Western

Phoenix Multifamily Remains Promising Amid Challenges

by Jeff Shaw March 8, 2024

— By John Kobierowski, President/CEO, ABI Multifamily — Phoenix has experienced a surge in population due to its favorable climate, affordable cost of living and thriving job market. Since 2012, Phoenix has seen an average of 1.6 percent in population growth per year versus an annual U.S. average of 0.6 percent. The city’s allure is particularly strong among young professionals drawn to its continued job growth and retirees seeking sunny skies. This rising demand has translated into increased rental rates and occupancy levels over time, making the Phoenix market highly appealing to investors seeking stable and profitable ventures To meet the rising demand for multifamily housing, developers have ramped up construction activities in Phoenix. There are 40,459 new construction projects planned for 50-plus-unit construction. The market has also witnessed an escalation in the number of new projects — 28,841, according to Yardi). These include luxury apartments, mixed-use developments and affordable housing options. These projects not only cater to professionals, but target Millennials and members of Generation Z, who are increasingly gravitating toward rental properties. However, ABI Multifamily outlook sees a substantial drop-off in completions starting at the end of 2024 through 2025 as a result of increased pricing in materials, …

March 8, 2024

Acquisitions California Multifamily Western

PCCP, Alliance Residential Buy Prado Apartment Community in Santa Clara, California for $125M

by Amy Works March 7, 2024

SANTA CLARA, CALIF. — PCCP and Alliance Residential have acquired Prado, a mid-rise multifamily property at 3560 Rambla Place in Santa Clara, for $125 million, or $498,000 per unit. Built by SummerHill Homes and delivered in April 2021, Prado features 251 apartments on an infill site in Silicon Valley. The seven-story building features a mix of one- and two-bedroom units offering stainless steel appliances, quartz countertops, hardwood-style flooring, gas ranges, walk-in closets and private outdoor patios. Onsite amenities include an oversized pool and spa, a two-story fitness center, indoor and outdoor resident lounges, a remote-work business center and outdoor barbecues. Prado is situated within the 27-acre Nuevo master-planned community that SummerHill designed, which includes high-end rental and for-sale residential product with shared amenity offerings.

March 7, 2024

Acquisitions California Loans Multifamily Western

Helio Group Receives $40M Acquisition Loan for Cobalt Apartments in Culver City, California

by Amy Works March 7, 2024

CULVER CITY, CALIF. — Helio Group has received a $40 million loan for the acquisition of Cobalt Apartments, a multifamily property in Culver City. Jeff Sause, Chad Morgan and Jacob Michael of JLL Capital Markets arranged the loan for the borrower from a regional bank. Cobalt Apartments features 135 units and 14,754 square feet of ground-floor retail space. Situated along Washington Boulevard, the property sits across the street from Sony Pictures Studios near interstates 10 and 405. Additionally, residents are within a 15-minute walk from the Palms Station Expo Line, which offers regional transportation.

March 7, 2024

Arizona Development Retail Western

Peak Development, Hungry Investments Acquire 5.5-Acre Retail Development Site in Chandler, Arizona

by Amy Works March 7, 2024

CHANDLER, ARIZ. — Peak Development Partners, along with Kristian Cotta of Hungry Investments, has purchased a 5.5-acre land parcel at the corner of Chandler Boulevard and Cooper Road in Chandler. NGAI Family Trust sold the property for an undisclosed price. The buyers plan to break ground on multiple retail pads on the site in fourth-quarter 2024. The pads are slated to open by first-quarter 2025. Brian Gast of Velocity Retail Group is handling leasing of the pads. Phil Bramsen of SanTan Commercial Advisors represented the buyers, while Mike Sutton of Lee & Associates represented the seller in the deal.

March 7, 2024

Acquisitions California Multifamily Western

TMG Brokers $16.5M Purchase of Vantage Point Apartments in Bakersfield, California

by Amy Works March 7, 2024

BAKERSFIELD, CALIF. — The Mogharebi Group (TMG) has arranged the acquisition of Vantage Point Apartments, a multifamily community in Bakersfield. A Central Valley-based investor acquired the asset for $16.5 million in an off-market transaction. The name of seller was not released. Built in 1985, Vantage Point features 144 one- and two-bedroom apartments ranging from 597 square feet to 805 square feet. Amenities include large closets, ceiling fans, a heated pool, laundry facilities and gated access. The property is situated on 6.31 acres at 6001 Auburn St. Mark Bonas of TMG represented the buyer in the deal.

March 7, 2024

Acquisitions Healthcare Nevada Western

Clark County Acquires 17,066 SF Healthcare Building in Las Vegas

by Amy Works March 7, 2024

LAS VEGAS — Clark County has purchased a recently constructed psychiatric hospital building, located at 5409 E. Lake Mead Blvd. in Las Vegas, from a private seller for $10.4 million. Constructed in 2021, the 17,066-square-foot, 24-bed property has never been fully occupied. The asset is located approximately six miles from Mike O’Callaghan Military Medical Center on Nellis Air Force Base and approximately 10 miles from the Veterans Affairs Hospital and 3.5 miles from the 177-bed North Vista Hospital. Marlene Fujita Winkel, Emily Brun, Cody Seager, Travis Ives, Gino Lollio, Sushil Puria and Ken Brown of Cushman & Wakefield represented the seller in the transaction.

