Western

Bethel Development Building Affordable Seniors Housing Community in Phoenix

by Nellie Day November 9, 2017

PHOENIX — Bethel Development has selected Rainbow Housing Assistance Corp. to provide services for The Revello, a 76-unit senior living complex in Phoenix. The project is currently under construction, with a planned completion in 2019. The Revello is funded by low income housing tax credits (LIHTC) allocated by the Arizona Department of Housing in 2017. This will be the fourth property Rainbow will operate for Bethel, and the second seniors housing community. The Revello is owned by Revello Housing LLC and will comprise one four-story building totaling approximately 81,000 square feet. The 76 units will include one- and two-bedroom units designed for the elderly. Rainbow will provide programming for seniors at the property such as computer training, financial literacy workshops, health promotion and disease prevention.

November 9, 2017

California Multifamily Student Housing Western

Texla Housing Partners Sells Element Sacramento Near CSU Sacramento

by Nellie Day November 9, 2017

SACRAMENTO, CALIF. — Texla Housing Partners has sold the Element Sacramento, which is situated near the campus of California State University, Sacramento. Texla purchased the asset in December 2015 through its VerTex Student Housing Partners JV with Harrison Street Real Estate Capital. Built in 2004, Element Sacramento contains 288 units and 792 beds. It features a mix of one- to four-bedroom units. Over the hold period, Texla’s management arm, VerTex Student Housing Management, executed interior capital improvements that ultimately produced returns of about 57 percent and an equity multiple greater than 2x.

November 9, 2017

California Loans Multifamily Western

G.H. Palmer Receives $266.7M Refinancing for LA Multifamily Portfolio

by Nellie Day November 8, 2017

LOS ANGELES — G.H. Palmer has obtained a $266.7 million refinancing for a four-property multifamily portfolio in Los Angeles. The portfolio contains a total of 1,359 units. Properties featured in the portfolio include Skyline Terrace Apartments at 930 Figueroa Terrace and Pasadena Park Place at 101 Bridewell St., along with River Ranch Townhomes and Apartments at 18005 Anne’s Circle and The Terrace at 21311 Alder Drive in Santa Clarita. The refinancing was completed as seven-year, fixed-rate, interest-only, non-recourse loans at 3.54 percent interest with a 65 percent loan-to-value ratio. Gary M. Tenzer of George Smith Partners arranged the financing.

November 8, 2017

Colorado Multifamily Western

Hamilton Zanze Buys 238-Unit Apartment Complex in Colorado for $60M

by Nellie Day November 8, 2017

ENGLEWOOD, COLO. — Hamilton Zanze has purchased the 238-unit Oxford Station apartment complex in Englewood for $60 million. The community is located at 4101 S. Navajo St. The asset features two five-story buildings that offer a mix of studio to two-bedroom units. Oxford Station was 96 percent occupied at the time of sale. Community amenities include a fitness center with virtual workout classes, skylevel entertainment lounge, social lounge, zen lounge, pet washing station and dog park, on-site secure storage, enclosed bicycle parking, pool with hot tub and barbeque area, outdoor gaming area, bike, ski and board repair station, and structured parking. CBRE’s David Potarf represented Hamilton Zanze.

November 8, 2017

California Retail Western

NewMark Merrill Acquires 116,832 SF Retail Center in Southern California

by Nellie Day November 8, 2017

PLACENTIA, CALIF. — NewMark Merrill Cos. LLC has acquired Placentia Town Center, a 116,832-square-foot shopping center in Placentia, a city in Southern California. The sales price was not disclosed. Marshall’s, Ross Dress for Less and CVS/pharmacy anchor Placentia Town Center, which was 96 percent leased at the time of sale to tenants including Bank of America, Massage Envy, Baskin Robbins, The Whole Enchilada, Avalon Bagels & Burgers, Philly’s Best and Craftsman Pizza. Sandy Sigal, Jim Patton, Brad Pearl, Sandra Kist and Susan Rorison of NewMark Merrill represented the company internally in the transaction, with support from Alex Kozakov of CBRE. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark Knight Frank represented the seller, Retail Properties of America Inc.

