Western

Blueprint Negotiates Acquisition of Five Seniors Housing Communities in Oregon

by Amy Works October 4, 2023

OREGON — Blueprint Healthcare Real Estate Advisors has arranged the sale of five independent living, assisted living and memory care communities in Oregon. The portfolio consists of 468 total units with communities built in the 1980s and 1990s. The portfolio generated approximately $4.8 million in EBITDAR in 2022. The buyer was Arcus Healthcare Partners, which also assumed the existing Freddie Mac loan and current operator. The seller and price were not disclosed. The Blueprint team included Dan Mahoney, Michael Segal and Ben Firestone.

October 4, 2023

Acquisitions Colorado Multifamily Western

Cushman & Wakefield Brokers $2.2M Sale of Columbine West Apartments in Pueblo West, Colorado

by Amy Works October 4, 2023

PUEBLO WEST, COLO. — Cushman & Wakefield has negotiated the sale of Columbine West Apartments, a multifamily asset in Pueblo West. A Denver-based buyer acquired the community from S&J Rental Properties for $2.2 million, or $137,500 per unit. Located at 1010-1016 E. Mallon Drive, the single-story property features 16 residential units. Lee Wagner, Jeff Dimmen and Nic Polaski of Cushman & Wakefield’s multifamily investment services team in Colorado Springs represented the seller, while Wagner also represented the buyer in the transaction.

October 4, 2023

Acquisitions Colorado Multifamily Western

Berkadia Arranges Sale of 35-Unit The Roost Multifamily Property in Denver

by Amy Works October 4, 2023

DENVER — Berkadia has brokered the sale of The Roost, an apartment building in Denver’s Jefferson Park neighborhood. Terms of the transaction were not released. Nick Steele and Nate Moyer of Berkadia Denver represented the undisclosed seller in the deal. Located at 2434 Federal Blvd., The Roost features 33 studio units and two one-bedroom apartments. The building was built in 2022.

October 4, 2023

Eran Dor Pavlov Media Future Multifamily Tech

Content Partner Features Leasing Activity Midwest Multifamily Northeast Pavlov Media Southeast Texas Western

Multifamily Internet Connectivity: Planning for the Future

by Sarah Daniels October 4, 2023

Internet connectivity is the digital equivalent of a foundation for any multifamily property. Residents want access for communications, entertainment, business and personal needs. Property operators need connections for management and reporting software resources. Good and reliable connections to the Internet, and a dependable Wi-Fi network as a way of distributing that access, are essential. Looking three to five years into the future, these connectivity needs become even more demanding and complex. The Internet of Things (IoT) creates a layer of interesting application and use cases for property owners. IoT defines the collective network of connected technology that enables communication between devices (“things”) and the cloud and/or among the devices themselves. IoT devices are the technology that creates smart home and buildings. IoT devices also support and simplify functions such as rental property management, energy usage reduction, maintenance cost reduction and more. “Looking into the future, IoT applications can make the property more efficient in surprising ways,” says Eran Dor, vice president of technology products at Pavlov Media. Leak detectors can provide early warning of flooding and appropriately shut off water before any significant damage occurs. Trash cans can be equipped with sensors that indicate when to collect, rather than requiring …

October 4, 2023

California Development Healthcare Life Sciences Office Western

Stockdale Capital Partners Plans 145,000 SF Medical Office, Life Sciences Project in West Los Angeles

by Amy Works October 3, 2023

LOS ANGELES — Stockdale Capital Partners has announced plans for 656 S. Vincente Boulevard, a medical office and life sciences property in Los Angeles’ Golden Triangle area. The project will be the first new medical office and life sciences building constructed in the area in more than 20 years. The 12-story property will feature 145,000 square feet of Class A medical office and life sciences space that combines both environmental sustainability and best-in-class amenities. The building will feature electric vehicle charging stations, ample bicycle parking, direct access to a major transit thoroughfare and 418 parking spaces with full valet service for tenants and patients. The project team includes Atelier R and HMC for architectural and design services. Jones Lang LaSalle’s construction management team will support pre-construction and consulting services through the design and construction phases. The building will include an integrated solar framework capable of offsetting building energy usage; recycled building materials designed to maximize energy efficiency; high-efficiency heating and cooling systems; low-water usage plumbing and mechanical systems; drop irrigation; extensive green space; and interior and exterior gardens to help optimize air quality throughout the building. Core-and-shell completion is slated for October 2026. Angie Weber and Dana Nialsi of CBRE will …

