SAN FRANCISCO — Vancouver-based QuadReal Property Group has invested $600 million into a joint venture with San Francisco-based private equity firm GI Partners and Chicago-based CA Student Living to invest in U.S. student housing. The JV is starting with a 10-property portfolio managed by CA Student Living, including several properties set to deliver this fall. The JV will also acquire and develop in additional properties that are in CA’s development pipeline. Though QuadReal is an established investor in commercial real estate, the investment marks the company’s entry into the U.S. student housing market. Western-based assets under the JV include Rise on Apache at Tempe near Arizona State University, Uncommon at Fort Collins near Colorado State University and Identity at Reno near the University of Nevada-Reno, all of which will open this fall.
NORTH LAS VEGAS, NEV. — VanTrust Real Estate has commenced construction on a new building at Northgate Distribution Center in North Las Vegas. The 170-acre site is located at 4410-4490 Nexus Way. This is the fifth of eight buildings VanTrust intends to erect on the site, which will eventually feature 3.2 million square feet of distribution space. This building is scheduled for completion by December. Martin Harris Contracting is building the property, which HPA Architecture designed.
REDONDO BEACH, CALIF. — The 184-unit Homewood Suites by Hilton has opened in Redondo Beach. The hotel is located at 2430 Marine Ave. The new property offers studio, one- and two-bedroom accommodations with fully equipped kitchens and separate living and sleeping areas. The hotel also provides complimentary breakfast, an evening social Monday through Thursday, Wi-Fi and grocery shopping service. Common-area amenities include an outdoor pool, whirlpool, sports court, fire pit, grill area and fitness center. The property also offers 1,157 square feet of flexible space for meetings and social events. Mogul Capital developed the property, which Evolution Hospitality manages.
PHOENIX — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged the sale of three seniors housing properties near Phoenix. The portfolio includes two skilled nursing facilities and an independent and assisted living facility. The names of the properties, buyer and seller were not disclosed. In connection with the transaction, Harborview arranged $37.4 million in HUD financing for the buyer. The loan features a 35-year term at a fixed rate. Eli Kutner originated the loan, along with the firm’s principals Ephraim Kutner and Jonathan Kutner.
DENVER — Union Investment has purchased the Triangle Building, a 21,000-square-foot office building in Denver, for $154 million. The building is situated directly opposite Union Station in the Lower Downtown district. The Triangle Building is 98 percent leased to tenants like media firm Liberty Global, WeWork and software company AutoDesk. The seller was a joint venture between an affiliate of Starwood Capital Group and East West Partners.
SANTA CLARA, CALIF. — Buchanan Street Partners has purchased the Bayland Building, a 116,000-square-foot office building in Santa Clara, for $32 million. The property is located at 2953 Bunker Hill Lane, near Levi’s Stadium. The Bayland Building is fully leased to four tenants, including Inphi Corp. Buchanan plans to modernize the building systems, update common areas and increase on-site amenities to attract and retain Silicon Valley’s innovative workforce. The firm represented itself, while Eastdil Secured represented the seller, Sleepy Hollow Investment Co., in the transaction.
BRUSH, COLO. — Lancaster Pollard has closed $34.7 million in financing for the refinancing and expansion of Eben Ezer Lutheran Care Center in Brush, approximately 90 miles northeast of Denver. In addition to refinancing existing debt with long-term, fixed-rate financing, the loan will allow for construction of 46 units of memory care in three buildings, a 54-unit assisted living building and new physical therapy area. The expansion will also include a new kitchen, laundry and central receiving facilities, as well as the demolition of several existing structures. Rob McAdams led the transaction for Lancaster Pollard.
SPRING VALLEY, CALIF. — Covenant Retirement Communities has opened Peterson Life Center, a $19.1 million expansion at Mount Miguel Covenant Village in the San Diego suburb of Spring Valley. The Peterson Life Center will serve as a hub for Mount Miguel’s 400-plus residents. The property features an enclosed courtyard, three dining venues, an art studio and gallery, library, wellness center and fitness studio, outdoor pool with two lap lanes, a hot tub, and locker rooms. For entertainment and social gatherings, there’s a 24-seat movie theater, game and billiards room, kids’ corner for visiting children and more. Construction for the 33,082 square-foot, two-story, Spanish-style building started in 2014. Residents at Mount Miguel span the continuum of care. Peterson Life Center is named after Paul Peterson, retired Covenant president and former Mount Miguel administrator. Covenant is the sixth largest nonprofit seniors housing provider, featuring 15 communities in 10 states. It is a ministry of the Evangelical Covenant Church.
LOS ANGELES — Ready Capital Structured Finance has closed a $3.6 million non-recourse loan for an 8,500-square-foot office asset in Los Angeles. The property is located at 2818 La Cienega Ave. in Culver City. The borrower plans to renovate the property, which features open floor plans and an outdoor courtyard on the second floor. The interest-only loan features a 24-month term with one extension option and flexible pre-payment options. It includes a facility to provide for capital expenditures, tenant improvements, leasing commissions, and interest and carry reserves.
SAN DIEGO — American Assets Trust Inc., a San Diego-based REIT, has acquired Pacific Ridge, a 533-unit apartment complex near the San Diego coastline, for $232 million. The sale is one of the largest multifamily transactions in San Diego history, according to Berkadia, which brokered the transaction. Pacific Ridge is a Class A luxury community located on 15 acres with unobstructed ocean views. Carmel Partners developed the 577,147-square-foot property, which opened in 2010. Outdoor amenities include Moroccan-styled common areas, lounges, two saltwater pools and spas, an outdoor grill and dining pavilion, yoga deck, bocce court, fire pits, jogging trail and dog walk. Indoor amenities include a wine bar, coffee bar, demonstration kitchen, fitness center, tanning studio, board sport and bicycle storage, saltwater aquarium and concierge. The property is located near San Diego International Airport, SeaWorld San Diego and Petco Park, home of Major League Baseball’s San Diego Padres. Berkadia cited a declining unemployment rate — falling 60 basis points year-over-year to 4 percent at the end of February — as a reason for San Diego’s attractiveness as a market. Ed Rosen, John Chu, Kyle Pinkalla and Erin Dammen of Berkadia represented the seller, identified only as “a San Francisco-based entity,” …