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Alexan-Uptown-Denver-CO
AcquisitionsColoradoMultifamilyWestern

Equity Residential Acquires 372-Unit Alexan Uptown Apartment Tower in Denver

by Amy Works

DENVER — Equity Residential has acquired Alexan Uptown, a luxury apartment tower located at 1935 Logan St. in Denver’s Uptown neighborhood. Trammel Crow Residential sold the 12-story property for an undisclosed price. Completed in 2017, the tower features 372 units in a mix of studio, one- and two-bedroom floor plans averaging 771 square feet. Individual units feature high-end finishes, including premium cabinetry, quartz countertops, stainless steel appliances, oversized windows, high ceilings, mudrooms, custom closets and balconies. On-site community amenities include a resort-style pool and spa with views of downtown, Coors Field and the Rocky Mountains; a state-of-the-art fitness center with yoga, cross training and spin studios; a fifth-floor games lawn; clubhouse; catering kitchen; resident lounge; business center; pet spa; and electric car charging stations. Jordan Robbins and Anna Stevens of HFF represented the seller and procured the buyer in the deal. The acquisition marks Equity’s re-entry into the Denver market since exiting in area in January 2018.

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Summerwood-Condos-Orem-UT
AcquisitionsMultifamilyStudent HousingUtahWestern

Joint Venture Acquires 282-Bed Student Housing Community Near Utah Valley University

by Amy Works

OREM, UTAH — A joint venture between Millstream Partners and Redstone Residential has acquired Summerwood Condos, a 282-bed community located near Utah Valley University in Orem. The property was built in 2003 and is set to undergo a complete renovation and rebranding. Unit interiors will be updated with new furniture and appliances; new flooring; fresh paint; quartz countertops; and a gigabit Internet upgrade. Exterior upgrades will include the addition of a new fitness center and clubhouse; a triple-decker hot tub; fire pit; and refreshed outdoor living amenities. The property was purchased under a Freddie Mac green program. In accordance, the new ownership will be installing equipment to reduce water consumption by more than 50 percent and will install solar panels to offset common area electric expenses. The seller in the transaction and a timeline for renovations were undisclosed.

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AcquisitionsCaliforniaMultifamilySeniors HousingWestern

Cadence Living Acquires Seniors Housing Community in Bay Area, Plans Renovations

by Amy Works

MILLBRAE, CALIF. — Cadence Living, a senior living development and management company based in Arizona has acquired Marymount Greenhills Retirement Center an undisclosed price. The independent living, assisted living and memory care community is located in Millbrae, a suburb near the San Francisco International Airport. The new owner has rebranded the property as Cadence Millbrae and plans extensive renovations for the next year. The project is part of the city’s plans to redevelop areas into hubs for commercial and residential activity. The renovation project will include fully modernized apartments and common-area corridors, as well as renovation of all common area spaces such as the dining room, activity spaces, and lobby. Cadence Living currently owns and operates communities in California and is expanding its footprint throughout the South and West.

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DevelopmentNew MexicoRestaurantRetailWestern

Sapir Real Estate Development Breaks Ground on $45M Snow Heights Retail Project in Albuquerque

by Amy Works

ALBUQUERQUE, N.M. — Sapir Real Estate Development has broken ground on the first phase of Snow Heights Promenade, a retail and entertainment project in Albuquerque. The $45 million phase will include a skyline live entertainment stage that will feature live DJ’s, concerts, comics, family movies, magic and puppet shows. In addition, Snow Heights Promenade will feature a children’s play area, dog park, restaurants, pubs, entertainment venues and retailers. Signed tenants at the development include Altitude Trampoline Park, Alamo Theaters, Fatburger, Outback Steakhouse, Juice It Up, Joe’s Pizzeria, U Choose Tacos, Divalish Desserts and Albuquerque Fitness Center, among others. The second phase of the project will include a $100 million office building with a rooftop dining experience. Sapir Real Estate Development expects to deliver the first phase of the project in January 2019.

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729-S-Park-View-St-Los-Angeles-CA
AcquisitionsCaliforniaDevelopmentMixed-UseMultifamilyRetailWestern

Charles Dunn Co. Arranges $2.8M Sale of Land Parcel for Multifamily Development in Los Angeles

by Amy Works

LOS ANGELES — Charles Dunn Co. has arranged the sale of a development site located at 729 S. Park View St. in Los Angeles. Salem Missionary Baptist Church sold the asset to Safeco LLC for $2.8 million. The 18,000-square-foot site features a 4,100-square-foot building, which the seller formerly occupied. The buyer, which owns an adjacent parcel, plans to develop 150 residential units and potentially ground-floor retail at the site. Chris Giordano, Chris Steck and John Anthony of Charles Dunn Co. represented the seller and buyer in the deal.

