RICHLAND, WASH. — CBRE has brokered the sale of Badger Mountain Ranch, a multifamily property located 451 Westcliffe Blvd. in Richland. Badger Mountain Apartments I LLC sold the property to Irvine, Calif.-based Starboard Realty Advisors for an undisclosed price. Built in 2013, the property features 176 apartment units in a mix of one-, two- and three-bedroom layouts. Phil Oester, Eli Hanacek, Joe Nydahl and Josh McDonald of CBRE represented the seller in the transaction.
DENVER — Nexus Commercial Real Estate has brokered the sale of Park Plaza Apartments, located at 2250 Josephine St. in Denver. Anchor Josephine LLC acquired the apartment building from Park Plaza Josephine LLC for $3.2 million. The 22-unit building features 20 one-bedroom units, one studio apartment and one two-bedroom unit. Adam Riddle of Nexus represented the seller, while Riddle and Austin Smith, also of Nexus, represented the buyer in the deal.
RENO, NEV. — The Wolff Company has announced plans for Revel Damonte Ranch, a 156-unit independent living community in Reno. The project will be located within the Damonte Ranch mixed-use community. It will be Arizona-based Wolff’s second community in Reno. Wolff plans to open Revel Damonte Ranch in 2020.
BELLEVUE, WASH. — Hodges Ward Elliott has arranged the sale of AC Hotel Seattle Bellevue/Downtown, a hotel located at 208 106th Place NE in downtown Bellevue. Ishin Aju Hotel Bellevue LLC acquired the hotel from WPPI Bellevue AC LLC for $87 million. The seven-story property, which opened in August 2017, features 234 rooms, two levels of underground parking, 1,487 square feet of meeting space, the AC Lounge, the AC Kitchen, the AC Store, the AC Library and a fitness center. Mark Elliott, John Sonnier, Michael DiPrima and Rick Rush of Hodges Ward Elliott represented the seller in the transaction.
LOS ANGELES — Jamison Properties has completed the development of Maya, a multifamily property located at 535 Kingsley Drive in Los Angeles’ Koreatown. Designed by Santa Monica, Calif.-based KFA, the seven-story property features 66 market-rate apartments and six affordable units in a mix of one- and two-bedroom layouts. On-site amenities include bicycle parking, clubhouse, gym, pool, courtyard and rooftop terrace.
HEBER CITY, UTAH — CBRE has secured an undisclosed amount of refinancing for Wasatch Commons Apartments, a 224-unit multifamily community located in Heber City. Andrew Behrens and Jesse Weber of CBRE’s San Francisco office secured the 10-year, interest-only, floating-rate Fannie Mae mortgage on behalf of the undisclosed owner. The property consists of 106 newly renovated one-, two- and three-bedroom units. Residences include walk-in closets, window coverings, private balconies/patios, air conditioning and in-unit washers and dryers. Community amenities include covered parking, a playground, barbecue areas, a heated swimming pool, a hot tub, clubhouse, 24-hour fitness room and guest parking.
SANTA CLARITA, CALIF. — Marcus & Millichap has negotiated the sale of a multi-tenant retail property located at 23460 Cinema Drive in Santa Clarita. A local investor purchased the property from a limited liability company for $9.2 million. At the time of sale, the 32,343-square-foot property was fully occupied. Built in 1997, the property consists of 13 suites anchored by Valencia Laser Blast. Marty Cohan and Neda Rassouli of Marcus & Millichap represented the seller in the deal.
GLENDALE, ARIZ. — Encore Real Estate Investment Services has brokered the sale of a single-tenant retail property located at 5011 W. Union Hills Drive in Glendale. A New York City-based private investor sold the building to an undisclosed New York-based buyer. Walgreens occupies the property on a 25-year absolute triple-net lease with approximately 9.5 years remaining. Brandon Hanna of Encore Real Estate represented the seller, while Brandon Hanna, Deno Bistolarides and Brent Hanna, also of Encore, represented the buyer in the deal. The acquisition price was not released.
MORENO VALLEY, CALIF. — Trammell Crow Co.’s Southern California-Newport Beach office has started construction of a 200,000-square-foot medical office building in Moreno Valley. Riverside University Health System (RUHS) will occupy the three-story facility, which will feature space for specialty physician groups, an outpatient surgery center and expanded pharmacy services. he new medical office building will occupy 17.4 acres on the southern portion of RUHS’s 80-acre medical center campus and feature a single-story, 7,000-square-foot lobby and café. The new outpatient building and the existing medical center will be linked to the new property by a second-floor pedestrian bridge. Completion is slated for 2019.
TIMNATH, COLO. — The Neenan Co. has started construction for The Plaza at Riverbend, a mixed-use retail center in Timnath, a suburb of Fort Collins. The project will total 39,000 square feet and include two freestanding single-story buildings with retail, office and restaurant space. The larger building will feature 23,000 square feet of commercial space. Studio 68 will own 9,307 square feet of space, slated to open by the end of the year. The second facility will feature 16,000 square feet of speculative commercial space. Serving as the project’s developer and design-builder, The Neenan Co. will sell the retail and office condominiums to each end user upon the project’s completion in late 2018.
