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Zen-Senior-Living-Phoenix-AZ
AcquisitionsArizonaMultifamilySeniors HousingWestern

Cushman & Wakefield Brokers $12M Sale of Seniors Housing Community in Phoenix

by Amy Works

PHOENIX — Cushman & Wakefield has arranged the sale of Zen Senior Living, a 99-unit seniors housing community in Phoenix’s Paradise Valley neighborhood. Investment Concepts Inc., a California-based investor, acquired the property from FPA5 Paradise Village, an entity of San Francisco-based FPA Multifamily. The price was $12 million. The two-story, garden-style community was built in 1985 but recently underwent a $1.6 million renovation project. Floor plans average 846 square feet. Jim Crews from the Cushman & Wakefield Phoenix office represented the seller.

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Stadium-Apts-Fort-Collins-CO
AcquisitionsColoradoMultifamilyStudent HousingWestern

FourPoint Arranges Sale of 389-Bed Student Housing Community Near Colorado State University

by Amy Works

FORT COLLINS, COLO. — FourPoint Student Housing Investments has arranged the sale of Stadium Apartments, a 389-bed student housing community located near Colorado State University in Fort Collins. The property offers fully furnished units with shared amenities including outdoor hot tubs, a fitness center, clubhouse and rooftop lounge. Chris Epp, Chris Bancroft and Meredith Wolff of FourPoint represented the seller, CSU Student Housing, in the transaction. A joint venture between an affiliate of Heitman and Timberline Real Estate Ventures acquired the property for an undisclosed price.

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AcquisitionsCaliforniaRetailWestern

Marcus & Millichap Directs $5.6M Acquisition of Diablo Plaza in Novato, California

by Amy Works

NOVATO, CALIF. — Marcus & Millichap has negotiated the purchase of Diablo Plaza, a retail property located in Novato. A limited liability company acquired the asset for $5.6 million. Ethan Pintard of Marcus & Millichap represented the buyer in the deal. The seller was not disclosed. Located at 975 Diablo Ave., the 10,948-square-foot property was fully leased at the time of sale. Tenants include Panda Express, Orangetheory Fitness and Domino’s. The 38,202-square-foot lot also includes 46 parking spaces.

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CaliforniaHospitalityLoansMixed-UseRetailWestern

Meridian Capital Arranges $5.5M in Financing for The Covell Building in Los Angeles

by Amy Works

LOS ANGELES — Meridian Capital Group has secured $5.5 million to refinance The Covell Building, a mixed-use property in Los Angeles. Located at 4642-4632 Hollywood Blvd. the two-story, 15,000-square-foot building features ground-floor retail space and Hotel Covell on the second floor. Tenants include Go Get Em Tiger, Covell Wine Bar and McConnell’s Ice Cream. The boutique hotel features individually curated suites, each featuring a customized theme. Seth Grossman and Andy Strauss of Meridian Capital arranged the 10-year CMBS loan, which features a fixed rate and full-term interest-only payments.

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Matter-Business-Warm-Springs-Las-Vegas-NV
DevelopmentIndustrialNevadaWestern

Matter Real Estate Breaks Ground on 132,450 SF Office/Warehouse Project in Las Vegas

by Amy Works

LAS VEGAS — San Diego-based Matter Real Estate Group has broken ground on Matter Business Park @ Warm Springs, a light industrial office/warehouse project in Las Vegas’ southwest submarket. Situated on 10 acres at 7952 W. Warm Springs Road, the two-building project will feature a total of 132,450 square feet space across condominium-style units with flexible floorplans divisible to 6,000 square feet. Each unit will feature two dock doors and at-grade-level access. Additionally, second-story mezzanine, two dock-level doors and one at-grade door are available in select units. Completion is slated for July 2019. Project partners include Tectonics Design Group, Burke Construction Group, Slate Hanifan, Nuvis and Doherty Industrial Group/Colliers International as broker.

