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CaliforniaMultifamilyTop StoriesWestern

Essex Apartment Homes Acquires 24-Story Mixed-Use Property in San Jose

by Nellie Day

SAN JOSE, CALIF. — An affiliate of Essex Apartment Homes (NYSE: ESS) has purchased 360 Residences, a 24-story, mixed-use residential and retail tower in downtown San Jose. The purchase price was $133.5 million, according to Silicon Valley Business Journal. The mixed-use asset is located at 360 Market St., situated one mile from Google’s proposed office campus as well as the future downtown San Jose and Diridon BART stations. The transit-oriented property also provides access to Interstates 280, 680 and 880, U.S. Highway 101 and State Highway 87. 360 Residences was built in 2010. It features 213 ultra-luxury condominium units with high-end finishes and floor plans that average 1,320 square feet. Community amenities include a resort-style pool, fitness center, community lounge with chef’s kitchen, and executive business center with conference room and concierge services. The asset also contains 10,167 square feet of ground-floor retail that is fully leased. The seller, Capri Capital Partners LLC, purchased 360 Residences from Kennedy Wilson for $118 million in April 2012. HFF’s Scott Bales, Peter Yorck and Miles Kersten represented Capri in this transaction. San Mateo, Calif.-based Essex Apartment Homes is a self-administered and self-managed REIT that owns, operates, manages, acquires, develops and redevelops apartment communities …

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ColoradoMultifamilyWestern

Oak Coast Buys 384-Unit Apartment Community in Denver for $52.5M

by Nellie Day

DENVER — Oak Coast Properties has purchased a majority interest in the 384-unit Villas on 76th apartment community in Denver for $52.5 million. The property is located at 2002 W. 76th Ave. Villas features a playground, pet park, swimming pool and newly renovated clubhouse. The seller, BMC Investments, will maintain a minority interest in the project. BLDG Management, an affiliate of BMC Investments, will continue to operate the property. BMC acquired Villas on 76th in 2013. At that time, the company made investments to complete deferred maintenance and update the look and feel of the community.

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CaliforniaOfficeWestern

Clarion Partners, Lincoln Property Co. Open 200,000 SF Creative Office Building in Santa Monica

by Nellie Day

SANTA MONICA, CALIF. — Clarion Partners and Lincoln Property Co. have opened The Pen Factory, a 200,000-square-foot creative office project. The building is located at 2701 Olympic Blvd. in Santa Monica. The property was originally built in 1957 as the Paper Mate plant. The adaptive-reuse project is now a creative office community that encourages a casual, open and flexible work environment for growing companies. The new design separates space into two buildings with mezzanine levels. It features energy-efficient roofing and skylights along with industrially scaled curtain walls. Morley Builders built the project, which Skidmore Owings & Merrill designed.

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LoansMultifamilyWashingtonWestern

Love Funding Provides $29.8M Refinancing for Pimlico Apartments in Pullman

by Nellie Day

PULLMAN, WASH. — Love Funding has provided a $29.8 million refinancing for the 361-unit Pimlico Apartments in Pullman. The community is located at 1455 NE Brandi Way. Pimlico Apartments features one- to three-bedroom units with private balconies. It was built in 2013 and 2014. Brian Robertson of Love Funding has secured the loan through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. The HUD program provided the development team with long-term, non-recourse financing.

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OfficeUtahWestern

JV Plans Lone Peak Plaza Office Building in Lehi

by Nellie Day

LEHI, UTAH — Gardner Co., Staker Co., WPI, CBC Advisors and L&T have unveiled plans for Lone Peak Plaza, a five-story office building in the North Utah submarket of Lehi. The Class A building is located at 3851 North Thanksgiving Parkway. Lone Peak Plaza will feature floor-to-ceiling glass, basketball courts, lockers and showers. Nature’s Sunshine Products has signed a long-term lease at the project.

