Thursday, July 10, 2025
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ArizonaMarket ReportsMultifamilyWesternWestern Market Reports

Multifamily Remains Popular in Shifting Phoenix Market

by Jeff Shaw

By Kimberly A. Rollins, Senior Vice President, Rollins & Randall Multi-Family Group, Commercial Properties Inc. The big question on everyone’s mind is where Phoenix’s multifamily market is going. After several years of pandemic-caused uncertainty, the implications are still transforming the market. Whether it is workforce mobility, supply chain issues, or labor shortages, uncertainty and inflation have affected all areas of real estate — no place more so than here in the Phoenix Metro Area.  The perfect storm of historically low interest rates, job opportunities, limited new development and a low cost of living have given rise to the housing shortage that has played out in the Valley over the past several years.  We saw multifamily effective rent increase 22.7 percent year over year in the third quarter of 2021, and an average market sale price per unit of $297,697, with a 3.9 percent year-to-date cap rate, according to CoStar.  Over the past 10 years, vacancy rates have dropped every year. They fell from 8.3 percent in 2012 to a low of 5.8 percent in 2021. Conversely, year to date we are seeing a vacancy increase for the first time during that timeframe, to 7.7 percent. Last year also saw the highest level of …

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Willow-Grove-Beaverton-OR
AcquisitionsMultifamilyOregonWestern

Trion Properties Purchases Three Multifamily Communities in Oregon for $94.8M

by Amy Works

BEAVERTON, ORE. — Los Angeles-based Trion Properties has acquired a 302-unit multifamily portfolio in Beaverton for $94.8 million. The portfolio consists of Jasper Place, Jasper Square and Willow Grove. Trion acquired Jasper Place and Jasper Square in association with anchor investor Promus Realty Properties. Trion plans to execute strategic upgrades and utilize its vertically integrated property management platforms to improve operations and address deferred maintenance. Constructed in 1986, Jasper Place features 100 apartments in a mix of one-, two- and three-bedroom layouts spread across 19 two-story residential buildings. The community features a pool, fitness center, sports courts and leasing office. Additionally, 58 percent of the units have been upgraded and each unit has an individual garage. The community is located at 18300 NW Walker Road. Located at 15194 SW Walker Road, Jasper Square offers 83 apartments in a mix of one-, two- and three-bedroom floor plans across 15 residential buildings. Existing amenities include a pool, fitness center and leasing office. Additionally, 55 percent of all unit interiors have been upgraded and each unit features a garage. Jasper Square was constructed in 1986. Built in 1988, Willow Grove features 119 apartments in a mix of one-, two- and three-bedroom layouts at …

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Kensington-Apts-Boulder-CO
AcquisitionsColoradoMultifamilyStudent HousingWestern

Brickstone Acquires Kensington Apartments Near the University of Colorado Boulder for $71M, Plans Renovation

by Amy Works

BOULDER, COLO. — Brickstone Partners has acquired Kensington Apartments near the University of Colorado Boulder for $71 million. The property offers 163 units one block from the university’s campus. Shared amenities include a clubhouse, fitness center, indoor swimming pool and on-site laundry facility. Brickstone plans to begin a comprehensive two-year renovation program, which is set to incorporate upgrades to unit interiors including cabinetry, countertops, appliances, flooring, lighting and plumbing fixtures; extensive enhancements to the property’s shared amenity spaces and clubhouse; refreshed exterior landscaping; and the addition of upgraded safety features. “We are excited to add Kensington to our extensive portfolio of Colorado communities and for the opportunity to enhance the property to better serve the needs and desires of its residents and of this great city and institution,” says Brickstone founder Daniel Otis.

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AcquisitionsColoradoMultifamilySeniors HousingWestern

ESI Negotiates $51.5M Sale of Seven-Property Skilled Nursing Portfolio in Colorado

by Amy Works

COLORADO — Evans Senior Investments (ESI) has arranged the sale of seven skilled nursing facilities in Southwest Colorado for $51.5 million, or approximately $92,000 per bed. An owner-operator sold the 558-bed portfolio to an East Coast-based owner-operator looking to expand its reach in the West. The properties were built between 1957 and 2017. Prior to the COVID-19 pandemic, the portfolio was 77 percent occupied and produced nearly $6.2 million in annual net operating income. Throughout the pandemic, the portfolio’s occupancy decreased and at the time of marketing was only 65 percent occupied. “The competitive bidding arena and strong price per bed for a rural portfolio whose census and cash flow were well below stabilized levels showcases the willingness of buyers and lenders continuing to work together to get deals finished with the headwinds that they continue to face,” says Brendan DeSilvia, associate at ESI.

