SAN DIEGO — JPI has obtained a $103.5 million construction loan for the 172-unit Jefferson Pacific Beach apartment community in San Diego. The community is situated on a three-acre site of the former Guy Hill Cadillac dealership, directly adjacent to Mission Bay Park. The property will feature luxury apartments, as well as 14,000 square feet of ground-floor retail and creative office space. Groundbreaking is scheduled for late September 2017. PCCP provided the construction loan.
CHICO, CALIF. — SC Student Housing has broken ground on The Urban, a 108-bed student housing community located near the California State University, Chico campus in Chico. The property will offer three-bedroom townhome units with bed-to-bath parity. Shared amenities will include a rooftop deck, spa, plunge pool, barbecue area and arcade. Modern Building Inc. is building the property, which Entwood Property Management will operate. Completion is slated for June 2018.
SAN JACINTO, CALIF. — Progressive Real Estate Partners has arranged the $4.9 million sale of Dollar General Town Center, a 27,112-square-foot retail center located in the Inland Empire community of San Jacinto. Dollar General anchors the fully occupied center. Greg Bedell of Progressive represented the seller, a private Huntington Beach-based investor, in the 1031 exchange transaction. Rob Sauser of PMZ Commercial represented the buyer, a private family trust based in Newport Beach.
CORONA, CALIF. — Six new tenants are set to open at Metro at Main, a mixed-use development located at North Main and Rincon streets in Corona. Tenants set to open include a 1,845-square-foot Coffee Bean & Tea Leaf; a 3,138-square-foot America’s Best Vision; a 1,398-square-foot Poki Cat; an 859-square-foot Organic Junkie; a 1,337-square-foot Meraki Salon; and a 1,199-square-foot Union Barber & Beer Lodge. The project features over 60,000 square feet of retail and 868 luxury residential units. Paul Galmarini and Gretchen Lastra of Progressive Real Estate Partners represented the landlord in the transactions.
DENVER — AvalonBay Communities has purchased the 252-unit the Lodge Denver West apartment complex for $76.8 million. The community is located at 14125 Denver W. Circle in the Denver submarket of Lakewood. The Lodge Denver West was built in 2016. The acquisition marks AvalonBay’s entry into the Denver metropolitan area.
CENTNENIAL, COLO. — A joint venture between MBC Partners and Rob Mossburg, Bill Booth and Chris Copps of Corient Venture Partners has opened the 146-room WaterWalk hotel in Centennial. The 123,378-square-foot asset is located at 11400 E. Peakview Ave. The property is a hybrid hotel and apartment concept. It was originally planned as a corporate site but is now the company’s first franchise location to open. WaterWalk combines the space and comfort of apartment living with the services of an upscale hotel. Business travelers can stay for a few nights or several months during relocations, training or projects. Rooms feature fully equipped modern kitchens, full-size in-room washers and dryers, housekeeping and customized breakfast options. Other amenities include an on-site fitness center, 300 DirecTV channels, internet and 24/7 front desk service. WaterWalk was created by entrepreneur Jack DeBoer, founder of Residence Inn (now Marriott), Candlewood Suites, Value Place/WoodSpring Suites and Summerfield Suites (now Hyatt House). This is the second WaterWalk property. The first opened in Wichita, Kan., in November 2014.
TEMPE, ARIZ. — Chicago-based CA Student Living has completed seven student housing communities comprising more than 3,600 beds. Located in six different states, the communities opened throughout August and, together, are 96 percent leased for the upcoming academic year. Recent deliveries include RISE on Apache, an 833-bed community located near Arizona State University in Tempe; Identity Reno, a 325-bed community located near the University of Nevada, Reno in Reno; and Uncommon Fort Collins, a 247-bed community located near Colorado State University in Fort Collins, among other communities. CA Student Living plans to complete another seven communities comprising 2,200 beds in 2018 and an additional eight properties with 4,100 beds in 2019.
MISSOULA, MONT. — Campus Advantage has been awarded management of ROAM, a 498-bed student housing community currently under development near the University of Montana in Missoula. The property is the first purpose-built student housing complex to serve the University of Montana, according to Campus Advantage. Shared amenities will include a bike and ski tuning shop, outdoor kitchens with grilling stations, a fire pit and an expansive fitness center. Austin-based Catalyst will also manage brand development alongside Campus Advantage. The property is scheduled to open next fall.
LOS ANGELES — Casper, an online mattress retailer, has launched a multi-city retail expansion in more than a dozen locations across North America, including Los Angeles. This marks Casper’s first significant investment in a company-owned retail presence across the U.S. The new shops will showcase Casper’s offerings, including allowing shoppers to experience the mattresses, pillows and sheets. The pop-up shops are scheduled to launch in October 2017 and will be open through spring of 2018 in Los Angeles, New York, Chicago and other major metropolitan areas.
IRVINE and SAN CLEMENTE, Calif. — Two major healthcare REITs — Irvine-based HCP Inc. (NYSE: HCP) and San Clemente-based CareTrust REIT Inc. (NASDAQ:CTRE) — have separately announced that none of their properties in Texas received any significant damage due to Hurricane Harvey. However, HCP did note that three of its seniors housing communities were evacuated. CareTrust evacuated one property as well. Harvey swept through the country this week, causing major flooding, particularly in the Houston metro. HCP’s preliminary assessment indicates “either no or limited damage due to Hurricane Harvey.” The company did evacuate three seniors housing communities due to some water intrusion. Remediation work has already begun, with re-opening expected in a few days. HCP also noted that all damage to its properties will be covered by insurance. “Our thoughts go out to the many people impacted by this devastating storm,” commented Tom Herzog, HCP’s president and CEO. “Brookdale and our other operating partners, along with our on-site teams, were well-prepared and continue to work diligently to ensure the safety of our residents and tenants.” CareTrust reported that its seven properties in the area experienced no damage, but did evacuate The Courtyard Rehabilitation and Healthcare Center in Victoria, Texas, due …
