Western

CBRE Brokers $4.3M Sale of 12-Unit Apartment Property in Anaheim, California

by Jeff Shaw July 24, 2023

ANAHEIM, CALIF. — CBRE has arranged the sale of a 12-unit multifamily property at 921-927 S. Trident St. in Anaheim. The property traded hands between two private investors in a 1031 exchange. The property was constructed in 1962 and comprises two buildings on a 0.4-acre site. Units come in two- and three-bedroom layouts. Units were recently renovated with new baseboards and blinds, updated showers, plank flooring and new cabinets and countertops. Dan Blackwell, Andrew Boukather and Sean Farag represented the buyer in the transaction.

July 24, 2023

Acquisitions California Healthcare Loans Seniors Housing Western

Forbright Bank, HJ Sims Provide Acquisition Financing for Two California Skilled Nursing Facilities

by Jeff Shaw July 24, 2023

CALIFORNIA — Forbright Bank and HJ Sims have partnered to finance the acquisition of two skilled nursing facilities in California. The skilled nursing facilities feature approximately 150 beds. The borrower plans to invest in the physical plants of both facilities. The financing partners described the buyer as “a top-tier skilled nursing operator.” Further details on the properties, buyer and seller were not disclosed. Forbright and HJ Sims closed a unique unitranche loan product to provide financing for the acquisition. This loan product acts as a single debt obligation with one set of loan documents and one monthly mortgage payment.

July 24, 2023

California Company News Industrial New York Northeast Self-Storage Top Stories Western

Public Storage Agrees to Acquire Simply Self Storage from Blackstone for $2.2B

by Taylor Williams July 24, 2023

GLENDALE, CALIF. AND NEW YORK CITY — Self-storage REIT Public Storage (NYSE: PSA) has agreed to acquire Simply Self Storage from New York City-based Blackstone Real Estate Income Trust Inc. (BREIT) for $2.2 billion. The deal is scheduled to close during the third quarter. Simply Self Storage is an owner-operator that was founded in Orlando in 2003. The company owns 127 facilities and operates 25 more on a third-party basis for a total of more than 11 million net rentable square feet across 18 states. Roughly 65 percent of Simply Self Storage’s portfolio, which has a collective occupancy rate of 91 percent, is concentrated in Sun Belt markets. “This acquisition reflects the continued execution of our multi-factor external growth platform, which includes acquisitions, development, redevelopment, expansion and third-party management,” says Joe Russell, CEO of Public Storage. “We are pleased to complete this transaction with Blackstone, which has done a tremendous job of growing and improving the quality and operations of the Simply portfolio over the past few years.” “Where you invest matters, and this transaction demonstrates the strong investor demand for the high-quality assets and platforms we have assembled within BREIT,” adds Nadeem Meghji, head of Blackstone Real Estate Americas. …

July 24, 2023

Arizona Development Loans Multifamily Western

StarPoint Properties Receives $52M Construction Loan for Lotus Point Multifamily Project in Mesa, Arizona

by Jeff Shaw July 21, 2023

MESA, ARIZ. — StarPoint Properties has received a $52 million loan for the construction of Lotus Point, a 245-unit apartment community in Mesa. Jeff Sause, Wyatt Strahan and Elle Miraglia of JLL Capital Markets arranged the construction financing for the project through a debt fund. Lotus Point will rise four stories and offer studio, one- and two-bedroom units. Amenities will include a fitness center, clubhouse, coworking facility and community kitchen. On-site parking will include a mix of tuck-under and grade-level parking. Development is slated for completion by early 2025.

July 21, 2023

Acquisitions Restaurant Retail Western

High Bluff Capital to Purchase 81-Property Hardee’s Portfolio

by Jeff Shaw July 21, 2023

SAN DIEGO — High Bluff Capital Partners, a San Diego-based investor, will assume ownership of a portfolio comprising 81 Hardee’s locations following an auction. Located in Montana, Wyoming, Alabama, Florida, Georgia, Kansas, Missouri and South Carolina, the restaurants were previously owned by franchisee Summit Restaurant Group, which filed for Chapter 11 bankruptcy in May of this year. The transaction is expected to close in August. Dave Dixon will oversee operation of the restaurants.

July 21, 2023

Acquisitions Multifamily Oregon Western

Waterton Acquires 177-Unit The Parker Apartments in Portland, Oregon

by Jeff Shaw July 21, 2023

PORTLAND, ORE. — Waterton has acquired The Parker, a 177-unit apartment community in Portland. The Parker rises six stories in the Pearl District, one mile north of downtown Portland. The community offers one- and two-bedroom apartments, as well as amenities such as an outdoor courtyard with grilling stations, a fitness center, a dog wash station, bike storage and a community room with a kitchen and business center. Waterton plans to renovate units with new backsplashes, flooring, lighting, plumbing fixtures, cabinets, shades and mirrors.

