Western

Waterton Acquires 177-Unit The Parker Apartments in Portland, Oregon

by Jeff Shaw July 21, 2023

PORTLAND, ORE. — Waterton has acquired The Parker, a 177-unit apartment community in Portland. The Parker rises six stories in the Pearl District, one mile north of downtown Portland. The community offers one- and two-bedroom apartments, as well as amenities such as an outdoor courtyard with grilling stations, a fitness center, a dog wash station, bike storage and a community room with a kitchen and business center. Waterton plans to renovate units with new backsplashes, flooring, lighting, plumbing fixtures, cabinets, shades and mirrors.

July 21, 2023

Affordable Housing California Loans Multifamily Western

JLL Arranges $11.8M Financing for Third Thyme Affordable Housing Community in Los Angeles

by Jeff Shaw July 21, 2023

LOS ANGELES — JLL Capital Markets has arranged $11.8 million in permanent financing for Third Thyme, a 104-unit affordable housing community in Los Angeles. Anson Snyder led the team that secured the 15-year, fixed-rate, Freddie Mac loan on behalf of the borrower, West Hollywood Community Housing Corp. JLL Real Estate Capital will service the loan. Third Thyme is located at 1441 W. 3rd St. on a 14,866-square-foot site. The property will utilize 9 percent Low-Income Housing Tax Credits and public funds. Income restrictions were not disclosed.

July 21, 2023

Acquisitions Arizona Multifamily Western

ABI Multifamily Brokers $2.2M Sale of Multifamily Property in Phoenix

by Jeff Shaw July 21, 2023

PHOENIX — ABI Multifamily has brokered the $2.2 million sale of an eight-unit apartment property at 4229 North 17th St. in Phoenix. The buyer and seller are based in Arizona. Mitchell Drake, Dallin Hammond and Carson Griesemer represented the seller in this transaction. The property was originally built in 1982 and renovated in 2020. Interior renovations include contemporary cabinets, stainless-steel appliances, vinyl flooring, floating bathroom vanities and more. Units come in two-bedroom layouts. Exterior renovations include a dog run, community patio grill and picnic area. 4229 North 17th Street is a garden-style community with gated access.

July 21, 2023

Acquisitions California Retail Top Stories Western

Unibail-Rodamco-Westfield Sells 1.1 MSF Westfield Mission Valley Shopping Center in San Diego for $290M

by Jeff Shaw July 21, 2023

SAN DIEGO — French investor Unibail-Rodamco-Westfield (URW) has sold Westfield Mission Valley, a 1.1-million-square-foot retail center in San Diego, for $290 million. Spread across two separate parcels, URW sold the eastern portion to Lowe and Real Capital Solutions, while Sunbelt Investment Holdings Inc. bought the smaller western portion. The Westfield Mission Valley shopping mall, the eastern part of the property, was originally built in 1960 on a 41-acre site. The center currently offers 73 shops, including Target, Nordstrom Rack, Macy’s Home, Michael’s, Bloomingdale’s Outlet and a 24-Hour Fitness, as well as restaurants such as Yard House, Outback and Buffalo Wild Wings. The center also includes the AMC Mission Valley 20 movie theater. The western portion of the asset features a Trader Joe’s, Marshalls and variety of smaller restaurants and retailers. The property is located opposite the San Diego Trolley’s Mission Valley Center Station. The mall is also accessible to thoroughfares such as I-8, I-805 and Highway 163. Lowe and Real Capital Solutions plan to redevelop their portion of the property into a walkable, transit-oriented, mixed-use village. Lowe will lead the redevelopment project. The team plans to refresh the existing retail and add complementary uses such as multifamily residential to the …

July 21, 2023

California Loans Market Reports Multifamily Western Western Market Reports

Lending Difficulties Make Multifamily Financing a Challenge in San Diego

by Jeff Shaw July 21, 2023

— By Chad O’Connor, Executive Managing Director, Capital Markets, Marcus & Millichap Capital Corp. — Financing continues to be challenging for multifamily, whether in San Diego County or elsewhere. We have noticed a general shift in the market where the usual players are moving to the sidelines, thereby allowing new developers to enter the field. Many of the new developers do not have a track record that encourages a lender to underwrite a transaction. The more seasoned developers are focused on smaller developments with a higher probability of securing financing. The redirection to smaller developers in San Diego has directly impacted the institutional market. Despite this, we are still financing a lot of deals and capital is, indeed, available. Having proprietary programs in the market — especially on the bridge side of things — continues to keep us both busy and adding value for our clients. The lack of go-to lenders in the market is driving us to forge new relationships with growing lenders, building those connections, and paving way for future opportunities. Timing is a crucial variable when securing financing. Locking in the most favorable interest rates and moving swiftly through the closing process is very important in dynamic …

