REBusinessOnline

Walker & Dunlop Arranges $134M Sale of Multifamily Property in Metro Denver

LITTLETON, COLO. — Walker & Dunlop (NYSE: WD) has arranged the $134 million sale of Griffis Marston Lake, a 332-unit multifamily community in Littleton. Built in 2002, the garden-style community was marketed as a value-add investment. The property offers a mix of one-, two- and three-bedroom units near major employers including the Swedish Medical Center, Denver Federal Center and Lockheed Martin. The community is also located roughly 10 miles south of downtown Denver and the Denver …

CGI+ Real Estate Strategies to Construct Mixed-Use Development on Los Angeles’ Miracle Mile

LOS ANGELES — CGI+ Real Estate Strategies has received full entitlements to develop a hotel, multifamily and retail mixed-use project at the intersection of Wilshire Boulevard and La Brea Avenue in Los Angeles’ Miracle Mile district.Located at 639 S. La Brea Ave., the eight-story, transit-oriented property will feature a 125-key hotel, 121 residential rental units and 13,000 square feet of street-level and rooftop restaurant space.The boutique-style hotel will offer rooms ranging in …

Contour Receives $31.6M in Acquisition Financing for Estancia Senior Living in Southern California

FALLBROOK, CALIF. — Contour has obtained $31.6 million in acquisition and mezzanine financing for Estancia Senior Living, a newly developed assisted living and memory care community located at 1735 S. Mission Road in Fallbrook.Alanna Ellis and Jeff Sause of JLL Capital Markets secured a $24 million, three-year, floating-rate bank loan and a $7.6 million, four-year, fixed-rate mezzanine loan for the borrower.Developed in summer 2021, the two-story Estancia Senior Living features 103 …

Greenlight Communities, Holualoa Cos. to Develop 288-Unit Cabana Bridges Apartments in Tucson

TUCSON, ARIZ. — Scottsdale-based Greenlight Communities and Holualoa Cos. are developing Cabana Bridges, an apartment property located within the 350-acre Bridges mixed-use development in Tucson. Greenlight acquired the land site in early October for $3.4 million and plans to start construction in the upcoming weeks.The $50 million Cabana Bridges is slated to welcome its first residents in January 2023. The community will feature 288 apartments, contemporary appliances and kitchen …

Bellwether Housing Acquires Two Multifamily Communities for Affordable Housing Conversion in Washington

KENT AND DES MOINES, WASH. — Bellwether Housing has received $24.8 million financing for the acquisition and rehabilitation of The BLVD and Marina Club Apartments, two garden-style multifamily communities in Kent and Des Moines. Both municipalities are just south of the Seattle-Tacoma International Airport.Bellwether plans to convert the 213 units into affordable housing for households earning 60 to 80 percent of the area median income.JLL Capital Markets and JLL Public Institutions …

Matthews Brokers $10.1M Sale of Rite Aid-Occupied Retail Property in Sacramento

SACRAMENTO, CALIF. — Matthews Real Estate Investment Services has arranged the sale of a retail building located at 4241 Marconi Ave. in Sacramento. A private individual sold the asset to an undisclosed buyer for $10.1 million.Rite Aid occupies the property. Courtney Haubach, Bill Pedersen and Chad Kurz of Matthews represented the seller and sourced the buyer for the

Valley Area Retail Market Slowly Picking Back Up

By Yair Haimoff, Executive Managing Director, Spectrum Commercial Real EstateThe COVID-19 pandemic slowed or halted markets across the world. But how did Los Angeles fare? Well, the retail market slowed in 2020 as a result of the pandemic, but, fortunately, it is slowly picking up with reopenings and the adoption of the COVID-19 vaccine.Looking back, recent transactions in the retail space have predominantly included food-related deals. With established fast food businesses like …

Arden Group Acquires 145,646 SF Solutionreach Office Building in Metro Salt Lake City

LEHI, UTAH — Arden Group, in partnership with Vesta Realty Partners, has purchased Solutionreach, a five-story, Class AAA office property in Lehi.Located at 2600 Ashton Blvd., the 145,646-square-foot building serves as the headquarters for Solutionreach, a private equity-backed healthcare technology consulting company. The property was developed in 2016 as a build-to-suit corporate campus for the current tenant.Cushman & Wakefield represented the sellers, Gardner Co. and Boyer …

H.I.G. Realty Partners Buys 3.4 MSF Southern California Logistics Center in Victorville

VICTORVILLE, CALIF. — H.I.G. Realty Partners has purchased Southern California Logistics Center (SCLC), a seven-property industrial portfolio in Victorville. Terms of the off-market transaction were not released.Situated on the former George Air Force Base, SCLC features 3.4 million square feet of industrial space. The fully leased property provides mission-critical logistics support to tenants in the consumer products, manufacturing, food and beverage, and aviation

Coldwell Banker Brokers $35M Acquisition of Silver Creek Apartments in Las Vegas

LAS VEGAS — Coldwell Banker Commercial has arranged the purchase of Silver Creek Apartments, a multifamily property located at 6170 Boulder Highway in Las Vegas. A Southern California-based investment firm acquired the asset from an undisclosed seller in an off-market transaction for $35 million.Built in 2002, Silver Creek Apartments features 224 units in a mix of one-, two- and three-bedroom layouts.Garry Cuff and Tom Naseef of Coldwell Banker Commercial Premier represented the buyer …

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