Western

Fremont Hills Development Receives $65M Construction Loan for Mixed-Use Project in Fremont, California

by Amy Works March 15, 2018

FREMONT, CALIF. — Fremont Hills Development Corp. has received a $65 million construction loan for the development of a mixed-use project in Fremont. Parkview Financial provided the loan. Designed by Hoover Associates Architects and situated on 12.9 acres, the development will feature 158 multifamily units and 53,900 square feet of retail space. Community amenities will include a private second-floor courtyard, and a landscaped playground and park area with trails. Each unit will feature central air, in-unit laundry facilities, stainless appliances, quartz countertops, engineered hardwood floors and a private deck.

March 15, 2018

Loans Multifamily Seniors Housing Washington Western

CBRE Arranges $26.4M Acquisition Financing for 138-Unit Seniors Housing Community in Washington

by Amy Works March 15, 2018

KENNEWICK, WASH. — CBRE has arranged $26.4 million in financing for the acquisition of Fieldstone Grandridge and Fieldstone Memory Care, a 138-unit assisted living and memory care community in Kennewick, located in the southeast portion of the state. A joint venture between Bourne Financial Group and Cascadia Senior Living is the borrower. The community is composed of two facilities constructed in separate phases between 2015 and 2016. Cascadia will continue to operate the property following the acquisition. Aron Will of CBRE National Senior Housing arranged the seven-year, fixed-rate loan with 36 months of interest-only payments. A national bank provided the capital. Bourne is a real estate private equity company founded in 2014 in Winter Park, Fla. Cascadia is a Washington-based operator founded in 2013.

March 15, 2018

Acquisitions California Retail Western

Paragon Commercial Sells Single-Tenant Retail Property in California for $4.3M

by Amy Works March 15, 2018

SAN CLEMENTE, CALIF. — Paragon Commercial Group has completed the disposition of a retail property located in San Clemente. An undisclosed buyer acquired the property for $4.3 million. The freestanding drive-thru retail property is on a long-term absolute triple-net lease with JPMorgan Chase Bank. Patrick Luther, Matthew Mousavi, Garret Colburn and Michael Fowle of SRS Real Estate Partners represented the seller, while Luther and Mousavi also represented the buyer in the transaction.

March 15, 2018

Acquisitions Multifamily Oregon Student Housing Western

Horizon Realty Advisors Buys 179-Unit Student Housing Property Near the University of Oregon

by Amy Works March 15, 2018

EUGENE, ORE. — Horizon Realty Advisors has purchased Chase Crossing, a 179-unit student housing community located near the University of Oregon campus in Eugene. The company purchased the asset from Chase Crossing LLC for an undisclosed price. The property offers studio and one-bedroom units. Phil Oester, Joe Nydahl and Josh McDonald of CBRE brokered the transaction on behalf of the seller. Benjamin Roelke, also with CBRE, arranged $19.1 million in long-term financing on behalf of Horizon Realty Advisors for its HRA Opportunity Fund. The 10-year, fixed rate loan provided by CBRE through Freddie Mac featured an index rate lock at loan application and five years of interest-only payments.

March 15, 2018

Colorado Multifamily Western

Besyata Investment, The Scharf Group Purchase Apartment Community in Denver for $65.5M

by Amy Works March 14, 2018

DENVER, COLO. — Besyata Investment Group and The Scharf Group have acquired One Dartmouth Place, an apartment community located in Southeast Denver, for $65.5 million. The seller was not disclosed. BH Management will handle the day-to-day property management and leasing of the 418-unit property.

March 14, 2018

Multifamily Seniors Housing Washington Western

Wolff Plans 152-Unit Seniors Housing Community Near Seattle

by Amy Works March 14, 2018

KIRKLAND, WASH. — The Wolff Company, an Arizona-based developer, has announced plans for Revel Kirkland, a 152-unit independent living community for seniors in the Seattle suburb of Kirkland. The five-story property will be located on the 12-acre site that formerly was home to LifeBridge Church. The project is scheduled for completion in 2019. Revel Kirkland is the 10th senior living community that The Wolff Company has developed since 2016. In 2018, the company plans to invest $300 million to $400 million annually in the development of new independent and assisted living communities, in addition to acquisitions.

