Western

Marcus & Millichap Arranges $46.9M Sale of Two-Property Creekside Park Multifamily Portfolio in Napa, California

by Amy Works March 6, 2024

NAPA, CALIF. — Marcus & Millichap has negotiated the sale of Creekside Park I and II, a two-property multifamily portfolio in Napa. The assets traded for $46.9 million, or $249,734 per unit. Constructed in two phases in 1983 and 1985, Creekside Park consists of 15 two-story residential buildings and two single-story amenity buildings on more than 10 acres. The 188 one-, two- and three-bedroom units feature ceiling fans and air conditioning. Renovated units offer new flooring, cabinet faces, hardware, fixtures and countertops. Community amenities include a leasing office, swimming pool, two spas, fitness center, children’s play area, laundry facilities and manicured grounds. Mitchell Zurich, Kirk Trammell, David Cutler and Joshua Johnson of Marcus & Millichap represented the seller, the original developer, and procured the undisclosed buyer in the transaction.

March 6, 2024

California Development Multifamily Western

Alliance Residential, KTGY Open 264-Unit Broadstone Edition Apartment Community in Irvine, California

by Amy Works March 6, 2024

IRVINE, CALIF. — Developer Alliance Residential and architect KTGY have opened Broadstone Edition, a 264-unit residential property with a mix of market-rate and affordable apartments in Irvine. Located on the corner of Alton Parkway and Von Karman Avenue within the Irvine Business Complex, the five-story Broadstone Edition wraps around a six-story, 426-stall parking structure and two open courtyards. The property offers 22 very low-income units, 14 moderate-income units and 228 market-rate units. Onsite amenities include a pool and spa with cabanas; private karaoke lounge; 2,000-square-foot rooftop deck with a social lounge and firepits; 2,000-square-foot gym/studio; specialty bicycle parking; and a courtyard barbecue area. Additionally, the development has a Fitwel Healthy Building certification. The project team included Hendy as interior designer, Fuscoe Engineering as civil engineer and MJS Landscape Architecture as landscape architect.

March 6, 2024

Colorado Development Multifamily Western

Joint Venture Tops Off 255-Unit Tempo Nine Mile Apartment Project in Aurora, Colorado

by Amy Works March 6, 2024

AURORA, COLO. — A joint venture between Draper and Kramer Inc., Koelbel and Co., Mile High Development and Urban Roots Development has completed vertical construction of Tempo Nine Mile, a multifamily community in Aurora. The project, which is located at the northeast corner of Parker Road and Peoria Street, is part of the 22-acre The Point at Nine Mile master-planned development. The five-story property will feature 255 market-rate apartments in a mix of one-, two- and three-bedroom layouts, ranging from 542 square feet to 1,321 square feet. Additionally, the community will offer 3,000 square feet of ground-floor retail space, an outdoor pool, landscaped courtyard, community room, bike-ski-kayak room, and rooftop fitness center and party deck. Pre-leasing is slated to begin this summer, with first deliveries and move-ins scheduled for fall 2024. KTGY is serving as architect, and Brinkmann Constructors is serving as general contractor. The developers are financing the project through a HUD-insured loan that PGIM Real Estate originated.

March 6, 2024

Acquisitions Multifamily Oregon Retail Western

Newmark Negotiates Sale of The Beverly Retail, Multifamily Property in Portland, Oregon

by Amy Works March 6, 2024

PORTLAND, ORE. — Newmark has arranged the sale of The Beverly, a boutique mixed-use asset in Portland’s Hollywood District. Terms of the transaction were not disclosed. Originally delivered as condominiums in 2009, the 48,684-square-foot community features ground-floor retail space and 53 high-end residential units above. Whole Foods Market anchors the retail space. Nick Kucha, Nick Bicardo, Jakob Nicholls, Robert Black and Sam Lawhead of Newmark represented the undisclosed seller, while Tim Sotoodeh represented the undisclosed buyer in the deal.

March 6, 2024

Acquisitions Arizona Multifamily Western

ABI Multifamily Brokers $2.4M Purchase of Apartment Building in Phoenix

by Amy Works March 6, 2024

PHOENIX — ABI Multifamily has arranged the acquisition of a multifamily property located at 1525 W. Indian School Road in Phoenix. The asset traded for $2.4 million, or $136,111 per unit. Both the undisclosed buyer and seller are based in Arizona. Built in 1959, the two-story property features 18 apartments in a mix of four studio units, eight one-bedroom/one-bath units and six two-bedroom/one-bath units. The asset also offers parking for each unit and an on-site laundry facility. Andrew Arambula, Tom Palestina and Bryce Neagle of ABI Multifamily represented the buyer in the deal.

