DENVER — IRET Properties has purchased the 274-unit Dylan Apartments in Denver’s River North Art District (RiNo) for $90.6 million. The community is located at 3201 Brighton Blvd. Terrance Hunt, Shane Ozment and Chris Cowan of ARA Newmark represented the unnamed seller in this transaction.
SEATTLE — Peregrine Realty Partners has purchased North Creek Parkway Center, a 205,554-square-foot flex industrial/office park in the North Creek submarket east of Seattle, for $36.5 million. The six-building center is located at 11804-18916 North Creek Parkway. Almost half of North Creek Parkway Center’s tenants have leased space in the park for 10 plus years, including anchor Alder Biopharmaceuticals. HFF represented both the buyer and seller, an affiliate of KBS Capital Advisors, in this transaction.
LAKEWOOD, COLO. — Avenida Partners has started the construction of Avenida Lakewood, a 230-unit age-restricted community in the Denver suburb of Lakewood. KTGY Architecture + Planning designed the project, which is located six miles from downtown Denver. The four-story community is located on 6.1 acres and is restricted to residents age 55 and older. Avenida Lakewood is part of the Oak Station Marketplace mixed-use development serving the newly-constructed W Light Rail Oak Station. The apartments at Avenida Lakewood range in size from 793 square feet to 1,238 square feet and include a mix of 92 one-bedroom apartments and 138 two-bedroom apartments. The presale office is slated to open in May 2018. The community grand opening is planned for spring 2019. Avenida Partners LLC is a real estate development, investment and property management firm focused solely on building active adult, market-rate rental communities. Headquartered in Newport Beach, Calif., the company has current developments in Oklahoma, Tennessee, Colorado and Illinois.
TEMPE, ARIZ. — 29th Street Management II LLC has acquired the 306-unit Mission Springs apartment complex in Tempe for $33.8 million. The community is located at 1311 W. Baseline Road. Mission Springs was built in 1987. Each unit includes modern appliances, hardwood flooring, washer and dryer, oversized closets, private balcony or patio, and vaulted ceilings. The community offers a swimming pool with a sun deck and spa, picnic area with barbecues, business center with WiFi and covered parking. Jim Crews of Cushman & Wakefield represented the seller, Gelt Baseline Holdings LLC, in this transaction.
VISTA, CALIF. — Brighton Management has purchased the 50-room Hyatt Place hotel in the San Diego submarket of Vista for an undisclosed sum. The hotel is located at 2645 S. Melrose Drive. The four-story hotel opened in 2012. It offers 1,200 square feet of meeting space, a 24/7 guest kitchen, gallery market and bakery café. CBRE Hotels represented the seller, an affiliate of Irvine-based CoreCapital that purchased the hotel in 2014. Brighton Management represented itself in the transaction. The company will also manage the hotel.
WOBURN, MASS. — Colliers International-Boston has arranged $53 million in joint venture equity financing for the construction of a dual-branded Hilton Hotel at 369 Washington St. in Woburn. Thomas Welch, Adam Coppola, John Poole, Tonia Jenkins and Richard Lillis of Colliers arranged the joint venture equity for owner Boston-based Madison Properties. Whitman Peterson is the equity investor and Concord Hospitality Enterprises Cos. is the developer/operator partner for the project. Since acquiring the now remediated site, Madison Properties has received entitlements for the hotel and three retail pad sites, already leased to Red Robin and Chick-fil-A, which is slated to open in 2018. The developer will break ground for the dual-branded Homewood Suites and Hampton Inn & Suites this month.
NEW YORK CITY — KeyBank Real Estate Capital has secured a $19 million Freddie Mac first mortgage loan for a multifamily property, located at 178 N. 11th St. in Brooklyn. Built in 2017, the six-story building features 49 apartment units and 1,200 square feet of retail space. Ten units are reserved for tenants earning 60 percent or less of area median income. Tom Peloquin of Key’s Commercial Mortgage Group arranged the full-term interest-only loan for a term of 11 years. Proceeds of the loan will be used to refinance existing debt. The name of the borrower was not released.
SOUTH PLAINFIELD, N.J. — ShopOne Centers REIT has entered the metro New York City market with the acquisition of Oak Park Commons in South Plainfield. Located at the corner of Oak Tree Road and Park Avenue, the 139,717-square-foot property comprises three multi-tenant buildings and four single-tenant buildings. At the time of sale, the property was 98 percent occupied by a variety of tenants, including ACME Markets, CVS/pharmacy, Advance Auto Parts, Goodyear Tire, Dollar Tree, McDonald’s and Wells Fargo Bank. The acquisition price was not released.
NEW PROVIDENCE, N.J. — Erickson Living has opened the doors on Maple Glen, an independent living expansion at Lantern Hill, a continuing care retirement community in New Providence, approximately 30 miles west of New York City. The residential community is part of a phased expansion of the 20-acre community. Maple Glen is part of Phase II, which also includes a second building — Oakwood Court — scheduled to open in February. Phase II will add a total of 114 independent living apartments. Phase I, which opened in June 2016, added 161 independent living apartments, all of which sold out in 10 weeks, according to Erickson. A climate-controlled walkway connects Maple Glen to Union Square where the community’s restaurants, medical center and amenities are located.
MOUNT OLIVE, N.J. — Money360 has funded a $4.4 million acquisition loan as part of its relationship with Ten-X Commercial. The fixed-rate loan features a 10-year term. Proceeds of the loan will be used to acquire a 47,752-square-foot retail center included in the larger International Trade Center Crossing retail complex in Mount Olive. The undisclosed borrower was the winning bidder for the asset and used Money360 as its debt provider.
