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Eden-Apts-Tempe-AZ
AcquisitionsArizonaMultifamilyWestern

IPA Brokers $26.5M Sale of Eden Apartments in Tempe, Arizona

by Amy Works

TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Eden Apartments, a multifamily community in Tempe. Living Well Homes sold the asset to Rise48 Equity for $26.5 million, or $236,607 per unit. Built in 1980, Eden Apartments features 112 apartments spread across eight two-story buildings. Each residence features an in-unit washer/dryer connection and a private balcony or patio. Community amenities include a swimming pool, fitness center, laundry facility, picnic area and courtyard. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the transaction. The IPA Capital Markets team led by Brian Eisendrath and Cameron Chalfant arranged acquisition financing for the buyer.

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2271-Cosmos-Ct-Carlsbad-CA.
AcquisitionsCaliforniaIndustrialWestern

Wimatex Acquires 85,165 SF Industrial Building in Carlsbad, California for $21M

by Amy Works

CARLSBAD, CALIF. — Wimatex has purchased an industrial property, located at 2271 Cosmos Court in Carlsbad, from an undisclosed seller for $21 million. At the time of sale, the freestanding building was fully leased to a global medical device and technology company in the sleep and respiratory market. The 85,165-square-foot building features heavy power, six dock-high loading doors, three grade-level loading doors, 24-foot to 26-foot clear heights and drive-around access. Additional features include a high-image exterior, large outdoor amenitized entrance and a two-story lobby. Aric Starck and Drew Dodds of Cushman & Wakefield Capital Markets San Diego represented the seller in the deal.

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Element-Basalt-Aspen-Basalt-CO
AcquisitionsColoradoHospitalityWestern

Silverwest Hotels Sells 113-Key Westin Extended-Stay Hotel in Basalt, Colorado

by Amy Works

BASALT, COLO. — Silverwest Hotels and its partners have completed the disposition of Element Basalt – Aspen by Westin, an extended-stay hotel at 499 Market St. in Basalt, approximately 20 miles northwest of Aspen. Terms of the transaction were not released. The four-story Element Basalt Aspen features 113 guest rooms, an outdoor event lawn, 625 square feet of indoor meeting space, a fitness center, an indoor pool, outdoor hot tub, bike rentals, onsite laundry and complimentary breakfast. Silverwest developed the hotel, which opened in 2015. John Strauss, James Stockdale, Jason Schmidt and James Bermingham of JLL Hotels & Hospitality represented the seller and procured the buyer in the deal. Jim Curtin, Leon McBroom, Mike Huth and Shalin Patel of JLL Debt Advisory secured acquisition financing for the buyer.

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6801-N-Cotton-Ln-Glendale-AZ
ArizonaIndustrialLeasing ActivityWestern

Cubework Leases 916,150 SF Building at Cotton 303 Logistics Center in Glendale, Arizona

by Amy Works

GLENDALE, ARIZ. — Cubework, a City of Industry, Calif.-based industrial co-working company, has signed a long-term lease to occupy a 916,150-square-foot industrial warehouse/distribution building in Glendale. The property is located within Cotton 303 Logistics Center at 6801 N. Cotton Lane. With this lease, Cubework now occupies nearly 2 million square feet of space in greater Phoenix metro. Cubework offers on-demand warehouse units and co-working spaces complete with on-site staff. Don MacWilliam and Payson MacWilliam of Colliers Arizona represented the landlord, Chicago-based Heitman Capital Management, while Kander Paciific represented Cubework in the lease negotiations.

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Share of Markets with Rising Apartment Cap Rates_460
Arbor Realty TrustBuild-to-RentContent PartnerDevelopmentFeaturesLeasing ActivityMidwestMultifamilyNortheastSingle-Family RentalSoutheastTexasWestern

