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Carriages-Fairwood-Downs-Renton-WA
AcquisitionsMultifamilyWashingtonWestern

Sequoia Equities Sells 400-Unit The Carriages at Fairwood Downs in Renton, Washington

by Amy Works

RENTON, WASH. — Sequoia Equities Inc. has completed the disposition of The Carriages at Fairwood Downs, a multifamily community in Renton, approximately 12 miles southeast of downtown Seattle. The price and buyer were not disclosed. Eli Hanacek, Mark Washington and Kyle Yamamoto of CBRE’s Pacific Northwest multifamily team represented the sellers in the transaction. Built in 1988, The Carriages at Fairwood Downs features 37 residential buildings with 400 one-, two- and three-bedroom floor plans, averaging 1,093 square feet. Additionally, the property offers 196 townhomes. Onsite amenities include a swimming pool and spa; movie theater; cabana with barbecues and fire pits; dog park; sauna; fitness center; and resident clubhouse. The property is situated on 28.5 acres at 15030 SE 179th St.

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1000-S-Logan-St-Denver-CO
AcquisitionsColoradoMultifamilyWestern

NorthPeak Commercial Brokers $4.1M Sale of Apartment Complex in Denver

by Amy Works

DENVER, COLO. — NorthPeak Commercial Advisors has arranged the sale of a multifamily property, located at 1000 S. Logan St. in Denver. The asset traded for $4.1 million, or $206,250 per unit. Greg Johnson, Connor Piretti and David Barocas of NorthPeak Commercial Advisors represented the undisclosed seller, while Jason Koch of Capstone Communities represented the undisclosed buyer in the deal. Built in 1938, the property features 20 courtyard apartments and 15 individual garages situated on a 30,430 square feet lot. The buyer plans to develop a new multifamily project on the site that is scheduled for completion in 2026.

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AcquisitionsColoradoIndustrialWestern

Malman Commercial Arranges $4.9M Acquisition of 22 Industrial/Flex Condos in Denver

by Amy Works

DENVER — Malman Commercial Real Estate has arranged the purchase of 22 industrial/flex condominiums at 5475 Peoria St. in Denver. Peoria Condos LLC acquired the assets for $4.9 million. Jake Malman of Malman Commercial represented the buyer, while Mark Alley and Paul Scheider of Pinnacle Real Estate Advisors represented the two sellers in the transaction. The seller of Building 2, Units 104 and 105 was Slang Colorado RE1 LLC. The sellers of 20 units in Building 1 and Building 2 were 5475 Building I LLC and 5475 Building II LLC.

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16150-Scientific-Way-Irvine-CA
AcquisitionsCaliforniaIndustrialWestern

Ateck Holding Sells R&D Building in Irvine, California for $3.2M

by Amy Works

IRVINE, CALIF. — Ateck Holding LLC has completed the sale of a two-story flex/R&D building, located at 16150 Scientific Way in Irvine. E&N Highpoint LLC acquired the asset for $3.2 million. Built in 2007, the 6,171-square-foot facility features open floor plans, top signage and abundant parking. The buyer, an international apparel company, will use the building for its U.S. corporate headquarters and for research, development and design.   Xavier Nolasco of JLL represented the seller, while Voit Commercial represented the buyer in the deal.

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AcquisitionsCaliforniaMultifamilyWestern

Advanced Real Estate Purchases 714-Unit Multifamily Community in Costa Mesa, California

by Amy Works

COSTA MESA, CALIF. — Advanced Real Estate has acquired a 714-unit apartment community in the Orange County city of Costa Mesa for an undisclosed price. The company is rebranding the property as The Grand Costa Mesa and has budgeted $45 million to renovate the asset. Planned renovations include resort-style pools and spas, a re-imagined clubhouse, expansive dog park, gathering places and barbecue areas. Additionally, washers and dryers will be added to every unit and interiors will be upgraded with new cabinetry, countertops, flooring, fixtures and contemporary paint schemes. R3 Construction Co., Advanced’s in-house renovation firm, will complete the renovations. Advanced Management Co. will manage the property. Blake Rogers, Ryan Fitzpatrick, Chelsea Jervis, CJ Angle, Carter Jones and Audrey Souders of JLL Investment Sales Advisory team represented the undisclosed seller in the transaction. Kevin Mackenzie, Greg Brown, Charlie Vorscheck and Kyle White of JLL Capital Markets Debt Advisory team secured a 10-year, $150.8 million Freddie Mac loan, which features full-term interest-only payments, for Advanced. JLL Real Estate Capital, Freddie Mac Optigo Lender, will service the loan.