March 14, 2018

Acquisitions Arizona Colorado Industrial Self-Storage Western

JV Acquires Two-Property Self-Storage Portfolio in Arizona, Colorado

by Amy Works March 14, 2018

GLENDALE, ARIZ., AND LITTLETON, COLO. — A joint venture between Advantage Storage and Harrison Street Real Estate Capital has acquired a two-property self-storage portfolio from a partnership between Wasatch Storage Partners and a private real estate fund advised by Crow Holdings Capital – Real Estate. The price was not disclosed. Together the properties total 147,521 square feet and 1,425 storage units. Both assets feature drive-up units, climate-controlled units, secure fencing with electric access control, 24-hour video surveillance and retail-oriented customer service offices. The portfolio includes the 96,950-square-foot, 955-unit self-storage facility located at 7910 E. Beardsley Road in Glendale, a Phoenix suburb; and the 50,571-square-foot, 470-unit facility located at 11645 W. Belleview Ave. in Littleton, a suburb of Denver. Brian Somoza and Steve Mellon of JLL brokered the sale.

March 14, 2018

California Loans Multifamily Seniors Housing Western

NorthMarq Arranges $29.3M Construction Financing for Seniors Housing Community in California

by Amy Works March 14, 2018

VISALIA, CALIF. — NorthMarq Capital has arranged $29.3 million in financing for the construction of Quail Park at Shannon Ranch, a 120-unit seniors housing property in Visalia, located between Los Angeles and the Bay Area. Living Care Lifestyles, the Kaweah Delta Hospital and several local investors own the property. Living Care Lifestyles will operate the community upon completion in early 2019. Stuart Oswald of NorthMarq secured the five-year loan through a regional bank.

March 14, 2018

Acquisitions Industrial Washington Western

Bixby Land Co. Buys Industrial Building in Metro Seattle for $18.7M

by Amy Works March 14, 2018

SUMNER, WASH. — Newport Beach, Calif.-based Bixby Land Co. has purchased an industrial building located at 1800 Fryar Ave. in Sumner. Panattoni Development sold the property, which is included within Seattle’s Kent Valley industrial submarket, for $18.7 million. Built in 2017, the 55,660-square-foot property is leased to Cummins Inc., a company that designs, manufactures and distributes engines and power generation products. The transaction represents part of a strategic investment initiative by Bixby to acquire $400 million in leased warehouse and distribution buildings in the Western United States over the next two to three years. Brett Hartzell of CBRE represented the seller, while Bixby was self-represented in the deal.

March 14, 2018

California Multifamily Top Stories Western

Bascom Group Acquires 235-Unit Apartment Community in Southern California for $75.3M

by Camren Skelton March 14, 2018

OXNARD, CALIF. — The Bascom Group LLC has acquired Tempo at RiverPark Apartments, a 235-unit multifamily property in the Southern California community of Oxnard, for $75.3 million. Constructed in 2016, the community is located within RiverPark, a 704-acre master-planned development that is home to residential units, elementary and middle schools, retail and entertainment options, community parks, jogging trails pedestrian paths, and playgrounds. In addition, Tempo at RiverPark is situated within walking distance of The Collection, a retail destination that houses tenants such as Whole Foods Market, Target, REI, H&M and Century Cinemas. “Tempo was a rare opportunity to acquire a core asset in a very desirable coastal market in Ventura County at a discount to today’s replacement cost,” says Scott McClave, senior principal of Bascom. “The quality of the asset, proximity to employment and market fundamentals were extremely attractive to us.” Tempo at RiverPark includes a mix of one-, two- and three-bedroom floor plans that feature stainless steel appliances, quartz countertops and custom tile backsplashes. Community amenities include a 24/7 fitness center, yoga and spinning rooms, coffee bar, swimming pool, poolside cabanas and outdoor grilling stations. “The community was built by a very reputable national developer and is well designed and …

March 14, 2018

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