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Woodland-Crossroads-Woodland-CA
AcquisitionsCaliforniaRetailWestern

El Tigre Holdings Acquires Woodland Crossroads Shopping Center in Sacramento Valley for $18M

by Amy Works

WOODLAND, CALIF. — Affiliates of El Tigre Holdings has purchased Woodland Crossroads, a shopping center located in Woodland within the Sacramento Valley. Woodland Crossroads TIC – Engstrom Properties sold the asset for $18 million. Originally developed in 1985 with K-Mart as its anchor, the property was substantially redeveloped in 2016 with Grocery Outlet as its new anchor. Current tenants include Ross Dress for Less, Party City, Harbor Freight and Tractor Supply. Dan Wald and Don LeBuhn of Cushman & Wakefield’s The Wald | LeBuhn Team represented the seller, while the Yorba Linda, Calif., office of Keller Williams represented the buyer in the deal.

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AcquisitionsCaliforniaRetailWestern

Benderson Development Buys Vacant Retail Property in Bay Area for $15.6M

by Amy Works

EMERYVILLE, CALIF. — Benderson Development has acquired a retail property located at 3938 Horton St. in Emeryville, a city between Berkeley and Oakland, Calif., for $15.6 million. Toys ‘R’ Us and Babies ‘R’ Us formerly occupied the now-vacant property. The asset is part of the East Bay Bridge Shopping Center, situated at the convergence of interstates 880, 580 and 80/San Francisco – Oakland Bay Bridge.

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De-Soto-Industrial-Los-Angeles-CA
CaliforniaIndustrialLoansWestern

KeyBank Funds $17M in Financing for Los Angeles Warehouse Facility

by Amy Works

LOS ANGELES — KeyBank Real Estate Capital has funded a $17 million CMBS first-mortgage loan for De Soto Industrial, a warehouse facility located in the Chatsworth neighborhood of Los Angeles. Built in 1983, the multi-tenant property features 129,550 square feet of warehouse space and 21,280 square feet of office space. Josh Berde of Key’s Commercial Mortgage Group arranged the non-recourse, fixed-rate financing with a 10-year term, five-year interest-only payment period and a 30-year amortization schedule. The undisclosed borrower used the loan to refinance existing debt.

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LoansMultifamilySeniors HousingUtahWestern

Live Oak Bank Provides $5M Financing for Two Assisted Living Communities Near Salt Lake City

by Amy Works

MILLCREEK, UTAH — Live Oak Bank has provided $5 million in financing. The borrower, All Seasons Health Services Co., will use the funds to acquire two assisted living properties in the Salt Lake City suburb of Millcreek. The two properties were built in 2013 and 2016 and feature 20 and 24 beds, respectively. Each stabilized community operates under the BeeHive Homes franchise system. The principal of the borrower lives in the area and is an operator of six BeeHive Homes locations in Utah. Live Oak’s loan package features a fully amortizing 25-year term. The bank sourced the financing in collaboration with Brady Johnson of Hunt Real Estate Capital.

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Pomona-Tech-Center-Pomona-CA
AcquisitionsCaliforniaOfficeWestern

LNR Partners Divests 44,187 SF Office Building in Pomona Valley

by Amy Works

POMONA, CALIF. — LNR Partners has completed the sale of Pomona Tech Center, an office building located at 3201 Temple Ave. in Pomona. A private buyer acquired the asset for $6.5 million, or $147 per square foot. The two-story, 44,187-square-foot building features institutional-quality, steel-frame improvements with a recently renovated vaulted lobby, mountain and valley views, and ample surface parking. Additionally, the property offers immediate access to Orange County and the Inland Empire. At the time of sale, the property was 89 percent leased to six tenants, with national credit tenants St. Joseph Health and Henkels & McCoy occupying 46 percent of the building. Jeffrey Cole, Ed Hernandez and Nico Napolitano of Cushman & Wakefield’s Capital Markets Group, along with Sean Kern and Ryan Russell of Cushman & Wakefield, represented the seller in the transaction.

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