Western

CBRE Arranges $25.7M Sale of Shopping Center in Costa Mesa, California

by Amy Works June 3, 2025

COSTA MESA, CALIF. — CBRE has arranged the $25.7 million sale of Westport Plaza & Square, a 39,334-square-foot shopping center located in Costa Mesa. Built in 1975 and renovated in 2002 and 2018, the center is situated on 13.7 acres. Tenants at the property — which was 97 percent leased at the time of sale — include Plums Café & Catering, Fleur De Lys, Crumbl Cookies, Common Thread, House of Yogurt, Massimo’s Pizza and LaserAway. Westport Plaza & Square has roughly 54 years remaining on its long-term ground lease. Jimmy Slusher, along with Megan Lanni and Shaya Northrup of CBRE’s NRP-West team, represented both the seller, Newport Beach-based Space Investment Partners, and the buyer, Asana Partners, in the transaction.

June 3, 2025

Colorado Development Retail Western

Evergreen Devco Completes Construction of Multi-Tenant Retail Buildings in Frederick, Colorado

by Amy Works June 3, 2025

FREDERICK, COLO. — Evergreen Devco has completed construction of site infrastructure and two multi-tenant retail buildings at Silverstone Marketplace, a 35-acre shopping center located at Highway 52 and Colorado Boulevard in Frederick. A 123,000-square-foot King Soopers Marketplace, including a French bakery, apparel, fuel station and drive-thru pharmacy, anchors the development. The location is the first King Soopers in Frederick. Silverstone Marketplace also includes 20,000 square feet of shop buildings that are 93 percent leased. Currently signed tenants include Wingstop, Club Pilates, Domino’s Pizza, Cold Stone Creamery, Great Clips, Blue Sky Nails & Lash, Five Guys, Pacific Dental and Chipotle. Chase Bank, Wendy’s and Valvoline will occupy pad sites, starting in early 2026, at the property. G3 Architecture served as architect, Galloway provided civil engineering design, Mark Young Construction handled site work and Epic Construction served as contractor for the shop buildings.

June 3, 2025

Market Reports Multifamily Nevada Western Western Market Reports

Las Vegas Multifamily Enters a New Era of Growth Opportunity

by John Nelson June 3, 2025

— By Adam Schmitt of CBRE — The Las Vegas multifamily market is experiencing a significant transformation that’s shaped by new construction trends and evolving market dynamics. As the city continues to expand and adapt, it is essential for current investors, developers and capital allocators to understand the opportunities and barriers for growth. The multifamily market has seen substantial fluctuations since the onset of COVID-19. Rents surged by 24.6 percent in 2021, buoyed by government interventions. However, as these supports diminished, vacancy rates rose sharply, climbing from an average of 3.4 percent in 2021 to 7.35 percent in 2023. Recent trends, however, indicate a recovery. Vacancy rates have decreased to 6.5 percent as of February, which hint that multifamily fundamentals may be regaining stability and moving toward normalized averages. The single-family housing market is another critical element influencing the overall health of Las Vegas’ economy. The market produced 160,092 single-family homes between 2003 and 2008. However, only 142,455 were built between 2009 and 2024. This slowdown has led to soaring home prices, even amid rising mortgage rates approaching 7 percent. Consequently, the growing disparity between renting and owning has created favorable conditions for rental housing demand, further solidifying the multifamily …

June 3, 2025

Development Multifamily Student Housing Utah Western

Brinkmann Constructors, Kayne Anderson Break Ground on 607-Bed Student Housing Community in Salt Lake City

by Amy Works June 2, 2025

SALT LAKE CITY — Brinkmann Constructors, in partnership with Kayne Anderson, has broken ground on Trolley North Apartments, an eight-story student housing community in Salt Lake City. The 395,000-square-foot property will offer 200 apartments units, totaling of 607 beds, and four levels of parking. Located near the University of Utah, Trolley North Apartments is being built in two phases. The first phase consists of the six-month construction of an eight-story stair tower to support rooftop cellular equipment. The cellular equipment must be relocated before the start of the second phase — the construction of the student housing development. BKV Group will serve as the project architect.

June 2, 2025

California Loans Retail Western

PSRS Arranges $40M Refinancing of 245,000 SF Shopping Center in Los Angeles

by Amy Works June 2, 2025

LOS ANGELES — PSRS has arranged a $40 million loan for the refinancing of La Alameda Shopping Center, a 245,000-square-foot property located in the Los Angeles neighborhood of Walnut Park. The 18.3-acre center comprises six building clusters and features Spanish architecture, pedestrian-friendly courtyards, plaza spaces, outdoor seating and a fountain. Tenants at the property include Ross Dress For Less, CVS Pharmacy, Marshalls, Don Chente Bar & Grill, Wingstop, Dollar Tree, Chuck E. Cheese, Panda Express, GameStop, Cold Stone Creamery, Petco and Bath & Body Works. Kostas Kavayiotidis, Mike Davis and Jacob Lee of PSRS arranged the nonrecourse CMBS loan, which carries a 10-year term.

