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403-N-Levee-Rd-Pullayup-WA
AcquisitionsIndustrialWashingtonWestern

PCBP Properties Buys 80,150 SF Industrial Property in Puyallup, Washington for $12.5M

by Amy Works

PUYALLUP, WASH. — PCBP Properties Inc. has acquired an industrial property located at 403 N. Levee Road in Pullayup for $12.5 million. Brett Hartzell, Paige Morgan and Andrew Stark of CBRE National Partners West represented the undisclosed seller in the deal. The 80,150-square-foot last-mile manufacturing and logistics facility is located 15 minutes from the Port of Tacoma, Washington, and 35 minutes from downtown Seattle. The property has undergone recent renovations, including roof repairs, exterior painting, asphalt, landscaping and updates to the office space with new carpet and paint. The property is fully insulated and features 21 trailer stalls, eight dock-high and three grade-level doors.

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Summerwood
AcquisitionsCaliforniaMultifamilyTop StoriesWestern

IPA Brokers $203M Sale of Summerwood Apartments in Santa Clara, California

by Katie Sloan

SANTA CLARA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $203 million sale of Summerwood Apartments, a 468-unit multifamily community located in the Silicon Valley community of Santa Clara.  Situated at 444 Saratoga Ave., the garden-style property offers a mix of one- and two-bedroom units. Shared amenities include a pool, clubhouse, fitness center, volleyball court, sauna, courtyard and dog park.  Philip Saglimbeni, Stanford Jones, Salvatore Saglimbeni and Alexander Tartaglia of IPA represented the seller, German investment firm DWS, and procured the buyer, Interstate Equities Corp., in the transaction.  Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Zarouk of IPA Capital Markets arranged $127.8 million in acquisition financing for the deal on behalf of the buyer. The five-year loan features a 5.39 percent fixed interest rate with a 35-year amortization schedule and a loan-to-value ratio of 65 percent.  Frankfurt, Germany-based DWS is a global asset manager with over $1 trillion of assets under management. The firm’s portfolio spans across Europe, the Americas and Asia.  Interstate Equities Corp. is an investor in multifamily communities across California and the Seattle metropolitan area. The Los Altos, Calif.-based company’s portfolio includes two properties in Washington and 29 communities …

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Copper-Ridge-Apts-Renton-WA
AcquisitionsMultifamilyWashingtonWestern

SCS Development Co. Sells Copper Ridge Apartments in Renton, Washington for $70.7M

by Amy Works

RENTON, WASH. — SCS Development Co. has completed the sale of Copper Ridge Apartments, a multifamily asset in Renton, to Timberlane Partners for $70.7 million, or $217,538 per unit. Completed in 1983 and 1985, Copper Ridge offers 325 apartment units spread across two- and three-story residential buildings, as well as a clubhouse, heated swimming pool, three laundry facilities and a children’s playground. The community’s one-, two- and three-bedroom apartments average 788 square feet. The two- and three-bedroom units feature wood-burning fireplaces, and all units have private decks or balconies off the living rooms. Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

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9650-Federal-Blvd-Denver-CO.jpg
AcquisitionsColoradoMultifamilyWestern

CBRE Arranges $62M Sale of Manufactured Housing Community in Denver

by Amy Works

DENVER — CBRE has arranged the sale of Denver Cascade, a manufacturing home community in Denver. Denver Cascade LLC sold the asset to an undisclosed buyer for $62 million. Situated on 48 acres at 9650 Federal Blvd., Denver Cascade offers 382 home sites. Norm Sangalang, Erik Edwards, Jon Shay, Jez Lawson and Myles McGinnis of CBRE’s Manufactured Housing & RV Resorts team represented the seller in the deal.

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Hampton-Meridian-Apache-Junction-AZ
AcquisitionsArizonaMultifamilyWestern

IPA Brokers $56M Sale of 195-Unit Hampton Meridian Build-to-Rent Property Near Phoenix

by Amy Works

APACHE JUNCTION, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has facilitated the sale of Hampton Meridian, a build-to-rent (BTR) community in Apache Junction. The asset traded for $56.5 million. Completed in 2023 and situated on 16 acres, Hampton Meridian offers 195 detached and attached single-family homes, averaging 1,009 square feet, featuring HercuWall construction technology, low-energy double-paned windows, full-sized washers/dryers and private backyards. The controlled-access community features a resort-style swimming pool, spa, 24-hour fitness center, paved walking trails through desert-landscaped courtyards with a kitchen, barbecue grilling stations, fireside lounge and cabanas. Steve Gebing and Cliff David of IPA represented the undisclosed seller and procured the undisclosed buyer in the deal.