March 7, 2024

Content Partner Data Centers Development Features Industrial Midwest NAI Northeast Southeast Texas Western

Data Center Due Diligence Requires Focus on Power, Zoning, Fiber Availability

by Sarah Daniels March 7, 2024

The data center market remains a powerhouse of growth and demand in the commercial real estate world. REBusinessOnline sat down with Ryan Goeller, a principal at NAI KLNB commercial real estate services in Virginia, to discuss the various factors impacting this dynamic asset class. REBusinessOnline: Briefly, a data center is a dedicated building housing computer servers and storage systems, constantly processing and managing data for various applications. What is the current state of the data center market? Goeller: Extremely active, with very high demand. Development pipelines are at full power and are strained in certain markets. Leasing demand is through the roof. REBusinessOnline: What types of tenants use these data centers, and what are their space needs? Goeller: The majority of the time, the need for space is so insatiable that entire buildings are leased to single users, especially when it comes to large hyperscale computing projects. However, there are still colocation providers housing smaller tenants in certain buildings. A lot of the activity happening in Northern Virginia is hyperscale activity. These are large tech companies coming in and building 2-million-square-foot campuses that they’re fully occupying themselves. In these instances, the tenants aren’t likely to move once they occupy a space; …

March 7, 2024

Acquisitions California Multifamily Western

Marcus & Millichap Arranges $46.9M Sale of Two-Property Creekside Park Multifamily Portfolio in Napa, California

by Amy Works March 6, 2024

NAPA, CALIF. — Marcus & Millichap has negotiated the sale of Creekside Park I and II, a two-property multifamily portfolio in Napa. The assets traded for $46.9 million, or $249,734 per unit. Constructed in two phases in 1983 and 1985, Creekside Park consists of 15 two-story residential buildings and two single-story amenity buildings on more than 10 acres. The 188 one-, two- and three-bedroom units feature ceiling fans and air conditioning. Renovated units offer new flooring, cabinet faces, hardware, fixtures and countertops. Community amenities include a leasing office, swimming pool, two spas, fitness center, children’s play area, laundry facilities and manicured grounds. Mitchell Zurich, Kirk Trammell, David Cutler and Joshua Johnson of Marcus & Millichap represented the seller, the original developer, and procured the undisclosed buyer in the transaction.

March 6, 2024

California Development Multifamily Western

Alliance Residential, KTGY Open 264-Unit Broadstone Edition Apartment Community in Irvine, California

by Amy Works March 6, 2024

IRVINE, CALIF. — Developer Alliance Residential and architect KTGY have opened Broadstone Edition, a 264-unit residential property with a mix of market-rate and affordable apartments in Irvine. Located on the corner of Alton Parkway and Von Karman Avenue within the Irvine Business Complex, the five-story Broadstone Edition wraps around a six-story, 426-stall parking structure and two open courtyards. The property offers 22 very low-income units, 14 moderate-income units and 228 market-rate units. Onsite amenities include a pool and spa with cabanas; private karaoke lounge; 2,000-square-foot rooftop deck with a social lounge and firepits; 2,000-square-foot gym/studio; specialty bicycle parking; and a courtyard barbecue area. Additionally, the development has a Fitwel Healthy Building certification. The project team included Hendy as interior designer, Fuscoe Engineering as civil engineer and MJS Landscape Architecture as landscape architect.

March 6, 2024

Colorado Development Multifamily Western

Joint Venture Tops Off 255-Unit Tempo Nine Mile Apartment Project in Aurora, Colorado

by Amy Works March 6, 2024

AURORA, COLO. — A joint venture between Draper and Kramer Inc., Koelbel and Co., Mile High Development and Urban Roots Development has completed vertical construction of Tempo Nine Mile, a multifamily community in Aurora. The project, which is located at the northeast corner of Parker Road and Peoria Street, is part of the 22-acre The Point at Nine Mile master-planned development. The five-story property will feature 255 market-rate apartments in a mix of one-, two- and three-bedroom layouts, ranging from 542 square feet to 1,321 square feet. Additionally, the community will offer 3,000 square feet of ground-floor retail space, an outdoor pool, landscaped courtyard, community room, bike-ski-kayak room, and rooftop fitness center and party deck. Pre-leasing is slated to begin this summer, with first deliveries and move-ins scheduled for fall 2024. KTGY is serving as architect, and Brinkmann Constructors is serving as general contractor. The developers are financing the project through a HUD-insured loan that PGIM Real Estate originated.

March 6, 2024

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