March 6, 2024

Acquisitions California Multifamily Western

TMG Arranges Sale of 232-Unit The Victor Multifamily Property in Fresno, California

by Amy Works March 5, 2024

FRESNO, CALIF. — The Mogharebi Group (TMG) has brokered the sale of The Victor, a multifamily community in Fresno. A Washington-based private investment group sold the asset to a Central Valley-based private investment group for nearly $30 million. Situated on 8.7 acres at 1577 E. Bulldog Lane, The Victor features 232 apartments ranging in size from 800 square feet to 1,000 square feet. Unit amenities include in-unit washers/dryers, large balconies, fireplaces and ceiling fans. Community amenities include a resort-style pool, outdoor picnic area, fitness center and business center. The garden-style property was built in 1974. Robin Kane and Brendan Kane of TMG’s Fresno office represented the seller in the deal. The buyer assumed the current loan on the property, which has eight years remaining at a 3.94 percent interest rate with three years of interest-only payments remaining.

March 5, 2024

California Development Mixed-Use Multifamily Western

LLJ Ventures, Citymark Development to Open Kelvin Mixed-Use Community in Lemon Grove, California

by Amy Works March 5, 2024

LEMON GROVE, CALIF. — LLJ Ventures and Citymark Development are nearing completion of Kelvin, a mixed-use community at 7950 Broadway in Lemon Grove in San Diego County. Slated for completion in early March, Kelvin features 66 studio, one-, and two-bedroom apartments ranging from 523 square feet to 1,058 square feet. The five-story building offers 4,043 square feet of first-level commercial space on a 0.92-acre lot near local dining, shopping and entertainment options. Additionally, Kelvin is near Freeway 94, Freeway 125 and the Lemon Grove Trolley Station. Pre-leasing is underway at Kelvin, which San Diego-based Sunrise Management is handling. Move-ins are scheduled the begin mid-March. Studio E Architects served as architect for the project, which is situated on the site of a former Barry’s Athletic Supply store, which operated on the site for 25 years until it relocated to another Lemon Grove location.

March 5, 2024

Acquisitions Colorado Multifamily Western

JTA Real Properties Divests of Multifamily Portfolio in Aurora, Colorado for $9M

by Amy Works March 5, 2024

AURORA, COLO. — JTA Real Properties LLC has completed the disposition of a three-building multifamily portfolio, located at 1377-1397 Laredo St. and 16415 E. 14th Place in Aurora. Runt and Bro Laredo LLC acquired the portfolio for $9 million, or $115,500 per unit. The buyer plans to update and renovate the properties, which offer a unit mix of 69 450-square-foot one-bedroom/one-bath units and nine 400-square-foot studio/one-bath units. Marc Lippitt, Phil Dankner, Justin Herman, Will McCauley and Elliott Polanchyck of Unique Properties / TCN Worldwide handled the transaction.

March 5, 2024

Acquisitions Colorado Industrial Western

Unique Properties/TCN Worldwide Brokers $2.7M Sale of Warehouse in Golden, Colorado

by Amy Works March 5, 2024

GOLDEN, COLO. — Unique Properties / TCN Worldwide has arranged the sale of a freestanding warehouse property located at 13280 W. 43rd Drive in Golden, just west of Denver. Baystone LLC sold the asset to Ted’s Sheds, the long-term tenant of the property, for $2.7 million, or $238.09 per square foot. The 11,240-square-foot building was professionally built-out and maintained as a manufacturing/woodworking shop with professional office space and an outdoor storage component. The building was originally built in 2000 and features a fully sprinklered interior and signage and visibility on Highway 58. Brett MacDougal and Michael DeSantis of Unique Properties / TCN Worldwide represented the seller in the deal.

March 5, 2024

Acquisitions Arizona Retail Western

Red Mountain Group Sells Multi-Tenant Retail Property in Phoenix for $1.6M

by Amy Works March 5, 2024

PHOENIX — Orange County, Calif.-based Red Mountain Group has completed the sale of a shopping center in Phoenix to North Creek LLC for $1.6 million. At the time of sale, the 5,587-square-foot property was fully occupied by four tenants. The asset is located at 12831-12839 N. Cave Creek Road in Phoenix. Jonathan Selznick of Lee & Associates represented the seller in the deal.

March 5, 2024

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