Western

Kōz Development Receives $48M Financing for Workforce Housing Development in Seattle

by Amy Works May 29, 2024

SEATTLE — Kōz Development, a Washington-based, women-led development firm, has closed on $48 million in financing for the development of Kōz in Lower Queen Anne, a multifamily property located at the corner of W. Republican St. and 3rd Ave. in Seattle’s Queen Anne neighborhood. The financing includes an equity investment from MSquared, a women-owned real estate development and investment platform, and a construction loan from Goldman Sachs. The project will feature 169 units available to households at a range of income levels. Sixty-nine units will be affordable to households earning up to 80 percent of the area median income (AMI). An additional 17 units will be restricted through the Mandatory Housing Affordability Program for 75 years and will be deeply affordable to households earning between 40 percent and 60 percent of AMI. The remaining units will have rents attainable at workforce levels. Snohomish County-based Kirtley-Cole Associates is serving as general contractor for Kōz in Lower Queen Anne, which will be built to Washington’s Built Green standards, which approximates a LEED Silver level of sustainability. Financing sources include a $26.1 million construction loan from the Urban Investment Group at Goldman Sachs Alternatives and a $9.7 million equity investment by MSquared. Cushman …

May 29, 2024

Colorado Development Mixed-Use Office Restaurant Retail Western

Magnetic Capital Breaks Ground on 100,000 SF Mixed-Use Building in Denver

by Amy Works May 29, 2024

DENVER — Magnetic Capital has broken ground on 2nd & Adams, a mixed-use building located at 2nd Street and Adams Avenue in the Cherry Creek submarket of Denver. Slated for completion in third-quarter 2025, 2nd & Adams will feature 80,000 square feet of office space and 20,000 square feet of retail space. The building will have multiple food, beverage and retail concepts across the ground-floor space, and the rooftop will feature a 5,600-square-foot bar and restaurant. Bow River Capital, a Denver-based private alternative asset manager, has pre-leased 30,000 square feet of office space at 2nd & Adams for the company’s headquarters. The project team includes OZ Architecture as architect and Mortenson Construction as general contractor. Blake Holcomb of CBRE is handling leasing for the project.

May 29, 2024

Acquisitions Arizona Multifamily Western

Garrett Cos. Divests of 164-Unit The Plaza Taos Apartment Complex in Chandler, Arizona

by Amy Works May 29, 2024

CHANDLER, ARIZ. — The Garrett Cos. has sold The Plaza Taos, a multifamily community in Chandler, to Olympus Partners for an undisclosed price. Situated off Arizona State Route 87, The Plaza Taos features 164 one-, two- and three-bedroom apartments with open-concept floor plans, washers/dryers and oversized patios/balconies. Completed in 2023, the community offers a heated swimming pool and spa, an off-leash pet park, indoor dog spa and outdoor kitchen with gas grills. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Additionally, Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets secured a seven-year loan on behalf of the buyer.

May 29, 2024

Acquisitions Arizona Industrial Western

CapRock Buys 244,286 SF Longbow Industrial Park in Mesa, Arizona

by Amy Works May 29, 2024

MESA, ARIZ. — CapRock Partners has acquired Longbow Industrial Park, a two-building industrial complex in Mesa, from a private investor for an undisclosed price. Situated on 14.5 acres on the northwest corner of McDowell Road and 58th Circle, Longbow Industrial Park offers a total of 244,286 square feet of Class A industrial space. Both individual buildings feature 30-foot clear heights, 2,400 square feet of speculative office space, warehouse HVAC and LED lighting, dock packages on one-third of the dock-high doors, ESFR sprinklers, ample power, a fully secured, 182-foot concrete truck court and a large wrap-around parking lot with 320 auto stalls. The 129,165-square-foot Building 1 (divisible to 30,031 square feet) offers 36 dock-high doors and four motorized grade-level doors, while the 115,121-square-foot Building 2 (divisible to 26,291 square feet) features 34 dock-high doors and four motorized grade-level doors. Stein Koss, Tom Louer, Marc Pierce and Fenton Kelly at Lee & Associates represented CapRock Partners in the acquisition and is handling leasing for the project.

May 29, 2024

Acquisitions Arizona Multifamily Western

Marcus & Millichap Brokers $7.5M Sale of Oasis on Grand Multifamily Property in Phoenix

by Amy Works May 29, 2024

PHOENIX — Marcus & Millichap has arranged the sale of Oasis on Grand, an apartment community in Phoenix. Oasis TC LLC sold the asset to 1501 Grand LLC for $7.5 million. Located at 1501 Grand Ave., Oasis on Grand offers 60 apartments. Richard Butler of Marcus & Millichap represented the seller, while Los Angeles-based Stepp Commercial represented the buyer in the deal.

