Dayton asset.

March 5, 2019

Loans Midwest Multifamily Wisconsin

Love Funding Provides $15M Loan for Brewery Lofts Project in Milwaukee

by Kristin Harlow March 5, 2019

MILWAUKEE — Love Funding has provided a $15 million bridge loan for the rehabilitation and mini-permanent financing of Brewery Lofts in Milwaukee. Originally built in 1882, the buildings were part of the Pabst brewery campus. Upon redevelopment, Brewery Lofts will offer 118 apartment units. Amenities will include a clubroom, business center, gaming area, fitness center and landscaped rooftop. Holly Bray of Love Funding secured the bridge financing. Love Funding’s parent company, Midland States Bank, provided the funding. The borrower, Milwaukee Pabst Holdings LLC, will receive federal and state historic tax credits for the redevelopment of the two buildings in addition to the bridge loan.

March 5, 2019

Acquisitions Industrial Midwest Missouri

Newmark Grubb Zimmer Brokers Sale of 499,144 SF Industrial Building Near Kansas City

by Kristin Harlow March 5, 2019

GRANDVIEW, MO. — Newmark Grubb Zimmer has arranged the sale of a 499,144-square-foot industrial building in Grandview, about 16 miles south of Kansas City. The sales price was not disclosed. The multi-tenant property is located at 14100 Botts Road. Winco Fireworks, Church & Dwight and Caravan Ingredients fully occupy the building. Michael VanBuskirk, Mark Long and Chris Robertson of NGZ brokered the transaction. SRRT Properties LP purchased the property from Botts Road Investment LLC.

March 5, 2019

Acquisitions Hospitality Illinois Midwest

Marcus & Millichap Negotiates $6.3M Sale of Comfort Inn & Suites Hotel in Geneva, Illinois

by Kristin Harlow March 5, 2019

GENEVA, ILL. — Marcus & Millichap has negotiated the sale of the Comfort Inn & Suites in Geneva for $6.3 million. The 90-room hotel, built in 2000, is located at 1555 E. Fabyan Parkway in Kane County. Ebrahim Valliani, Michael Klar, Scott Harris, Allan Miller and Chris Gomes of Marcus & Millichap marketed the property on behalf of the seller. Valliani, Klar, Miller and Gomes represented the buyer.

March 5, 2019

Newer Posts

Older Posts