Western

MMCC Arranges $5M Refinancing for El Dorado Hotel in Sonoma, California

by Amy Works February 3, 2025

SONOMA, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has secured $5 million in refinancing for El Dorado Hotel, a boutique hotel in Sonoma. Bill Lanting arranged the financing with a national bank on behalf of the client, a California-based hospitality management and development group. Terms of the five-year, nonrecourse loan include a 6.9 percent interest rate with a 25 year-amortization. Located at 405 1st St. West, El Dorado Hotel offers 27 guest rooms. Built in 1880, the hotel was recently renovated in 2023. Amenities include a saltwater pool, semi-private balconies, a courtyard and a restaurant and bar.

February 3, 2025

Market Reports Nevada Office Western Western Market Reports

Las Vegas Office Sector Continues Resilience, Bucks National Vacancy Trend

by John Nelson February 3, 2025

— By Giovanna Abraham, Market Intelligence Analyst, Avison Young — The Las Vegas office market continues to defy broader national trends, maintaining resilience and attracting attention for its stability and growth. While many U.S. cities struggle with rising office vacancies, Las Vegas stands out for its comparatively low vacancy rate, steady rent growth and positive return-to-office trends. Despite recent increases in vacancy, Las Vegas remains well below national averages, with a vacancy rate of 15.2 percent in the third quarter — 850 basis points lower than the national availability rate of 23.7 percent. This performance reflects the unique dynamics shaping the Las Vegas office market, including a steadily growing population and the city’s appeal as a business-friendly destination. Low Vacancy Rates and a Stable MarketOffice vacancy has gradually increased over the past six quarters, but Las Vegas has also experienced a much slower rise than many larger metropolitan markets. This measured growth has allowed the city to remain competitive, with vacancies rebounding to pre-pandemic levels by late 2021 and holding steady through first-quarter 2023. After brief upticks in the first half of 2024, the vacancy rate declined again by third-quarter 2024, dropping from 15.9 percent to 15.2 percent. This resilience …

February 3, 2025

Development Loans Multifamily Utah Western

PCCP Provides $60M Senior Loan for 201-Unit Apartment Project in Downtown Salt Lake City

by Amy Works January 31, 2025

SALT LAKE CITY — PCCP has provided a $60 million senior loan to J. Fisher Cos. for the construction of The Edison, a seven-story multifamily community in downtown Salt Lake City. Construction will commence in February with completion scheduled for February 2027. Located at 256 S. 200 East, The Edison will offer 201 apartments across five residential stories atop two levels of parking (158 stalls) and 7,800 square feet of ground-floor retail space. The unit mix will consist of 40 junior one-bedroom units, 105 one-bedroom units and 56 two-bedroom units with an average size of 823 square feet. The units will offer 10-foot ceilings, stainless steel appliances, quartz closets and full-size washers/dryers. Community amenities will include a swimming pool, hot tub, sauna, fitness center, golf simulator, arcade, clubhouse, coworking space, outdoor fireplace and a courtyard with barbecues.

January 31, 2025

Acquisitions Multifamily Washington Western

Trent Development Sells Nimbus Apartment Property in Everett, Washington for $49M

by Amy Works January 31, 2025

EVERETT, WASH. — Trent Development has completed the disposition of Nimbus, a multifamily community located at 2701 Rockefeller Ave. in Everett, approximately 30 miles north of Seattle. CEP Multifamily acquired the asset for $49 million. Completed in 2022, Nimbus features 165 studio, one- and two-bedroom apartments with soft-close cabinets, stainless steel appliances, quartz countertops, modern tile backsplashes and at least nine-foot ceilings. Onsite amenities include a coworking lobby, fitness room, arcade, cloud room with an entertaining kitchen and a rooftop lounge with mountain views. David Young, Corey Marx and Chris Ross of JLL Capital Markets Investment and Sales Advisory represented the seller in the deal.