May 29, 2024

Development Multifamily Washington Western

Joint Venture Completes 311-Unit Eastline Grand Apartments in Redmond, Washington

by Amy Works May 28, 2024

REDMOND, WASH. — A joint venture between Legacy Partners and Lionstone Investments has completed the development of Eastline Grand. Located in downtown Redmond, a suburb east of Seattle, the project is the first phase of redevelopment at the Remond Square Shopping Center. Located at 16595 Redmond Way, Eastline Grand features 311 studios, one-, two- and three-bedroom apartments ranging from 483 square feet to 1,279 square feet and 20,000 square feet of ground-floor retail space. The units offer air conditioning; top-of-the-line finishes, including chef-inspired kitchens complete with Bertazzoni and Kitchen Aid appliance packages, gas ranges, kitchen range hoods, microwaves and Carrera quartz countertops; and bathrooms with tiled tub surrounds, floating vanities and illuminated mirrors. At full build out, the redevelopment project will feature 623 residences on 3.5 acres. The developers broke ground in October 2021. Slated for delivery in first-quarter 2025, the second building, Eastline Central, under construction at 16502 Cleveland St., will offer 312 apartments and 13,000 square feet of retail and commercial space.

May 28, 2024

Acquisitions California Multifamily Western

Advanced Real Estate Buys Beachpoint Multifamily Property in Huntington Beach, California

by Amy Works May 28, 2024

HUNTINGTON BEACH, CALIF. — Advanced Real Estate has acquired Beachpoint, an apartment building in the Orange County city of Huntington Beach, for an undisclosed price. Situated on Beach Boulevard, the property features a 68-unit apartment building and a 12,000 square feet of multi-tenant office space. Advanced Real Estate plans to update the asset with new paint, signage, an amenities overhaul and drive-entry enhancements. The units will receive new flooring, fixtures, a contemporary paint scheme and the addition of washers and dryers. Gary Tolfa of Triqor’s Newport Beach office brokered the off-market transaction. Farmers & Merchants Bank provided the loan for the acquisition.

May 28, 2024

Acquisitions California Multifamily Western

CBRE Negotiates Sales of Two Multifamily Properties in San Clemente, California

by Amy Works May 28, 2024

SAN CLEMENTE, CALIF. — CBRE has brokered the sales of two six-unit multifamily properties in the Orange County city of San Clemente. Individual private investors acquired the assets for a combined sale price of $5.5 million. Dan Blackwell, Mike O’Neill and Amanda Fielder of CBRE represented both the buyers and seller in the two transactions. In the first deal, a San Clemente-based private buyer acquired a six-unit, 3,535-square-foot multifamily building, located on a 14,500-square-foot lot at 306 Cazador Lane. A San Diego County-based seller sold the property for $2.8 million, or $470,000 per unit. Built in 1951, the residential building comprises one-bedroom units, five garage spaces and two open parking spaces. In the second transaction, the same seller sold a six-unit, two-story multifamily building, located on an 8,004-square-foot lot at 239 Avenida Pelayo. A Newport Beach-based private buyer purchased the asset for $2.7 million, or $454,167 per unit. Constructed in 1965, the 6,211-square-foot building features six two-bedroom units, residential storage lockers, laundry facilities and six carport spaces.

May 28, 2024

Acquisitions Arizona Multifamily Western

ABI Multifamily Arranges $2.6M Sale of Apartment Property in Phoenix

by Amy Works May 28, 2024

PHOENIX — ABI Multifamily has arranged the $2.6 million sale of 1011 Apartments, a multifamily community in Phoenix. The undisclosed buyer and seller are both based in Arizona. Carson Griesemer, Mitchell Drake and Dallin Hammond of ABI Multifamily represented the seller and buyer in the deal. Located at 6623, 6627 and 6631 South 10th St. and 6624 and 6632 South 11th St., 1011 Apartments features 20 two-bedroom/one-bath units each totaling 621 square feet. All units underwent interior upgrades, including new flooring, countertops, window coverings, paint, bathrooms and cabinets. Exterior upgrades include new roofing and air conditioning systems.

May 28, 2024

Acquisitions California Mixed-Use Multifamily Office Retail Western

Marcus & Millichap Brokers Sale of 2,867 SF Fifth & Penn Mixed-Use Property in San Diego

by Amy Works May 28, 2024

SAN DIEGO — Marcus & Millichap has arranged the sale of Fifth & Penn, a mixed-use property in San Diego. Tom Fine of TJF 5th Ave LLC sold the asset to Daniel Heimler of DAH Penn LLC for $1.6 million. Located at 441-43 Pennsylvania Ave., the 2,867-square-foot property offers ground-floor restaurant space and an apartment and creative office space on the second floor. The buyer plans to occupy the apartment, while the restaurant and office tenants will remain at the building. Ross Sanchez and Nick Totah of The Totah Group in Marcus & Millichap represented the seller and procured the buyer in the deal.

May 28, 2024

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