Western

Dedeaux Properties Breaks Ground on $38M Echelon Business Park in the City of Industry

by Nellie Day August 3, 2017

CITY OF INDUSTRY, CALIF. — Dedeaux Properties has broken ground on Echelon Business Park, a 246,543-square-foot warehouse facility in the City of Industry. The $38 million development will be located at 821 Echelon Court. Echelon Business Park’s seven free-standing buildings range between 27,438 square feet and 43,166 square feet. They include two-story office space, ample dock-height loading and configurations for loading shipping containers, all inside a modern, secured campus. Construction is scheduled for completion in the first quarter of 2018.

August 3, 2017

California Multifamily Seniors Housing Western

CBRE Brokers $6.8M Sale of 28-Unit Seniors Housing Community in Brea

by Nellie Day August 3, 2017

BREA, CALIF. — CBRE has arranged the sale of Williams Senior Apartments, a 28-unit age-restricted community in the Los Angeles suburb of Brea, for $6.8 million. Restoration Enhancement acquired the property from a private seller in a 1031-exchange transaction. The property was recently upgraded and is located near the Brea Downtown entertainment center, which features 350,000 square feet of retail, shops, restaurants, entertainment and nightlife.

August 3, 2017

California Loans Retail Top Stories Western

Westwood Financial Receives $171M in Financing for 13-Property Retail Portfolio

by John Nelson August 3, 2017

LOS ANGELES — Westwood Financial, a shopping center investment firm based in Los Angeles, has received $171 million in financing in two separate loan transactions. The company will use the debt to refinance or fund acquisitions for 13 retail properties totaling nearly 1.1 million square feet in Arizona, California, Florida, Georgia, Illinois, North Carolina and Texas. Nationwide Life Insurance Co. provided a $94 million loan for Westwood Financial to refinance or acquire seven multi-tenant retail shopping centers, including: • the 77,043 square-foot Camelback Village anchored by AJ’s Fine Foods in Phoenix; • the 116,707-square-foot Elk Crossing anchored by Jewel-Osco in Elk Grove, Ill., near Chicago; • the 97,229-square-foot Atascocita Center anchored by Kroger in Humble, Texas, near Houston; • the 101,791-square-foot Market at Lake Houston anchored by H-E-B in Atascocita, Texas, near Houston; • the 87,632-square-foot Lynwood Collection anchored by Kroger in Raleigh, N.C.; • the 55,323-square-foot, Trader Joe’s-anchored Arbors at Mallard Creek in Charlotte, N.C.; and • the 47,518-square-foot Village at Preston Hollow shadow-anchored by Central Market in Dallas. Additionally, an undisclosed, major life insurance firm provided a $77 million loan for the refinancing of six properties, including: • the 89,506-square-foot Mercado del Rancho anchored by Sprouts Farmers Market …

August 3, 2017

Arizona Multifamily Western

JV Sells Ovation at Tempe Apartment Community for $36M

by Nellie Day August 2, 2017

TEMPE, ARIZ. — A joint venture between Passco Cos. and InSite Property Ventures has sold the 270-unit Ovation at Tempe to an undisclosed buyer for $36 million. The community is located at 4502-4505 S. Hardy Drive in Tempe. The JV initially acquired the asset for $25.8 million in 2014. Rents in metro Phoenix have increased by 5.6 percent over this past year alone, according to the sellers. The JV implemented a series of interior and exterior improvements to the apartment community during its ownership. This included upgrading unit interiors, constructing additional carports, and enhancing the property’s exterior and community amenities.

August 2, 2017

Multifamily Student Housing Washington Western

Nelson Brothers Acquires 184-Bed Community Near Washington State University

by Nellie Day August 2, 2017

PULLMAN, WASH. — Nelson Brothers Professional Real Estate LLC has acquired College Crest Apartments, a 184-bed student housing community located near Washington State University in Pullman. The garden-style community offers two-, three- and four-bedroom units. Highland Realty Capital Inc. served as the broker for the transaction. Calmwater Capital provided $7.6 million in senior debt for the acquisition of the property and for renovations, to include unit upgrades and the conversion of 39 three-bedroom units into four-bedroom units.

