SEATTLE — BH Properties has acquired the historic Olympic Block building, a creative office and mixed-use property in Seattle’s Pioneer Square neighborhood. Terms of the transaction were not released. BH Properties’ Pacific Northwest regional operations will move into the 74,660-square-foot building at 101 Yesler Way. Olympic Block comprises the historic six-story Lippy Building, originally built in 1902, and the nine-story addition that was added in 1986.
FOUNTAIN HILLS, ARIZ. — International Dark Sky Discovery Center (IDSDC) has broken ground on its new observatory in Fountain Hills, approximately 30 miles northeast of Phoenix. SWABACK Architects + Planners designed the $25 million project, which McCarthy Building Cos. is constructing. The 23,000-square-foot facility will encompass a 27.5-inch PlaneWave telescope housed within a 20.5-foot domed observatory, and a 65-seat planetarium. The center will also offer a 150-capacity multipurpose auditorium and a “Night Sky Experience” exhibit space equipped with interactive educational and historical components. IDSDC will offer activities, educational opportunities and events for all ages, primarily serving the K-12 communities in Arizona. With the first research-grade telescope in the greater Phoenix area, the IDSDC will allow Valley residents to view parts of the sky that have become hidden due to growing light pollution.
— By Kip Paul, vice chair; Michael King, director; and JT Redd, senior associate, Cushman & Wakefield — The Salt Lake City multifamily market has experienced significant growth in recent years. This reflects the influx of new residents to the State of Utah, in addition to notable increases in average household income. Developers have responded to this growing demand by delivering an unprecedented amount of rental housing inventory to the market. Since 2020, new deliveries averaged 12 percent of Salt Lake’s inventory base each year. Despite increases in apartment supply, overall fundamentals remain strong. Last year’s vacancy rates remained below 4 percent for the 12th consecutive year, while rental rates surged from $1,182 to $1,654 between 2020 and 2023. Salt Lake City’s renowned access to the outdoors and high quality of life place the city in a league of its own, positioning it to continue to capture apartment demand for years to come. What Sets Salt Lake Apart The Salt Lake City multifamily market stands out due to several key features. First, it offers affordability. Rental rates remain below 30 percent of residents’ average income despite overall increases in apartment prices. Second, Salt Lake City provides unparalleled access to outdoor …
LOS ANGELES — Cityview has completed Belle on Bev, a 243-unit mixed-use project in Los Angeles’ Historic Filipinotown (HiFi). Belle on Bev, originally announced in early 2023, features a mix of studio, one- and two-bedroom floorplans with Latch smart home systems including keyless entry and smart thermostats, luxury vinyl flooring, turnkey Wi-Fi and in-unit washers/dryers. The property also features 3,500 square feet of commercial space and 21 affordable housing units. Community amenities include a club room, pool courtyard and spa terrace and community garden courtyard. Cityview partnered with AC Martin, WPIC Construction and Nadia Geller Designs on the project.
THORNTON, COLO. — Indianapolis-based TM Crowley & Associates has partnered with Atlanta-based NLG Capital Management (NLGCM), a division of The Net Lease Group, to develop The Highlands at Thornton, a mixed-use property at the northeast intersection of Quebec Street and 136th Avenue in Thornton. Situated on 23 acres, the project will offer more than 101,925 square feet of retail, commercial and medical office space. CVS Caremark will anchor the development. Lisa Vela and Jay Landt of Colliers will handle leasing efforts for the project.
LOS ANGELES — California Landmark Group has completed M1byCLG, a multifamily development in Los Angeles’ Silver Lake submarket. Located at 1221 Myra Ave., the property features 100 apartments that are 60 percent leased. The unit mix includes junior and traditional one-, two- and three-bedroom floor plans along with several co-living suites. Each apartment features floor-to-ceiling windows, stone countertops, stainless steel appliances, in-unit washers/dryers, walk-in showers and private patios. Common area amenities include a fitness center, co-working space, and a rooftop deck with pool, spa, barbecues and unobstructed views of the Hollywood Hills. The six-story structure is built over a subterranean garage with parking and a lobby. PK Architecture provided design services for the development.
CONCORD, CALIF. — CBRE has brokered the sale of California Villas, an apartment community in Concord. A private buyer acquired the asset from a local private investor for $9.1 million. Located at 1621 Detroit Ave., California Villas features 23 one-bedroom units and 12 two-bedroom units, all of which have air conditioning with private balconies or patios. Built in 1966, the 24,958-square-foot property is situated on 0.91 acres. Community amenities include a pool, coin-operated laundry facility and a gated access. Nearly 70 percent of the units received significant interior upgrades, including new cabinets, vinyl plank flooring, granite countertops and stainless steel appliances. Recent exterior improvements include repair/replacement of all balconies, rebuilt patios, new paint/light fixtures and a renovated parking area. Keith Manson, Zachary Greenwood and Mac Watson of CBRE represented the seller in the transaction.
NORTH LAS VEGAS, NEV. — Northcap Commercial has brokered the $1.8 million sale of 2131 Statz Street Apartments, a multifamily asset located at 2131 Statz St. in North Las Vegas. The asset traded for $1.8 million, or $118,000 per unit. Built in 1963, the property features 15 units. Jerad Roberts, Robin Willett and Devin Lee of Northcap Commercial arranged the off-market transaction.
With elevated prices on everything from land to debt financing, insurance, building materials and labor, developers face an uphill climb attempting to pencil out multifamily projects at a profit. That’s why in 2024, developers are opting for practical and convenient amenities over luxury and choosing builder-friendly suburban locations over complex urban sites. And with diminishing room to raise rents on market-rate apartments, many investors and developers are shifting their attention to affordable and workforce housing, where incentives offset some expenses and, ideally, help position projects to deliver positive returns. “Market-rate developers in our region are starting to change their model to embrace more of an affordable product,” confirms Chad Riddle, Atlanta branch manager at Bohler. “Unfortunately, that puts them behind the eight ball because they may not know the tricks of the trade and they are competing with affordable housing developers that already know the business and are thriving.” There is no single strategy to pencil out a profitable multifamily project, but developers are achieving success by sticking to proven, cost-effective design elements and amenities, avoiding costly missteps and cutting down unnecessary spending throughout the development process. Drawing on affordable housing specialists and other in-house experts, Bohler helps clients avoid …
OXNARD, CALIF. — Los Angeles-based Primestor Development has acquired Esplanade Shopping Center, a grocery-anchored retail center in Oxnard, for $90 million. The 357,000-square-foot center was 94 percent leased at the time of sale. Current tenants include Home Depot, Nordstrom Rack, Staples, Dick’s Sporting Goods, TJ Maxx, Walmart Neighborhood Market, Cost Plus World Market, Tilly’s, Boot Barn, In-N-Out Burger and BJ’s Brewery and Restaurant.
