Western

Oak Coast Properties Acquires 959-Unit Apartment Complex in Denver for $129M

by Katie Sloan November 9, 2016

DENVER — Oak Coast Properties has acquired Pembrooke on the Green Apartments, a 959-unit multifamily community located in Denver, for $129 million. The 37-building property is located at 10700 E. Dartmouth Ave., close to the Denver Technological Center, downtown Denver, Fitzsimons Life Science District and Denver International Airport. The community was 95 percent occupied at the time of sale, and offers a mix of studio, one- and two-bedroom units with fireplaces, frost-free refrigerators and walk-in closets. Shared amenities at the complex include a barbecue and picnic area, a business center, carports, two clubhouses, community kitchen, dog park, fitness center, two heated swimming pools, sauna, laundry rooms, playground, soccer field, splash park and walking path. The company has set aside $1.9 million for capital improvements, which will include upgrades to landscaping and outdoor furniture; concrete and stair repairs; roof and gutter repairs; steel fixes; exterior upgrades to the leasing office, pools, clubhouses and laundry rooms; and mechanical work including electrical and plumbing. Renovations are scheduled to begin immediately. Charles Halladay, Lee Redmond and Brock Yaffe of HFF’s debt placement team assisted in securing a $103 million Freddie Mac loan for the acquisition of the property. Miami-based Pensam Residential provided a portion of the …

November 9, 2016

Arizona Multifamily Western

Broadstone Sixteen 75 Apartments in Phoenix Sells for $60M

by Nellie Day November 8, 2016

PHOENIX — ConAm Asset Management Corp. has acquired Broadstone Sixteen 75, a 225-unit apartment complex in Phoenix, for $60 million. The Class A community is located at 1675 E. Morten Ave. Broadstone Sixteen 75 was built in 2015. Amenities include a two-story fitness center with an indoor bike maintenance shop, private pool and spa with cabanas, outdoor gaming area, and direct-access podium-style parking garage. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller, Alliance Residential, in this transaction.

November 8, 2016

Multifamily Oregon Western

Brookline Investment Group Acquires Sunfield Lakes Apartments Near Portland

by Nellie Day November 8, 2016

PORTLAND, ORE. — Brookline Investment Group has purchased the 200-unit Sunfield Lakes apartment community in the southwest Portland suburb of Sherwood for an undisclosed sum. The community is located at 16100 S.W. Century Drive. Notable employment hubs in the area include Tualatin/Sherwood industrial hub, Legacy Meridian Park Medical Center, LAM Research Corp. and the Wilsonville submarket. Sunfield Lakes features an outdoor pool, hot tub, 24-hour fitness center, lounge and business center. HFF’s Ira Virden and Carrie Kahn represented the seller, Berkshire Group, in this transaction.

November 8, 2016

Office Oregon Western

CBRE Global Investors Purchases the Park Square Office Campus in Portland

by Nellie Day November 8, 2016

PORTLAND, ORE. — CBRE Global Investors has purchased the Park Square Campus, a 295,767-square-foot office campus in downtown Portland, for an undisclosed sum. The Class A campus is located at 100 S.W. Market St. The property is 97.5 percent leased to investment-grade tenants with a weighted average lease term of 8.7 years. Park Square contains an 8,000-square-foot great room connecting the two buildings, a patio, onsite restaurant, updated lobby and secure bicycle parking with lockers, as well as 24-hour security and card key access. CBRE purchased the asset on behalf of a European separate account client.

November 8, 2016

Arizona Multifamily Western

FW Group Buys Dorinda Vista in Tucson for $27.9M

by Nellie Day November 8, 2016

TUCSON, ARIZ. — FW Group has purchased the 254-unit Dorinda Vista apartments in Tucson for $27.9 million. The community is located at 7596 N. Mona Lisa Road. Dorinda Vista was built in 1998. Major nearby attractions include Omni Tucson National Resort and the Foothills Mall. The top employers in the area include the Omni resort, the Tucson Mall and Northwest Hospital. Art and Clint Wadlund of Berkadia represented the seller, Prime Residential, in this transaction.

November 8, 2016

California Multifamily Western

California Landmark Group Breaks Ground on $30M D1 Apartment Development in LA

by Nellie Day November 8, 2016

LOS ANGELES — California Landmark Group has broken ground on D1, a 68-unit luxury apartment complex in the Los Angeles submarket of Marina del Rey. The $30 million community is located at 4210 Del Rey Ave. within the Marina Arts District. The development will feature a mix of open concept studios, as well as one-, two- and three-bedroom floor plans, ranging in size from 740 square feet to 1,640 square feet. Common area amenities will include a gym, business center, meeting areas, outdoor lounge spaces, and a 3,000-square-foot rooftop pool deck with unobstructed city and ocean views. D1 will be completed in fall 2018. PK Architecture designed the project.

