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5052-Wightman-St-San-Diego-CA
AcquisitionsCaliforniaMultifamilyWestern

Lee & Associates Brokers $7.1M Sale of Multifamily Community in San Diego

by Amy Works

SAN DIEGO — Lee & Associates has arranged the sale of 5052 Wightman Street, an apartment building in San Diego. The asset traded for $7.1 million. Built in 1963, the building features 44 apartments. The property was held by the same owners for multiple decades, but had deferred maintenance issues. The community features an affordable component for residents earning 50 to 60 percent of the area median income. Eric von Bluecher and Ivan Del Muro-Garcia of The Von Bluecher Group — the multifamily brokerage team of Lee & Associates North San Diego County — represented the undisclosed buyer and undisclosed seller in the deal.

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Pointe-West-Plaza-San-Ramon-CA
CaliforniaLoansRetailWestern

PSRS Arranges $3.7M Loan for Pointe West Plaza in San Ramon, California

by Amy Works

SAN RAMON, CALIF. — PSRS has arranged $3.7 million in permanent financing for Pointe West Plaza, a retail property in San Ramon, east of the Bay Area. The firm previously arranged bridge acquisition financing for the property. Pointe West Plaza is a 16,921-square-foot building with a mix of tenants including a billiards venue, salon, bistro and Chinese restaurant. The property also features underground and surface parking, totaling 82 spaces. Jonny Soleimani and Matthew Farzinpour of PSRS secured the five-year loan with a 25-year amortization schedule through a correspondent life insurance company.

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Hearthstone-City-Center-Aurora-CO
AcquisitionsColoradoMultifamilyWestern

Partnership Buys 360-Unit Hearthstone at City Center Apartments in Aurora, Colorado for $74M

by Amy Works

AURORA, COLO. — The Bascom Group and an affiliate of Oberndorf Real Estate Management, formerly known as The Axton Group, have acquired Hearthstone at City Center, a multifamily property in Aurora, for $74 million. The name of the seller was not released. Aurora is just east of Denver. Located at 932 South Helena Way, Hearthstone features 360 one-, two- and three-bedroom apartments spread across 41 buildings on 18.2 acres. Select units offer contemporary appliances, in-home washers/dryers, hardwood-style flooring, walk-in closets, fireplaces and private patios or balconies. Community amenities include a resort-style pool, outdoor grilling and picnic areas, a fitness center and sauna, pet park, playground, basketball court and on-site laundry. The buyers plan to implement an extensive value-add renovation program that includes upgraded appliances, countertops and lighting; additional in-unit washers/dryers; added kitchen backsplashes; new cabinets and fixtures; and wood plank flooring. Planned common area improvements include updating the fitness center, leasing center and pool, as well as a completely redesigning the multipurpose activity area, enhancing the façade and revamping landscaping.

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1001-Towne-Ave-Los-Angeles-CA
AcquisitionsCaliforniaMixed-UseOfficeRetailWestern

Colliers Negotiates $13.5M Sale of Mixed-Use Property in Los Angeles

by Amy Works

LOS ANGELES — Colliers has arranged the $13.5 million sale of 1001 Towne Avenue, a mixed-use retail and office building in the Fashion District of Los Angeles. Mark Schuessler, Sean Fulp and Ryan Plummer of Colliers represented the undisclosed seller, while Mark Hong of KORUS Real Estate represented the buyer, a local private individual, in the transaction. The four-story building offers 43,700 square feet of retail and office space in suites ranging in size from 481 square feet to 4,843 square feet. At the time of sale, the property was 82 percent leased to a mix of retail and wholesale apparel businesses.

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Epic-Self-Storage-Las-Vegas-NV
IndustrialLoansNevadaSelf-StorageWestern

Gantry Secures $7M Loan for Self-Storage Facility in Las Vegas

by Amy Works

LAS VEGAS — Gantry has secured a $7 million permanent loan to retire construction financing for Epic Storage @ Ann Road, a self-storage facility in Las Vegas. Located at 10490 Hammer Lane, the property features 681 self-storage units and 46 RV parking spaces. The Class A property was delivered in third-quarter 2023. Chris Funai of Gantry’s Las Vegas office represented the borrower, a local real estate developer. The 10-year loan was procured from one of Gantry’s insurance company correspondents at a fixed rate and 30-year amortization period.