January 31, 2025

Colorado Development Multifamily Western

Joint Venture to Open 255-Unit Multifamily Community in Aurora, Colorado

by Amy Works January 31, 2025

AURORA, COLO. — A joint venture of Draper and Kramer Inc., Koelbel and Co., Mile High Development and Urban Roots Development is opening Tempo Nine Mile Station, an apartment community in Aurora. Leasing is currently underway, with residents slated to move-in in February. Situated at 12150 E. Dartmouth Ave. within the 22-acre The Point master-planned development, Tempo Nine Mile Station features 255 apartments in studio, one-, two- and three-bedroom floor plans, ranging in size from 542 square feet to 1,321 square feet. Interiors offer upscale finishes, including contemporary kitchens with wood-grain cabinets, stainless steel appliances, subway tile backsplashes, quartz countertops and black hardware. All apartments also include plank-style flooring and in-unit laundry, with select residences offering a private balcony. Community amenities will include an outdoor pool and landscaped courtyard; community room, coworking spaces; a “Colorado Room” with bike, ski and kayak storage, hangout space and stations for outdoor gear repair; a yoga studio and rooftop fitness center; and a party deck. The mixed-use building also features 3,000 square feet of ground-floor retail space. Mission Rock Residential will manage the asset. The development team includes KTGY as project architect and Brinkmann Constructors as general contractor. PGIM is the project lender, utilizing the …

January 31, 2025

California Industrial Loans Western

MetroGroup Realty Finance Provides $24M Refinancing for Industrial Property in Pomona, California

by Amy Works January 31, 2025

POMONA, CALIF. — MetroGroup Realty Finance has provided a $24 million loan for the refinancing of an owner-occupied manufacturing facility in Pomona. Located at 2200 S. Reservoir St., the property offers 228,000 square feet of single-tenant industrial space. MetroGroup closed on a fixed-rate senior loan on the property with an international bank based in Europe. Ivan Kustic of MetroGroup secured the loan on the behalf of the undisclosed owner.

January 31, 2025

5600-5650-W-Centinela-Ave-Culver-City-CA

Acquisitions California Industrial Western

Rialto Capital Divests of 57,868 SF Flex Campus in Culver City, California

by Amy Works January 31, 2025

CULVER CITY, CALIF. — Rialto Capital has completed the sale of Campus 56, a mixed-use flex property located at 5600-5650 W. Centinela Ave. in Culver City. Montana Avenue Capital Partners acquired the two-building asset for $14.8 million. Situated on 1.7 acres, the campus offers 57,868 square feet of flex space, onsite parking, electric vehicle charging stations, bike storage and several outdoor amenity areas. The property was vacant at the time of sale. Steve Solomon and Kristen Bowman of Colliers represented the seller and buyer in the transaction.

January 31, 2025

Arizona Development Multifamily Student Housing Western

PeakMade Real Estate to Break Ground on 395-Unit Multifamily Community Near University of Arizona

by Amy Works January 30, 2025

TUCSON, ARIZ. — PeakMade Real Estate is set to break ground on Theory Tucson, a 395-unit mixed-use development located near the University of Arizona campus in Tucson. The conventional multifamily project, which will also contain some retail space, is designed to appeal to students as well as the local population. The 19-story community will span 686,000 square feet, offering units in studio, one-, two-, three- and four-bedroom configurations. Shared amenities will include a lounge, fitness area, coworking space and a rooftop swimming pool. The transit-oriented development will also feature access to a local rail line. The development team for the project includes M.A. Mortenson Co., Gensler, Power Design, Suntec Engineering and Rick Engineering. The community is scheduled for completion in fall 2027.

January 30, 2025

Acquisitions Multifamily Nevada Seniors Housing Western

JLL Arranges Sale of 121-Bed Skilled Nursing Facility in Henderson, Nevada for $33M

by Amy Works January 30, 2025

HENDERSON, NEV. — A joint venture between CREC Real Estate and The Calida Group has sold Coronado Ridge Skilled Nursing and Rehabilitation Center, a skilled nursing facility in the Las Vegas suburb of Henderson, for $33 million. JLL’s Seniors Housing Capital Markets team, in conjunction with Mark Wintner of JLL, represented the seller in the transaction. Completed in 2017, the facility totals 121 beds across 90 resident rooms. The 68,873-square-foot property is situated on 2.3 acres across from a 132-unit seniors housing community and a 62-unit memory care facility.

January 30, 2025

Acquisitions Arizona Multifamily Western

Aultas Sells 100-Unit Table Rock Multifamily Property in Flagstaff, Arizona

by Amy Works January 30, 2025

FLAGSTAFF, ARIZ. — Aultas has completed the disposition of Table Rock, an apartment community in Flagstaff, to Investors Capital Group for $25.9 million, or $259,000 per unit. Located at the intersection of interstates 17 and 40, Table Rock features 100 two- and three-bedroom floor plans, averaging 1,032 square feet. The community also features a leasing office, clubhouse and fitness center. The property was built in 1998. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

January 30, 2025

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