SOUTH RENO, NEV. — Newmark has directed the sale and financing of Village at Iron Blossom, an apartment community in South Reno. Details of the sales price and financing were not released. Jonathan Merhaut led the Newmark team that represented the undisclosed seller. Located at 690 E. Patriot Blvd., Village at Iron Blossom features 404 apartments. Built in 1984, the property has remained under the same ownership for the past decade and has benefited from significant capital improvements, including an estimated $12 million reinvested by the owner to maintain the property’s standing as a market-leading Class B community, according to Newmark.
PHOENIX — Gantry has secured a $22 million permanent loan to refinance maturing debt on a single-tenant industrial building located at 6600 W. Latham St. in Phoenix. Situated on 23.3 acres, the 437,000-square-foot property is currently used as both a showroom and warehouse facility for Living Spaces. Tim Storey and Chad Metzger of Gantry’s Phoenix production office represented the borrower, a private real estate investor. The five-year, fixed-rate loan was provided by a life company lender from Gantry’s exclusive network of correspondents and affiliates, featuring a full-term interest-only payment schedule.
FRESNO, CALIF. — Northmarq has arranged the sale of Sunset Sands Apartments, a multifamily property in Fresno. XLNT Sunset Sands LP sold the asset to SRI Cedar LLC for $10.9 million. Located at 4585 E. McKinley Ave., Sunset Sands features 96 garden-style apartments that were built in 1974. Robin Kane and Brendan Kane of Northmarq represented the seller in the deal.
DENVER — Brennan Investment Group has purchased an industrial building located at 4881 Ironton St. in Denver. Terms of the transaction were not released. Situated on 3.3 acres within Montbello Industrial Park, the 64,020-square-foot building features a clear height of 21 feet, significant power capacity, multiple dock-high doors, drive-in access and excess outdoor storage. Brennan plans to reposition the vacant asset through targeted capital improvements and lease-up efforts, with the flexibility to accommodate a single-tenant or multi-tenant configuration. The company intends to execute a five-year business plan focused on leasing and stabilization of the property.
ONTARIO, CALIF. — GreenRock Capital, with J.P. Morgan as underwriter, has closed $103 million in financing for the Ontario Airport Hotel and Conference Center in Ontario. The $103 million package pairs $26 million in tax-exempt C-PACE bonds with $77 million in tax-exempt mortgage revenue bonds. The financing was placed with municipal bond investors. National CORE owns the asset, which is being converted into the Hyatt Regency Ontario through a comprehensive renovation and repositioning process. Financing proceeds will support the redevelopment of the existing 309-room hotel into a 295-room Hyatt Regency. The new property will feature expanded suites, fully renovated guest rooms and commons area, a redesigned lobby, upgraded food-and-beverage offerings, a new Club Lounge and more than 16,000 square feet of meeting space. Keaton Yellin of JLL Capital Markets arranged the financing. Fred Schuster of FGS Realty Advisors assisted the sponsor with the transaction.
DENVER — PCCP has provided a $78 million loan to Trammell Crow Residential for the refinancing of Alexan Evans Station in Denver. The 367-unit property, located at 2121 S. Broadway, was built in 2023 and is LEED Gold-certified. The community offers a mix of studio, one-, two- and three-bedroom units and 7,334 square feet of ground-floor retail space leased to F45, SweatHouz and Pacific Dental Services. Amenities include a pool and hot tub with cabanas, a fitness center, coworking spaces and a conference center, electric vehicle charging and an onsite convenience market.
DOWNEY, CALIF. — B.A.G. Investments has acquired Parc @ 5, a 104-unit garden-style multifamily asset located in Downey, approximately 13 miles from downtown Los Angeles. Parc @ 5 Downey LLC sold the asset for an undisclosed price. Parc @ 5 features 20 one-bedroom units, 64 two-bedroom units and 20 three-bedroom units. Shane Shafer of Colliers represented the seller in the transaction.
ONTARIO, CALIF. — Progressive Real Estate Partners has arranged the purchase of a freestanding restaurant building located at 4605 Mills Circle in Ontario. A private investor acquired the asset for $2.8 million. Wienerschnitzel fully occupies the 2,739-square-foot building, which was built in 1998 and renovated in 2017. Lance Mordachini and Greg Bedell of Progressive Real Estate Partners represented the buyer, while David Lin of Kotai Commercial represented the seller, a private investor, in the deal.
LEHI, UTAH — CenterCal Properties, in partnership with Perry Commercial, has broken ground on The Collective at Morning Vista, a 134,000-square-foot retail development located in Lehi’s Silicon Slopes district, roughly 25 miles south of Salt Lake City. Whole Foods Market will anchor the property. Additional confirmed tenants include Bamboo Sushi, VIO Med Spa and Petfolk Veterinary & Urgent Care. The Collective at Morning Vista will also feature a central community park and outdoor gathering space, as well as outdoor patios and activation areas. The construction timeline was not released.
QUEEN CREEK, ARIZ. — Investcor has announced plans for Mojave Sage, a new luxury seniors housing community to be located in Queen Creek, roughly 40 miles southeast of Phoenix. Komo Architecture is designing the project, and KBE Building Corp. will serve as the general contractor. Construction is expected to be underway by June. Upon completion, Mojave Sage will total 117 assisted living and memory care units. Amenities at the community will include a full-service beauty salon, fitness and wellness center, movie room, gathering areas, private courtyards, outdoor spaces, gardening programs, a dog park and onsite store.
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