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ColoradoMultifamilySeniors HousingWestern

OZ Architecture Redesign of Community in Brush, Colorado Progresses to Next Phases

by Nellie Day

BRUSH, COLO. — OZ Architecture has launched its design plan for phases two through four of the Eben Ezer Lutheran Care Center in Brush, located approximately 90 miles northeast of Denver. The new phases are part of a 10-step master plan for redesigning the 100-year-old seniors housing community. Phase II involves designing the new short-term rehabilitation and long-term skilled nursing facility, with the addition of two wings of 14 beds each. There will also be a small amenity node with a living room, dining room, country serving kitchen and physical therapy gym. Phase III includes the addition of a commercial kitchen, receiving areas and staff areas for maintenance and management. Phase IV will add 28 memory care units, each with access to a shared living space. Here, residents with a higher level of acuity will have access to a courtyard wandering garden and spa, with a more robust nursing component. The designs have also eliminated dead-end corridors, and increased security elements throughout. Last year, Eben Ezer selected OZ Architecture to complete the design of its two-story building. Spanning 54,000 square feet, the goal is to increase the overall capacity and elevate the design of the existing campus. The new assisted living …

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ArizonaFloridaMultifamilySoutheastTop StoriesWestern

Investcorp Acquires Six-Property Multifamily Portfolio in Florida, Arizona for $350M

by Katie Sloan

ORLANDO, FLA., JACKSONVILLE, FLA., AND PHOENIX — The U.S. real estate investment arm of Investcorp has acquired six multifamily properties in Florida and Arizona for $350 million. Acquisitions include Highpoint Club and Montevista at Windermere, which together total 708 units in Orlando; Aqua Deerwood, a 616-unit, garden-style community located in the Southside neighborhood of Jacksonville; and Arcadia Cove, Tuscany Palms and Midtown on Main, which total 1,486 units in the Phoenix metropolitan area. The seller in the transaction was undisclosed. Highpoint Club and Montevista at Windermere in Orlando offer one- and two-bedroom units. Shared amenities at both properties include a resort-style pool with cabanas, state-of-the-art fitness center, internet café with coffee bar, dog park and clubhouse. Arcadia Cove, located in Phoenix, offers one-, two- and three-bedroom units. Tuscany Palms and Midtown on Main, located about 18 miles east of Phoenix in Mesa, offer a mix of one- and two-bedroom units. Shared amenities at each property include a resort-style pool and fitness center. “The U.S. multifamily market remains attractive for new investment opportunities,” says Herb Myers, managing director of real estate investment at Investcorp. “This recently acquired portfolio builds upon our strong track record of investing in multifamily properties in growth …

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CaliforniaMultifamilyWestern

Kennedy Wilson Buys 210-Unit Latitude Apartments in Happy Valley for $58M

by Nellie Day

HAPPY VALLEY, ORE. — Kennedy Wilson has purchased the 210-unit Latitude Apartments in Happy Valley for $58 million. The community is located at 11282 S.E. Causey Circle. Latitude Apartments was built in two phases between 2008 and 2014. It is situated near Clackamas Town Center. Amenities include a dog run and grooming station, electronic parcel lockers, bike repair station, fitness facility, pool, basketball court and direct-entry garages. HFO represented both the buyer and the seller, the Reliant Group, in this transaction.

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CaliforniaMultifamilySeniors HousingWestern

Living Care Lifestyles Breaks Ground on 120-Unit Community in Visalia

by Nellie Day

VISALIA, CALIF. — Living Care Lifestyles has broken ground on Quail Park at Shannon Ranch, a 120-unit independent living and memory care community in Visalia, located in the San Joaquin Valley midway between Los Angeles and San Francisco. Navigator Development Group is developing the property. Living Care Lifestyles, Kaweah Delta Health Care District, Shannon Senior Care LLC and BTV Senior will be co-owners once the project is completed. Teter A+E and Fresno/Visalia are providing architectural and design services. The project is scheduled for completion in early 2019. Living Care Lifestyles was founded in 1999 and has senior living communities in California, Washington, Texas and Oregon.

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CaliforniaIndustrialWestern

Omnia Pacific Construction Completes Renovation at Industrial Project in Montebello

by Nellie Day

MONTEBELLO, CALIF. — Omnia Pacific Construction has completed renovations on a 21,000-square-foot industrial property in Montebello. The project included a series of tenant improvements. Omnia Pacific will now commence work on an 8,000-square-foot tenant improvement project at a Los Alamitos office building.

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