LAKEWOOD, COLO. — Wood Partners has started construction of Alta Green Mountain, a multifamily community in the Lakewood suburb of Denver. Located at 13155 W. Mississippi Court, the property will feature 260 garden-style apartments in a mix of one-, two- and three-bedroom floor plans, with nearly 50 percent of the units offering attached garages. Additionally, units will feature granite countertops, stainless steel appliances and 42-inch wood cabinetry. Community amenities will include a clubhouse with fitness center and cyber café, a resort-style swimming pool, a bicycle/ski repair shop and car charging stations. The property is slated to open in August, with pre-leasing beginning in July.
PLEASANT GROVE, UTAH — Evergreen Devco has opened Pleasant Grove Town Center, its first retail development in Utah. Located at 855 W. State St. in Pleasant Grove, the 1-acre site is now home to Mo’ Bettahs Hawaiian Style Food, which opened on Feb. 22, and Beans & Brews Coffee House, which opened in late January. The third, and final, anchor tenant, Dough Co., is scheduled to open its third edible cookie dough shop at the retail center this spring. Completed in November 2018, the fully leased development site was built by Draper, Utah-based Rimrock Construction and designed by Farnsworth Group.
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.
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.
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.
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.
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.
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.
OCEANSIDE, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Dylan Apartment Homes, a multifamily property located in Oceanside. Fowler Property Acquisitions sold the property to Chicago-based 29th Street Capital for $57.1 million, or approximately $274,639 per unit. Located at 550 Los Arbolitos Blvd., the complex features 208 apartments, two swimming pools, two spas, a gym and a business center. Christopher Zorbas and Alexander Garcia Jr. of IPA, along with Tyler Martin of Marcus & Millichap, represented the seller and procured the buyer in the deal.
SAN DIEGO — A joint venture between San Diego-based Coast Income Properties and Washington Capital Management has purchased Mesa View Plaza, a mid-rise office building located at 9350 Waxie Way in San Diego’s Kearny Mesa neighborhood. Stockbridge sold the property for $39.1 million. Situated on 9.8 acres, the five-story, multi-tenant building features 111,268 square feet of Class A office space. At the time of sale, the property was 100 percent leased to a mix of professional services and tech companies. Brian Paul & Associates designed the building, which was completed in 2003. Rick Reeder and Brad Tecca of Cushman & Wakefield’s Capital Markets group in San Diego represented the seller in the transaction.