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AcquisitionsMultifamilyWashingtonWestern

Bascom Group Acquires 92-Unit Waterfront Apartment Property in Seattle’s Belltown

by Amy Works

SEATTLE — The Bascom Group has purchased 2300 Elliott, a 92-unit multifamily community located in Seattle’s Belltown neighborhood. Terms of the transaction were not released. Built in 1992, 2300 Elliott features a five-story residential building offering a mix of studio, one-, two- and three-bedroom units situated above two levels of structured parking. The community offers a rooftop deck, a landscaped interior courtyard, fitness center, underground parking and secure access entry. Apartment Management Consultants will provide property management services for the asset. Jamie Kline and Annie Rice of JLL arranged debt financing for the buyer. Bascom’s Chad Sanderson, Jim Singleton and Joe Ferguson sourced and managed the acquisition for the company.

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ColoradoIndustrialLoansWestern

Consolidated Investment Group Receives $17.7M Loan for Two-Building Industrial Portfolio in Aurora, Colorado

by Amy Works

AURORA, COLO. — Consolidated Investment Group has obtained $17.7 million in financing for Eastpark 70’s Buildings 5 and 6, a two-building Class A industrial portfolio in Aurora. Rob Bova and William Haass of JLL Capital Markets secured the fixed-rate, five-year loan for the borrower. Completed in 2022, the 235,987-square-foot portfolio consists of buildings located at 19822 E. 22nd Ave. and 19922 E. 22nd Ave. The facilities offer 32-foot clear heights, ample dock-high and drive-in loading and ESFR sprinkler systems. The properties are fully leased to three tenants.

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ArizonaMarket ReportsRetailWesternWestern Market Reports

Phoenix Retail Landscape Evolves with Market Dynamics

by John Nelson

— By Patrick Dempsey, senior managing director of JLL Capital Markets — The Phoenix retail capital markets environment is showing signs of resilience in the face of current economic conditions. While the market has experienced a period of lower transaction volume, recent drops in interest rates have begun to bridge the gap between buyer and seller expectations, potentially paving the way for increased activity. Notably, Phoenix stands out with impressive positive rent growth, recording the highest rate at 7.4 percent among major metros and Sun Belt markets. Phoenix’s robust employment market, especially in the semiconductor sector, continues to be a major advantage. The city boasts a strong base of major employers, contributing to its ongoing economic vitality.  Investor demand remains concentrated on grocery-anchored properties and premium retail locations, highlighting the enduring value of strategically positioned assets. This trend is especially pronounced in high-growth submarkets. For example, the Southeast Valley is experiencing significant suburban and residential growth, driving the development of new grocery centers to serve the expanding population. Similarly, Northwest Phoenix with areas like Peoria and Glendale are seeing strategic investments from grocers anticipating future population growth.  Looking ahead, there’s increasing optimism for a stabilization of retail capital markets transactions …

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CaliforniaDevelopmentRetailWestern

Almquist Opens $70M River Street Marketplace in San Juan Capistrano, California

by Amy Works

SAN JUAN CAPISTRANO, CALIF. — Almquist has opened River Street Marketplace, a new $70 million retail development located in San Juan Capistrano, roughly 55 miles southeast of Los Angeles. Almost all of the property’s 30 tenants have opened, with the additional openings scheduled for the coming weeks.  Retailers and restaurants at the center, which totals 60,000 square feet, include Free People, Shop Common Thread, Tecovas, Fermentation Farm, Finca, Wildfire Mercantile, La Vaquera, Seager, Pick Me Flowers, May Martin, Mendocino Farms, Toes on the Nose, Salt Optics, CAPO Leisure House, Studio Pilates, McConnell’s Fine Ice Cream, The Market by The Meat Cellar, Hobie, Rowan and Ubuntu. Additionally, a miniature food hall will open soon at the development. Dubbed Rodeo River Street, the food hall will feature concepts including NOM, Parana Empanadas, Shootz Hawaiian, The Sushi Stand, Kebab Craft, Hudson’s Cookies, Bred Hot Chicken, Kozan Teahouse and Pastalia. 

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Capstone-Centerra-Loveland-CA
AcquisitionsColoradoMultifamilySeniors HousingWestern

Hunt Midwest Sells Capstone at Centerra Seniors Housing Community in Loveland, Colorado for $40M

by Amy Works

LOVELAND, COLO. — Hunt Midwest has sold Capstone at Centerra, an assisted living and memory care property in Loveland, to California-based IRA Capital for $40 million. Completed and opened in 2023, Capstone at Centerra is Hunt Midwest’s most recent Capstone senior living development and the company’s first development in Colorado. The community offers 102 studio, one- and two-bedroom apartments with granite countertops, stainless steel appliances and high-quality flooring. Capstone at Centerra includes a full-service dining room, fitness center, landscaped outdoor spaces, a salon, library, game room and scheduled transportation services. Capstone at Centerra is the third Capstone senior living community developed by Hunt Midwest, including the Capstone at Royal Palm in Royal Palm Beach, Fla., and Capstone at Station Camp in Gallatin, Tenn. Charles Bissell and Tony Hong of BWE Investment Sales represented Hunt Midwest in the transaction.

