GOLDEN, COLO. — Monarch Investment & Management Group has sold Fox Hill Apartments, a 153-unit garden-style multifamily community located west of Denver in Golden. Sierra Parkway Communities acquired the asset for $32 million. Jordan Robbins, Wick Kirby, Alex Possick and Seth Gallman of JLL Capital Markets represented the seller, which had owned the asset for nearly 30 years, in the deal. Located at 17611 W. 16th Ave., Fox Hill Apartments was 95 percent occupied at the time of sale. Built in 1972, the property offers a value-add opportunity with the ability to renovate 100 percent of the unit interiors.
Western
GILBERT, ARIZ. — Grocer Safeway has opened a 64,000-square-foot store at The Gilmore, a 35-acre mixed-use development by Thompson Thrift that is located in the Phoenix suburb of Gilbert. Safeway will anchor the $225 million project, which is set to feature 300 luxury apartments, a hotel and roughly 200,000 square feet of boutique shopping, dining and public gathering spaces. Additional retail and restaurant tenants will include Better Buzz Coffee, Handel’s Ice Cream, Jersey Mike’s, Nook Kitchen, Over Easy, EDO Japan, Rebel Wine Lounge, Phantom Fox Brewery, Outcast Doughnuts, Level 1 Arcade Bar, Sweathouz and Honey Go Nails. Retail spaces at The Gilmore are expected to begin opening in late 2026, while residential move-ins and the overall project rollout will stretch into early 2027.
Mesa West Capital Provides $52M Loan for Refinancing of Sumner Mill Apartments Near Seattle
by Amy Works
SUMNER, WASH. — Mesa West Capital has provided Timberlane Partners with a $52 million short-term, first-mortgage loan to refinance Sumner Mill Apartments in Sumner, approximately 30 miles south of Seattle. Joshua Westerberg led the Mesa West Capital team that originated the loan. Jake Roberts of BWE’s Los Angeles office arranged the financing. Delivered in 2024 by the sponsor, Sumner Mill Apartments features 162 garden-style studio, one- and two-bedroom apartments spread across 3.8 acres at 5816 162nd Ave. E. Community amenities include an outdoor pool, fitness center, resident clubhouse with full kitchen, conference room, package room, dog park, picnic area, EV-enabled parking spaces and rooftop solar panels.
PHOENIX — Marcus & Millichap has brokered the sale of a 984-unit Extra Space Storage facility in Phoenix. Located at 6316 N. 7th St., the gated-access property features fully climate-controlled units, drive-in loading areas, multiple elevators, onsite management office, 24/7 video surveillance and an interior concrete drive aisle with roll-up doors. The property was built in 2021. Adam Schlosser, Jordan Farrer and Charles “Chico” LeClaire of the LeClaire-Schlosser Group of Marcus & Millichap, in association with Ryan Sarbinoff, Marcus & Millichap’s Arizona broker of record, represented the seller in the transaction.
LAS VEGAS — Multifamily investment firm CONAM, through a discretionary fund, has acquired the 232-unit Alicante Apartments Homes in Las Vegas’ Spring Valley submarket. Terms of the transaction were not released. Built in 2001 on 11.2 acres, Alicante features one-, two- and three-bedroom apartments across two-story, garden-style buildings. All units feature luxury vinyl plank flooring, quartz countertops, stainless steel appliances and full-size in-unit washers and dryers. Community amenities include a pool, spa, fitness center with yoga and spin studios, clubhouse, billiards room, dog park, playground, package lockers and gated access.
PSRS Arranges $11.2M Loan for Refinancing of Office Building in San Bernardino, California
by Amy Works
SAN BERNARDINO, CALIF. — Commercial mortgage banking firm PSRS has arranged a $11.2 million loan for the refinancing of a nine-story office building in San Bernardino. At the time of financing, the 126,000-square-foot property was 89 percent leased to tenants such as the Internal Revenue Service (IRS) and the City of San Bernardino. Jacob Lee and Nathan Toomey of PSRS arranged the loan, which was structured with a five-year term, a 25-year amortization schedule and a dedicated reserve for capital expenditures. The direct lender and borrower were not disclosed.
PORTLAND, ORE. — Marcus & Millichap has brokered the sale of a six-property, 537,962-square-foot self-storage portfolio in Oregon. The properties are located in Ashland, Bend, Prineville, Redmond, Hood River and Hillsboro. Adam Schlosser, Keith Phillips and Dean Trammell of Marcus & Millichap, represented the seller in the transaction. David Tabata of Marcus & Millichap assisted in closing the deal as the broker of record. Totaling 3,545 units, the portfolio includes Secure Storage facilities at 2855 State Highway 66 in Ashland, 63031 OB Riley Road in Bend, 2200 NE Buckboard Lane in Prineville, 3001 NW Canal Blvd. in Redmond, 1400 Tucker Road in Hood River and 4800 NE Cornell Road in Hillsboro. Ground-level access spans the portfolio’s rentable square footage, and two of the six properties include dedicated land for future expansion.
Olson Co. Buys Office Property in Monterey Park, California for $24.8M, Plans Residential Conversion
by Amy Works
MONTEREY PARK, CALIF. — The Olson Co. has acquired a 7.9-acre office campus in Monterey Park, located east of downtown Los Angeles, for $24.8 million. The buyer plans to redevelop the two-building, 120,191-square-foot property into a residential community. Originally built in 1980, the campus was previously owned and occupied by Blue Shield of California. The property includes a three-story, 91,363-square-foot office building at 601 Potrero Grande Drive and a companion office building at 2100 Saturn St. The campus provides 508 surface parking spaces and is zoned Saturn Park under Monterey Park’s McClaslin Business Park overlay. Ryan Campbell of NAI Capital Commercial represented the buyer in the deal, while Andrew Harper, Jeff Bramson and Will Poulsen of JLL represented the seller.
SURPRISE, ARIZ. — CapRock Partners has purchased Summit at Surprise, a newly completed, 244,847-square-foot warehouse located northwest of Phoenix. Summit Surprise features two freestanding Class A buildings on two parcels totaling 16.9 acres. Building A spans 79,200 square feet, and Building B totals 165,647 square feet. At the time of acquisition, the property was 15 percent leased. Building A includes 1,956 square feet of office space, 20 dock-high loading doors, two grade-level doors, 132 parking spaces and 2,000 amps of electrical service. Building B features approximately 1,874 square feet of office space, 47 dock-high loading doors, four grade-level doors, 244 parking spaces and 3,000 amps of electrical service. The properties are located at 12460 and 12730 N. Dysart Road. Kirk Kuller, Callahan Conway, Bo Mills and Courtney Webb of KBC Advisors brokered the sale, terms of which were not released. John Lydon and Nicole Marshall of JLL are handling leasing of the property.
MESA, ARIZ. — CRE8 Advisors has arranged the $6.1 million sale of a newly constructed industrial building located at 7320 E. Pecos Road in Mesa. ADV Reline Service Inc. acquired the asset from Cavan Commercial. The buyer, an underground piper repair company, will utilize the facility to support its operations and continued growth. The 15,796-square-foot property is located within the Pecos 17 Industrial Development and features a secure, fenced yard.