Western

NewPoint Provides $17.5M in Acquisition Financing for Intrigue Apartments in Las Vegas

by Amy Works November 17, 2023

LAS VEGAS, NEV. — NewPoint Real Estate Capital has provided $17.5 million in Fannie Mae DUS conventional multifamily financing for the purchase of Intrigue Apartments in Las Vegas. The borrower was a private family trust. David Bleiweiss of NewPoint originated the loan, which features a seven-year term with four years of interest-only payments followed by 30-year amortization schedule. The loan was made through Fannie Mae’s Sponsored-Dedicated Workforce Program, which is designed to support conventional multifamily properties. Borrowers receive lower interest rates and streamlined underwriting by agreeing to keep a minimum of 20 percent of units affordable at 80 percent of area median income (AMI) or 100 to 120 percent of AMI in specific cost-burdened markets. Formerly known as Andiamo Apartments, the community features 193 apartments, a pool, fitness center, dog park, playground and barbecue areas. Built in 1986, the garden-style property is located in the Twin Lakes neighborhood roughly seven miles north of the Las Vegas Strip.

November 17, 2023

7245-Commerce-Center-Dr-Colorado-Springs-CO

Acquisitions Colorado Hospitality Western

Marcus & Millichap Brokers Sale of 125-Room Wingate by Wyndham Colorado Springs

by Amy Works November 17, 2023

COLORADO SPRINGS, COLO. — Marcus & Millichap has arranged the sale of Wingate by Wyndham Colorado Springs, a hotel located at 7245 Commerce Center Drive in Colorado Springs. A private investor acquired the asset from a limited liability company for an undisclosed price. The buyer plans to re-position the 125-key hotel under a new brand. Onsite amenities include an indoor pool, fitness center, business center, meeting space, laundry facility, breakfast area and bus parking. Additionally, the property allows easy access to downtown Colorado Springs, Garden of the Gods and Pikes Peak.

November 17, 2023

Arizona Development Industrial Western

Echo Real Estate Breaks Ground on Four-Building Industrial Project in Surprise, Arizona

by Amy Works November 17, 2023

SURPRISE, ARIZ. — Echo Real Estate Capital, with PREMIER Design + Build Group, has broken ground on Echo Park @ P132, a speculative industrial development in the Phoenix suburb of Surprise. Located at the intersection of Peoria Avenue and 132nd Avenue, the four-building project will offer a total of 182,870 square feet of industrial space ranging from 43,000 square feet to 48,000 square feet. Construction is slated for completion in October 2024. The project team includes Winton Architects, GF Group, KAEKO, Mechanical Designs and Hawkins Design Group.

November 17, 2023

Affordable Housing Civic Development Hawaii Mixed-Use Multifamily Top Stories Western

EAH Housing Plans $193M Kahului Civic Center Mixed-Use Complex in Hawaii

by Jeff Shaw November 17, 2023

KAHULUI, HAWAII — The Hawaii Housing Finance and Development Corp. (HHFDC) has selected EAH Housing to develop the Kahului Civic Center Mixed-Use Complex in Kahului, on the island of Maui. The property will include a transit hub, civic center and 303 units of affordable housing. The Kahului Civic Center Mixed-Use Complex will be constructed in phases as part of a public-private partnership. EAH Housing will coordinate the development of the civic center with the State of Hawaii Department of Accounting and General Services, the transit hub with the County of Maui and the affordable housing with HHFDC. Development costs are estimated at $193 million for both phases of the project. Financing sources include 4 percent Low Income Housing Tax credits (LIHTC); Hula Mae Multi-Family Tax Exempt Bonds; State of Hawaii Rental Housing Revolving Funds (RHRF); and Dwelling Unit Revolving Funds (DURF). According to EAH Housing, the project is designed to address a critical need for affordable housing on Maui. The National Low Income Housing Coalition reports that nearly one-quarter of rental households in Hawaii report incomes at or below the national poverty guidelines. The state faces a deficit of more than 27,000 affordable housing units. “As we continually work to …

November 17, 2023

Industrial Market Reports Nevada Western Western Market Reports

Reno-Sparks Industrial Market is Stable, Despite 2023 Headwinds

by Jeff Shaw November 17, 2023

— By Nick Knecht, Vice President, DCG Industrial — The industrial real estate market in Northern Nevada demonstrated stability over the first three quarters of 2023. Sales performance year to date through the third quarter was steady, with industrial sales volume reaching $116 million. This represents a 42 percent increase compared to the same period in 2022. This should keep the market on track for a decent year, despite falling slightly short of its historical averages. Notably, the shift in buyer dynamics caused by the rise in interest rates, which have soared as high as 8 percent, has investors sticking to a more conservative approach to their underwriting. Owner-users have emerged as the primary drivers of sale activity, and were the buyers of all four closed sales in September. Prices are beginning to soften, and price reductions are occurring more frequently, which is expected to improve buying opportunities for investors over the next 12 to 18 months. Leasing activity has been concentrated in the 10,000- to 50,000-square-foot range, which captured 44 percent of the third quarter’s lease transactions, and similarly 38 percent in the 5,000- to 10,000-square-foot range. Lease rates have remained relatively stable since the first quarter, with Class A …