July 21, 2023

California Loans Multifamily Western

Greystone, Affinius Arrange $172M Refinancing for Rise Koreatown Apartments in Los Angeles

by Jeff Shaw July 20, 2023

LOS ANGELES — Greystone Commercial Capital and Affinius Capital have arranged a $135 million mortgage loan for the refinance of Rise Koreatown, a high-rise apartment community in Los Angeles’ Koreatown neighborhood. Rise Koreatown comprises 363 units and 47,417 square feet of retail space on a 2.3-acre site. Greystone and Affinius Capital arranged a syndicated funding, which originates institutional structured commercial mortgage loans including subordinate debt for all major property types. Rescore Property Group, a private REIT and affiliate of Encore Capital Management, delivered the property in February 2023.

July 20, 2023

Acquisitions Affordable Housing California Multifamily Western

BRIDGE Housing Acquires 195-Unit Eaves Daly City Multifamily Community Near San Francisco

by Jeff Shaw July 20, 2023

DALY CITY, CALIF. — BRIDGE Housing has acquired Eaves Daly City, a 195-unit community in Daly City, 10 miles south of San Francisco. The price and seller were not disclosed. Built in 1972, the property offers 11 two- and three-story buildings across 8.2 acres. Units come in studio, one-bedroom and two-bedroom layouts. Amenities include a pool, spa and fitness center. BRIDGE Housing plans to preserve at least half of the units in perpetuity for residents earning up to 80 percent of the area’s median income. Currently, the units have no income restrictions. BRIDGE Housing also plans to spend approximately $23 million on renovations to the apartments and community facilities.

July 20, 2023

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $53.4M Sale of Three Apartment Properties in Southern California

by Jeff Shaw July 20, 2023

RIALTO, CORONA AND REDLANDS, CALIF. — Marcus & Millichap has arranged the $53.4 million sale of a three-property multifamily portfolio in the Inland Empire region of Southern California. The portfolio includes Rialto Breeze Apartments, a 98-unit asset in Rialto; Parkview Manor Apartments, a 76-unit property in Corona; and 60-unit Staci Court Apartments in Redlands. Rialto Breeze Apartments was built in 1985 on five acres. The community includes amenities such as a pool and laundry facilities. Parkview Manor Apartments was constructed in 1987 on 3.5 acres. Amenities include a pool, fitness center and picnic area. Staci Court Apartments was constructed on 3.5 acres in 1987. The property is located in proximity to University of Redlands and downtown Redlands. Amenities include a swimming pool, spa and business center.Alexander Garcia and Bill Roblero represented the buyer, Clear Capital LLC.

July 20, 2023

Affordable Housing California Loans Multifamily Western

BWE Provides $12M in Freddie Mac Loans for Five-Property Affordable Housing Portfolio in California

by Jeff Shaw July 20, 2023

EL DORADO AND SONOMA COUNTY, CALIF. — BWE has provided five Freddie Mac Targeted Affordable Housing loans to refinance four affordable housing developments in El Dorado County and one in Sonoma County. Jon Killough and John Roberts, Vice President in the firm’s originated the loans on behalf of the undisclosed borrower. The five loans include:

July 20, 2023

Acquisitions California Retail Western

Faris Lee Negotiates $5.9M Sale of Retail Pad in Oceanside, California

by Jeff Shaw July 20, 2023

OCEANSIDE, CALIF. — Faris Lee Investments has arranged the $5.9 million sale of a retail pad located in Oceanside, between Los Angeles and San Diego. A recently constructed Starbucks Coffee and Pacific Dental occupy the property, which is situated within Pacific Coast Plaza. Jeff Conover, Don MacLellan, Scott DeYoung and Chris DePierro of Faris Lee represented the seller, a California-based developer. Shaun Riley of Faris Lee represented the all-cash buyer in the 1031-exchange transaction.

July 20, 2023

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