Western

CBRE Arranges $16.2M Sale of Landmark on 67th Multifamily Property in Peoria, Arizona

by Amy Works October 5, 2023

PEORIA, ARIZ. — CBRE has brokered the sale of Landmark on 67th, a Class A apartment community in Peoria. LM67 LLC acquired the asset from RET3 LLC for $16.23 million, or $289,857 per unit. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the seller and buyer in the transaction. Located at 9160 N. 67th Ave., Landmark on 67th features 56 two-bedroom/two-bath apartments, each averaging 1,100 square feet. Units offer stainless steel appliances, white shaker-style cabinetry, quartz countertops and subway tile backsplashes. Situated on 4.1 acres, the residential units are spread across seven two-story buildings. Community amenities include a leasing office, swimming pool and spa, cabana-style seating, fitness center, covered playground and dog park.

October 5, 2023

Affordable Housing Development Loans Multifamily Washington Western

KeyBank Provides $14.6M Construction Loan for New Life Homes Affordable Project in Tacoma, Washington

by Amy Works October 5, 2023

TACOMA, WASH. — KeyBank Community Development Lending and Investment (CDLI) has provided $14.6 million in financing for the construction of New Life Homes, a 60-unit low-income housing project in Hilltop in Tacoma. The community is designated for individuals in recovery for substance abuse, those leaving the criminal justice system, formerly homeless persons, persons with disabilities and veterans earning no more than 30 percent or 50 percent of area median income. Shiloh Baptist Church, with Beacon Development Group as consultant, is sponsoring and developing New Life Homes. Shiloh Baptist Church, a historically Black church, wants to combat gentrification on Tacoma’s Hilltop neighborhood by transforming several of its parcels along the block of South I Street into affordable housing. With the assistance of Tacoma Housing Authority, the church has leveraged several public funding sources along with tax credits and traditional financing to construct New Life Homes. Believing In Myself Again (BIMA) Services will provide supportive services for tenants with a focus on creating opportunities for growth, education and skill development. Veterans Affairs will provide services for the Veterans Affairs Supportive Housing units and coordinate with BIMA. KeyBank CDLI provided a $14.6 million construction loan with LIHTC equity provided by National Equity Fund (NEF). …

October 5, 2023

Arizona Development Industrial Western

ViaWest, Willmeng Break Ground on 1.2 MSF First Phase of Industrial Campus in Glendale, Arizona

by Amy Works October 4, 2023

GLENDALE, ARIZ. — Phoenix-based ViaWest Group, as developer, and Willmeng Construction, as general contractor, have broken ground on The Base, Phase I. Located in Glendale, The Base will be a 144-acre industrial campus at full build out. The first phase will include seven buildings, spanning 1.2 million square feet. The buildings will range in size from 85,000 square feet to 309,000 square feet with divisibility down to approximately 20,000 square feet. The second phase is proposed to include eight buildings, totaling 780,600 square feet, and ranging in size from 41,000 square feet to 141,000 square feet. The buildings will feature heavy power, ESFR sprinkler systems, a combination of dock-high and grade-level loading, concrete truck courts, ample car parking, R-38 insulation and clear heights ranging from 28 feet to 36 feet. Completion of Phase I is slated for fourth-quarter 2024. DLR Group is serving as architect and Kimley-Horn as civil engineer for the project. CBRE will handle leasing for both phases. Will Strong, Kirk Kuller, Molly Hunt, John Alascio and TJ Sullivan of Cushman & Wakefield secured equity financing for the development. JLL Capital Markets arranged a $96.5 million construction loan for the project.

October 4, 2023

Arizona Development Multifamily Western

High Street Residential Completes 310-Unit Smith & Rio Apartment Community in Tempe, Arizona

by Amy Works October 4, 2023

TEMPE, ARIZ. — High Street Residential (HSR), the residential subsidiary of Trammell Cros Co., has completed construction on Smith & Rio, a multifamily property located at 1979 E. Rio Salado Parkway in downtown Tempe. The five-story property features 310 apartments in a mix of studio, one-, one-plus-den and two-bedroom layouts. Community amenities include a fifth-floor sky lounge; two outdoor courtyards; a dog park; pet lounge; work-from-home area with individual workspaces; pool; spa; fitness center; clubhouse with multiple lounges and seating areas; fireplace; and demonstration kitchen.

October 4, 2023

Acquisitions Multifamily Oregon Seniors Housing Western

Blueprint Negotiates Acquisition of Five Seniors Housing Communities in Oregon

by Amy Works October 4, 2023

OREGON — Blueprint Healthcare Real Estate Advisors has arranged the sale of five independent living, assisted living and memory care communities in Oregon. The portfolio consists of 468 total units with communities built in the 1980s and 1990s. The portfolio generated approximately $4.8 million in EBITDAR in 2022. The buyer was Arcus Healthcare Partners, which also assumed the existing Freddie Mac loan and current operator. The seller and price were not disclosed. The Blueprint team included Dan Mahoney, Michael Segal and Ben Firestone.

