PLEASANT HILL, CALIF. — Kevin Turner of Marcus & Millichap’s Oakland, Calif., office represented the undisclosed buyer in the acquisition of Oak Park Manor, an apartment community located at 1808 Oak Park Blvd. in Pleasant Hill. The 40-unit property sold for $5.5 million. The community features a swimming pool, and each apartment features a fully equipped kitchen, a private balcony/patio, and central heating and air conditioning. The seller was not disclosed.
LEMON GROVE, CALIF. — Community Collective and the city of Lemon Grove have completed the development of Citron Court, a 36-unit multifamily community located at 7385 Broadway in Lemon Grove. The five-building community features studio, one-, two- and three-bedroom units; 2,200 square feet of commercial/retail space; an on-site management office; a community meeting room; a computer learning center; a children’s play area and a laundry room. The eco-friendly property utilizes a photovoltaic system, ENERGY STAR-rated appliances, low-flow water fixtures, dual-flush toilets and Low-E windows. Allgire General Contractors served as general contractor for the project, which was designed by Foundation for Form.
MCCLELLAN PARK, CALIF. — McClellan Park, a 3,000-acre mixed-use development in McClellan, has received a $95 million secured credit facility from Wells Fargo Bank. The facility was arranged with the participation of Bank of America, Safe Credit Union and River City Bank. The new facility is for up to a 5-year term and provides up to $95 million through a revolving line of credit. McClellan Park features an airport, a full-service hotel, a fitness facility, a rail system and dormitories, as well as office, industrial and retail space. The project, which is entitled for more than 16 million square feet of commercial, retail, office and residential buildings, consists of 8.5 million square feet of useable buildings and 500 acres of developable land.
TUSTIN, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.6 million loan for the refinancing of two multifamily properties in Tustin. The two properties offer a total of 117 apartment units. Michael Derk arranged the financing on behalf of the undisclosed borrower. Terms of the loan include a fixed rate of 6.25 percent for the first 5 years, a 30-year amortization schedule and a 65 percent loan-to-value.
AURORA, COLO. — Jon Hendrickson and Garrette Matlock of Marcus & Millchap’s Denver office represented Muffin Associates in the disposition of Smoky Hill Shoppette. Located at 15271-15285 Smoky Hill Rd. in Aurora, the 9,702-square-foot retail property sold for $1.62 million. The seven-tenant property was 100 percent occupied at the time of acquisition. Barry Higgins and Taylor Turano, also of Marcus & Millichap, represented the undisclosed buyer in the transaction.
PHOENIX — The Phoenix City Council has green lighted the renovation of the historic Arizona Biltmore Resort & Spa, which is located at 2400 E. Missouri Ave. in Phoenix. The $600 million renovation includes a new world-class spa with corresponding amenities; a fine-dining restaurant; upgrades to trails; traffic enhancements; pool and landscaping redevelopment; a promenade along the Arizona Canal; a new resort entrance design and 300 new guest rooms. Beginning immediately, the first phase of construction includes a $120 million spa and its amenities. The second phase of the renovation will begin sometime before 2030. Gensler & Associates is providing architectural services for the spa component of the project. Arizona Biltmore Resort & Spa is a partnership between Morgan Stanley, Pyramid Advisors and investment partners.
DIXON, CALIF. — West Sacramento, Calif.-based Ty-Developments has completed the disposition of Ty-Del Phase I & II in Dixon. Located at 445 W. Chestnut, the 55-unit property sold for $4 million. Al Inoue and Steven Nelson of Hendricks & Partners represented the seller in the transaction. The buyer was not disclosed.
DENVER —30 S Pearl LLC has acquired a 35-unit apartment building, which is located at 30 S. Pearl St. in Denver’s West Washington Park neighborhood, for $2.22 million. Constructed in 1969, the 19,164-square-foot property offers 32 one-bedroom/one-bath units and three two-bedroom/one-bath units. The seller was BPMA Apartments. Bobby Hutchinson and Joe Hornstein of Pinnacle Real Estate Advisors represented both parties in the transaction.
SEATTLE — Blake Rodgers and Daniel Swanson of Marcus & Millichap’s Seattle office represented the undisclosed buyer in the $1.4 million acquisition of The Santa Fe, which is located at 1417 Belmont Ave. in Seattle. Built in 1964, the multifamily property features one studio unit, nine one-bedroom/one-bath units, and one three-bedroom/two-bath unit. The seller was not disclosed.
LAKEWOOD, WASH. — RS Diversified Co. has acquired Merrill Creek, a 149-unit multifamily community in Lakewood, for $15.9 million. Built in 1994, the property consists of 13 three-story buildings and offers one-, two- and three-bedroom garden-style apartments. Alliant Capital provided an approximately $11.11 million acquisition loan for the transaction. Jeff Williams of Moran & Co. represented the seller, Equity Residential, in the transaction.