LAS VEGAS — TruAmerica Multifamily has purchased the 420-unit Montego Bay apartment community in the Las Vegas submarket of Henderson for $51.1 million. Montego Bay was built in 1990. The Class B community is located at 1050 Whitney Ranch Drive. TruAmerica plans to renovate the property. The renovation will target the interior units, as well as exterior and common areas. The company now owns about 1,000 rental units within the Las Vegas Valley.
DENVER — Oak Coast Properties and BMC Investments have purchased The Artisan Townhomes and Apartments, a 434-unit community in Denver, for $50.8 million. The community is located at 10025 E. Girard Ave. It is situated near Dayton Station, the Denver Tech Center and the Southeast Business Corridor. The Artisan has received nearly $3.2 million in capital improvements since 2013. It was built in 1973. Renovation plans are in place that will tackle the clubhouses, air conditioning, pools, landscaping, carports, and exterior paint and siding. BLDG Management, an affiliate of BMC Investments, will manage the property. HFF secured a loan for the JV. HFF’s Jordan Robbins and Jeff Haag also represented the seller, Peak Capital Partners, in this transaction.
DUBLIN, CALIF. — Ethan Allen has opened a new 7,200-square-foot location at 5170 Dublin Blvd. in Dublin, located in the Bay Area. The design center, which opened in January, joined Whole Foods Market, Nordstrom Rack, Home Goods, Starbucks Coffee and Sur La Table at Persimmon Place. Ethan Allen operates three other design centers in the San Francisco Bay Area, including Concord, San Mateo and Corte Madera, as well as two stores in the South Bay area. Tom Power of SRS Real Estate Partners represented Ethan Allen, while Doug Shaffer provided in-house representation for the landlord, Regency Centers, in the transaction.
LOS ANGELES — Blueprint Healthcare Real Estate Advisors has arranged the sale of Keiro Senior HealthCare, a four-property, 642-unit seniors housing portfolio in Los Angeles. Pacifica Cos., a private investment firm based in San Diego, bought the portfolio from Keiro, a nonprofit owner/operator, for $41 million in an all-cash transaction. The Keiro portfolio consists of two skilled nursing facilities totaling 398 beds, a 90-bed intermediate care facility and a 154-unit independent living facility. In addition to the healthcare properties, the portfolio includes a 23,000-square-foot administrative building as well as a 6,000-square-foot auditorium and recreation center on the primary campus. The Keiro properties target the Japanese-American seniors demographic in Southern California. Pacifica will lease the two skilled nursing facilities to Aspen Healthcare. Christopher Hyldahl led the Blueprint team on the transaction.
LAKEWOOD, COLO. — Kensington Real Estate Group has sold Fairfield Commons, a 144,000-square-foot shopping center located in Lakewood, to an affiliate of Phillips Edison Group for $34.3 million. A newly developed Sprouts Farmer’s Market anchors the center. Other tenants include Planet Fitness, T.J. Maxx, Chili’s Bar & Grill, Black-eyed Pea, Starbucks Coffee, Rue 21, Red Wing Shoes and Citi Financial.
CULVER CITY, CALIF. — Niki Properties has completed the disposition of a single-tenant, 32,873-square-foot retail building located at 5660 W. Sepulveda Blvd. in Culver City. An undisclosed buyer acquired the property for $23.5 million. Situated on 2.6 acres, the property is triple-net leased to Sprouts Farmers Market through 2025. Gleb Lvovich, Nick Foster, CJ Osbrink and Bryan Ley of HFF represented the seller in the transaction.
LOS ANGELES — Buchanan Street Partners has provided a $12.9 million loan to Cadence Capital Investments for the purchase of five buildings on Sunset Boulevard in Hollywood. The borrower is in pre-development to deliver a multi-story building on the property that is pre-leased to Gelson’s Market, an upscale regional grocer. Scheduled to open in first quarter 2018, the new store location will be Gelson’s second in Hollywood.
PLAYA VISTA, CALIF. — CBRE Group has arranged a 20,682-square-foot lease for clothing retailer Fred Segal in Playa Vista. Located at 12751 W. Millennium with the Runway Playa Vista project, the new flagship store will join Whole Foods Market, Studio MDR and Yogaworks at the mixed-use development. Runaway Playa Vista includes 217,000 square feet of retail space, 33,000 square feet of office space and 420 apartments. Zachary Card of CBRE represented the landlord, while Jay Luchs of Newman Grubb Knight Frank represented the tenant in the transaction.
LAGUNA NIGUEL, CALIF. — In a joint venture with Fremont Realty Capital, Steadfast Cos. is developing Crestavilla, a luxury 201-unit independent living, assisted living and memory care community in the Los Angeles suburb of Laguna Niguel. The three-story, Spanish Colonial-style building will house 61 independent living units, 115 assisted living units and 25 memory care units. The building is situated on 11.5 acres. Holliday Fenoglio Fowler L.P. (HFF) arranged $27.9 million of joint equity venture capital and a $67.7 million construction loan through a local bank for the project. James Fowler, Ryan Maconachy an Chad Lavender led the HFF team in the financing.
SAN DIEGO — Jonathan Segal FAIA & Development Co. has received $12.5 million in permanent financing for Mr. Robinson, a newly constructed mixed-use residential and retail project in San Diego’s Hillcrest neighborhood. HFF secured the 15-year, fixed-rate loan for the borrower and developer through Aegon USA Realty Advisors. Completed in 2016, the 42,923-square-foot Mr. Robinson features 36 apartment units, two ground-floor retail units with large outdoor patio spaces and a parking garage. The two- and three-bedroom residential units average 1,080 square feet. Aldon Cole of HFF secured the financing for the borrower.
