PORTLAND, ORE., AND SEATTLE — Pacific Union Investors has purchased a nine-property, garden-style apartment portfolio totaling 2,195 units in the Seattle and Portland metropolitan areas. Terms of the transaction were not released. The Washington assets include The Gates of Redmond and Olde Redmond Place in Redmond, Madison Sammamish in Sammamish and Crystal Creek in Vancouver. The Oregon communities include Golf Creek and Meridian at Murrayhill in Beaverton, Orenco Gardens and The Jones in Hillsboro and Forest Rim in Tualatin. Built between 1982 and 2013, the communities offer comprehensive amenity sets, green space with an average density of 16.7 units per acre, and units averaging 900 square feet. This acquisition expands Pacific Union Investors’ Northwest portfolio to 4,915 units across 23 properties.
LA MESA, CALIF. — USA Properties Fund has started construction of 8181 Allison, an affordable multifamily property located at 8181 Allison Ave. in La Mesa. Situated in La Mesa’s Downtown Village, 8181 Allison will be near restaurants, grocery stores and retail options, as well as City Hall and the La Mesa city library. The 147-unit community is part of a public-private partnership that includes the California Housing Finance Agency (CalHFA), the City of La Mesa, KeyBank and WNC. KeyBank Community Development Lending and Investment provided a $42 million construction loan for the $67 million project. 8181 Allison will offer one- and two-bedroom, two-bath apartments for residents that earn 30 percent to 70 percent of the area median income. Apartments will feature energy-efficient appliances and light fixtures, ceiling fans and low-flow faucets, showers and toilets. Residents will also have access to social services, such as financial planning, job search assistance and stabilization. The four-story apartment building will feature a community room with kitchen, fitness center, computer stations, Wi-Fi area, on-site laundry, outdoor courtyards, a spa and sky deck. The 117-space parking garage will include electric vehicle charging stations. Completion is slated for late 2024.
MENIFEE, CALIF. — Tourmaline Capital has completed the disposition of Center Pointe, a newly developed shopping center located at 27281 Newport Road in Menifee. A private 1031 exchange buyer acquired the asset for $24.6 million. Sprouts Farmers Market, Wendy’s, Olive Garden, Tacos & Tequila and Paris Nails are tenants at the 41,461-square-foot property. At the time of sale, the retail center was 96 percent leased. Gleb Lvovich, Daniel Tyner and Geoff Tranchina of JLL Retail Capital Markets represented the seller in the deal.
LAWNDALE AND OCEANSIDE, CALIF. — iBorrow has provided a $17.4 million refinancing for two multifamily communities. The properties include a 76 percent-leased, 50-unit asset in Lawndale and a fully vacant, 18-unit property in Oceanside. Both assets are currently undergoing renovations. The bridge loan will be used to refinance the undisclosed borrower’s existing debt, while also providing the additional proceeds needed to complete full unit renovations, implement capital expenditures and lease up the property to stabilization.
By Cathy Jones, Founder and CEO, Sun Commercial The 2022 Las Vegas retail market can be characterized by a generally positive outlook and some strong trends, even in the face of market uncertainty. A few of these core trends are quite interesting. Market research shows significant upward trends in asking rents, decreases in vacancy and certain key indicators driving this process. When broken down further, we find that these trends are emphasized in certain geographic areas more than others. The Southwest Las Vegas Valley submarket is seeing the greatest change in growth and development, followed closely by Henderson/Southeast. As an example, 93,592 square feet of retail space was constructed in the third quarter alone in the Southwest and Henderson; 91.2 percent of this space was pre-leased. The current amount of net absorption in the total market is 1.3 million square feet year to date. Half of this annual total occurred in the Southwest and Southeast submarkets. These two markets saw an explosion of growth driven largely by the housing boom. As new developments are constructed and homes sold, retail developments expand to meet that growing demand. There is more compartmentalization, however, than in the past with more community-oriented unanchored strip centers dominating the …
DENVER — Amplify Development Co. has acquired Vista Apartments, a multifamily asset near the University of Denver, for $41.3 million. The community was developed in 2008 and offers 284 beds across 84 units. Located at 1920 S. University Blvd. in Denver, the off-campus, student-focused apartment community features fully furnished two-, three- and four-bedroom units with private bathrooms, flat-screen TVs in the living room and floor-to-ceiling windows. Onsite amenities include a business center, study rooms, computer lab, Wi-Fi, TV lounge, 24-hour maintenance and laundry facilities on each floor. The pet-friendly property also offers two outdoor terraces, an outdoor TV lounge, fireplace, grilling stations, secured covered parking and bike parking. Amplify plans to begin an extensive renovation at the property, which will include unit updates, common area upgrades and the addition of utility infrastructure. Denver-based Capstone Management Partners will manage the asset. Jack Brett with Newmark’s student housing group represented the undisclosed seller, while Nick Steele and Tyler King with Berkadia Denver represented the buyer in the deal.
WEST COVINA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of South Hills Apartments, a multifamily community in West Covina. NexGen Properties Group sold the asset to HFH Ltd. for $38.2 million, or $450,000 per unit. South Hills Apartments features 85 residential units with vaulted ceilings, washers/dryers and a patio or balcony. Built in 1966 and remodeled in 2019, the community features a swimming pool, spa, fitness center and outdoor kitchen with barbecue grills. Kevin Green, Joseph Grabiec and Greg Harris of IPA, along with Marcus & Millichap’s Tyler Leeson, Mathew Kupp and Nick Kazemi, represented the seller and procured the buyer in the deal.
CHANDLER, ARIZ. — United Realty M.T.A. has purchased Norte at Chandler, a Class A flex office property located at 4100 W. Galveston St. in Chandler, from an institutional seller for $17.2 million, or $200 per square foot. The 85,797-square-foot, multi-tenant building is 70 percent leased to two investment-grade tenants, Enterprise Holdings and a Fortune 500 semiconductor firm. The single-story, freestanding building was built in 2016 on nearly eight acres. Eric Wichterman, Mike Coover, Steve Lindley and Alexandra Loye of Cushman & Wakefield’s private capital and capital markets teams in Phoenix represented the seller in the transaction.
PAYSON, ARIZ. — Taylor Street Advisors has arranged the sale of Aspen Cove, a multifamily property at 801 E. Frontier St. in Payson. A local private investment group sold the asset to an out-of-state 1031 exchange buyer for $11 million, or $186,440 per unit. Built in 1984, the 59-unit property is individually metered for electricity and each unit features an individual hot water heater and full kitchens with dishwashers. Brian Tranetzki, Anton Laakso and Thomas Beniamen of Taylor Street represented the buyer and seller in the deal.
PINOLE, CALIF. — Balboa Retail Partners has purchased Pinole Square, a community shopping center at 1201-1577 Tara Hills Drive in Pinole. A private family sold the asset for an undisclosed price. Nicholas Bicardo and Cheyne Bloch of Newmark facilitated the transaction. Safeway and CVS/pharmacy have anchored the 91,000-square-foot retail center for more than 50 years.