The Seattle-Tacoma metro area is one of the top-performing multifamily commercial real estate markets in the nation. Locally, employers are adding jobs at one of the fastest paces in the country, supporting a strong rental market in the region. In Tacoma, State Farm and other companies have energized the area’s economy and strengthened its apartment operations. In Seattle, companies like Amazon, Zillow and Julep Beauty are supporting new job growth, and many of these new job opportunities are attracting young workers who need apartments. There were 8,800 jobs were created in the metro in the beginning of the year. About 130,000 workers were added to payrolls over the past three years. The primary renter cohort of residents between the ages of 20 and 34 years old grew nearly twice as fast as the metro population in 2013, greatly increasing the need for apartments. This year, strong job growth will also support demand for area rentals as the total jobs in the metro will rise nearly 4 percent above the pre-recession high. While there are plenty of new jobs, the median household income needed to qualify for a mortgage on a median-priced home in the metro is $83,150, assuming a 20 …
FORT COLLINS, COLO. – An 11,750-square-foot office building in Fort Collins has sold to URDA LLC for $2.7 million. The building is located at 3702 South Timberline Road. The buyer was represented by Brian Mannlein of Cassidy Turley and Charlie Koons of Mountain ‘n Plains. The seller, CFG Real Estate LLC, was represented by Stuart Thomas of Cassidy Turley.
DENVER – Unbridled Holdings LLC has acquired Grant Street Mansion, a 20,000-square-foot, historically designated mansion in Denver, for an undisclosed sum. The mansion is located at 1115 Grant Street in the Capitol Hill neighborhood. The property was originally built in 1892. It currently contains 28 converted office suites within the four-story, 16,000-square-foot main house, and three office suites within a two-story, 4,000-square-foot carriage house. The mansion was 95 percent occupied at the time of sale. The seller was Pathfinder Partners. The transaction was executed by Tim Finholm of Unique Properties.
GLENDALE, ARIZ. – A 3,033-square-foot building in Glendale that is net leased to Raising Cane’s has sold to an unnamed buyer for $3.5 million. The building is located at 7930 West Bell Road. The seller, a limited liability company, was represented by Mark Ruble and Jamie Medress of Marcus & Millichap’s Phoenix office.
NEWPORT BEACH, CALIF. – Independent Capital Management has leased 3,975 square feet of space at an office building in Newport Beach. The 75,333-square-foot building is located at 1401 Dove. The firm is relocating from nearby Irvine. Independent Capital Management was represented by Cameran Lindee of CBRE. The landlord, Palm Springs Village-309 LLC, was represented by Oliver Fleener of PM Realty Group.
OCEANSIDE, CALIF. – A free-standing building in Oceanside that is triple-net leased to Jiffy Lube Plus has sold to Cali Oceanside LLC for $2.9 million. The building is located at 4106 Oceanside Blvd. It is situated at the base of Ocean Ranch, North County’s largest business park. The buyer was represented by Randi Cali of Coldwell Banker Commercial NRT. The seller, Roberts Investment Group, was represented by CBRE’s Matt Pourcho and Melissa Foster Scofield.
GILBERT, ARIZ. — Construction has commenced on Phase I of Rivulon, a $750-million, master-planned development in Gilbert. The project is located at the corner of Gilbert Road and AZ 202. Rivulon will eventually include about 3 million square feet of office space, 500,000 square feet of integrated retail and restaurants and a hotel component. Health and wellness leader Isagenix International recently announced it will relocate its world headquarters to a 150,000-square-foot office building at Rivulon. The building is scheduled for completion late next year. A 125,000-square-foot, speculative Class A office building is also under construction at the site, in addition to a 45,000-square-foot LA Fitness. These buildings will soon be joined by two more 60,000-square-foot, Class A office buildings, as well as a 17,000-square-foot retail center, all of which is included in this initial development phase. Rivulon is being developed by Nationwide Realty Investors.
NAPA, CALIF., AND TEMPE, ARIZ. — MG Properties Group has acquired two apartment communities out West for a total of $50 million. The transaction includes the 376-unit Garden Grove Apartments in Tempe and the 72-unit Bella Vista Apartments in Napa. Garden Grove Apartments was built in 1988. It was purchased from MetLife for $35.6 million. The transaction was financed through a 10-year, fixed-rate Fannie Mae mortgage that was arranged by CBRE. MG plans to invest nearly $1.5 million in capital improvements. It will also enhance the property’s common-area amenities, which will include landscaping improvements and upgrades to the fitness facility and pools. Bella Vista Apartments was built in 1972. It is situated near CA-29 highway, about a block from the Queen of the Valley Medical Center. Bella Vista was purchased from Trinity Real Estate for $14 million. This transaction was similarly financed through a 10-year, fixed-rate Fannie Mae mortgage that was arranged by Key Bank. MG plans to invest about $500,000 for capital improvements.
PHOENIX — A partnership between Domain Acquisitions and BH Equities has acquired the 672-unit Autumn Ridge Apartments in North Phoenix. The Class B community is located at 1944 W. Thunderbird Road. The garden-style complex sits adjacent to Cave Creek Golf Course. It is located between Deer Valley’s employment center and the North I-17 employment corridor, Phoenix’s second-largest employment area. This acquisition marks Domain’s re-entry into the Phoenix market since selling its local portfolio in 2006. BH Management Services will oversee the Autumn Ridge’s property management and construction. The JV plans to spend about $5 million renovating the community. The venture received $30.9 million in financing to acquire and renovate the asset. The loan was arranged by Laura Cathlina and Andy Hill of Berkadia Commercial Mortgage. The seller was Summit Autumn Ridge LLC. The transaction was executed by Cindy and Brad Cooke of Colliers International.
AURORA, COLO. — A private investor has acquired the 604-unit Sonoma Resort at Saddle Rock in Aurora for an undisclosed sum. The Class A apartment community is located at 21904 East Ontario Drive, just east of Denver. Sonoma Resort at Saddle Rock was originally built in 2001 and 2002 as two separate properties. The combined property now sits on 19.4 acres, about 10 minutes east of the Denver Tech Center. The community is 97 percent occupied. Common-area amenities include two fitness centers, a business center, two resort-style clubhouses with pools and a spa, an outdoor barbeque area and a playground. The seller, a joint venture between the Bascom Group and GE Capital Real Estate, was represented by HFF’s Jordan Robbins, Sean Deasy, Jeff Haag and Jared Buffington.