Western

Abacus Capital Group Buys Lumina Apartments in Gresham, Oregon for $96.7M

by Amy Works August 24, 2023

GRESHAM, ORE. — An affiliate of Abacus Capital Group has acquired Lumina Apartments, a multifamily community located at 2700 W. Powell Blvd. in Gresham. Built in 1994 and most recently renovated in 2022, Lumina features 440 one-, two- and three-bedroom apartments spread across 20 residential buildings. All units feature large floor plans, in-unit laundry and private balconies or patios with storage. Community amenities include a resident lounge, fitness center, package lockers, business center, indoor and outdoor swimming pools, a sun deck with barbecue grills, playgrounds and a dog park. Additionally, the property offers 880 surface, carport and garage parking options. Joe Nydahl, Josh McDonald and Phil Oester of CBRE represented the undisclosed seller in the deal.

August 24, 2023

California Development Multifamily Western

Cityview Completes 296-Unit Jasper Multifamily Project in Los Angeles

by Amy Works August 24, 2023

LOS ANGELES — Cityview has completed the development of Jasper, an Opportunity Zone apartment property at 2528 S. Grand Ave. in Los Angeles. Situated adjacent to the University of Southern California, Jasper features 296 studio, one- and two-bedroom floor plans, including 25 units designated very low affordable and three designated moderate-income affordable. The community features two rooftop sky decks with outdoor dining and Korean barbecue grills, an entertainment terrace and views of downtown Los Angeles. Additionally, the property offers a resort-style pool deck with cabanas, loungers and daybeds, a game lawn area, billiards, a built-in outdoor pizza oven and communal spaces for outdoor dining and entertaining. The pet-friendly community also features a two-story club room with a commercial-grade kitchen, business center, dog park and onsite dog spa and wash. Cityview partnered with AC Martin, WPIC Construction, Nadia Geller Design and Labib Funk and Associates on the project.

August 24, 2023

Acquisitions California Industrial Western

North Palisade Partners Acquires Hayward Industrial Outdoor Storage Site in California for $19.7M

by Amy Works August 24, 2023

HAYWARD, CALIF. — North Palisade Partners has purchased a nearly 8-acre site at 4125 Breakwater Ave. in Hayward for $19.7 million. The fully leased property is a value-add industrial outdoor storage facility situated at the base of the San Mateo-Hayward Bridge. The acquisition adds an asset with in-place income to the company’s portfolio and offers a potential future redevelopment opportunity. Current tenants at the property include United Rentals, SSS Transport, Outfront Media, American Tower and Crown Castle. Dick Scott of Scott Ventures I represented the buyer, while Jay Hagglund of Cushman & Wakefield represented the undisclosed seller in the deal.

August 24, 2023

Company News Hawaii Western

PRCP Launches #ExtendAloha Campaign to Benefit Maui

by Amy Works August 24, 2023

LAHAINA, HAWAII — Pacific Retail Capital Partners (PRCP) has launched an effort to raise funds and awareness for those affected by the recent wildfires in Lahaina on the island of Maui. Dubbed #ExtendAloha, the campaign encourages donations to the DTL Foundation’s dedicated Maui Fire Relief Fund. PRCP manages Queen Ka’ahumanu Center on the island and has agreed to match the first $10,000 raised. Donations can be made at dtlfoundation.org/mauifire.

August 24, 2023

Multifamily Markets Navigate Challenges Alex Virtue

Acquisitions Build-to-Rent Content Partner Features Loans Midwest Multifamily Northeast Single-Family Rental Southeast Texas Walker & Dunlop Western

Multifamily Owners Navigate Challenges, Opportunities Arising from Capital Markets

by Sarah Daniels August 24, 2023

When Zelman & Associates’ 2023 Virtual Housing Summit opens in September, Alex Virtue will take the stage as a newly appointed managing director who has been charged with expanding the firm’s investment banking coverage of multifamily and other commercial real estate property sectors. Virtue joined the institutional research advisory and investment firm in May with over two decades of experience in mergers and acquisition transactions and capital raising across real estate sectors in both the public and private capital markets. His resume includes senior positions with Merrill Lynch, Eastdil Secured/Wells Fargo Securities, CBRE Capital Advisors and Xebec, an industrial developer and asset manager. Zelman & Associates, founded in 2007, was acquired by Bethesda, Md.-based commercial real estate finance and advisory firm Walker & Dunlop in 2021. “My focus at Zelman and Walker & Dunlop is broadening the firm’s reach on entity-level transactions in multifamily and related housing sectors such as single-family rentals, built-for-rent, student housing, affordable housing and manufactured housing communities, as well as other commercial real estate sectors,” says Virtue “I would characterize my concentration as bringing traditional banking investment expertise, knowledge and services across the Walker & Dunlop platform and working with my colleagues to bring these advisory …