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ColoradoLoansRetailWestern

Essex Arranges $87.5M Refinancing for Five-Property Retail Portfolio Near Denver

by Amy Works

DENVER — Essex Financial Group has secured an $87.5 million loan to refinance a five-property retail portfolio totaling 689,599 square feet across the greater Denver area. King Soopers, a subsidiary of Kroger, anchors each of the neighborhood centers. Essex worked on behalf of AmCap Inc., which has owned the properties since 1987. The grocery-anchored portfolio is currently 98 percent leased, with King Soopers accounting for more than half of the net rentable area. Other tenants in the portfolio include a mix of national and local retailers focused on daily needs, service uses and restaurants. Essex secured the fixed-rate, nonrecourse loan with an institutional investment manager that was funding on behalf of a separate life insurance company account. Paul Donahue, Cooper Williams, Matt Perigard and Andrea Mehlem of Essex’s Capital Markets team arranged the financing.

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AcquisitionsCaliforniaRetailWestern

Asia Pacific Capital Co. Negotiates Acquisition of Olympia Place Retail Center in Walnut Creek, California

by Amy Works

WALNUT CREEK, CALIF. — Asia Pacific Capital Co. has arranged the purchase of Olympia Place, a retail center in Walnut Creek. Kimco Realty Corp. sold the asset to an undisclosed buyer. Terms of the transaction were not released. Olympia Place features 114,000 square feet of rentable space. Current tenants include Century Theatres, Planet Fitness, Starbucks Coffee and Fleming’s Steak House. At the time of acquisition, the property was about 90 percent occupied. Tina Yeung and Roger Li of Asia Pacific Capital Co. represented the buyer, while JLL represented the seller in the transaction.

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SpringHill-Suites-Las-Vegas-Convention-NV
AcquisitionsHospitalityNevadaWestern

Apple Hospitality REIT Acquires 299-Room SpringHill Suites by Marriott Las Vegas Convention Center

by Amy Works

LAS VEGAS — Apple Hospitality REIT has purchased Springhill Suites by Marriott Las Vegas Convention Center, located at 2989 Paradise Road in Las Vegas, for approximately $75 million, or $251,000 per key. The name of the seller was not released. Opened in October 2009, the hotel features 299 rooms, more than 10,000 square feet of flexible indoor and outdoor meeting space, a rooftop pool with views of the Las Vegas Strip, and a seven-story parking garage and surface lot with a combined total of 244 spaces. The surface lot is zoned and master planned for future development of additional hotel rooms. With this acquisition, the Apple Hospitality hotel portfolio includes 225 hotels with 29,900 guest rooms spread across 38 states.

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AcquisitionsCaliforniaMixed-UseWestern

Progressive Real Estate Partners Brokers $3M Sale of Mixed-Use Development Site in Rancho Cucamonga, California

by Amy Works

RANCHO CUCAMONGA, CALIF. — Progressive Real Estate Partners has arranged the sale of a 1.73-acre parcel of vacant land at the northwest corner of Foothill Boulevard and Etiwanda Avenue in the Inland Empire city of Rancho Cucamonga. A Los Angeles County-based private investor sold the asset to a Los Angeles County-based private investor for $3 million. The land is zoned multi-use and is situated less than half a mile from Interstate 5. The buyer also owns the vacant land immediately adjacent and north of the property and is in the initial stages of planning and developing a mixed-use project that will encompass the multiple parcels. Neither a timeline nor specific details have been released. Chris Lindholm and Paul Galmarini of Progressive Real Estate Partners represented the seller in the deal.

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AcquisitionsCaliforniaOfficeTop StoriesWestern

Carolwood Equities Purchases 62-Story Office Tower in Downtown Los Angeles for $153.3M

by John Nelson

LOS ANGELES — Carolwood Equities LP, a real estate private equity firm based in Beverly Hills, Calif., has purchased Aon Center, a 62-story office tower in downtown Los Angeles. The 1.1 million-square-foot skyscraper is located at 707 Wilshire Blvd. in the city’s Financial District. The $153.3 million sale of Aon Center represents the largest office sale in fourth-quarter 2023 in the Western United States, according to Newmark. The deal is also the largest purchase in downtown Los Angeles last year but sold for 45 percent less than its last purchase price, according to the Los Angeles Business Journal. The media outlet reports that the seller, San Francisco-based Shorenstein Properties, had previously purchased the tower in 2014 for $269 million. Private investors Daniel Abrams and Adam Tischer are part of the new ownership group alongside Carolwood Equities. Tischer, vice president of Colliers’ Los Angeles office, was also part of the brokerage team for the buyer that also included Sean Fulp, vice chair of Colliers. “The ownership group’s acquisition of the iconic Aon Center exemplifies the flow of private capital into Los Angeles, seizing the opportunity created by market dislocation,” says Fulp. “With a new low basis and a well-capitalized owner, Aon Center …

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