SPRING VALLEY, CALIF. — Pacific Coast Commercial has facilitated the sale of a retail property located at 620-628 Grand Ave. in Spring Valley. Furniture Environments Inc. acquired the 6,992-square-foot property from Advance Auto Parts. The property was occupied by NAPA Auto & Truck Parts, which vacated upon sale. Tom Hennessy and Scott Coronel of Pacific Coast Commercial represented the seller, while Chris Musgjerd of Savills Studley represented the buyer in the deal.
ENCINITAS AND ESCONDIDO, CALIF. — Poki Poki has signed two leases for new locations in California. The restaurant will occupy 1,240 square feet at Escondido Valley Center, located at 1348 W. Valley Parkway in Escondido, and 896 square feet at Encinitas Marketplace, located at 154 El Camino Road in Encinitas. Beth Sargent and Jon Horning of Flocke & Avoyer Commercial Real Estate represented the tenant in both transactions. Phil Lyons of Cushman & Wakefield represented the landlord at Escondido Valley Center and Manuel Balderrabano of Kimco Realty represented the landlord in the Encinitas deal.
LAKEWOOD, COLO. — Gelt Inc. has acquired a 580-unit apartment portfolio in Lakewood, a western suburb of Denver, for $107 million. The two-property portfolio includes Ascend at Red Rocks and Elevate at Red Rocks. Built in 1981 and located at 13105 W. 2nd Place, Ascend at Red Rocks is comprised of 408 units spanning 16.5 acres. The property offers one-, two- and three-bedroom units ranging from 850 square feet to 1,260 square feet. Built in 2000 and located at 409 Zang St., Elevate at Red Rocks is comprised of 172 units across 9.5 acres. The property features one-, two- and three-bedroom units ranging from 673 square feet to 1,101 square feet. Community amenities at both properties include 24-hour fitness centers, heated swimming pools, recently renovated clubhouses, media and business centers, volleyball courts, BBQ grills and laundry rooms. Ascend and Elevate are located just minutes from the Union Boulevard/Federal Center area, the largest employment center in Lakewood, according to Gelt. Gelt plans to upgrade some of the units by installing vinyl plank flooring, stainless steel appliances and washers/dryers. At Elevate, Gelt will modernize the existing leasing office, clubhouse and playground. The fitness center will be updated at Ascend. A dog park, sports court …
SEATTLE AND FULLERTON, CALIF. — Berkadia has arranged the sale of two student housing properties located in Washington and California for an aggregate price of $146 million. The two properties are AVA University District, located near the University of Washington in Seattle, and Fullerton University Village, located near California State University – Fullerton in Fullerton, roughly 26 miles outside Los Angeles. Kevin Larimer, Greg Gonzalez, Kenny Dudunakis, David Sorensen and Ben Johnson of Berkadia represented the seller, Avalon Bay Communities Inc., in the disposition of AVA University District. The same team worked alongside Shane Shafer of Berkadia to represent the seller, an undisclosed local TIC group, in the Fullerton University Village disposition. The buyers in both transactions were undisclosed.
MODESTO, CALIF. — A private Southern California-based investor has purchased a two-property multifamily portfolio in Modesto for a total of $32.5 million. The portfolio includes the Commons Apartment Homes, a 100-unit community on Standiford Avenue, and Summerview Apartment Homes, a 136-unit community on Prescott Road. Built on a 4.3-acre site in 1989, the Commons is located at 1600 Standiford Ave., while Summerview is situated on a five-acre site on Coffee Road. Alex Mogharebi and Otto Ozen of the Mogharebi Group represented the seller, a Massachusetts-based investor, in this transaction.
BOULDER, COLO. — Blue Moon Capital Partners, a Boston-based private equity investor, has acquired The Carillon at Boulder Creek, a 117-unit seniors housing community near the University of Colorado in Boulder. The price was not disclosed. Blue Moon replaces affiliates of Legacy Capital Partners, an Ohio-based private equity investor, in an existing joint venture. The remaining partners are MGL Partners, a Denver-based real estate developer/investor, and Leisure Care, a seniors housing operator. This marks the second Colorado investment for the Blue Moon, MGL and Leisure Care relationship. Northwestern Mutual provided the debt. MGL led the acquisition and redevelopment of The Carillon in 2006 when it was a nine-story assisted living and nursing care building. MGL completely gutted and renovated the existing structure and added two four-story wings on either side of the original building.
DEPOE BAY, ORE. — An unnamed buyer has acquired the 57-room Quality Inn and Clarion Surfrider Resort in Depoe Bay for $6.2 million. The hotel is located at 3115 NW Highway 101, southwest of Portland. It was built in 1996. The full-service, beachfront hotel has ocean-view rooms and amenities including a spa, fitness center, and free Wi-Fi. Brian Resendez of Bluestone and Hockley represented both the buyer and the seller in this transaction.
LAS VEGAS — CBRE has arranged financing for The Echelon, a 116-unit independent living community in Las Vegas. The borrower is Chicago Pacific Founders, which acquired the property in 2014. Since that acquisition, the new owners have increased occupancy from around 75 percent to 98 percent. Grace Management, a wholly owned subsidiary of Chicago Pacific Founders, operates the community. CBRE secured a non-recourse, five-year, fixed-rate loan that includes 24 months of interest-only payments. A CMBS lender provided the capital. The amount and use of the financing were not disclosed.
LOS ANGELES — Apartment Investment and Management Company (Aimco) (NYSE: AIV) has acquired the remaining interest in a Los Angeles multifamily portfolio for $451.5 million. Aimco already owned 53 percent interest in the properties, and bought the remaining 47 percent from its joint venture partners, institutional investors advised by J.P. Morgan Asset Management. The acquisition now gives Aimco complete ownership of three Palazzo communities. These include the 521-unit Palazzo at Park La Brea, the 611-unit Palazzo East and the 250-unit Villas at Park La Brea. All three communities are situated in the mid-Wilshire area of Los Angeles, about two miles from Beverly Hills, Hollywood and Century City, and six miles from downtown LA and Santa Monica. “We appreciate the mid-Wilshire submarket with its highly educated and high-income customers who value the proximity to transportation, job centers and upscale retail … and where we can see clearly that future development is increasingly difficult,” says Terry Considine, CEO and chairman of Aimco. “We expect to continue the operation of the properties and to redevelop each, over time and at the right time, to serve different and distinctive market segments.” The average age of the units within the Palazzo portfolio is 12 years, …
PHOENIX — Regent Properties has purchased Camelback Commons, a 322,406-square-foot office campus in Phoenix, for $66.4 million. The Class A office property is located at 4722 and 4742 N. 24th St. It was built in 1986 and underwent a $4.5 million renovation in 2015. CBRE’s Barry Gabel and Chris Marchildon represented the seller, a joint venture between McCarthy Cook & Co. and Morgan Stanley Real Estate Investing, in this transaction. CBRE Capital Market’s Debt & Structured Finance team secured the financing for the buyer. The firm has also been retained to lease the property.