October 3, 2023

Arizona Development Multifamily Seniors Housing Western

Cogir, Ryan Cos. Open 147-Unit Seniors Housing Property in Scottsdale, Arizona

by Amy Works October 3, 2023

SCOTTSDALE, ARIZ. — Cogir Senior Living and Ryan Cos. US Inc. have opened ACOYA Shea, an independent living, assisted living and memory care community in the Phoenix suburb of Scottsdale. The community features 147 units in a four-story building. “ACOYA Shea is located right in the heart of Scottsdale, and residents will be able to enjoy the walkability of the community and the proximity to all that the area has to offer,” says Dave Eskenazy, chief executive officer of Cogir Management USA. Cogir Senior Living develops, owns and/or operates 60 communities throughout the United States.

October 3, 2023

Acquisitions Multifamily Washington Western

IPA Brokers $34.3M Sale of Two Multifamily Properties in Des Moines, Washington

by Amy Works October 3, 2023

DES MOINES, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of two apartment communities in Des Moines. Spinnaker Landing and Regatta sold for a combined $34.3 million, or $225,987 per unit. Philip Assouad, Giovanni Napoli, Nicholas Ruggiergo, Ryan Harmon and Anthony Palladino of IPA represented the sellers, Spinnaker Landing Apartments LLC and Regatta Apartments LLC, and procured the buyer, a private Los Angeles-based owner, in the transaction. Centrally located between Seattle and Tacoma, Wash., the two garden-style properties are surrounded by office and flex industrial space, including the headquarters of the Federal Aviation Administration and Alaska Airlines. Built in 1987, Spinnaker Landing features 66 units, and Regatta, which was built in 1983, features 86 units.

October 3, 2023

Arizona Hospitality Loans Western

Seven Hills Realty Trust Arranges $17.3M Recapitalization for Home2 Suites Hotel in Scottsdale, Arizona

by Amy Works October 3, 2023

SCOTTSDALE, ARIZ. — Seven Hills Realty Trust (NASDAQ: SEVN) has arranged a $17.3 million first mortgage floating-rate bridge loan for the recapitalization of Home2 Suites by Hilton in Scottsdale. The borrower is a joint venture between Highgate and Rockpoint. Located at 20001 N. Scottsdale Road, the recently constructed hotel features 130 guest rooms. CBRE introduced SEVN’s manager, Tremont Realty Capital, to the transaction. Tremont Realty Capital is an affiliate of The RMR Group (Nasdaq: RMR).

October 3, 2023

Acquisitions Multifamily Oregon Western

Trion Properties Divests of 52-Unit York Apartments in Tigard, Oregon

by Amy Works October 3, 2023

TIGARD, ORE. — Trion Properties has completed the disposition of York Apartments, a multifamily building in Tigard. An undisclosed buyer acquired the asset for $10.8 million, or $209,000 per unit. Located at 7582 SW Hunziker St., York Apartments features 52 units in a mix of three studio units, 48 two-bedroom/one-bath units and one four-bedroom/two-bathroom unit. Rob Marton of HFO Investment Real Estate represented the seller, while Greg Frick of HFO represented the buyer in the deal.

October 3, 2023

California Market Reports Western Western Market Reports

San Francisco Rolls with the Punches as the Market Demonstrates Signs of Recovery

by Jeff Shaw October 3, 2023

— By Dina Gouveia and Louis Thibault — The San Francisco market ended the second quarter of 2023 with a 27.2 percent vacancy rate for the office sector, according to Avison Young’s market report. As companies scaled back operations and experienced slower growth, vacancy rates continued to increase. As of late, we are seeing many tenants in a wait-and-see mode when it comes to leasing decisions. This is despite a majority of companies desiring to have employees back in the office. Below are a few key trends and observations when it comes to the office market, as well as some green shoots where we see opportunities for an accelerated recovery. Return to the Office The slow return to office (RTO) largely comes down to overall economic conditions and who has the upper hand in the job market. The trend that we’ve seen in the San Francisco region is that larger tech companies like Apple and Google have led the RTO efforts with CEOs like OpenAI’s Sam Altman opining that remote work is essentially detrimental to collaboration and creativity. It appears there is a widespread appetite to bring employees back into the office full-time. As the job market continues to soften, …

October 3, 2023

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