November 8, 2017

Multifamily New Mexico Seniors Housing Western

MorningStar, Confluent Begin Construction of 85-Unit Seniors Housing Community in Santa Fe

by Nellie Day November 8, 2017

SANTA FE, N.M. — Co-developers MorningStar Senior Living and Confluent Senior Living have broken ground on MorningStar of Santa Fe, an assisted living and memory care community in Santa Fe. The 71,000-square-foot property will feature 56 assisted living suites and 29 memory care suites. The community will be located on four acres within a mixed-use development known as the St. Francis Drive Corridor. The project represents the 10th joint venture between Denver-based developer, owner and operator MorningStar and Denver-based investment and development firm Confluent. Confluent will own the finished community, which MorningStar will operate. Rosemann & Associates is serving as the architect for the new development and New Mexico-based Bradbury Stamm Construction is the general contractor. MonrningStar of Santa Fe is scheduled for completion in fall 2018.

November 8, 2017

California Retail Western

Hanley Investment Group Arranges $2.7M Sale of Single-Tenant Retail Property in Palmdale, California

by Nellie Day November 8, 2017

PALMDALE, CALIF. — Hanley Investment Group has arranged the $2.7 million sale of a 24,695-square-foot retail property net-leased to Harbor Freight Tools in Palmdale, 70 miles north of Los Angeles. Mehran Foroughi of Colliers International represented the buyer, a private investor from Newport Beach, in the transaction. Jeremy McChesney represented the seller, Sage Investco. The property was constructed in 1957 and recently renovated. Harbor Freight Tools has more than 11 years remaining on the primary lease term with 10 percent rental increases and multiple five-year options.

November 8, 2017

California Office Western

Pinnacle RED Group Submits Plans for Mixed-Use High Rise in Oakland

by Nellie Day November 7, 2017

OAKLAND, CALIF. — Pinnacle RED Group has announced plans to build a mixed-use, two-tower high rise in Oakland. The 36-story property would be built at 1261 Harrison and, if completed, will be the tallest building in Oakland, according to the developers. The project will feature 185 units of market-rate and affordable housing, 120,000 square feet of Class A office space and 12,000 square feet of commercial/retail space. Lowney Architecture will design the project.

November 7, 2017

Industrial Oregon Western

Meriwether Partners Acquires 329,474 SF Industrial Campus in Oregon for $26.5M

by Nellie Day November 7, 2017

TUALATIN, ORE. — An affiliate of Meriwether Partners has acquired a 329,474-square-foot industrial campus in Tualatin for $26.5 million. The three-building property is located at 19855-19866 S.W. 124th Ave. The asset is fully leased to Nortek Air Solutions. It serves as the company’s headquarters and manufacturing facility. Nortek utilizes the facility for a variety of services including sales, research, development, project management, engineering, fabrication, manufacturing, powder coating, assembly and shipping. The campus features 32,913 square feet of office space, 39 grade-level doors, 14 dock doors, heavy power, LED lighting, rail service and 291 surface parking spaces. Jim Lewis, Gary Griff and Aaron Watt of Cushman & Wakefield represented Norek. Stu Peterson and Rhys Conrad of Macadam Forbes represented the seller, Huntair Properties, in this transaction.

November 7, 2017

Arizona Hospitality Western

AC Hotel by Marriott to Join Mixed-Use Center in Downtown Phoenix

by Nellie Day November 7, 2017

PHOENIX — AC Hotel by Marriott will be added to Arizona Center, a mixed-use entertainment destination in downtown Phoenix’s. The 200-room hotel will be built on a 49,190-square foot parcel on 5th Street between Fillmore and Van Buren streets. The 31-story tower is slated to begin construction in 2018. LaPour Partners is developing the hotel. Parallel Capital Partners own Arizona Center.

November 7, 2017

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