June 2, 2025

Acquisitions California Mixed-Use Multifamily Office Western

Manova Partners Buys Parallel on Fourth Mixed-Use Property in San Mateo, California

by Amy Works June 2, 2025

SAN MATEO, CALIF. — Manova Partners has acquired Parallel on Fourth, a mixed-use property in downtown San Mateo. Terms of the transaction were not disclosed. Located at 405 E. 4th Ave., the property offers 15 residential units above 62,338 square feet of office space and two levels of subterranean parking. Verkada, a provider of cloud-based security and operating systems, fully occupies the office space and master leases 13 of the residential units. The remaining units are offered at below market-rate rents. Eric Ramm of Manova negotiated the transaction on behalf of Manova Partners. Will Connors and Adam Lasoff of JLL Capital Markets represented the seller in the deal.

June 2, 2025

Acquisitions Multifamily Washington Western

Investors Management Group Sells 179-Unit Foster Creek Apartments in Tukwila, Washington

by Amy Works June 2, 2025

TUKWILA, WASH. — Investors Management Group (IMG) has completed the disposition of Foster Creek Apartments, a multifamily property in Tukwila. Terms of the transaction were not released. Located at 15110 Macadam Road South, Foster Creek Apartments features 179 units. IMG directed a $3.7 million capital improvement program, including remodeling the leasing office, adding a fitness center, resurfacing the parking areas, new roofs and remodeling unit interiors. The property was originally built in phases between 1968 and 1978. Ben Johnson and David Sorensen of Berkadia Seattle represented IMG in the transaction.

June 2, 2025

Acquisitions Arizona Office Western

Commercial Retail Advisors Brokers Sale of Oracle Gateway Office Building in Tucson, Arizona

by Amy Works June 2, 2025

TUCSON, ARIZ. — Commercial Retail Advisors has arranged the sale of Oracle Gateway, an office property at 3870 N. Oracle Road in Tucson. Spotted Fawn LLC acquired the asset from 3838 Oracle Plaza Joint Venture LLC for an undisclosed price. The two-story, 22,901-square-foot building was vacant at the time of sale. Craig Finfrock of Commercial Retail Advisors represented the seller, while the buyer was self-represented in the transaction. Ten-X facilitated the auction sale. Commercial Retail Advisors will represent Spotted Fawn LLC in the leasing of the property.

June 2, 2025

California Loans Multifamily Western

BWE Secures $220M in Financing for Opus Multifamily Community in Los Angeles

by Amy Works May 30, 2025

LOS ANGELES — BWE has secured a total of $220 million in financing for Opus, an apartment property in the Koreatown neighborhood of Los Angeles. Max Sauerman and Tyler Shebeck of BWE’s Los Angeles office originated a $205 million five-year senior loan and a $15 million floating-rate mezzanine loan on behalf of the borrower, an affiliate of Jamison Properties. New York Life Real Estate Investors (NYLREI) provided the financing. Completed in June 2024, Opus offers 428 studio, one-, two- and three-bedroom apartments spread across two high-rise towers connected by a secured parking garage and amenity deck. The units feature floor-to-ceiling windows, open floor plans, high ceilings, luxury appliances, balconies and smart home features. Onsite amenities include multiple resident lounges and entertaining spaces, coworking rooms, two state-of-the-art fitness centers, a game room, movie theater, golf simulator, dog park and grooming station, an automated concession room, a rooftop pool with a spa and cabanas, rooftop bars, dining areas, barbecue grills and fire pits. Additionally, the property offers 10,000 square feet of ground-floor commercial space, which is 33 percent leased to a coffee shop and a boba shop.

May 30, 2025

Development Multifamily New Mexico Western

Aberg Property to Develop 244-Unit Zia Flats Apartment Property in Santa Fe

by Amy Works May 30, 2025

SANTA FE, N.M. — Aberg Property Co. is developing Zia Flats, a 244-unit apartment property, as part of Phase I of the Zia Station mixed-use project in Santa Fe. The land is owned by Zia Station LCC, which will be a joint venture partner in the development. Aberg Property Co. and Zia Station LLC have partnered with Sunward Bank for the financing. Located at the northeast corner of St. Francis Drive and Zia Road, Zia Flats will offer 24 onsite affordable units, a resort-style pool, clubhouse with coworking space, a fitness center and outdoor space with large courtyards featuring fire pits and other amenities. The asset will consist of six two- and three-story buildings. The new community is expected to be under construction for approximately 22 months and will open in early 2027. The second phase of Zia Station, which will feature commercial and residential use, is in the early design stages.

May 30, 2025

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