November 8, 2016

Market Reports Office Washington Western Western Market Reports

Seattle’s Office Market Remains Healthy

by Camren Skelton November 8, 2016

Seattle is on the rise, and companies are thriving in the downtown core and surrounding submarkets. Seattle’s office market is one of the healthiest in the country. Leasing continues to be led by a robust technology sector that’s fueled by both the expansion of homegrown companies and the addition of engineering offices from mostly California-based companies. These companies have established significant footprints in Seattle as they have been able to attract, hire and retain workers from a talented employee pool. Institutions like the University of Washington continue to produce additional engineering graduates from an expanding computer science program, and companies have had great success recruiting talent eager to move from across the country and internationally to the Puget Sound region. Traditional brick-and-mortar companies like Sears, Best Buy and Starbucks are all working in Seattle to monetize the use of electronic devices. Many new companies to the market like Snapchat, Airbnb and, most recently, Pinterest, have opened their first Seattle locations in co-working spaces. The collaborative nature of the co-working environment is also popular among startups. These companies are often created by former employees of some of the region’s longstanding heavyweights. Amazon has had a significant ripple effect on the region, …

November 8, 2016

Features Heartland Feature Archive Midwest Northeast Northeast Feature Archive Southeast Southeast Feature Archive Texas Texas & Oklahoma Feature Archive Top Stories Western Western Feature Archive

Forecast Survey: What’s Your Take on Real Estate in 2017?

by John Nelson November 8, 2016

REBusinessOnline.com is conducting a brief online survey of brokers, lenders and the owner/developer/manager community to gauge market expectations for 2017, and we welcome your participation. This survey should only take a few minutes to complete. The results will appear as a news feature story in the January 2017 issues of the regional publications. Questions cover a variety of topics, ranging from the outlook for investment sales and leasing activity in 2017 to development and lending opportunities to interest rates. Note: We prefer to attribute comments we quote from open-ended responses, however you may respond anonymously if you prefer. To take our 2017 broker survey, please click here To take our 2017 developer/owner/manager survey, please click here To take our 2017 lender survey, please click here Thanks for your participation! Matt Valley Editorial Director of Regional Real Estate Publications France Media, Inc.

November 8, 2016

California Multifamily Student Housing Western

Kayne Anderson Real Estate Sells 6,000-Bed Student Housing Portfolio

by Nellie Day November 7, 2016

LOS ANGELES — Los Angeles-based Kayne Anderson Real Estate Advisors has sold a portfolio of seven student housing properties totaling nearly 6,000 beds to Singapore-based Mapletree Investments Pte Ltd. The purchase price was undisclosed. The portfolio includes 13th & Olive, a 1,308-bed community located near the University of Oregon in Eugene; Lofts at City Centre, a 1,225-bed community located near the University of Alabama in Tuscaloosa; Capstone Cottages of San Marcos, an 899-bed community located near Texas State University in San Marcos; The View on 10th, a 718-bed community located near Baylor University in Waco, Texas; One12 Courtland, a 717-bed community located near Georgia State University in Atlanta; The Flats at West Village, a 622-bed community located near the University of Virginia in Charlottesville; and Fuse, a 489-bed community located near Purdue University in West Lafayette, Indiana. Each property in the portfolio was built within the last three years, and features amenities including common rooms, game areas, reading rooms, gyms and swimming pools. Mapletree now owns a total of 32 student housing assets in the U.S. and the U.K.

November 7, 2016

Idaho Multifamily Seniors Housing Western

IRET Sells Eight Seniors Housing Communities in Idaho for $43.9M

by Nellie Day November 7, 2016

BOISE, IDAHO — IRET, a REIT based in Minot, N.D., has sold a portfolio of eight seniors housing communities totaling 313 units, all located in Idaho. The current tenants, all affiliates of Edgewood Senior Living, purchased the properties for $43.9 million. After retiring mortgage debt and paying other closing costs, IRET will receive net cash proceeds of approximately $31.2 million. Additionally, IRET intends to redeem all 1.2 million outstanding shares of its 8.25 percent Series A Cumulative Redeemable Preferred Shares (NYSE: IRET PR). The moves are part of what the company calls its “strategic transformation.” As of July 31, IRET owned interests in 146 properties, consisting of 100 multifamily properties totaling 13,012 units, and 47 commercial properties, including 31 healthcare properties, containing a total of approximately 2.8 million square feet of leasable space.

November 7, 2016

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