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283-301-327-Curtner-Ave-Palo-Alto-CA
AcquisitionsCaliforniaMultifamilyWestern

Levin Johnston Directs $16.8M Acquisition of Multifamily Property in Palo Alto, California

by Amy Works

PALO ALTO, CALIF. — Levin Johnston of Marcus & Millichap has arranged the purchase of a multifamily community located at 283-301 and 327 Curtner Ave. in downtown Palo Alto. A private high-net-worth investor acquired the property from a Northern California-based multifamily development company for $16.8 million. The 32-unit apartment community features an upgraded community barbecue area and pet-washing station. Adam Levin and Robert Johnston represented the buyer and the seller in the deal.

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Ironwood-Red-Rocks-Littleton-CO
AcquisitionsColoradoMultifamilyWestern

AvalonBay Communities Acquires 256-Unit Ironwood at Red Rocks Near Denver

by Amy Works

LITTLETON, COLO. — AvalonBay Communities, an equity REIT, has purchased Ironwood at Red Rocks, a garden-style multifamily property located in Littleton. Embrey Partners developed and sold the property for an undisclosed price. The property features 256 units in a mix of one-, two- and three-bedroom units, the largest of which averages more than 1,300 square feet. Units feature large kitchen islands, under-mount sinks, granite countertops, stainless steel appliances, full-size washers and dryers, large patios and balconies, and spacious walk-in closets. Community amenities include a clubhouse, state-of-the-art fitness center, indoor yoga with spin bikes, a game room with billiards and shuffleboard, a resort-style pool with tanning ledges and a heated spa, an outdoor kitchen and lounge area with a fire pit, a catering kitchen and dining room, private garages and carports, a bike/ski workshop, and a pet spa. Shane Ozment and Terrance Hunt of Newmark Knight Frank Multifamily represented the seller in the transaction.

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Revel-Nevada-Henderson-NV
DevelopmentMultifamilyNevadaSeniors HousingWestern

Wolff Opens 146-Unit Seniors Housing Community in Metro Las Vegas

by Amy Works

HENDERSON, NEV. — The Wolff Company, a Scottsdale-based private equity firm and multifamily developer, has opened the doors on Revel Nevada. Located in the Las Vegas suburb of Henderson, the three-story independent living property offers 146 units in a mix of one- and two-bedroom options. Clearwater Living will operate the community. The Wolff Company is currently developing numerous senior living communities throughout the country with plans to broaden its portfolio by investing $300 million to $400 million annually in the development of additional communities.

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9645-Aero-Dr-San-Diego-CA
AcquisitionsCaliforniaIndustrialSelf-StorageWestern

Baron Equities Sells 88,000 SF Self-Storage Facility in San Diego’s Kearny Mesa

by Amy Works

SAN DIEGO — Los Angeles-based Baron Equities has completed the sale of Aero Drive Self Storage, located at 9645 Aero Drive in the Kearny Mesa area of San Diego. A well-capitalized national operator acquired the facility for an undisclosed price. The property feature 88,000 square feet of self-storage space. Greg Wells of Cushman & Wakefield’s Self Storage Practice Group represented the buyer and seller in the transaction.

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The-Hubb-Long-Beach-CA
AcquisitionsCaliforniaOfficeWestern

Redwood Partners Acquires 210,428 SF The Hubb Office Property in Downtown Long Beach for $60.5M

by Amy Works

LONG BEACH, CALIF. — Redwood Partners has purchased The Hubb, a creative office property located at 100 W. Broadway in downtown Long Beach. A joint venture between Singerman Real Estate and Ocean West Capital Partners sold the property for $60.5 million. Originally built in 1986, the 210,428-square-foot creative office building underwent a $12 million capital improvement program in 2017. The renovation  included the addition of high and exposed ceilings, operable windows, polished concrete floors and full-height glass lines. The Hubb also features an indoor-outdoor amenity area known as “WorkPark,” which provides a modern outdoor office environment with work tables, seating, lounge chairs and Wi-Fi stations. The property also features an adjacent, six-level parking structure. At the time of sale, the property was 88 percent occupied by a variety of office and retail tenants, including WeWork as the long-term anchor tenant. Kevin Shannon, Ken White, Rob Hannan, Laura Stumm and Michael Moll of Newmark Knight Frank represented the seller, while Bob Safai of Madison Partners represented the buyer in the deal.

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