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Bell-Murrieta-Springs-Murrieta-CA
AcquisitionsCaliforniaMultifamilyWestern

Bell Partners Buys 492-Unit Silverado Apartment Homes in Murrieta, California for $146.5M

by Amy Works

MURRIETA, CALIF. — Bell Partners, on behalf of its Value Add Fund VII investors, has purchased Silverado Apartment Homes, a multifamily community in Murrieta, approximately midway between Los Angeles and San Diego. Realty Center Management sold the asset for $146.5 million. The property will be renamed Bell Murrieta Springs. Completed in 2007, Bell Murrieta Springs offers 492 one-, two- and three-bedroom floor plans with an average unit size of 948 square feet. Community amenities include a green belt with a walking trail surrounding the entire property, two pools and a clubhouse. The property also features walking access along a nature preserve to Meadowridge Park, a city-owned park. Kevin Green, Gregory Harris and Joseph Grabiec of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. With this acquisition, Bell Partners owns and/or manages 11 multifamily communities in Southern California totaling more than 3,100 apartments.

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Radford-Court-Seattle-WA
AcquisitionsMultifamilyStudent HousingWashingtonWestern

Greystar, Provident Acquire Two On-Campus Student Housing Communities at the University of Washington in Seattle

by Amy Works

SEATTLE — A joint venture between Greystar Real Estate Partners and Provident Resources Group Inc. has received $183 million in tax-exempt bond financing and completed the acquisition of two student housing communities on the University of Washington campus in Seattle.  The communities, Nordheim Court and Radford Court, will now be owned by Provident under a ground lease agreement with the university. Greystar will now operate the properties. Built in 2003, Nordheim Court offers 454 beds for upper-division students. The community is set to undergo renovations to residential units and common areas beginning this summer.  Radford Court, which was developed in 2000, offers 399 beds for students attending the university with families and staff members. Rents at the property are set below market rates, with 127 apartments designated for those earning up to 50 percent of the area median income. The property also includes a childcare center.  These acquisitions are Phase I of the University of Washington’s UH4 plan, which seeks to increase housing and improve housing quality for students. The university plans to develop additional on-campus undergraduate housing utilizing proceeds from this transaction to accommodate enrollment growth and alleviate existing demand. The second phase of UH4 will include the redevelopment of …

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1000-Northeast-Northgate-Way-Seattle-WA
Affordable HousingDevelopmentMultifamilyWashingtonWestern

GMD Development, WNC & Associates to Develop 182-Unit Victory Northgate Affordable Housing Project in Seattle

by Amy Works

SEATTLE — GMD Development and WNC & Associates have closed a deal to begin construction on Victory Northgate, a six-story affordable housing developing in north Seattle. Located at 1000 Northeast Northgate Way, Victory Northgate is slated for completion in April 2026. The community will offer 13 studios, 101 one-bedroom units, 17 two-bedroom units and 51 three-bedroom units, as well as 6,800 square feet of commercial space with 77 underground parking stalls. The 182 affordable apartments are targeted for families earning up to 60 percent of the area median income. The first-floor commercial space is tentatively reserved for a daycare facility run by the YMCA of Greater Seattle. Victory Northgate will meet all mandatory criteria required by the Evergreen Sustainable Development Standard, Washington State’s sustainable building framework. Sustainable features will include Energy Star-rated appliances; high-efficiency mechanical systems, windows and insulation; low-flow plumbing components; LED lighting throughout the property; and 90 percent drought-tolerant landscaping. The deal was structured with 4 percent LIHTC equity, a construction and permanent loan through Citi Community Capital and a $25.5 million soft loan from the City of Seattle. AOF/Pacific Affordable Housing Corp. is participating as the nonprofit co-general partner.

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45278-Deep-Canyon-Rd-Palm-Desert-CA
AcquisitionsCaliforniaMultifamilyWestern

CBRE Negotiates $14M Sale of Ariana at El Paseo Multifamily Community in Palm Desert, California

by Amy Works

PALM DESERT, CALIF. — CBRE has arranged the sale of Ariana at El Paseo, an apartment building in the Coachella Valley city of Palm Desert. Investment Concepts acquired the asset from 45278 Deep Canyon Road for $14 million, or $222,222 per unit. Eric Chen, Kevin Sin, Blake Torgerson, Dean Zander and Stew Weston of CBRE represented the seller in the deal. Located at 45278 Deep Canyon Road, the 63-unit property features a mix of studio, one- and two-bedroom floor plans, averaging 865 square feet. Each unit offers a fully equipped kitchen, vinyl plank flooring, oversized patios and balconies, central air and heating, and large closets. Community amenities include a resort-style pool, onsite laundry facilities, an outdoor lounge and fireplace, a pet play area and barbecue stations.

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AcquisitionsColoradoMultifamilySeniors HousingWestern

ESI Brokers Sale of 66-Unit Novellus Cherry Creek Assisted Living Community in Denver

by Amy Works

DENVER — Evans Senior Investments (ESI) has arranged the sale of the Novellus Cherry Creek, an assisted living community in Denver.  ESI represented Novellus Living in the transaction. Peaks Healthcare purchased the asset for an undisclosed price. Originally built in 2002, Novellus Cherry Creek comprises 66 assisted living units. The community faced occupancy challenges, with only 36 percent of its units occupied at the time of marketing. In alignment with its broader portfolio strategy, Novellus Living opted to divest its Colorado asset, focusing efforts on its thriving California and Arizona portfolios.

