Western

Merrill Gardens Opens 123-Unit Seniors Housing Community in Tacoma, Washington

by Amy Works February 15, 2023

TACOMA, WASH. — Merrill Gardens Senior Living has opened Merrill Gardens at Wright Park in the historic Stadium District in Tacoma. Merrill Gardens co-developed the property with Rush Development. The community features 115 independent living and assisted living apartments in studio, one- and two-bedroom layouts, as well as 18 memory care units. The main floor of the community features 2,600 square feet of retail space that includes an on-site urgent care clinic. Merrill Gardens will manage the senior living community and Rush will manage the retail space. The community mixes urban living and access to green space along with unobstructed views of Commencement Bay, Mt. Rainier, The Cascades and The Olympics.

February 15, 2023

Rinchem-Dysart-Rd-Summit-Pkwy-Surprise-AZ

Arizona Development Industrial Western

Graycor Starts Construction of 123,516 SF Rinchem Co. Industrial Build-to-Suit Project in Surprise, Arizona

by Amy Works February 15, 2023

SURPRISE, ARIZ. — Graycor Construction Co. has started construction of a flex industrial facility situated on 21 acres at the northwest corner of Dysart Road and Summit Parkway in Surprise. The 123,516-square-foot building is a build-to-suit project for Rinchem Co., a network of chemical and gas distribution centers. The new facility will be Rinchem’s third in metro Phoenix and part of a global Rinchem supply chain that safely handles more than 4 billion pounds of chemicals and gasses each year. The Class A facility will feature highly specialized warehouse space, administrative offices, shipping/receiving capabilities and an 11 truck loading docks. The main building will offer high bay and freezer bay chemical storage, as well as super flat concrete floors. Six individual pads will allow for maximum chemical containment, to include an outdoor bottled gas pad and detached ISO tank storage that maintain Rinchem’s commitment to proper segregation to hazard classes in multiple temperature zones. For the new facility, Graycor is serving as general contractor, providing both shell and interior build-out services. Phoenix-based Archicon Architecture + Interiors is serving as designer. Completion is slated for fourth-quarter 2023.

February 15, 2023

Acquisitions Arizona Industrial Western

Cushman & Wakefield Brokers $22.3M Sale of Last-Mile Distribution Facility in Tucson, Arizona

by Amy Works February 15, 2023

TUCSON, ARIZ. — Cushman & Wakefield has arranged the sale of a last-mile distribution building located at 775 W. Silverlake Road in Tucson. A California family trust acquired the property from an East Coast investor for $22.3 million, or $451 per square foot. Situated on 10.7 acres, the 49,500-square-foot facility features 15 loading docks and close proximity to interstates 10 and 19, downtown Tucson and Tucson International Airport. At the time of sale, the property was fully leased to a Fortune 10 global e-commerce company. Andrew Bogardus and Douglas Longyear of Cushman & Wakefield San Francisco, in collaboration with Stephen Cohen of Cushman & Wakefield | Picor in Tucson, represented the seller in the transaction.

February 15, 2023

Acquisitions Arizona Multifamily Western

29SC Buys 193-Unit Dwell Apartments in Scottsdale, Arizona

by Amy Works February 15, 2023

SCOTTSDALE, ARIZ. — 29th Street Capital (29SC) has purchased Dwell Apartment Homes, a multifamily community in Scottsdale, from Denver-based Avanti Residential for $41.6 million. This transaction marks the company’s 20th multifamily acquisition in the metro Phoenix market. Developed in 1963/1975, Dwell features 193 apartments in a mix of studio, one- and two-bedroom apartments, three swimming pools, a fitness center, business center, dog park and an outdoor grilling and picnic area. 29SC plans to renovate both interior units and exterior amenities. Renovations include converting the garden to an outdoor game area and dog park, upgrading the gym and pool areas and enhancing apartment interiors. Unit upgrades will include adding smart home technology packages, while upgrading kitchen appliances, countertops, backsplashes, cabinet faces, hardware, flooring, baseboards, bathroom mirror frames, ceiling fans and lighting packages. Haven Residential, the 29SC-owned property management company, will oversee management and leasing. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, while 29SC was self-represented in the deal.

February 15, 2023

Market Reports Multifamily Nevada Western Western Market Reports

Las Vegas’ Underlying Multifamily Fundamentals Remain Strong Despite Moderating Growth

by Jeff Shaw February 15, 2023

By Jared Glover, Director of Investment Sales, Berkadia The Las Vegas multifamily market started to feel the effects of higher interest rates alongside persistent inflation as the third quarter ended. Thankfully, properties still experienced trade-outs and overall in-place rent growth, though year-over-year growth began to moderate, coming in near 8 percent. Loss to lease capture remains, although at a slower pace than prior quarters, with average market rent at $1,515. The third quarter also saw a 3 percent decrease in occupancy, setting at 93.6 percent, after experiencing record occupancy throughout 2021. On the transaction front, we have seen a dramatic shift in cap rates. This is a direct result of the Fed’s tightening. Within a six-month span, cap rates widened upwards of 150 basis points — from low to mid-3s to 5 and trending up, depending on product type. The homogenous nature of national cap rates in 2021, with most markets trading in the 3.5 range, seems to have shifted back to historical norms as the primary/coastal markets once again demanded a premium versus secondary or tertiary markes. Both Monterra and the Boulevard traded north of a 5 cap on in-place numbers, speaking to these latest cap rate trends. Just four months ago, a …

February 15, 2023