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2715-Sunset-Lane-NE-Renton-WA
LoansMultifamilyWashingtonWestern

MMCC Arranges $28.1M in Financing for Sunset Terrace Apartment Community in Renton, Washington

by Amy Works

RENTON, WASH. — Marcus & Millichap Capital Corp. (MMCC) has arranged $28.1 million in financing for Sunset Terrace, a multifamily property located at 2715 Sunset Lane NE in Renton. Tammy Linden of MMCC arranged the financing with Lument on behalf of the borrower, ST Renton LLC. The transaction was executed as a HUD 223(f) loan with green certification, providing maximum leverage to retire the interim acquisition bridge loan originally arranged by Linden and MMC at the issuance of the temporary certificate of occupancy in July 2023. Sunset Terrace features 211 studio, one- and two-bedroom apartments, live/work units and two commercial tenant suites, totaling 3,986 rentable square feet. Community amenities include in-unit laundry, a fitness center, business center, clubhouse, rooftop deck with barbecue grills, gated garage parking, bike racks and pet-friendly accommodations.

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3302-W-Washington-St-Phoenix-AZ
AcquisitionsArizonaIndustrialWestern

IDI Logistics Enters Phoenix Market, Buys 101,794 SF Industrial Property for $20M

by Amy Works

PHOENIX — IDI Logistics has acquired an industrial property, located at 3302 W. Washington St. in Phoenix, from Atlas Capital Partners for $20 million. Situated on 5.2 acres, the 101,794-square-foot vacant building features a clear height of 32 feet, 12 dock-high doors, four drive-in doors and a fully secured 140-foot truck court. Tanner Ferrandi, John Wrestler and Cooper Pratt of CBRE represented the buyer and seller in the deal. The CBRE team will also serve as listing agents for the property.

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Multifamily-Project-San-Diego-CA
CaliforniaDevelopmentLoansMultifamilyWestern

PSRS Secures $13.4M in Construction Financing for Multifamily Project in San Diego

by Amy Works

SAN DIEGO — PSRS has arranged $13.4 million in construction financing for the development of a multifamily complex in San Diego. The nine-story development will offer 70 apartments, including 69 studios and a one-bedroom/one-bath unit, with an average unit size of approximately 360 square feet. Financed through a debt fund, Trevan Swierczewski and Alexander Santulis of PSRS secured a nonrecourse loan at a 75 percent loan-to-cost ratio, with a 24-month term and two six-month extension options.

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AcquisitionsCaliforniaIndustrialWestern

Voit Real Estate Brokers $10M Sale of Multi-Tenant Business Park in Irwindale, California

by Amy Works

IRWINDALE, CALIF. — Voit Real Estate Services has arranged the sale of a multi-tenant industrial and distribution park in Irwindale. DJ CRT LLC sold the asset to Dunbar Real Estate Investment Management for $10 million. Located at 1400-1430 Arrow Highway, the property offers 51,487 square feet of space spread across three grade-level freestanding buildings with a total of 16 units. At the time of sale, the asset was 56 percent occupied. Michael Hefner of Voit represented the seller and buyer in the deal.

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Alta-87-Gilbert-AZ
ArizonaDevelopmentMultifamilyWestern

Wood Partners Opens Alta 87 Apartment Complex in Metro Phoenix

by Amy Works

GILBERT, ARIZ. — Wood Partners has opened Alta 87 in Gilbert, a southeastern suburb of Phoenix located about 23 miles from downtown. Alta 87 is a 257-unit development comprised of one-, two- and three-bedroom units. Amenities include two pickleball courts, electric vehicle charging stations, a pool and hot tub and a two-story clubhouse with a fitness center,  coworking spaces, a speakeasy and bike storage. The developer broke ground in March 2024. Atlanta-based Wood Partners completed three other Alta-branded communities in Phoenix in 2024: Alta Avondale, Alta Rise and Alta Uptown.

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Pearl-St-Rose-Las-Vegas-NV
AcquisitionsMultifamilyNevadaWestern

MG Properties Acquires 270-Unit Multifamily Property in Las Vegas for $64M

by Amy Works

LAS VEGAS — MG Properties has acquired The Pearl at St. Rose, a multifamily community in Las Vegas’ Silverado Rancho master-planned community, from an affiliate of The CONAM Group for $64 million. Charles Steele, John Cunningham and Jared Glover of Berkadia represented the seller. Kevin Mignogna, Charlie Haggard, Lee Scott, Joey Guarino and Michael Beach of Berkadia arranged financing through Freddie Mac. Situated along the St. Rose Corridor in South Las Vegas, The Pearl at St. Rose offers 270 apartments with spacious floor plans and modern interior finishes. Community amenities include a pool and spa, fitness center, dog park and resident clubhouse. The property was built in 2000.

