CLOVERDALE, Calif. — Walker & Dunlop Inc. has provided $10 million in HUD financing for the construction of Vine Ridge, a 51-unit assisted living community in the Sonoma County city of Cloverdale. The community will consist of a two-story, 42,000-square-foot building on a 2.5-acre site. Western Living Concepts is developing and will operate the property, the second seniors housing community in its portfolio. Vine Ridge is scheduled for completion in 2019. Walker & Dunlop’s team, led by Kevin Giusti, closed the loan through HUD’s Section 232 loan program, which provides financing for nursing homes, assisted living facilities, memory care, independent living, and board and care facilities. The program provides the borrower with a non-recourse, fixed-rate mortgage throughout the construction period and 40-year permanent term of the mortgage.
TUCSON, ARIZ. — Alpha Wave Investors, a private equity investment firm, has completed the disposition of Skyline Park Apartments, a multifamily property located at 5290 S. Park Ave. in Tucson. A Southern California-based owner of multifamily properties purchased the asset for $2.6 million. Alpha Wave originally acquired the property in 2017, implemented a repositioning/renovation program and rebranded the property to Skyline Park Apartments. Built in 1985, the two-story property features 60 units in a mix of one- and two-bedroom layouts, a swimming pool and children’s play area. Bill Hahn, formerly of Colliers and now with NorthMarq, represented the seller, while Alon Shnitzer of ABI Multifamily represented the buyer in the deal.
MUKILTEO, WASH. — Colliers International has brokered the acquisition of an office property located at 12121 Harbor Reach Drive in Mukilteo. HPO Investment LLC purchased the building from Bocek/NCA for $7.5 million. The fully-leased, 33,387-square-foot property is Harbour Point’s Building A, North Campus. The building is one component of a 2,810-acre master-planned community that includes residential buildings, manufacturing facilities, a golf course, parks and a wildlife preserve. Derek Heed and Gregg Riva of Colliers represented the buyer in the transaction.
LOS ANGELES — A&G Realty Partners has launched a new division focused on increasing the productivity of U.S. healthcare providers’ real estate holdings. Peter Lynch, a Los Angeles-based principal, will led the company’s new Healthcare Property Division. “Healthcare over the next five years will undergo an accelerating metamorphosis driven by the need for innovation, convenience and affordability,” says Lynch. “The forces in play are every bit as disruptive as those afoot in retail or higher education. Real estate must be central to any strategic response.” The company’s new division will offer a variety of services tailored to healthcare real estate, including the disposition of excess medical office space and renegotiation of urgent care center leases to selling a city hospital to a mixed-use developer, notes Lynch.
PHOENIX — Florida-based North American Development Group has acquired a one-acre parcel within Arizona Center Project in downtown Phoenix. San Diego-based Parallel Capital Partners sold the site within the 16-acre development for an undisclosed price. North American Development plans to construct Palm Court Tower, a 30-story residential tower on the site at 440 E. Van Buren St. Slated for completion in 2020, the $100 million project will feature 350 residences, a swimming pool terrace, a six-level parking garage and a fitness facility. The residences will range from studio to three-bedroom units in eight different floor plans. Phoenix-based Will Bruder Architects & Forum Studio is designing the development, which is slated to break ground in late 2018.
MESA, ARIZ. — MIG Real Estate has acquired the 209-unit Trails at Harris Apartments in Mesa for $22.1 million. The community is located at 1653 S. Harris Drive. Trails at Harris Apartments was built on nearly 10 acres in 1983. All units include all-electric kitchens, walk-in closets, standing showers and linen closets. Outdoor balconies or patios and stackable washer and dryers are available in select units. The apartments are a value-add opportunity for MIG. Interior renovations will include updated countertops, a stainless-steel appliance package, new cabinetry, synthetic plank flooring, and updated light and plumbing fixtures in all units. The leasing, fitness and pool areas will undergo renovations to freshen the space and enhance use. Mark Forrester, Ric Holway, Dan Cheyne and Jackson Cloak of Berkadia represented the seller.
OCEANSIDE, CALIF. — Lee & Associates – North San Diego County has arranged the sale of an industrial building located within Rancho Del Oro Technology Park at 4039 Calle Platino in Oceanside. Rexford Industrial Realty acquired the property from San Diego-based 6th & K Ltd for $20 million. The building features 143,274 square feet of industrial space. Tim Moore of Lee & Associates represented the seller, while Adam Molnar and Greg Lewis of CBRE represented the buyer in the transaction.
SEATTLE — ACME Realty has purchased Remi Apartments, a multifamily community located at 2727 Eastlake Ave. East in Seattle’s Eastlake neighborhood. An undisclosed company sold the property for $17.7 million, or $480,000 per unit. Built in 1996, the property features 34 apartments and three ground-floor commercial spaces. The property features a mix of one- and two-bedroom units with private decks or patios, as well as a rooftop deck. At the time of sale, the property was 97 percent occupied and the commercial spaces were fully leased. Mark Zoffel and Kyle Yamamoto of CBRE represented the seller in the transaction.
KIRKLAND, WASH. — Colliers International has arranged the sale of Building A of Kirkland 405 Corporate Center in Kirkland. KOF Enterprises acquired the property, located at 11411 NE 124th St., from Claddagh Ventures for $14.8 million. At the time of sale, the property was 97 percent leased. Derek Heed and Gregg Riva of Colliers International, along with NAI Puget South Properties and NAI Hunnerman, represented the seller in the deal.
IRVINE, CALIF. — R.D. Olson Construction has completed the $120 million Irvine Spectrum Marriott hotel. The 271-room property is located at 7905 Irvine Center Drive. The Irvine Spectrum Marriott offers more than 9,000 square feet of indoor meeting facilities in up to seven room configurations. The 15-story building has one of the highest and largest rooftop lounges in Orange County with a full-service bar and 360-degree views.