November 17, 2023

California Development Multifamily Student Housing Western

C.W. Driver Cos. Begins Construction of $55.7M Student Housing Complex in Northridge, California

by Amy Works November 16, 2023

NORTHRIDGE, CALIF. — C.W. Driver Cos. has started construction on a 198-bed student housing property at California State University, Northridge in the San Fernando Valley. Once completed for opening in fall 2025, the $55.7 million project will add two four-story buildings to the 365-acre campus. Located at 17950 Lassen St., Buildings No. 22 and No. 23 will total 60,290 square feet, of which 30,000 square feet will be housing space. The residential floors of each building will include dual-occupancy student rooms, with four students sharing each bathroom, and one suite-style living room per floor. Additionally, each building will have its own central elevator, building services and secure access. The non-residential floors will feature modern amenities and services, with Building No. 22 offering a student community space, study rooms and an expansive multi-purpose room, and Building No. 23 housing administrative offices and mail hub. A.C. Martin Partners is serving as architect for the project.

November 16, 2023

California Development Hospitality Western

Choice Hotels Breaks Ground on Three Everhome Suites Hotels in California’s Inland Empire

by Amy Works November 16, 2023

TEMECULA, ONTARIO AND SAN BERNARDINO, CALIF. — Choice Hotels International has broken ground on three Everhome Suites hotels in California’s Inland Empire region. The properties are slated to open in the second half of 2024 and early 2025. The properties include: Each hotel will feature apartment-style rooms with well-defined areas that separate work and relaxation spaces with ways for guests to customize the space. Amenities in the rooms will include fully equipped kitchens with full-size refrigerators, dishwashers, stovetops, microwaves, flatware, cookware and ample counter space; spa-style bathrooms with high-quality fixtures, large closets and additional open and closed storage; free Wi-Fi; pet-friendly options; and weekly housekeeping. Property amenities will include multi-purpose lobby and outdoor amenity areas; 24/7 Homebase Market with food, beverages and groceries; a 24/7 fitness center; and 24/7 guest laundry facilities. Choice Hotels also has six additional Everhome Suites project in various stages of development across Southern California.

November 16, 2023

Acquisitions California Restaurant Retail Western

JLL Capital Markets Negotiates $3.3M Sale of El Pollo Loco-Occupied Restaurant Property in San Rafael, California

by Amy Works November 16, 2023

SAN RAFAEL, CALIF. — JLL Capital Markets has brokered the $3.3 million sale of a single-tenant retail building located at 910 Anderson Drive in the Bay Area city of San Rafael. El Pollo Loco, a fast-casual restaurant chain, occupies the 2,626-square-foot building on a triple-net lease that is corporate guaranteed and has 13 years remaining on its term with options for extension. Eric Kathrein and Warren McClean of JLL Retail Capital Markets handled the transaction. The names of the seller and buyer were not released.

November 16, 2023

California Industrial Loans Western

PSRS Arranges $11.7M Refinancing for Industrial Property in El Segundo, California

by Amy Works November 16, 2023

EL SEGUNDO, CALIF. — PSRS has arranged $11.7 million in refinancing for an industrial building on Allied Way in the Los Angeles suburb of El Segundo. The freestanding, single-tenant building features 35,890 square feet of industrial space on 1.7 acres of land. The property includes 11,000 square feet of office space on the first and second floors, equating to one third of the overall net rentable area. Michael Thorp and Ari Zeen of PSRS secured the loan, which features a 10-year term and 25-year amortization with a “significant amount” of cash-out proceeds for the undisclosed borrower. A life insurance company provided the financing.

November 16, 2023

Acquisitions Colorado Industrial Self-Storage Western

Marcus & Millichap Brokers Sale of 79,605 SF Self-Storage Facility in Aurora, Colorado

by Amy Works November 16, 2023

AURORA, COLO. — Marcus & Millichap has arranged the sale of a StorQuest-managed self-storage facility situated on the southeast side of the E-470 loop in Aurora. A local private equity group sold the asset to an out-of-state firm for an undisclosed price. The 79,605-square-foot asset features a multi-story, climate-controlled building and 11 single-story buildings offering a total of 261 climate-controlled units and 353 non-climate-controlled units. The facility offers 24-hour video surveillance, interior and exterior lighting, secure digital keypad ingress/egress, a leasing office with conference room, prominent storage and wide drive aisles. Adam Schlosser and Charles LeClaire of Marcus & Millichap’s Denver office represented the seller and procured the buyer in the deal.

November 16, 2023

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