Western

Trion Properties Purchases 88-Unit Apartment Community in Fremont for $26.5M

by Nellie Day October 4, 2017

FREMONT, CALIF. — Trion Properties has purchased an 88-unit multifamily property in Fremont for $26.5 million. The community is located at 4445 Stevenson Blvd. in East Bay, within the northern part of Silicon Valley. The apartment community is situated less than five miles from Fremont’s Tesla factory, which currently employs more than 6,000 people and encompasses 5.3 million square feet. The Fremont City Council recently approved a 4.6 million-square-foot expansion of the Tesla factory, which is predicted to bring 3,100 new workers to the area. Shivu Srinivasan of NAI Capital represented Trion Properties, while Victor Makras of Makras Real Estate represented the seller, the Jones Family, in this transaction.

October 4, 2017

California Multifamily Western

Sherry Lane Garden Homes in Santa Ana Trades for $19.8M

by Nellie Day October 4, 2017

SANTA ANA, CALIF. — Montgomery Partners has acquired the 62-unit Sherry Lane Garden Homes in Santa Ana for $19.8 million. The community is located at 1920 Sherry Lane. The property was built on 9.8 acres in 1964 near the 5, 22 and 55 freeways. Joseph Berkson of Marcus & Millichap represented both the buyer and unnamed seller in this transaction.

October 4, 2017

Colorado Multifamily Western

Dwell Apartments in Denver Sells for $12.8M

by Nellie Day October 4, 2017

DENVER — A private capital firm has acquired the 53-unit Dwell Apartments in Denver for $12.8 million. The community is located at 600 – 624 N. Pennsylvania St. in the Capitol Hill neighborhood. The unit mix includes studios, one- and two-bedroom apartments that range from 505 to 829 square feet. Community amenities include a swimming pool, gym and off-street parking. Jacob and Nick Steele of Marcus & Millichap represented both the buyer and seller, another locally based private capital client, in this transaction.

October 4, 2017

Arizona Office Western

Scottsdale Investment Management Buys West Phoenix Office Building

by Nellie Day October 4, 2017

PHOENIX — Scottsdale Investment Management has purchased a 38,238-square-foot office building in West Phoenix for an undisclosed sum. The property is located at 8800 N. 22nd Ave. It is fully occupied by the Department of Economic Security’s Family Assistance Administration division, which coordinates programs to support Arizona families in need. The space was built in 1986. Mindy Korth, Kirk Kuller and John Barnes of Colliers International and Greg Bamford of Bamford Southwest represented the locally based seller in this transaction.

October 4, 2017

Arizona Multifamily Western

Bascom Acquires Apartment Portfolio in Arizona for $70.2M

by Nellie Day October 3, 2017

TUCSON, ARIZ. — Bascom Arizona Ventures has acquired three apartment communities in Tucson and Sierra Vista for $70.2 million. The communities include the 290-unit Springs at Silverbell, the 196-unit Springs at Continental Ranch and the 186-unit La Entrada in Tucson. All three properties offer a resort-style swimming pool, relaxing spa, 24-hour fitness center, business center and private garages. Bascom Arizona Ventures assumed the existing HUD loans for all three properties. Hamid Panahi of Marcus & Millichap represented the buyer and seller in the portfolio transaction. The on-site property management will be overseen by Arizona-based Morrison, Ekre & Bart Management Services.

October 3, 2017

Colorado Multifamily Western

Castle Lanterra Buys Mountain Vista Apartments in Lakewood for $38M

by Nellie Day October 3, 2017

LAKEWOOD, COLO. — Castle Lanterra Properties has purchased Mountain Vista, a 257-unit apartment community located at 474 S. Wright St. in Lakewood, for $38 million. Built in 1973, the property has undergone renovations in 221 units. It is situated near Green Mountain Open Space and Matthews Winters Park, which contains nearly 5,000 acres of open space and 30 miles of hiking and biking trails. Shane Ozment, Terrance Hunt, Jeff Hawks and Doug Andrews of ARA Newmark represented the seller, Jackson Square Properties, in the transaction.