Arbor Report Finds Rental Housing Insulated from Economic Contraction, Risk Factors Endure

by Sarah Daniels

  — By Ivan Kaufman, founder, chairman and CEO of Arbor Realty Trust, Inc.; and Sam Chandan, a professor of finance and director of the Chen Institute for Global Real Estate Finance at the NYU Stern School of Business  Rental housing is uniquely positioned to withstand tremendous economic headwinds. Although some observers point to the slowdown in apartment rent growth as a sign of growing weakness, this trend is a cyclical feature that is not reflective of any structural change in the profile of demand or supply. It is normal to expect a period of slowing rent growth while there is uncertainty in the economic outlook. In-depth findings on these trends, plus a thorough economic outlook for 2023 and a complete breakdown of risk factors, are detailed in Arbor Realty Trust Special Report Spring 2023: Navigating a Corrective Environment, from which this article is excerpted. While no asset class is immune from the challenges of higher interest rates, the presence of amortization, which spreads out a loan into a series of fixed payments over time, makes the multifamily sector less likely to see mounting distress. All Department of Housing and Urban Development (HUD)-conforming multifamily loans are fully amortizing. Moreover, Fannie …

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Vectra-Bank-Corporate-Center-Denver-CO
ColoradoDevelopmentMixed-UseOfficeRetailWestern

Confluent Development Completes 127,000 SF Vectra Bank Corporate Center in Denver

by Amy Works

DENVER — Confluent Development has completed Vectra Bank Corporate Center, a nine-story office building within Belleview Station in Denver. The 127,000-square-foot building brings together more than 200 employees from across the Denver metro area to serve Vectra Bank customers and facilitate the bank’s future growth. Vectra Bank Corporate Center features floors of office space and parking; a 4,300-square-foot conference center for employee training and hosting public events; and one floor of commercial retail space, including a Vectra Bank branch. Other features at the building include eight electric vehicle charging stations, bicycle storage, a greenspace with a large open-air patio on the sixth floor, café, grand fireplace and a lobby on the ninth floor. The project team included Open Studio Architectures, Weitz Co. and Provident Construction, as well as in-house entitlement experts at Confluent.

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AcquisitionsMultifamilyOregonStudent HousingWestern

Marcus & Millichap Negotiates Sale of 650-Bed Ducks Village Student Housing Community Near the University of Oregon

by Amy Works

EUGENE, ORE. — Marcus & Millichap has arranged the sale of Ducks Village, a 650-bed student housing property located near the University of Oregon campus in Eugene. The 22-building community offers 230 units. Shared amenities include a renovated clubhouse, resort-style swimming pool, fire pits, a fitness center, basketball courts and a tanning booth. Joel Dumes and Patrick Mullowney of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer in the transaction.

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AcquisitionsCaliforniaMultifamilyWestern

Berkadia Brokers $20.3M Sale of YOLO West Apartments in Ventura, California

by Amy Works

VENTURA, CALIF. — Berkadia has brokered the sale of YOLO West Apartments, a multifamily community located at 11114 Darling Road in Ventura. California-based NUWI Capital sold the asset to California-based Universe Holdings for $20.3 million, or $452,222 per unit. Adrienne Barr of Berkadia Los Angeles represented the seller in the deal. Built 2019, YOLO West Apartments features 45 one- and two-bedroom floor plans, including four live-work units, with in-unit washers/dryers and private balconies. Community amenities include a fitness center, a picnic and game area, and a clubhouse.

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AcquisitionsCaliforniaRetailTop StoriesWestern

Bridge Group Investments, Steerpoint Capital Acquire 1.3 MSF North County Mall in Escondido, California

by Kristin Harlow

ESCONDIDO, CALIF. — Bridge Group Investments and Steerpoint Capital have acquired North County Mall in Escondido, about 30 miles north of San Diego. Unibail-Rodamco-Westfield (URW) was the seller, according to the Escondido Times-Advocate. The sales price was undisclosed. Situated on almost 83 acres, North County Mall totals nearly 1.3 million square feet. Tenants include Target, Macy’s, JC Penney, 24 Hour Fitness, Forever 21, H&M, Apple, Cheesecake Factory, BJ’s Restaurant and Brewhouse, Black Angus Steakhouse, On the Border and more. The mall opened in 1986. Although no plans were released for changes under the new ownership, a press release from the City of Escondido — which owns most of the land on which the mall rests — said the buyers “are eager to bring new investment and retail opportunities to the mall and are committed to working with and supporting the local community.” The property is the fourth mall that Bridge Group Investments and affiliates have acquired in California over the past six months with support from Steerpoint Capital. Previous acquisitions include The Shops at Montebello in Montebello, Antelope Valley Mall in Palmdale and Northridge Mall in Salinas. Bridge Group Investments is the family office for the Mersho family, led by …

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