July 21, 2023

Affordable Housing California Loans Multifamily Western

JLL Arranges $11.8M Financing for Third Thyme Affordable Housing Community in Los Angeles

by Jeff Shaw July 21, 2023

LOS ANGELES — JLL Capital Markets has arranged $11.8 million in permanent financing for Third Thyme, a 104-unit affordable housing community in Los Angeles. Anson Snyder led the team that secured the 15-year, fixed-rate, Freddie Mac loan on behalf of the borrower, West Hollywood Community Housing Corp. JLL Real Estate Capital will service the loan. Third Thyme is located at 1441 W. 3rd St. on a 14,866-square-foot site. The property will utilize 9 percent Low-Income Housing Tax Credits and public funds. Income restrictions were not disclosed.

July 21, 2023

Acquisitions Arizona Multifamily Western

ABI Multifamily Brokers $2.2M Sale of Multifamily Property in Phoenix

by Jeff Shaw July 21, 2023

PHOENIX — ABI Multifamily has brokered the $2.2 million sale of an eight-unit apartment property at 4229 North 17th St. in Phoenix. The buyer and seller are based in Arizona. Mitchell Drake, Dallin Hammond and Carson Griesemer represented the seller in this transaction. The property was originally built in 1982 and renovated in 2020. Interior renovations include contemporary cabinets, stainless-steel appliances, vinyl flooring, floating bathroom vanities and more. Units come in two-bedroom layouts. Exterior renovations include a dog run, community patio grill and picnic area. 4229 North 17th Street is a garden-style community with gated access.

July 21, 2023

Acquisitions California Retail Top Stories Western

Unibail-Rodamco-Westfield Sells 1.1 MSF Westfield Mission Valley Shopping Center in San Diego for $290M

by Jeff Shaw July 21, 2023

SAN DIEGO — French investor Unibail-Rodamco-Westfield (URW) has sold Westfield Mission Valley, a 1.1-million-square-foot retail center in San Diego, for $290 million. Spread across two separate parcels, URW sold the eastern portion to Lowe and Real Capital Solutions, while Sunbelt Investment Holdings Inc. bought the smaller western portion. The Westfield Mission Valley shopping mall, the eastern part of the property, was originally built in 1960 on a 41-acre site. The center currently offers 73 shops, including Target, Nordstrom Rack, Macy’s Home, Michael’s, Bloomingdale’s Outlet and a 24-Hour Fitness, as well as restaurants such as Yard House, Outback and Buffalo Wild Wings. The center also includes the AMC Mission Valley 20 movie theater. The western portion of the asset features a Trader Joe’s, Marshalls and variety of smaller restaurants and retailers. The property is located opposite the San Diego Trolley’s Mission Valley Center Station. The mall is also accessible to thoroughfares such as I-8, I-805 and Highway 163. Lowe and Real Capital Solutions plan to redevelop their portion of the property into a walkable, transit-oriented, mixed-use village. Lowe will lead the redevelopment project. The team plans to refresh the existing retail and add complementary uses such as multifamily residential to the …

July 21, 2023

California Loans Market Reports Multifamily Western Western Market Reports

Lending Difficulties Make Multifamily Financing a Challenge in San Diego

by Jeff Shaw July 21, 2023

— By Chad O’Connor, Executive Managing Director, Capital Markets, Marcus & Millichap Capital Corp. — Financing continues to be challenging for multifamily, whether in San Diego County or elsewhere. We have noticed a general shift in the market where the usual players are moving to the sidelines, thereby allowing new developers to enter the field. Many of the new developers do not have a track record that encourages a lender to underwrite a transaction. The more seasoned developers are focused on smaller developments with a higher probability of securing financing. The redirection to smaller developers in San Diego has directly impacted the institutional market. Despite this, we are still financing a lot of deals and capital is, indeed, available. Having proprietary programs in the market — especially on the bridge side of things — continues to keep us both busy and adding value for our clients. The lack of go-to lenders in the market is driving us to forge new relationships with growing lenders, building those connections, and paving way for future opportunities. Timing is a crucial variable when securing financing. Locking in the most favorable interest rates and moving swiftly through the closing process is very important in dynamic …

July 21, 2023

Newer Posts

Older Posts