DURANGO, COLO. — Lument has arranged a $27 million debt placement to assist Mission Senior Living with the construction of a 124-unit, 129-bed, two-story assisted living and memory care community to be known as Mesa Verde Estates in Durango. Lument’s Steve McGee, Rob McAdams, and Sangjin Na led the transaction. The financing structure included a $20.9 million U.S. Department of Agriculture (USDA) guaranteed loan that a community bank provided. The structure also includes approximately $6 million of commercial property assessed clean energy (C-PACE) proceeds, which Lument sourced from an independent investment firm. C-PACE is an alternative financing mechanism used for the upfront costs associated with energy efficiency or renewable energy improvements. Founded in 2012, Mission Senior Living is an owner and operator of senior living communities in the Western U.S. with six communities totaling 639 units under management.
TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of Wasko Modern Apartments, a multifamily property in Tucson. Wasko Modern LLC sold the asset to 2302 East Fort Lowell Owner LLC to $6.1 million. Located at 2302 E. Fort Lowell Road, the 30,280-square-foot investment property features 38 apartments. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented both parties in the transaction.
PHOENIX — ABI Multifamily has brokered the acqusition of a two-property apartment portfolio in Phoenix. The 30-unit portfolio traded for $5 million, or $166,667 per unit. The undisclosed buyer and seller are both based in Arizona. John Klocek and Patrick Burch of ABI Multifamily represented the buyer in the deal. Built in 1963, Holly Villas Apartments consists of six buildings offering a total of 22 two-bedroom/two-bath apartments. Consisting of six separate lots, the property sits on a total of 1.49 acres. Built in 1976, 50th Street Apartments features two buildings with seven two-bedroom/one-bath units and one three-bedroom/one-bath unit. The two-lot property sits on a total of 0.48 acres.
DENVER — Malman Commercial Real Estate has arranged the sale of a 6,272-square-foot industrial property located at 4940 E. 39th Ave. in Denver. American Financial Group Corp. sold the asset to James R. Jones for $1.1 million. Jake Malman of Malman Commercial Real Estate represented the seller in the deal.
ANAHEIM, CALIF. — Marcus & Millichap has brokered the $79 million sale of Chateau de Ville, a 254-unit multifamily community in Anaheim. Built in 1970, the property features 21 buildings on nine acres, with a mix of one- and two-bedroom floorplans. Amenities at the community include a swimming pool, clubhouse and fitness center. Tyler Leeson and Matt Kipp of Marcus & Millichap arranged the sale on behalf of the seller, a long-term partnership, and procured the buyer, a private investor.
PHOENIX — Baker Development has started the final phase of demolition on a 72-acre industrial site in Phoenix, as part of a redevelopment of the property. Beginning in the 1960s, the site housed a Motorola semiconductor manufacturing campus. Work has been underway at the site for three years, and Baker has delivered one of four parcels to a data center user. Daniel J. Slack, president and COO of Baker, says that the developer is also “in discussions with other well-known companies attracted to the site’s substation-level power, its Foreign Trade Zone potential, as well as access to nearby housing, diverse labor pool and recreational amenities.”
LOS ANGELES — Cronheim Mortgage has arranged $56 million in permanent financing for a portfolio of multifamily communities in Los Angeles. Andrew Stewart and Allison Villamagna of Cronheim secured the financing on behalf of the borrower, 4SITE Real Estate. The portfolio includes Barranca Los Angeles, 4Mica Apartments and Arroyo Los Angeles. Cronheim arranged $37 million, $10.9 million and $8.1 million in financing for the properties, respectively. Barranca Los Angeles totals 200 apartment units, with amenities including a pool, spa, gym, yoga studio, workspaces, outdoor garden terrace and BBQ area. The property also features a ground-floor food hall that was leased to Origin Story, TG Thai, Soto’s Cuban Kitchen and Bistro DK at the time of financing. 4Mica Apartments and Arroyo Los Angeles comprise 60 and 56 apartments, respectively. Arroyo Los Angeles is situated adjacent to Arroyo Seco Park, a 74-acre public park that features horseback riding, golfing, batting cages, tennis courts, a dog park and clubhouse areas.
AURORA, COLO. — JLL Capital Markets has negotiated the sale of Commerce Square, an industrial property in the Denver suburb of Aurora that totals 145,242 square feet across two buildings. Situated on nine acres, the buildings feature rear-loading configurations, 18-foot clear heights, 38 docks, 11 drive-in doors and 265 parking spaces. Larry Thiel, Ryan Sitov and Rob Key of JLL represented the seller, Graham Street Realty, in the transaction. Midtown National Group acquired the property, which was leased to 12 tenants at the time of sale, for an undisclosed price. The leasing team for Commerce Square included Carmon Hicks and Jason White of JLL.
KAHULUI, HAWAII — Alexander & Baldwin has arranged one lease and completed the sale of two properties at Maui Business Park Phase II, its 125-acre mixed-use development located in Kahului on the island of Maui. The build-to-suit industrial lease totals 29,500 square feet. The undisclosed tenant plans to relocate operations to the site upon completion of the warehouse and distribution facility. The County of Maui also purchased 12.5 acres at the property for $17.4 million, with plans to construct a new facility for its Department of Transportation. Hamai Appliances Inc. also purchased two lots totaling 1.3 acres for $2.4 million. The buyer plans to build a showroom and service center on the site to expand its current operations.
TEMPE, ARIZ. — Aptitude Development has broken ground on The Marshall Tempe, a 485-bed student housing community near the Arizona State University (ASU) campus in Tempe. Situated at 1031 E. Apache Blvd. in the University Heights neighborhood, The Marshall Tempe is located approximately 1.3 miles from the university’s registrar office, 1.5 miles from the ASU Art Museum and one mile from the Sun Devil campus store. The Marshall Tempe is slated for completion prior to the fall 2026 semester. Planned amenities include a pool, cold plunge, sauna, study lounges and fitness center. BKV Associates designed the community. CHA Consulting is providing engineering services. Aptitude Development was founded in 2014 and is based in Elmwood Park, New Jersey. The Marshall Tempe will be the company’s 10th ground-up development. ASU had its largest enrollment class ever in 2023, with more than 144,000 students between online and in-person classes across all its campuses. In-person enrollment broke 80,000 students for the first time in the school’s history. — Channing Hamilton