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75-Rowland-Way-Novato-CA
AcquisitionsCaliforniaHealthcareOfficeWestern

Stockdale Capital Partners Acquires 83,789 SF MarinHealth Medical Plaza in Novato, California

by Amy Works

NOVATO, CALIF. — Stockdale Capital Partners has acquired The MarinHealth Medical Plaza (MHMP), located at 75 Rowland Way in Novato, for $32.8 million. The name of the seller was not released. Built in 1997 and renovated in 2017, the 83,789-square-foot property is anchored by MarinHealth, which leases 72,888 square feet (90 percent) of the building. Adjacent to Sutter Health’s Novato Community Hospital, tenants of MHMP include clinical specialties, primary care, OBGYN, imaging, laboratory, family medicine, cardiovascular and dermatology. The purchase is Stockdale Capital Partners’ sixth acquisition of its recently formed, U.S.-focused, open-ended Healthcare Real Estate Investment Fund.

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Petaluma-Town-Plaza-Petaluma-CA
AcquisitionsCaliforniaRetailWestern

Crow Holdings Capital Buys 26,699 SF Retail Strip Center in Petaluma, California

by Amy Works

PETALUMA, CALIF. — Crow Holdings Capital has purchased Petaluma Town Plaza, a retail strip center located at 901 and 905 E. Washington St. in Petaluma, from a private entity for $7.3 million. Built in 1991, the 26,699-square-foot Petaluma Town Center was 64 percent occupied at the time of sale. Current tenants include FedEx, Sherwin-Williams, St. Joseph Health, Posh Nails and SalonCentric. Warren McClean and Eric Kathrein of JLL Capital Market’s Investment and Sales Advisory team represented the seller in the transaction.

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Alex Hoenig Valuations Walker & Dunlop
Content PartnerFeaturesIndustrialMidwestMultifamilyNortheastOfficeSoutheastTexasWalker & DunlopWestern

Multifamily, Industrial, Office Transaction Activity Trends Upward Amid Shifting Valuation Landscape

by Sarah Daniels

The spike in interest rates nearly three years ago brought investment sales to a virtual standstill, as deep disagreements over valuation between buyers and sellers dominated the market. While recent Federal Reserve cuts to the federal funds rate raised hope for a resurgence in transactions, ongoing volatility in the bond market, concerns about reemerging inflation and uncertainty over fiscal and monetary policy continued to weigh on a full-blown rebound in investment activity. The uncertain environment makes it difficult for investors to easily evaluate commercial property values, underscoring the importance of access to comprehensive, real-time data on transactions, market fundamentals and emerging trends, says Alex Hoenig, MAI, Midwest regional managing director at Apprise, Walker & Dunlop’s independent valuation firm. “Our understanding of current values for commercial real estate relies on transactions actually taking place, and sales velocity has started to inch back up,” reports Hoenig. “But there’s no question that there has been a lot of volatility in the market, which requires a local expert with access to a strong network and a constant pulse on market comparables.” Walker & Dunlop launched Apprise in 2020 to accelerate technology-driven solutions in the commercial real estate sector. Apprise serves owners and investors nationwide, …

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GCU-Campus-Phoenix-AZ
ArizonaLoansMultifamilyStudent HousingWestern

Colliers Arranges $520M Bond Refinancing for Grand Canyon University in Phoenix

by Amy Works

PHOENIX — Colliers has secured a $520 million refinancing for Grand Canyon University’s (GCU) real estate portfolio in Phoenix.  Placed through the Industrial Development Authority of the County of Maricopa Education Bonds (Grand Canyon University Project Taxable Series 2024), the loan includes the refinancing of two bridge loans placed by Colliers in October. The loan, which also pays off the university’s credit line, is a 3a2 bond financing and was issued as a partial refinancing of bonds issued by the university in 2021.  Robert Kline, Todd Noel and Mindy Korth of Colliers Mortgage Advisory in Phoenix arranged the refinancing. John Stevenson and Mark Somers of Goldman Sachs’ higher education group and the law firms of Ballard Spahr and Nixon Peabody were also involved in the transaction.  “The scope of this refinancing is pretty significant in the higher education bond market and speaks to GCU’s outstanding financial performance and strong student outcomes in the six years since reverting to our historical tax-exempt Arizona nonprofit status,” says GCU President Brian Mueller. 

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Gilbane-Uni-Idaho-Moscow-ID
DevelopmentIdahoMultifamilyStudent HousingWestern

Gilbane, Rocky Mountain Cos. to Begin $162.8M Redevelopment at University of Idaho

by Amy Works

MOSCOW, IDAHO — A public-private partnership between the University of Idaho, Gilbane Development Co. and Rocky Mountain Cos. is set to begin a $162.8 million renovation and expansion of the university’s campus in Moscow. The project will include the renovation and redevelopment of the university’s South Hill and Elmwood Apartments, the Wallace Residence Center and the Theophilus Residence Building. “We continue to see enrollment growth as we prove again and again the University of Idaho’s value,” says Scott Green, university president. “Our on-campus housing is an important piece of that value, and our students need and deserve modern living and learning facilities.” The development team for the project includes Lydig, Integrus and Design Collective. A timeline for the project was not announced. 

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