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Summerdale-Apts-Anaheim-CA
CaliforniaLoansMultifamilyWestern

PSRS Arranges $3M Refinancing for Summerdale Apartments in Anaheim, California

by Amy Works

ANAHEIM, CALIF. — PSRS has arranged $3 million in financing for Summerdale Apartments, a multifamily property in Anaheim. Constructed in 1978, Summerdale Apartments features 34 units, a pool, on-site laundry, gated facility and HVAC. Grady Seldin and Thomas Rudinsky of PSRS secured a non-recourse loan, with a seven-year, interest-only term, for the undisclosed borrower through a correspondent life insurance company.

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AcquisitionsCaliforniaIndustrialWestern

Marcus & Millichap Brokers Sale of 4,800 SF Industrial Building in Redwood City, California

by Amy Works

REDWOOD CITY, CALIF. — Marcus & Millichap has arranged the sale of an industrial property located at 2549 Middlefield Road in Redwood City, located in the southern Bay Area. An individual sold the asset to an undisclosed buyer for $1.7 million. Built in 1975, the 4,800-square-foot building features two grade-level roll-up doors, office space and two bathrooms. The property is currently undergoing significant street improvements, which will add to traffic counts. Carlos Azucena and Joshua Johnson of Marcus & Millichap represented the seller in the deal.

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Cross-Creek-Ranch-Malibu-CA
CaliforniaLoansMixed-UseOfficeRetailWestern

JLL Arranges $135M in Financing for Cross Creek Ranch Mixed-Use Property in Malibu, California

by Amy Works

MALIBU, CALIF. — JLL Capital Markets has arranged $135 million in first lien financing for Cross Creek Ranch, a 122,324-square-foot, Class AA, mixed-used property in Malibu. The property offers 71,605 square feet of retail space and 50,719 square feet of creative office space. John Marshall, Spencer Seibring, Allie Black and Tim Donald of JLL Capital Markets’ debt advisory team secured the five-year loan from Torchlight Investors for the borrower, Pacific Equity Partners. Located at 23465 Civic Center Way on 13 acres, Cross Creek Ranch is adjacent to a Whole Foods Market in the core of Malibu’s shopping district, which also includes Malibu Country Mart, Malibu Village and Malibu Lumber Yard. The center is approximately 13 miles from the Santa Monica pier and 21 miles northwest of Los Angeles International Airport.

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Meridian-Heights-Sandy-UT.jpg
AcquisitionsMultifamilyUtahWestern

Tablerock Capital Sells 96-Unit Meridian Heights Multifamily Property in Sandy, Utah

by Amy Works

SANDY, UTAH — Tablerock Capital has completed the disposition of Meridian Heights, an apartment community in Sandy, approximately 15 miles south of Salt Lake City. Orion Real Estate Partners acquired the asset for an undisclosed price. Danny Shin and Brock Zylstra of Intuitional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Built in 1998 on five acres, Meridian Heights offers 96 one- and two-bedroom apartments with air conditioning, dishwashers and balconies. Community amenities include covered parking, a clubhouse and laundry room.

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Terra-Bluffs-Parker-CO
ColoradoDevelopmentMultifamilySeniors HousingWestern

HDG Opens Terra Bluffs Seniors Housing Community in Parker, Colorado

by Amy Works

PARKER, COLO. — Health Dimensions Group (HDG), along with co-owners Ellipsis and Invesque, has opened Terra Bluffs, an assisted living and memory care community in Parker. The property is located southeast of Denver. Details such as the number of units were not disclosed. HDG provides oversight of the community’s day-to-day operations. Ellipsis is the project developer for the care community and Invesque is the project’s investment partner.

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