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4100-E-Arkansas-Denver-CO
AcquisitionsColoradoOfficeWestern

Flywheel Buys 63,335 SF Infill Office Property in Central Denver

by Amy Works

DENVER — Denver-based Flywheel Acquisitions has purchased an infill office building on nearly 2.3 acres in Denver. 4100 Investors LLC sold the asset for $14.7 million. A single tenant occupies the full, three-story property. Aaron Johnson, Jon Hendrickson and Mitch Veremeychik of Cushman & Wakefield represented the seller in the transaction. Located at 4100 E. Arkansas, the 63,335-square-foot asset is surrounded by walkable restaurant and retail amenities. Additionally, the property offers a fitness center in the building.

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CaliforniaLoansRetailWestern

PSRS Arranges $7.6M Refinancing for Retail Center in Los Angeles

by Amy Works

LOS ANGELES — PSRS has arranged a $7.6 million cash-out refinance of a two-story retail center in Los Angeles. The name of the borrower was not released. William DeFanti of PSRS secured the refinancing, which features a 4.45 percent interest rate, five-year term and two years of interest-only payments followed by a 30-year amortization. The subject property is a walk-up retail center with 17 suites.

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Ryan-Aegis-Ballard-Seattle-WA
DevelopmentMultifamilySeniors HousingWashingtonWestern

Ryan Cos., Aegis Living Plan 92-Unit Seniors Housing Community in Seattle’s Ballard Neighborhood

by Amy Works

SEATTLE — Ryan Cos., as builder, and Aegis Living, as developer, unveils plans to develop a five-story assisted living and memory care community on Market Street in Seattle’s Ballard neighborhood. The team broke ground on the project in March, with opening slated for early 2024. Totaling 75,000 square feet, the community will feature 92 residential apartments, dining facilities, a movie theater, activity rooms, a wellness suite and community rooftop space. The property will also include business offices and one level of underground parking. DAHLIN is serving as architect for the project, which will be Aegis’ second senior living community in northwest Seattle. Ryan has built more than 60 senior living communities in 17 states across the country.

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12951-S-Euclid-St-Garden-Grove-CA
AcquisitionsCaliforniaOfficeWestern

Pacific Development Partners Sells Concorde Career College Office Building in Garden Grove, California for $14M

by Amy Works

GARDEN GROVE, CALIF. — Pacific Development Partners has completed the disposition of Concorde Career College, a two-story office property in Garden Grove. Brooklyn Cos. acquired the asset for $14 million. The transaction also included rights to 4.2 acres of land in Garden Grove. Located at 12951 S. Euclid St., the building features 45,451 square feet of office space. At the time of sale, the property was fully leased to Concorde Career College. The asset has served as a medical and dental vocational school since 1999. Sean Fulp, Ryan Plummer, Mark Schuessler, Paul Jones and Brandon White of Newmark represented the seller in the in the deal. Norman Lee and Jason Roth of Newmark secured financing for the buyer.

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Hudson-Apts-Tigard-OR
LoansMultifamilyOregonWestern

Trion Properties Receives $99.2M Recapitalization for Two Multifamily Communities Near Portland, Oregon

by Amy Works

TIGARD AND BEAVERTON, ORE. — Trion Properties, in partnership with Tokyu Land US Corp., has recapitalized two apartment properties in Tigard and Beaverton totaling 373 units. The properties include Hudson Tigard Apartments, a 227-unit community in Tigard, and Aster Parc Apartments and Townhomes, a 146-unit property at 18745 SW Farmington Road in Beaverton. Trion implemented upgrades, executed rebranding and improved operations in order to increase value since purchasing the assets in 2018 and 2019. Trion acquired Hudson North Apartments and Hudson South Apartments separately in 2018 for $38.1 million and combined them into Hudson Tigard Apartments. The assets were recapitalized for a total of $59.2 million, with a new loan amount of $39.4 million secured through Freddie Mac and serviced by Walker & Dunlop. Hudson North Apartments is located at 10890 SW Canterbury Lane and Hudson South Apartments is located at 10695 SW Murdock St. Aster Parc Apartments and Townhomes, which Trion purchased in two phases in 2018 and 2019 for a total of $20.4 million, was recapitalized for approximately $40 million. The recapitalization involves a new $24 million loan secured through Pacific Premier Bank and an equity partnership formed between Trion and Tokyu Land US Corp.

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Olive-Crossing-Glendale-AZ
AcquisitionsArizonaNAIRetailWestern

NAI Horizon Arranges Sale of 30,040 SF Olive Crossing Retail Building in Glendale, Arizona

by Amy Works

GLENDALE, ARIZ. — NAI Horizon has negotiated the sale of Olive Crossing, a retail building located at 9250 N. 43rd Ave. in Glendale. Arizona MSK and Garvin Holdings acquired the 30,040-square-foot property from 43rd Ave LLC for $3.9 million. Matt Harper of NAI Horizon represented the seller and buyer in the transaction.

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