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Alvera-Meadows-American-Fork-UT
AcquisitionsMultifamilyUtahWestern

Gelt Venture Partners Buys 142-Unit Apartment Community in American Fork, Utah

by Amy Works

AMERICAN FORK, UTAH — Gelt Venture Partners has acquired Alvera at the Meadows, an apartment property in American Fork, from a joint venture between Woodbury Corp., Garbett Homes and Cirrus Group for an undisclosed price. Brock Zylstra and Danny Shin of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Brian Eisendrath, Cameron Chalfant, Jesse Zarouk and Jake Vitta of IPA Capital Markets arranged acquisition financing for the buyer. Completed in 2021, Alvera at the Meadows features 142 apartments, a resort-style swimming pool with lazy river, a 24-hour workout facility, sauna, steam room and game room. Apartments offer keyless entry, vaulted or nine-foot ceilings, washers/dryers and private balconies or patios.

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1370-1380-Holiday-Lane-Fairfield-CA
AcquisitionsCaliforniaRetailWestern

Partnership Negotiates Sale of 24,604 SF Retail Center in Fairfield, California

by Amy Works

FAIRFIELD, CALIF. — A partnership between Faris Lee Investments and John Cumbelich & Associates has negotiated the sale of a 24,604-square-foot, two-building retail center located at 1370-1380 Holiday Lane in Fairfield. Built in 2005 on 2.3 acres, the center is roughly 42 percent occupied. Tenants include Aspen Dental, Peet’s Coffee & Tea, Togo’s Sandwich Shop and Golden 1 Credit Union. Additionally, the center features an anchor space totaling 14,375 square feet, which is currently unleased. Scott DeYoung, Jeff Conover and Greg Lukosky of Faris Lee, along with John Cumbelich and Joe Kuvetakis of John Cumbelich & Associates, represented the undisclosed seller in the transaction.

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AcquisitionsCaliforniaRetailWestern

Shopoff Realty Investments Sells Final Retail Parcel at Sunrise Village in Fullerton, California for $2.5M

by Amy Works

FULLERTON, CALIF. — Shopoff Realty Investments has sold the last remaining retail parcel at Sunrise Village, a 14-acre neighborhood shopping center located in the Orange County city of Fullerton, for $2.5 million. The recently sold property totals nearly half an acre and houses a veterinary clinic. The unused space at the parcel will be transformed into a fast-casual Korean restaurant. The remaining retail parcels at the property were previously sold to separate owners. The first parcel sale included a 1.4-acre corner retail space, which featured a drive-thru Del Taco and three adjacent retail pads. The other two retail parcels totaled roughly 1 acre apiece. Lennar Homes purchased The Pines at Fullerton, the 9.9-acre residential portion of Sunrise Village, in October 2023, with plans to build 113 homes. Construction is already underway on the site, with the first set of homes scheduled for delivery in 2026. Shopoff originally acquired the shopping center in 2021 for $26.5 million and secured approvals to redevelop the property into a mixed-use center with service-based tenants and housing options.

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Sunroad-Fairfield-Apt-Portfolio-CA
AcquisitionsArizonaCaliforniaColoradoMultifamilyNevadaWestern

JLL Arranges $1.1B, 15-Property Multifamily Portfolio Recapitalization

by Amy Works

SAN DIEGO — On behalf of Sunroad Enterprises, JLL Capital Markets has arranged a $1.1 billion venture with Fairfield to capitalize a 15-property multifamily portfolio that spans six states. JLL also arranged $415 million in financing with Freddie Mac for 10 assets. The loan will be serviced by JLL Real Estate Capital, a Freddie Mac Optigo Lender. Additionally, $250 million of financing was secured from accounts managed by KKR. The assets, which represent a portion of Sunroad’s overall portfolio, were assembled over a six-year period. Totaling 3,830 units, the portfolio consists of six Class A core assets and nine value-add assets with ongoing renovations underway. The assets have an average vintage of 2011 and are a mix of 65 percent garden-style communities and 35 percent mid-rise communities, with six in Arizona, one in Nevada, three in Colorado, two in North Carolina, two in South Carolina and one in Georgia. Aldon Cole, Roberto Casas, Tim Wright and Bharat Madan of JLL handled the majority of the transactions, while Mark Wintner of JLL handled the Colton Apartments asset in Henderson, Nev.

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