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.
LOS ANGELES — Tony Azzi of Marcus & Millichap represented the undisclosed seller in the disposition of 10817 Santa Monica Boulevard in Los Angeles. The 5,200-square-foot office property sold for $2.4 million or $500 per square foot. The buyer was not disclosed.
LODI, CALIF. — Locally owned RPM Company/Manchester Renovation Partners has acquired Lakeview Apartments, which is located at 1510 and 1511 S. Mills Ave. in Lodi, for $14 million. Constructed in 1984, the 138-unit property features two swimming pools, two spas, private garages, a leasing office and a fitness center. Units feature balconies/patios with storage, electric stoves, dishwashers and garbage disposals. Chicago-based Equity Residential/Lakeview Community Rentals sold the property. Mark Feldman of Hendricks & Partners San Francisco office brokered the transaction.
ANAHEIM, CALIF. — An undisclosed limited liability company has purchased Canfield Park Apartments, a multifamily property located in Anaheim. Located at 1535 E. Canfield Lane, the 24-unit property sold for $2.8 million. Joe Berkson of Marcus & Millichap represented the buyer and the undisclosed seller in the transaction.
PALO ALTO, CALIF. — Veterans Affairs Palo Alto Health Care System is breaking ground for the development of an 80-bed Inpatient Mental Health Center in Palo Alto. The 76,000-square-foot facility will include a mental health research and office pavilion; a utility complex; enclosed, landscaped gardens; and natural light sources for all internal patient and staff areas, as well as private and semi-private rooms with private bathrooms. Upon completion, all inpatient beds will operate in the new facility, which will house four units consisting of 20 beds each. McCarthy Building Companies is serving as general contractor for the project, which was designed by Design Partnership. Completion is scheduled for 2011.