DENVER — Pinnacle Real Estate Advisors has arranged the sale of an office building located at 1423 Race St. in Denver. George Wolf Memorial Trust purchased the property from Dave Chvosta for $1.7 million, or $323 per square foot. The property features 5,338 square feet of office space. Kevin Calame of Pinnacle Real Estate represented the buyer and seller in the deal.
LAS VEGAS — RealComm Advisors Commercial Real Estate has brokered the acquisition of an industrial property located at 6435 Karms Park Court in Las Vegas. McBeath Holdings LLC purchased the property from an undisclosed seller for $1.7 million. The property features 13,354 square feet of industrial space. Mike De Lew and Greg Pancirov of RealComm Advisors represented the buyer in the transaction.
DAVIS, CALIF. — Crown Acquisitions Inc. has acquired College Square, a 486-bed student housing community located near the University of California, Davis, for $50.2 million. The acquisition was financed with a new Freddie Mac loan secured by Peter Benedetto and Aaron Moll of Berkadia. The garden-style property offers shared amenities including three resort-style swimming pools with furnished sundecks, a fitness center, business center, study lounge, outdoor grills, picnic areas and two 24-hour laundry facilities. Planned capital improvements for the community include fully furnished and renovated units; an expanded fitness center with state-of-the-art equipment; the addition of a new study lounge, fire pits and pool amenities; and landscaping improvements. The property is also currently being rebranded.
FREMONT, CALIF. — Fremont Hills Development Corp. has received a $65 million construction loan for the development of a mixed-use project in Fremont. Parkview Financial provided the loan. Designed by Hoover Associates Architects and situated on 12.9 acres, the development will feature 158 multifamily units and 53,900 square feet of retail space. Community amenities will include a private second-floor courtyard, and a landscaped playground and park area with trails. Each unit will feature central air, in-unit laundry facilities, stainless appliances, quartz countertops, engineered hardwood floors and a private deck.
KENNEWICK, WASH. — CBRE has arranged $26.4 million in financing for the acquisition of Fieldstone Grandridge and Fieldstone Memory Care, a 138-unit assisted living and memory care community in Kennewick, located in the southeast portion of the state. A joint venture between Bourne Financial Group and Cascadia Senior Living is the borrower. The community is composed of two facilities constructed in separate phases between 2015 and 2016. Cascadia will continue to operate the property following the acquisition. Aron Will of CBRE National Senior Housing arranged the seven-year, fixed-rate loan with 36 months of interest-only payments. A national bank provided the capital. Bourne is a real estate private equity company founded in 2014 in Winter Park, Fla. Cascadia is a Washington-based operator founded in 2013.
SAN CLEMENTE, CALIF. — Paragon Commercial Group has completed the disposition of a retail property located in San Clemente. An undisclosed buyer acquired the property for $4.3 million. The freestanding drive-thru retail property is on a long-term absolute triple-net lease with JPMorgan Chase Bank. Patrick Luther, Matthew Mousavi, Garret Colburn and Michael Fowle of SRS Real Estate Partners represented the seller, while Luther and Mousavi also represented the buyer in the transaction.
EUGENE, ORE. — Horizon Realty Advisors has purchased Chase Crossing, a 179-unit student housing community located near the University of Oregon campus in Eugene. The company purchased the asset from Chase Crossing LLC for an undisclosed price. The property offers studio and one-bedroom units. Phil Oester, Joe Nydahl and Josh McDonald of CBRE brokered the transaction on behalf of the seller. Benjamin Roelke, also with CBRE, arranged $19.1 million in long-term financing on behalf of Horizon Realty Advisors for its HRA Opportunity Fund. The 10-year, fixed rate loan provided by CBRE through Freddie Mac featured an index rate lock at loan application and five years of interest-only payments.
DENVER, COLO. — Besyata Investment Group and The Scharf Group have acquired One Dartmouth Place, an apartment community located in Southeast Denver, for $65.5 million. The seller was not disclosed. BH Management will handle the day-to-day property management and leasing of the 418-unit property.
KIRKLAND, WASH. — The Wolff Company, an Arizona-based developer, has announced plans for Revel Kirkland, a 152-unit independent living community for seniors in the Seattle suburb of Kirkland. The five-story property will be located on the 12-acre site that formerly was home to LifeBridge Church. The project is scheduled for completion in 2019. Revel Kirkland is the 10th senior living community that The Wolff Company has developed since 2016. In 2018, the company plans to invest $300 million to $400 million annually in the development of new independent and assisted living communities, in addition to acquisitions.
GLENDALE, ARIZ., AND LITTLETON, COLO. — A joint venture between Advantage Storage and Harrison Street Real Estate Capital has acquired a two-property self-storage portfolio from a partnership between Wasatch Storage Partners and a private real estate fund advised by Crow Holdings Capital – Real Estate. The price was not disclosed. Together the properties total 147,521 square feet and 1,425 storage units. Both assets feature drive-up units, climate-controlled units, secure fencing with electric access control, 24-hour video surveillance and retail-oriented customer service offices. The portfolio includes the 96,950-square-foot, 955-unit self-storage facility located at 7910 E. Beardsley Road in Glendale, a Phoenix suburb; and the 50,571-square-foot, 470-unit facility located at 11645 W. Belleview Ave. in Littleton, a suburb of Denver. Brian Somoza and Steve Mellon of JLL brokered the sale.
