SEDONA, ARIZ. — Oak Creek Hospitality has acquired Oak Creek Mobilodge, a manufactured home community in Sedona, approximately 30 miles south of Flagstaff. Creekfront Holdings LLC sold the property for $5.3 million. Located at 1156 AZ-179, Oak Creek Mobilodge features 62 manufactured home spaces. Richard Butler of Marcus & Millichap represented the seller, while Lee Jeans of Coldwell Banker procured the buyer in the deal.
SAN JOSE, CALIF. — Marcus & Millichap has arranged the sale of an apartment building located at 544 S. Sixth St. in San Jose. A limited liability company sold the asset to an undisclosed buyer for $4.3 million. Situated on a 11,868-square-foot parcel, the 7,970-square-foot building features 10 two-bedroom apartments with in-unit washers and dryers. Nine of apartments have been remodeled to include new wood flooring, stainless steel appliances, updated kitchens and granite countertops. Built in 1969, the asset also features on-site parking and storage. Eymon Binesh, Adam Levin and Robert Johnston of Marcus & Millichap represented the seller in the deal.
MONTROSE, COLO. — The Boulder Group has arranged the purchase of a single-tenant medical office building located at 2011 Market St. in Montrose, a city of approximately 20,000 residents in the southwest quadrant of the state. A Colorado-based investor acquired the asset from a Midwest-based real estate investment and development company for $2.5 million. Heartland Dental occupies the newly constructed property on a new 10-year net lease. The lease includes 10 percent rental increases every five years and is corporately guaranteed. Heartland Dental has more than 1,700 locations across 38 states nationwide. The company is primarily owned by KKR. Zach Wright and Brandon Wright of The Boulder Group represented the buyer in the transaction.
PORTLAND, ORE. — Norris & Stevens has arranged the sale of a mini-storage warehouse, located at 5620-5622 S. Kelly Ave. in Portland. Ronald A. Buss and Teresa McCurdy sold the asset to Macadam Moving LLC for $1.6 million. Constructed in 1964 as a warehouse and renovated into a self-storage facility in 1998, the 17,322-square-foot property offers 168 individuals storage units, four office/retail spaces and a freight elevator. Greg Nesting and Gabe Schnitzer of Portland-based Norris & Stevens represented the seller, while Jason Kennedy of RE/MAX Equity Group represented the buyer in the deal.
BROOMFIELD, COLO. — Northmarq has arranged $46 million in construction financing for Blackburn Communities for the development of Wadsworth Junction, a Class A multifamily property at 11495 Wadsworth Blvd. in Broomfield. Situated on 7.7 acres, the three-building community will offer 227 one-, two- and three-bedroom apartments averaging 967 square feet. Unit interiors will feature stainless steel appliances, granite/stone countertops, vinyl flooring throughout, washers/dryers, walk-in closets and patios/balconies. Planned community amenities include a clubhouse with business center, fitness room and bike room; a resort-style pool with spa, cabanas and grilling areas; covered parking; electric vehicle charging stations; and an onsite dog park. Jeff DeHarty and Carl Riggins of Northmarq’s Denver debt and equity team arranged four-year, interest-only loan with an extension option for the borrower through a regional commercial bank.
VANCOUVER, WASH. — Vista Residential Partners, along with PCCP and Principal Asset Management, has broken ground on One26 Vista, an apartment community in Vancouver, just across the Columbia River from Portland, Oregon. Situated on nine acres on NE 72nd Avenue, One26 Vista will feature 238 one-, two- and three-bedroom apartments, averaging approximately 920 square feet. LSW Architects designed the garden-style apartment property, which will offer secure access entries, stainless steel appliances, quartz countertops, kitchen tile backsplashes, laminate cabinets and flooring, roller shades and air conditioning. Community amenities will include a clubhouse, fitness center, pool, hot tub, enclosed dog park and package concierge. Krevolin & Horst of Atlanta represented Vista Residential Partners.
SAN BERNARDINO, CALIF. — Overton Moore Properties has acquired 19949 Kendall Drive, a Class A industrial building in the Inland Empire city of San Bernardino. Bixby Land Co. and a global investment manager sold the asset for an undisclosed price. Built in 2008 on five acres, the 104,500-square-foot property was fully leased to a single tenant at the time of sale. The asset features 30-foot clear heights, 15 dock-high doors, four grade-level doors, an ESFR sprinkler system and a fully secured, 140-foot truck court with multiple points of access. Mark Detmer, Patrick Nally, Ryan Sitov, Evan Moran, Kevin Mackenzie, Brian Torp, Mike McCrary, Patrick Wood, Ruben Goodsell and Jeff Bellitti of JLL represented the sellers and procured the buyer in the transaction.
JLL Hotels & Hospitality Negotiates Sale of Home2 Suites by Hilton North Scottsdale Hotel in Arizona
SCOTTSDALE, ARIZ. — JLL Hotels & Hospitality has arranged the sale and financing of Home2 Suites by Hilton North Scottsdale located at 20001 N. Scottsdale Road in Scottsdale. Terms of the transaction were not released. Built in December 2022, the hotel features 130 guest rooms, a fitness center, outdoor pool, complimentary high-speed Wi-Fi, business center, electric vehicle charging, pet-friendly accommodations and 500 square feet of flexible meeting space. The guest rooms offer separate living and sleeping areas, functional living space, in-room flat-screen TVs and high-speed internet access. Ketan Patel and Melvin Chu of JLL’s investment sales and advisory team represented the seller, while Adrienne Andrews spearheaded the JLL debt advisory team that procured acquisition financing for the buyer from a regional credit union.
PHOENIX — PSRS has arranged $12 million in refinancing for an industrial warehouse on 29th Drive in Phoenix. The property is a multi-tenant facility totaling more than 250,000 square feet. Jacob Lee and Thomas Rudinsky of PSRS secured the non-recourse, fixed-rate, five-year loan, which features a step-down prepayment. A correspondent life insurance company provided the funds.
— By Candice Chevaillier, CCIM, Principal, Lee & Associates | Pacific Northwest Multifamily Team — Absorption still lags supply in the Seattle MSA contributing to higher vacancy and flat rents. In Q1 2024 3,000 units were delivered, yet only 2,800 were absorbed. Vacancy is stabilizing at 6.9 percent this quarter and then is expected to trend down starting in Q3, finally allowing meaningful growth in rents. Construction costs remain high and options for financing limited, curtailing new development. This is creating demand for existing value-add acquisitions. 2024 and 2023 sale volume in the Seattle MSA is still a trickle of what it was in 2022 and 2021, shifting Cap Rates slowly upwards. This trend is expected to be short-lived. As interest rates finally begin to fall, and rents begin to rise, investors who catch this inflection point will prevail from best pricing and benefit while more conservative capital sits on the sidelines.