October 3, 2017

Multifamily Oregon Western

Virtu Investments Purchases Barclay Village in Oregon City for $18.7M

by Nellie Day October 3, 2017

OREGON CITY, ORE. — Virtu Investments has purchased the 146-unit Barclay Village apartments in Oregon City for $18.7 million. The community is located at 775 Cascade St., just south of Portland. Built in 1987, Barclay Village features a mix of one- and two-bedroom units with an average size of 989 square feet. The asset was 97 percent occupied at the time of sale. About half of the units have received modest renovations upon turnover. CBRE’s Phil Oester, Joe Nydahl and Josh McDonald represented the seller, Barclay Cascade Investors, in the transaction.

October 3, 2017

Arizona Industrial Western

Pinnacle Peak Commerce Center in Phoenix Sells for $14.1M

by Nellie Day October 3, 2017

PHOENIX — Nicola Crosby has purchased Pinnacle Peak Commerce Center, a 93,725-square-foot flex/industrial property in Phoenix, for $14.1 million. The facility is located at 23751 N. 23rd Ave., near Interstate 17. All the tenants are relatively new occupants of the building, requiring extensive tenant improvements. Darren Tappen, Peter Beauchamp, Mike Ciosek and Eric Bell of Kidder Mathews represented both the buyer and the seller, Orsett Properties, in the transaction.

October 3, 2017

California Multifamily Seniors Housing Western

Killefer Flammang Architects Completes $12M Conversion of Historic Church to Affordable Seniors Housing

by Nellie Day October 3, 2017

LONG BEACH, CALIF. — Killefer Flammang Architects (KFA) has completed Immanuel Place, an affordable seniors housing community in the Bluff Heights Historic District of Long Beach. The $12 million project converted the 90-year-old Immanuel Church into a 31,000-square-foot, 25-unit community. Thomas Safran & Associates developed the property. The adaptive reuse project preserved the church’s stained-glass windows, pipe organ and three-story sanctuary. The development also moved an adjacent home to another area of Long Beach, making room for a parking lot. Immanuel Place was financed through a combination of Low Income Housing Tax Credit equity from Union Bank, an Infill Grant from the California State Department of Housing and Community Development, a loan from the U.S. Department of Housing and Urban Development (HUD), HOME Investment Partnership Program funds from the City of Long Beach/The Long Beach Community Investment Co., a loan from the Community Development Commission of the County of Los Angeles and funds from the Federal Home Loan Bank. KFA is an architecture and design firm specializing in urban infill and adaptive reuse projects. The company is based in Santa Monica, Calif.

October 3, 2017

California Office Top Stories Western

CBRE Global Investors Acquires 940,564 SF Office Campus in Silicon Valley on Behalf of JV

by Katie Sloan October 3, 2017

SANTA CLARA, CALIF. — CBRE Global Investors has acquired The Campus @ 3333 – Phase III, a 940,564-square-foot, four-building office campus located at 3333 Scott Blvd. in Santa Clara. Situated within the prestigious Silicon Valley district, the property was acquired on behalf of a joint venture between Korea Post and another undisclosed client. The sales price and seller were undisclosed, but media outlets are reporting that Menlo Equities and Beacon Capital Partners, co-developers of The Campus, sold Phase III for $610 million. The newly constructed LEED Silver-certified campus is fully leased to Palo Alto Networks, a cybersecurity firm, and serves as its headquarters. The property features a dedicated 30,485-square-foot amenity building with a full-service cafeteria, conference center, outdoor amphitheater, dedicated open space, outdoor dining and collaborative meeting space, 200 electric vehicle charging stations, bicycle storage, a grass picnic area and access to a fitness center. “The San Jose market has experienced broad-based growth primarily driven by the rapid and sustained technology boom in Silicon Valley,” says Gardner Ellner, senior director of Commercial Acquisitions-Americas at CBRE. “As a result, vacancy rates have dramatically declined to the lowest levels since 2000, and tenants are actively moving to submarkets such as Santa Clara …

October 3, 2017

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