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CaliforniaMarket ReportsMultifamilyWesternWestern Market Reports

Bay Area Multifamily Sector Focuses on Operations

by Jeff Shaw

— By Anthony Pappageorge, Managing Director, NorthMarq — The Bay Area multifamily market is showing signs of stabilizing, although there are some persistent challenges present in the market that will impact operations. With 2024 likely to be a period of slower economic growth, there will be a continued emphasis on multifamily property operations.  The challenges in the Bay Area rental market have shifted somewhat in recent years. In the period immediately following the pandemic, owners of rental properties were focused on maintaining occupancy levels and rent collections. In the current environment, added pressures surrounding rising property insurance costs and the prospect for additional rent control measures are increasing uncertainty to the Bay Area multifamily market. Occupancy: A Bit Lower than Usual, but Bouncing Back One multifamily property metric where the Bay Area routinely outperforms nearly every other part of the country is occupancy levels. Conditions remain tight at the beginning of 2024, with average occupancies ranging from about 96 percent in the South Bay and San Francisco, to about 94.5 percent in the East Bay. Current occupancies are about 50 basis points lower, on average, than in 2019. This is welcome news to operators who saw rates decline to about 90 …

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3351-E-Philadelphia-St-4450-E-Lowell-St-Ontario-CA
AcquisitionsCaliforniaIndustrialWestern

Stockbridge Buys 540,478 SF Industrial Portfolio in Ontario, California for $142.2M

by Amy Works

ONTARIO, CALIF. — San Francisco-based Stockbridge has acquired a core industrial portfolio in the Inland Empire from Principal Asset Management for $142.2 million. Located at 3351 E. Philadelphia St. and 4450 E. Lowell St. in Ontario, the two-building portfolio offers 540,478 square feet of industrial space. At the time of sale, the properties were both 100 percent occupied. Jeff Chiate, Jeffrey Cole, Rick Ellison and Matt Leupold of Cushman & Wakefield’s National Industrial Advisory Group – West represented the seller in the transaction. Phil Lombardo, Chuck Belden and Andrew Starnes of Cushman & Wakefield provided leasing advisory. Rob Rubano, Brian Share, Joseph Lieske, Max Schafer and Becca Tse of Cushman & Wakefield Equity, Debt & Structured Finance collaborated in sourcing acquisition financing for the transaction.

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7949-Stromesa-Ct-San-Diego-CA
AcquisitionsCaliforniaIndustrialWestern

Joint Venture Acquires 107,564 SF Multi-Tenant Industrial Building in San Diego for $26.5M

by Amy Works

SAN DIEGO — A joint venture between Birtcher Anderson & Davis and Nuveen has purchased 7949 Stromesa Court, an industrial building in San Diego’s Miramar submarket, from an undisclosed seller for $26.5 million. Situated on 5.3 acres, the single-story, 107,564-square-foot building was 95 percent leased to 12 tenants. The property features grade- and dock-level loading, 22-foot warehouse clear heights and the ability to accommodate 53-foot truck trailers. Evan McDonald and Kurtis Blanchard of Colliers represented the buyer, while Dean Asaro of Kidder Mathews represented the seller in the transaction.

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CaliforniaDevelopmentMultifamilySeniors HousingWestern

Belmont Village, Greystar Plan 185-Unit Active Adult Community in Rancho Santa Fe, California

by Amy Works

RANCHO SANTA FE, CALIF. — Belmont Village Senior Living and Greystar Real Estate Partners have unveiled plans for Belmont Village Rancho Santa Fe, a luxury active adult community in Rancho Santa Fe, approximately 25 miles north of San Diego. Groundbreaking is scheduled to occur before the end of the year. The project will feature over 185 apartments including 15 freestanding cottages. The leaders of both Greystar and Belmont Village, Jerry Brand and Patricia Will, are long-term residents of Rancho Santa Fe. Belmont Village Rancho Santa Fe will be Belmont Village’s fourth community in the San Diego area and 17th in California since 2002. The company enjoys a relationship for program development with the University of California San Diego’s Stein Center for Research on Aging. HPI Architecture designed the development.

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1844-S-Cherry-Ave-Fresno-CA
AcquisitionsCaliforniaIndustrialSelf-StorageWestern

JLL Capital Markets Brokers $8.2M Sale of Cherry Ave Self Storage in Fresno, California

by Amy Works

FRESNO, CALIF. — JLL Capital Markets has arranged the sale of Cherry Ave Self Storage, a self-storage facility on 5.4 acres at 1844 S. Cherry Ave. in Fresno. A public REIT sold the asset to PSC Fresno LLC, an affiliate of Pratt Street Capital LLC, for $8.2 million. Cherry Ave Self Storage consists of a three-story building and 12 one-story buildings offering a total of 1,085 units. The facility features drive-up units, freight elevators and boat and RV parking. Additionally, the property offers a 262-square-foot, newly renovated office. Brian Somoza of JLL Capital Markets’ investment sales and advisory team represented the seller in the deal.

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