October 4, 2023

Acquisitions Colorado Multifamily Western

Cushman & Wakefield Brokers $2.2M Sale of Columbine West Apartments in Pueblo West, Colorado

by Amy Works October 4, 2023

PUEBLO WEST, COLO. — Cushman & Wakefield has negotiated the sale of Columbine West Apartments, a multifamily asset in Pueblo West. A Denver-based buyer acquired the community from S&J Rental Properties for $2.2 million, or $137,500 per unit. Located at 1010-1016 E. Mallon Drive, the single-story property features 16 residential units. Lee Wagner, Jeff Dimmen and Nic Polaski of Cushman & Wakefield’s multifamily investment services team in Colorado Springs represented the seller, while Wagner also represented the buyer in the transaction.

October 4, 2023

Acquisitions Colorado Multifamily Western

Berkadia Arranges Sale of 35-Unit The Roost Multifamily Property in Denver

by Amy Works October 4, 2023

DENVER — Berkadia has brokered the sale of The Roost, an apartment building in Denver’s Jefferson Park neighborhood. Terms of the transaction were not released. Nick Steele and Nate Moyer of Berkadia Denver represented the undisclosed seller in the deal. Located at 2434 Federal Blvd., The Roost features 33 studio units and two one-bedroom apartments. The building was built in 2022.

October 4, 2023

Eran Dor Pavlov Media Future Multifamily Tech

Content Partner Features Leasing Activity Midwest Multifamily Northeast Pavlov Media Southeast Texas Western

Multifamily Internet Connectivity: Planning for the Future

by Sarah Daniels October 4, 2023

Internet connectivity is the digital equivalent of a foundation for any multifamily property. Residents want access for communications, entertainment, business and personal needs. Property operators need connections for management and reporting software resources. Good and reliable connections to the Internet, and a dependable Wi-Fi network as a way of distributing that access, are essential. Looking three to five years into the future, these connectivity needs become even more demanding and complex. The Internet of Things (IoT) creates a layer of interesting application and use cases for property owners. IoT defines the collective network of connected technology that enables communication between devices (“things”) and the cloud and/or among the devices themselves. IoT devices are the technology that creates smart home and buildings. IoT devices also support and simplify functions such as rental property management, energy usage reduction, maintenance cost reduction and more. “Looking into the future, IoT applications can make the property more efficient in surprising ways,” says Eran Dor, vice president of technology products at Pavlov Media. Leak detectors can provide early warning of flooding and appropriately shut off water before any significant damage occurs. Trash cans can be equipped with sensors that indicate when to collect, rather than requiring …

October 4, 2023

California Development Healthcare Life Sciences Office Western

Stockdale Capital Partners Plans 145,000 SF Medical Office, Life Sciences Project in West Los Angeles

by Amy Works October 3, 2023

LOS ANGELES — Stockdale Capital Partners has announced plans for 656 S. Vincente Boulevard, a medical office and life sciences property in Los Angeles’ Golden Triangle area. The project will be the first new medical office and life sciences building constructed in the area in more than 20 years. The 12-story property will feature 145,000 square feet of Class A medical office and life sciences space that combines both environmental sustainability and best-in-class amenities. The building will feature electric vehicle charging stations, ample bicycle parking, direct access to a major transit thoroughfare and 418 parking spaces with full valet service for tenants and patients. The project team includes Atelier R and HMC for architectural and design services. Jones Lang LaSalle’s construction management team will support pre-construction and consulting services through the design and construction phases. The building will include an integrated solar framework capable of offsetting building energy usage; recycled building materials designed to maximize energy efficiency; high-efficiency heating and cooling systems; low-water usage plumbing and mechanical systems; drop irrigation; extensive green space; and interior and exterior gardens to help optimize air quality throughout the building. Core-and-shell completion is slated for October 2026. Angie Weber and Dana Nialsi of CBRE will …

October 3, 2023

Arizona Development Multifamily Seniors Housing Western

Cogir, Ryan Cos. Open 147-Unit Seniors Housing Property in Scottsdale, Arizona

by Amy Works October 3, 2023

SCOTTSDALE, ARIZ. — Cogir Senior Living and Ryan Cos. US Inc. have opened ACOYA Shea, an independent living, assisted living and memory care community in the Phoenix suburb of Scottsdale. The community features 147 units in a four-story building. “ACOYA Shea is located right in the heart of Scottsdale, and residents will be able to enjoy the walkability of the community and the proximity to all that the area has to offer,” says Dave Eskenazy, chief executive officer of Cogir Management USA. Cogir Senior Living develops, owns and/or operates 60 communities throughout the United States.

October 3, 2023

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