FORT LAUDERDALE, FLA. AND SEATTLE — Avanath Capital Management has acquired The Lodge at Peasley Canyon in Seattle and Harbour Pointe in Fort Lauderdale for a total of $84.8 million. Both properties are multifamily communities targeting middle-income families. The Lodge features 339 units while Harbour Pointe features 34 units. Oak Tree Residential was Avanath’s joint-venture partner on the Florida transaction. “Each of these assets presents an opportunity to leverage market growth while also preserving much-needed workforce housing in cities that have experienced some of the highest rent increases in the nation,” says John Williams, president and chief investment officer of Avanath. “Amidst this rent growth, there is a severe shortage of quality workforce housing that caters to middle-income families in major urban cores throughout the nation.” Built in 2004, The Lodge at Peasley Canyon’s amenities include a pool and spa, fitness center, modern kitchens with maple cabinetry and washers and dryers in most units. Avanath bought the property for $73.3 million and plans to enhance the clubhouse, lighting, kitchens and bathrooms. The seller was an institutional owner. Constructed in 1976 and renovated in 2006, Harbor Pointe is currently 100 percent occupied and features marble floors and boat slips. Avanath and …
WILDOMAR, CALIF. — R&V Management Corp. has purchased the 312-unit Oak Springs Ranch in Wildomar for $78.5 million. The community is located at 24055 Clinton Keith Road, just north of Temecula. Oak Springs Ranch was built in 2014. Ed Rosen, John Chu, Kyle Pinkalla and Erin Dammen of Berkadia executed the sale. The seller was Oak Springs Ranch LLC, which is composed of developer GLJ Partners and affiliates of Sarofim Realty Advisors.
LOS ANGELES — Hyatt Hotels Corporation has completed the transition of the Concourse Hotel at Los Angeles Airport to the Hyatt Regency Los Angeles International Airport. The 580-room hotel is undergoing an extensive $75 million renovation. The hotel is situated less than one block from the Los Angeles International Airport. It is the closest hotel to the airport, and the only airport hotel with direct shuttle service to LAX. The hotel offers more than 50,000 square feet of meeting space, including one of the largest ballrooms in the LAX market at 14,000 square feet. The Hyatt also features the only outdoor event lawns in the area, which can accommodate up to 750 guests. A newly built conference center includes more than 10,000 square feet of meeting space. Dining options include Open Market and Unity L.A. The Hyatt Regency Los Angeles International Airport is currently open and accepting guests.
LOS ANGELES — An affiliate of Pacific Urban Residential has purchased the 191-unit IMT Thousand Oaks apartments for $67 million. The community is located at 491 W. Gainsborough Road in the Los Angeles submarket of Thousand Oaks. IMT Thousand Oaks is situated along U.S. Highway 101. Notable employers in the area include Amgen, General Dynamics Corp., Verizon, WellPoint, JD Power & Associates, Teledyne Technologies, Audi, Kythera Biopharmaceuticals and the Dole Food Co. The community was built in 1973. Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented the seller, IMT Capital LLC, in this transaction.
LAKEWOOD, COLO. — Gelt has purchased the 400-unit Westhills apartments in Lakewood for $66 million. The community is located at 453 Van Gordon St. Westhills was built in 1972. FPA Multifamily, the previous owner, recently renovated about 30 percent of the units. Gelt plans to fully renovate approximately 100 of the original units with vinyl plank flooring, stainless steel appliances, new cabinet faces, new fixtures, and the addition of stackable washer-dryer units. Gelt will also upgrade the remaining units, which were renovated a decade ago, by adding stainless steel appliances, vinyl plank flooring and new fixtures. The owner will also add new amenities like a bike room, storage room, entertainment room and barbeque pits. Notable employers in the area include the Denver Federal Center, St. Anthony’s Medical Center, Lakewood Technology Center, Red Rocks Community College and the Colorado Mills Mall. The garden-style community is also within walking distance of the Federal Center Light Rail Station. This is Gelt’s second acquisition in the Denver region. The firm is looking to acquire 2,000 apartment units over the next 12 months. In addition to Denver, its target markets include Salt Lake City, Portland, Seattle, Reno, the San Francisco Bay Area and Los Angeles.
CENTENNIAL, COLO. — Central Development has announced plans to build Encompass Business Park, a 55-acre office and industrial park, in Centennial. The Class A park will be situated on South Blackhawk Street, between East Arapahoe Road and East Fremont Avenue. The site, formerly known as Centennial East Corporate Center, will soon contain a 150,000-square-foot spec industrial building. This will be the largest individual spec industrial project in southeast Denver, according to Central Development. The new Encompass Business Park will offer a total of 13 development sites, ranging from 14,000 square feet to 150,000 square feet, with broad and flexible zoning that can accommodate retail, office, flex, industrial, medical and storage uses. Central Development purchased the land for Phase I from Jordan-Arapahoe LLC for $4.5 million. NGKF’s Kittie Hook and Wade Fletcher represented the LLC and assisted Central Development in the acquisition. The team is also handling the marketing, sales and leasing for Encompass. Central Development’s capital partner on the project is an LLC managed by Washington Capital Management.
CHANDLER, ARIZ. — Aukum Management has purchased the 288-unit Cantera apartments in Chandler for $46 million. The community is located at 2475 W. Pecos Road. Cantera was built adjacent to the Price Road Corridor, the area’s largest high-tech employment hub, in 2002. About 200 units will undergo a renovation. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch executed the transaction. The seller was Rockwood Capital.
SANTA MONICA, CALIF. — Douglas Emmett has purchased a 128,935-square-foot office building in downtown Santa Monica. The sales price was $139.5 million according to the seller, Blackstone Group. The asset is located at 233 Wilshire Blvd. The building is 91 percent leased to tenants like Luther Burbank Savings, Tunnel, Hirschfeld Kraemer LLP, GoodRX and Enenstein & Ribakoff. It sits adjacent to the Third Street Promenade, which features retailers like Nike, Nordstrom, Bloomingdale’s, Apple, Tesla and Lululemon. HFF’s Ryan Gallagher, Michael Leggett, Andrew Harper, Tim Geiman and Michael Matchett represented both the buyer and seller in this transaction.
SANTA FE, N.M. — Marriott International has opened the 157-room La Posada de Santa Fe in New Mexico, the first hotel within the company’s Tribute Portfolio of resorts and spas. The hotel is located at 330 E. Palace Ave. in Santa Fe. La Posada is situated on six acres, steps from the historic downtown plaza and Canyon Road. The hotel contains three food and beverage outlets, including Julia, a Spirited Restaurant & Bar, the Staab House and the Patio Restaurant. Signature features of the Tribute Portfolio include an homage to the area’s local history, which can be seen in the resort’s bright blue doors, the Patio’s twinkle lights, traditional Southwestern fireplaces, colorful gardens and tapestries. Marriot will open additional Tribute Portfolio hotels throughout the U.S., including Denver and San Diego.
TEMPE, ARIZ. — Canada-based Western Wealth Capital has acquired Amber Gardens, a 164-unit multifamily community located less than one mile away from the Arizona State University campus in Tempe, for $17 million. The property — built in 1985 — features a mix of studio, one- and two-bedroom units. Amenities include two pools, a spa, 24-hour fitness center, clubhouse and laundry facilities. United Development Group was the seller in the transaction. Carrick Sears and Chip Kloppenburg of SVN Desert Commercial Advisors represented the buyer.