Western

Greystone, Affinius Arrange $172M Refinancing for Rise Koreatown Apartments in Los Angeles

by Jeff Shaw July 20, 2023

LOS ANGELES — Greystone Commercial Capital and Affinius Capital have arranged a $135 million mortgage loan for the refinance of Rise Koreatown, a high-rise apartment community in Los Angeles’ Koreatown neighborhood. Rise Koreatown comprises 363 units and 47,417 square feet of retail space on a 2.3-acre site. Greystone and Affinius Capital arranged a syndicated funding, which originates institutional structured commercial mortgage loans including subordinate debt for all major property types. Rescore Property Group, a private REIT and affiliate of Encore Capital Management, delivered the property in February 2023.

July 20, 2023

Acquisitions Affordable Housing California Multifamily Western

BRIDGE Housing Acquires 195-Unit Eaves Daly City Multifamily Community Near San Francisco

by Jeff Shaw July 20, 2023

DALY CITY, CALIF. — BRIDGE Housing has acquired Eaves Daly City, a 195-unit community in Daly City, 10 miles south of San Francisco. The price and seller were not disclosed. Built in 1972, the property offers 11 two- and three-story buildings across 8.2 acres. Units come in studio, one-bedroom and two-bedroom layouts. Amenities include a pool, spa and fitness center. BRIDGE Housing plans to preserve at least half of the units in perpetuity for residents earning up to 80 percent of the area’s median income. Currently, the units have no income restrictions. BRIDGE Housing also plans to spend approximately $23 million on renovations to the apartments and community facilities.

July 20, 2023

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $53.4M Sale of Three Apartment Properties in Southern California

by Jeff Shaw July 20, 2023

RIALTO, CORONA AND REDLANDS, CALIF. — Marcus & Millichap has arranged the $53.4 million sale of a three-property multifamily portfolio in the Inland Empire region of Southern California. The portfolio includes Rialto Breeze Apartments, a 98-unit asset in Rialto; Parkview Manor Apartments, a 76-unit property in Corona; and 60-unit Staci Court Apartments in Redlands. Rialto Breeze Apartments was built in 1985 on five acres. The community includes amenities such as a pool and laundry facilities. Parkview Manor Apartments was constructed in 1987 on 3.5 acres. Amenities include a pool, fitness center and picnic area. Staci Court Apartments was constructed on 3.5 acres in 1987. The property is located in proximity to University of Redlands and downtown Redlands. Amenities include a swimming pool, spa and business center.Alexander Garcia and Bill Roblero represented the buyer, Clear Capital LLC.

July 20, 2023

Affordable Housing California Loans Multifamily Western

BWE Provides $12M in Freddie Mac Loans for Five-Property Affordable Housing Portfolio in California

by Jeff Shaw July 20, 2023

EL DORADO AND SONOMA COUNTY, CALIF. — BWE has provided five Freddie Mac Targeted Affordable Housing loans to refinance four affordable housing developments in El Dorado County and one in Sonoma County. Jon Killough and John Roberts, Vice President in the firm’s originated the loans on behalf of the undisclosed borrower. The five loans include:

July 20, 2023

Acquisitions California Retail Western

Faris Lee Negotiates $5.9M Sale of Retail Pad in Oceanside, California

by Jeff Shaw July 20, 2023

OCEANSIDE, CALIF. — Faris Lee Investments has arranged the $5.9 million sale of a retail pad located in Oceanside, between Los Angeles and San Diego. A recently constructed Starbucks Coffee and Pacific Dental occupy the property, which is situated within Pacific Coast Plaza. Jeff Conover, Don MacLellan, Scott DeYoung and Chris DePierro of Faris Lee represented the seller, a California-based developer. Shaun Riley of Faris Lee represented the all-cash buyer in the 1031-exchange transaction.

July 20, 2023

Acquisitions Multifamily Nevada Western

Marcus & Millichap Brokers $76M Sale of Vista Ridge Apartments in Reno, Nevada

by Jeff Shaw July 19, 2023

RENO, NEV. — Arthur Vista Ridge has sold Vista Ridge Apartments, a 324-unit asset in Reno, to Tilden Properties and IDEAL Capital Group for $76 million. Vista Ridge Apartments was built in 1996 on 19 acres. The community offers one-, two- and three-bedroom apartments. Units feature vaulted ceilings, and washers and dryers. Amenities include a fitness center, business center, pool, and tennis and basketball courts. Kenneth Blomsterberg, Ryan Rife and Daniel Winrod of Marcus & Millichap represented the seller and procured the buyer.

July 19, 2023

California Development Loans Multifamily Western

JLL Arranges Equity for 200-Unit Axis @ Davis Apartment Project in Davis, California

by Jeff Shaw July 19, 2023

DAVIS, CALIF. — JLL Capital Markets has arranged joint venture equity for the construction of Axis @ Davis, a 200-unit apartment community in the Sacramento suburb of Davis. Axis @ Davis will comprise five residential buildings, as well as 1,500 square feet of ground-floor retail space. Units will come in one-, two- and three-bedroom layouts. Amenities will include a top-floor lounge, pool with a spa, pet park, package room, game room and study rooms with a coffee bar and private offices. Axis @ Davis will be located one mile from the University of California, Davis campus. The project is designed as a 100 percent electric project with rooftop solar panels and electric vehicle charging spaces. Anton Development Co. plans to begin construction in summer 2023, with the community slated for delivery in fall 2025.

July 19, 2023

Acquisitions Arizona Multifamily Western

WhiteHaven Acquires Clarendon Park Apartments in Phoenix for $37M

by Jeff Shaw July 19, 2023

PHOENIX — WhiteHaven has purchased Clarendon Park Apartments, a 138-unit community in Phoenix, for $37 million. The company rebranded the property as Haven at Midtown. Built in 2002, Haven at Midtown offers studio, one- and two-bedroom units. Amenities include a pool with a grilling area, a gym, internet access, a dog park, garages and covered parking. Greystar will be the property manager for this asset.

July 19, 2023

Acquisitions New Mexico Retail Western

Westwood Financial Sells 37,442 SF Sycamore Plaza Shopping Center in Albuquerque

by Jeff Shaw July 19, 2023

ALBUQUERQUE, N.M. — Westwood Financial has sold Sycamore Plaza, a 37,442-square-foot shopping center in Albuquerque, for an undisclosed price. Petsmart anchors the property, which was fully occupied at the time of sale. Other tenants include Sally Beauty, Einstein Bros. Bagels, Stretch Zone, GNC, Super Cuts and GameStop. CBRE National Retail Partners represented Westwood in the transaction.

July 19, 2023

Arizona Leasing Activity Restaurant Retail Western

Eight Tenants Join Canyon Trails Towne Center in Metro Phoenix

by Jeff Shaw July 19, 2023

GOODYEAR, ARIZ. — Eight tenants are joining Canyon Trails Towne Center, a 90-acre, mixed-use development in Goodyear, roughly 19 miles west of Phoenix, bringing the property to full occupancy. Chipotle Mexican Grill recently opened a restaurant at the center, and Michael’s and Five Below will occupy 18,300 and 10,434 square feet, respectively. Target and Ross Dress for Less have also signed leases at the property, and Starbucks Coffee, Freddy’s Steakburgers and Denny’s are currently underway on the construction of spaces scheduled to open this fall. The landlords, principals of Santa Cruz Seaside Co., are additionally negotiating leases with two retail big box stores to occupy 30,000 square feet of new, ground-up construction. Vestar manages the property.

July 19, 2023

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