August 2, 2017

California Multifamily Western

James Investment Partners Buys The Terraces Apartment Community in San Francisco for $21.1M

by Nellie Day August 2, 2017

SAN FRANCISCO — James Investment Partners has acquired The Terraces, a 72-unit, condominium-quality development in the East Bay community of El Sobrante, for $21.1 million. The community is located at 6000 Sunhill Circle. The Terraces was built in phases beginning in 1991. It was expanded in 2003. All units are about 1,000 square feet and feature two-bedroom floor plans with private garages. Community amenities include a swimming pool, Jacuzzi spa and a playground. There is an opportunity to convert the existing leasing office into a fitness center. Brandon Geraldo and Ryan Wagner of Colliers International represented both the buyer and seller, an affiliate of Abacus Capital Group, in this transaction.

August 2, 2017

Nevada Office Western

Nevada Childhood Cancer Foundation, The Caring Place Open in Las Vegas

by Nellie Day August 2, 2017

LAS VEGAS — DC Building Group has completed construction on the Nevada Childhood Cancer Foundation and The Caring Place, which assists thousands of Southern Nevada residents every year. The 15,578 square-foot facility is located at 3711 E. Sunset Road. The facility will be referred to as the “Britney Spears Campus” due to her generous fundraising efforts of more than $1 million. The new structure combines more than 45 pediatric and adult services that were previously housed in two locations. Construction began on April 17. A grand opening celebration is scheduled for this October. The Nevada Childhood Cancer Foundation provides social, educational, financial and psychological support services and programs to families of children diagnosed with life threatening or critical illnesses. Penta Building Group acted as subcontractor, while Almany Architecture designed the space.

August 2, 2017

California Loans Multifamily Western

Walker & Dunlop Closes $289M in Loans for California Multifamily Portfolio

by Nellie Day August 1, 2017

LOS ANGELES — Walker & Dunlop has closed $289 million in loans for 21 multifamily properties across California. The portfolio contains a total of 2,189 units in major metropolitan areas like San Francisco, San Jose, San Diego and Los Angeles. More than half of the communities contain project-based Section 8 Housing Assistance Payments Contracts. The other 10 assets qualify for Fannie Mae’s Green Rewards Program, where new investments in water and electrical systems will reduce the properties’ environmental impact. Peggy Griffith, a Walker & Dunlop preferred correspondent, sourced the transaction.

August 1, 2017

California Loans Multifamily Western

OpenPath Investments Obtains $52M Loan for the Eleven Hundred Apartments in Sacramento

by Nellie Day August 1, 2017

SACRAMENTO, CALIF. — OpenPath Investments has obtained a $52 million loan for the 565-unit Eleven Hundred Apartments in Sacramento. The financing is part of Freddie Mac’s Green Up program, which supports environmental improvements to properties. The Class B community is located at 1100 Howe Ave. and was first constructed in 1961. Since 2015, the property has undergone renovations including more than $6.5 million in improvements and repairs to common areas and the interiors of 535 units. The borrower plans to invest an additional $400,000 into the property, half of which will be allocated to green upgrades. The 10-year Freddie Mac loan was structured with five years of interest-only payments and a 75 percent loan to value. Walker & Dunlop structured the financing.

August 1, 2017

California Loans Multifamily Western

Capital One Provides $47.2M Refinancing for Chesapeake Commons Apartments in Rancho Cordova

by Nellie Day August 1, 2017

RANCHO CORDOVA, CALIF. — Capital One has provided a $47.2 million refinancing for the 600-unit Chesapeake Commons apartment complex in the Sacramento submarket of Rancho Cordova. The Wasatch Group has owned the property since February 1997. It has invested in upgrading exteriors, community amenities and individual units. The seven-year, Fannie Mae fixed-rate loan features full-term, interest-only payments.

August 1, 2017

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