August 24, 2023

California Development Multifamily Western

Urban Catalyst to Develop 272-Unit Aquino Apartments in San Jose

by Amy Works August 23, 2023

SAN JOSE, CALIF. — Urban Catalyst has launched UC Multifamily Equity I LLC (UCME) to focus on the development of Aquino, a multifamily property within walking distance of downtown San Jose. The project is fully entitled and approved for multifamily construction. The development timeline was not released. Aquino will offer 272 studio, one-, two- and three-bedroom apartments with stainless steel appliances, quartz countertops, electric ranges and air conditioning. On-site amenities will include private coworking offices, a bar and lounge, fitness center with a yoga studio, dog run, and courtyard with an outdoor kitchen. Urban Catalyst has structured UCME as a real estate operating company, which allows it to accept funding from qualified retirement accounts such as IRAs and 401(k) plans.

August 23, 2023

California Development Industrial Loans Western

Birtcher Development Receives $75M Construction Financing for 492,631 SF Logistics Center in Rialto, California

by Amy Works August 23, 2023

RIALTO, CALIF. — Birtcher Development LLC has received $75 million in construction financing for the development of Birtcher Logistics Center Rialto, a Class A logistics facility currently under construction in the Inland Empire city of Rialto. Situated on 21 acres, the 492,631-square-foot property will feature 40-foot clear heights, 62 dock-high doors, 5,642 square feet of ground-floor office space and 5,221 square feet of mezzanine space. Additionally, the site will offer 90 trailer parking spaces and 287 auto parking spaces. Greg Brown, Peter Thompson and Spencer Seibring of JLL Capital Markets’ debt advisory team secured the nonrecourse loan from the lender, Principal Global Investors.

August 23, 2023

Acquisitions California Retail Western

ProEquity Asset Management Sells Power Plaza Retail Center in Vacaville, California for $29.2M

by Amy Works August 23, 2023

VACAVILLE, CALIF. — ProEquity Asset Management has completed the disposition of Power Plaza, a grocery-anchored neighborhood retail center at 1001-1071 Helen Drive in Vacaville, approximately midway between Sacramento and San Francisco Bay. DPI Retail acquired the asset for $29.2 million. Built in 1993 and 1994, the 112,250-square-foot retail center was 96 percent occupied at the time of sale. Current tenants include Sprouts Farmers Market, Restoration Hardware Outlet, Williams Sonoma Home Outlet, Pacific Dental Services, The Good Feet Store and Banfield Pet Hospital. Eric Kathrein, Tim Kuruzar, Warren McClean and Andy Spangenberg of JLL Retail Capital Markets represented the seller in the deal.

August 23, 2023

Acquisitions Oregon Retail Western

CBRE Arranges Sale of 146,888 SF Former Sears Property in Happy Valley, Oregon

by Amy Works August 23, 2023

HAPPY VALLEY, ORE. — CBRE has arranged the sale of a 146,888-square-foot property located in Happy Valley, a suburb of Portland. Sears formerly occupied the building, which is physically attached to the adjacent Clackamas Town Center mall, which totals 1.4 million square feet. Dick’s Sporting Goods partially backfilled the property in 2019 and opened in 2020 following the departure of Sears in 2018. The remainder of the building, including two 15,000-square-foot, ground-level spaces and a 64,000-square-foot upper-level space, remains vacant. Dino Christophilis and Daniel TIbeau of CBRE represented the undisclosed seller in the transaction. A Texas-based private investment group acquired the property for an undisclosed price.

August 23, 2023

Acquisitions Colorado Industrial Western

Malman Commercial Brokers $1.6M Purchase of Industrial Building in Englewood, Colorado

by Amy Works August 23, 2023

ENGLEWOOD, COLO. — Malman Commercial Real Estate has arranged the acquisition of an 8,050-square-foot industrial building located at 2703 S. Shoshone St. in Englewood, just south of Denver. AMAC Holdings Ltd. purchased the asset from LTW Properties LLC for $1.6 million. Jake Malman of Malman Commercial represented the buyer, while Tim Shay and TJ Smith of Colliers represented the seller in the transaction.

August 23, 2023

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