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5998-W-Parkway-Blvd-West-Valley-City-UT
AcquisitionsDevelopmentIndustrialUtahWestern

VanTrust Real Estate Buys 32-Acre Site Near Salt Lake City, Plans to Develop Four Warehouses

by Amy Works

WEST VALLEY CITY, UTAH — VanTrust Real Estate has acquired 32 acres, located at 5998 W. Parkway Blvd. in West Valley City, with plans to build four industrial warehouses. The site will accommodate four buildings offering a total of 600,000 square feet of Class A industrial space. The site’s location offers easy access to State Route 201, Salt Lake City International Airport, I-80, I-15 and the Union Pacific Railroad intermodal hub. VanTrust expects construction on the first two buildings to start in late spring 2025 and deliver in late spring 2026. Construction timing on the other two buildings is still to be determined. Specific tenants for the warehouses have not yet been identified.

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ArizonaLoansMultifamilySeniors HousingWalker & DunlopWestern

Walker & Dunlop Arranges $23.9M in Equity for Construction of Seniors Housing Complex in Arizona

by Amy Works

CASA GRANDE, ARIZ. — Walker & Dunlop has secured $23.9 million in equity for the construction of Emberwood, a to-be-built affordable seniors housing community in Casa Grande. Aaron Krasnow of Walker & Dunlop Affordable Equity team arranged the equity, which included 4 percent low-income housing tax credits and renewable energy investment tax credits, on behalf of the client, Roers Cos. Situated on 8.2 acres, Emberwood will offer 176 apartments for residents aged 55 or older, along with a separate single-story community center. The three-story residential building will feature 55 one-bedroom and 121 two-bedroom apartments all with elevator access. The property will be adjacent to a 55,000-square-foot community recreation center, which opened in 2019, that offers senior programs.

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AcquisitionsCaliforniaIndustrialLoansSelf-StorageWestern

Marcus & Millichap Secures $19.4M in Acquisition Financing for Self-Storage Facility in Truckee, California

by Amy Works

TRUCKEE, CALIF. — Marcus & Millichap has secured $19.4 million in financing for the acquisition of a self-storage facility in Truckee. Joel Westle of Marcus & Millichap Capital Corp.’s San Francisco office arranged the 10-year loan on behalf of Airport Self Storage. The 54,000-square-foot property is located at 11999 Highway 267 near the Truckee Tahoe Airport.

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CaliforniaDevelopmentMultifamilyRestaurantRetailWestern

ValueRock Realty Opens 21-Acre The Commons Mixed-Use Project in Aliso Viejo, California

by Amy Works

ALISO VIEJO, CALIF. — ValueRock Realty has completed The Commons, a repurposed 21-acre mixed-use project in Aliso Viejo, with the grand opening scheduled for Dec. 14. The Commons was redeveloped by transforming a nearly 200,000-square-foot vacant Lowe’s into a multi-tenant community center. The project features a 200,000-square-foot retail component with restaurants and retailers, including Tesla, 99 Ranch Matket, Daiso and Philz Coffee, all of which are slated to open by the end of the year. Additional tenants, including Bowlero (a Lucky Strike concept), will open in 2025. The Commons will also include a proposed 343-unit residential project. ValueRock purchased the first parcel in 2015 for $62 million and began conceptualizing the reimagined project in 2017 as big box stores began to close across the country. In 2019, ValueRock negotiated a lease termination with Lowe’s that allowed for the site’s redevelopment. Construction of the project began in 2023 and finalized in late 2024. ValueRock entirely self-funded the approximate $53 million redevelopment, which has a current estimated value of more than $115 million.

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AcquisitionsMultifamilyWashingtonWestern

CEP Multifamily Sells 126-Unit Cedardale Multifamily Community in Federal Way, Washington

by Amy Works

FEDERAL WAY, WASH. — CEP Multifamily has completed the disposition of Cedardale, an apartment property in Federal Way. Pathfinder Partners acquired the asset for $31.1 million, or $247,024 per unit. Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggerio and Anthony Palladino of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction. Constructed in 1981, Cedardale offers 126 one- and two-bedroom apartments, averaging 746 square feet, with wood-burning fireplaces, washers, dryers and private decks or patios. Situated on seven acres, the property offers a recently renovated clubhouse, a covered picnic area, playground, sport court, dog park and car vacuum station.

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