REBusinessOnline

Hamilton Zanze Sells 426-Unit Norterra Canyon Apartments in North Las Vegas

NORTH LAS VEGAS, NEV. — San Francisco-based Hamilton Zanze, in partnership with Cantor Fitzgerald Investors, has completed the disposition of Norterra Canyon, an apartment community located at 5005 Losee Road in North Las Vegas. Terms of the transaction were not released.Built in 2007, Norterra Canyon features 426 one-, two- and three-bedroom units averaging 1,076 square feet. Apartments feature granite countertops, Energy Star appliances, walk-in closets, patios or balconies, and washers …

Merrill Commercial Real Estate Negotiates $18M Seniors Housing Portfolio Sale in Redding, California

REDDING, CALIF. — Merrill Commercial Real Estate has arranged the sale of a two-property portfolio made up of 151 units of assisted living and memory care in Redding.The properties went under contract pre-pandemic. Since that time, the occupancy dropped nearly 20 percent as a COVID outbreak in one of the locations took a toll. Despite this, the buyers stuck with the deal.A private equity group looking to expand in California acquired the properties from an independent owner-operator …

JLL Arranges $42.5M Refinancing for Wilshire West Medical Tower in Los Angeles

LOS ANGELES — JLL Capital Markets has secured $42.5 million in refinancing for Wilshire West Medical Tower, a medical office building located in the Brentwood neighborhood of West Los Angeles.Marc Schillinger and Keith Rosso of JLL’s Capital Markets team represented the borrower, a private, Los Angeles-based medical office owner-operator, to secure the long-term, fixed-rate loan.Located at 11645 Wilshire Blvd., the property features 78,702 square feet of medical office space and is …

Watermark Residential Sells For-Rent Townhome Community Near Denver to RedPeak for $33.5M

AURORA, COLO. — Watermark Residential, a wholly owned affiliate of Indianapolis-based Thompson Thrift, has completed the disposition of The Townhomes at Dayton Station, a leased townhome community in Aurora. RedPeak acquired the asset for $33.5 million.Located at 3899 S. Dallas St., the property features 12 three-story buildings offering a total of 63 townhomes for renters. Each private-entry townhome features a three- or four-bedroom layout, two-car garage, ample storage, gourmet …

Bellwether Enterprise Secures $23.5M Refinancing for Medical Office Buildings in Southern California

TORRANCE, CALIF. — Bellwether Enterprise Real Estate Capital, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment, has arranged $23.5 in refinancing for two medical office buildings in Torrance.The properties are a 37,143-square-foot, four-story building on 1.67 acres at 3500 Lomita Ave. and a two-story, 42,101-square-foot building on 2.7 acres at 23560 Madison St. The undisclosed borrower acquired both assets in 2008.Kevin Mulvaney of …

Sentre Buys Industrial Campus in Los Angeles for $12.5M in Sale-Leaseback from Mortech Manufacturing

LOS ANGELES — San Diego-based Sentre has purchased Azusa Center, a two-building industrial property located at 301 and 411 N. Aerojet Drive in Los Angeles’ San Gabriel Valley. Mortech Manufacturing sold the asset for $12.5 million in an off-market, sale-leaseback transaction.Mortech occupies the 75,081-square-foot facility and, upon closing of the sale, the company executed a new 10-year lease for the entire property.Scott Peterson and Morgon Fraser of CBRE Capital Markets Debt …

Capstone Negotiates $8M Acquisition of Sherman Commons Multifamily Property in Denver

DENVER — Capstone has brokered the sale of Sherman Commons, a 35-unit apartment community located at 10 S. Sherman St. in Denver’s West Washington Park neighborhood. An undisclosed buyer acquired the asset from an undisclosed seller for $8 million.The property offers a studio unit, 24 one-bedroom units and 10 two-bedroom units, as well as 34 off-street tenant parking spaces. This year, the building underwent renovations including new windows, stairs and landings.Brandon Kaufman and …

Multifamily Market Signals Stability in Seattle

By Dylan Simon, Kidder MathewsAs we left 2020 behind, we collectively hoped that turning the calendar to 2021 would stem to tide of COVID and bring about a V-shaped economic recovery. Alas, we enter this spring with many of the same hold-over concerns from a very rocky 2020.Thankfully, stability is right around the corner!A comprehensive and broad recovery may not be immediately recognizable, but there are signs economic stability is imminent for the Seattle apartment market.Big …

IPA Negotiates $54.5M Sale of Cabana on 12th Multifamily Property in Phoenix

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Cabana on 12th, an apartment community located in Phoenix. Greenlight Communities sold the asset to JB Partners for $54.5 million, or $216,270 per unit.Constructed in 2020, Cabana on 12th features 252 units in a mix of studio, one- and two-bedroom apartments with nine-foot ceilings and a swimming pool.Steve Gebing and Cliff David of IPA represented the seller and procured …

Midwood Investment & Development to Open The Shops at Sportsmen’s Lodge in Studio City this Summer

STUDIO CITY, CALIF. — Midwood Investment & Development will open The Shops at Sportsmen’s Lodge, a 95,000-square-foot retail center in Studio City, this summer. The rolling opening will begin on June 10 with the debut of anchor tenant Erewhon, the Los Angeles-based market and café.The location will be Erewhon’s seventh store and its first in the San Fernando Valley. Other tenants slated to open this summer include Civil Coffee, Free People Movement, Madison Reed, Myodetox, …

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