LEADVILLE, COLO. — NorthPeak Commercial Advisors has arranged the sale of an apartment building located at 921 Mount Massive Drive in Leadville, approximately 100 miles southwest of Denver. The asset traded for $7 million, or $250,000 per unit. The names of the buyer and seller were not released. Joe Hornstein and Scott Fetter of NorthPeak Commercial Advisors represented the buyer and seller in the transaction. The 26,040-square-foot apartment building features 28 units.
WILSONVILLE, ORE. — Norris & Stevens has arranged the sale of Charbonneau Village Center, a retail strip center at 31840 SW Charbonneau Drive in Wilsonville, a southern suburb of Portland. FFF Charbonneau LLC sold the asset to Perseverance LLC for $1.5 million. Constructed in 1980, Charbonneau Village Center features 9,828 square feet of retail space, abundant parking and strong tenant mix. Todd VanDomelen and Michael Brown of Portland-based Norris & Stevens represented the seller, while Daniel Silvey with Knipe Realty represented the buyer in the deal.
RIVERSIDE, CALIF. — McCarthy Building Cos. has broken ground on the $285 million North District Phase II student housing development at University of California, Riverside (UCR). The intersegmental projects, one of the first of its kind in California, will house students from UCR and Riverside Community College District (RCCD). The 424,000-square-foot project will feature 429 single- and double-occupancy apartment-style units ranging from one to four bedrooms complete with kitchen/living room spaces, high-speed Wi-Fi, air conditioning and designated study areas. Additionally, the community will feature a café/market, recreation fields and a central park. The project has received funding through the State Higher Education Student Housing Grant Program to provide affordable beds for UCR and RCCD students, bringing the total number of beds to 1,568. The first students are expected to move-in in 2025.
LAS CRUCES, N.M. — KeyBank Community Development Lending and Investment (CDLI) has provided a $12.5 million construction loan for the development of The Three Sisters, an affordable apartment property in Las Cruces. The borrower, Chelsea Investment Corp., is an affordable housing developer in California and New Mexico. The Three Sisters will consist of eight two- and three-story residential buildings offering a total of 70 units for families and individuals earning no more than 30 percent, 50 percent and 60 percent of the area median income. The community features one-, two- and three-bedroom units, a community space, laundry room, computer center, barbecue and picnic area, dog park and two playgrounds. Additional amenities include comprehensive social services, such as group training, outreach and bi-monthly health and nutrition education classes. The project received additional support from The Richmond Group, which provided $11.9 million in Low-Income Housing Tax Credit equity, as well as a $1.9 million permanent loan from the Rocky Mountain Community Reinvestment Corp. The Three Sisters also received funding from the city, state, the HOME Investment Partnership Program and the National Housing Trust Fund. Matthew Haas of KeyBank CDLI structured the financing.
DENVER — Malman Commercial Real Estate has arranged the sale of an industrial property located at 501-521 Kalamath St. in Denver. Ascent Commercial Real Estate LLC acquired the asset from 501 Kalamath Associates LLC for $3.1 million. The building features 24,178 square feet of industrial space. Taylor Roy of Malman Commercial Real Estate represented the buyer, while Tanner Digby and CJ Anania of Digby Commercial Advisors represented the seller in the deal.
MAMMOTH LAKES, CALIF. — PSRS has arranged $3.7 million in refinancing for Mammoth Gateway, a retail strip center in Mammoth Lakes. Grady Seldin and Thomas Rudinsky of PSRS secured the 10-year, fixed-rate loan for the undisclosed borrower. Built in 1973 on 3.5 acres, Mammoth Gateway features 54,854 rentable square feet. Rite Aid anchors the property, which offers 13 retail spaces, including a hardware store, pet store and a variety of restaurants and cafés.
QUEEN CREEK, ARIZ. — Cypress West Partners has completed the construction of Ocotillo Medical Collaborative, a $10 million medical office building located at 223663 E. Domingo Road in Queen Creek. The 22,000-square-foot building is fully occupied by five tenants, including Action Behavior Centers, a leading applied behavior analysis therapy for autism provider in the area. According to Cypress West Partners, the building is the first off-campus, for-lease medical office building to come to market in Queen Creek. Prior to this development, Queen Creek’s only existing medical office buildings were two on-campus properties occupied by a health system.
Saunders & Amos, MEB Management Near Completion of 194 Single-Family Rental Homes in Tucson, Arizona
TUCSON, ARIZ. — Saunders & Amos and its management partner MEB Management Services have begun pre-leasing at Casitas Catalina, a single-family rental development in Tucson. Slated to open in 2024, Casitas Catalina will offer 194 single-family rental homes in a mix of one-, two- and three-bedroom floorplans. The property features pre-installed fiber-optic Wi-Fi, covered parking and smart-home technology for each resident. Situated on 19 acres, the community also features an outdoor pool and spa. Move-ins for the $50 million project are slated to begin this month, with final construction extending through early 2024.
SAN FRANCISCO — Berkadia has secured a $67.2 million loan for California-based NP Apartments LLC to refinance debt on Northpoint Apartments in San Francisco. Andy Ahlers of Berkardia San Francisco secured the permanent five-year loan through Fannie Mae. Located at 2211 Stockton St., Northpoint Apartments features 514 studio, one- and two-bedroom floor plans with private patios or balconies and dishwashers. Community amenities include two swimming pools, a fitness center and laundry facilities.
MESA, ARIZ. — Habitat Metro has completed the development of ECO MESA, an apartment community located at 127 W. Pepper Place in Mesa. Willmeng Construction served as general contractor for the 102-unit property, which CCBG Architects designed. Situated in downtown Mesa, the infill community was developed on a former parking lot. The seven-story, 179,227-square-foot building features a mix of studio, one- and two-bedroom apartments. Onsite amenities include a 14,000-gallon heated swimming pool, a fully equipped lounge with a kitchen, game room, water-vapor fireplace and indoor/outdoor seating options. Additionally, the property features a sky deck with outdoor barbecue areas and a fitness center.