Western

CBRE Arranges $5.5M Sale of Three Multifamily Properties in Orange County, California

by Jeff Shaw July 14, 2023

ORANGE, SANTA ANA AND SAN CLEMENTE, CALIF. — CBRE has brokered the sales of three fourplex apartment buildings in Orange County for a total $5.5 million. Dan Blackwell and Amanda Fielder represented the sellers and procured the buyers in all three transactions. CBRE brokered the sale of 609 S. Cypress St. in Orange for $1.8 million. The buyer was a private investor based in Orange County. The seller was an out-of-state private investor. The property was built in 1966 and offers three two-bedroom units and one three-bedroom unit. Blackwell and Fielder also represented the seller in the $1.7 million sale of a property at 405 Nobel Ave. in Santa Ana. The fourplex was built in 1969 and offers one-, two- and three-bedroom floor plans. Amenities include an on-site laundry facility and a balcony or patio for each unit. The community was recently renovated with new stairs, railings and exterior paint. Finally, Blackwell and Fielder arranged an off-market transaction for a 1031 exchange buyer in the purchase of a property at 143 W. Canada in San Clemente. Both the buyer and seller were Orange County-based private investors. The asset traded hands for $2 million. The building rises two stories and offers …

July 14, 2023

Acquisitions California Multifamily Western

Kidder Mathews Negotiates $3.6M Sale of Eight-Unit Apartment Building in Los Angeles

by Jeff Shaw July 14, 2023

LOS ANGELES — Kidder Mathews brokered the $3.6 million sale of a property at 4737 Kester Ave. in the Los Angeles neighborhood of Sherman Oaks. The property offers eight units across an 8,600-square-foot site. The community was built in 2014. According to Apartments.com, 4737 Kester Ave. rises three stories and is elevator-serviced. Units come in one-, two- and three-bedroom floor plans. Michael Monempour and David Saghian represented the seller, a private investor. The buyer was not disclosed.

July 14, 2023

California Market Reports Retail Western Western Market Reports

San Diego’s Retail Market Brings Positivity

by Jeff Shaw July 14, 2023

— By Reg Kobzi, Senior Vice President, CBRE — Despite economic headwinds and uncertainty, there remains a positive sentiment within the San Diego retail market due to the historically low vacancies that continue to persist quarter over quarter. Inflation across consumer categories erodes spending power and challenges the retail landscape, as well as the greater economy. Landlords proactively track consumer spending and tenant resilience to mitigate risk. Inflation has proven stubbornly high, but it is predicted to decline over the coming months as the economy cools. CBRE believes the rate hiking cycle is nearing an end, and the Feds should start to cut rates by the end of the year. Despite the economic challenges, San Diego is healthy as its unemployment rate has remained relatively steady and seen significantly less expansion than at the state and national levels. June is the 35th consecutive month that unemployment in San Diego was below the state norm and the 12th straight month below the U.S. average. San Diego retail vacancy stabilized at the beginning of 2023, mirroring the rate from the last quarter of 2022 of 4.9 percent. Since vacancy rates are indicators of the market’s overall health, this stabilization is a valuable …

July 14, 2023

Affordable Housing Colorado Development Loans Multifamily Western

KeyBank Arranges $117.7M in Financing for Two Affordable Housing Projects in Metro Denver

by Jeff Shaw July 13, 2023

DENVER AND ARVADA, COLO. — KeyBank Community Development Lending and Investment has arranged $117.7 million in financing for Brinshore Development and Mile High Affordable Housing for the construction of two properties in Colorado. KeyBank arranged $56.9 million for the development of Ralston Gardens Apartments, a 102-unit affordable community in the Denver suburb of Arvada. KeyBank secured a $26.7 construction loan, a $14 million permanent loan through the Fannie Mae MTEB Program and $16.2 million in total tax credit equity to the project. The Colorado Department of Local Affairs also provided a $4.3 million Housing Development Grant loan. Ralston Gardens will be affordable to households earning up to 30, 50, 60 and 70 percent of the area median income (AMI). KeyBank also provided $60.7 million of financing for the construction of Northfield Flats, a 129-unit project in Denver. KeyBank arranged a $28.2 construction loan and a $14.8 million permanent loan through the Fannie Mae MTEB Program, as well as $17.7 million in total tax credit equity. The project received local support with a $3.1 million Housing Trust Fund loan from the Colorado Department of Local Affairs and a $4.5 million loan from Denver’s Department of Housing Stability. Northfield Flats will be …

July 13, 2023

Acquisitions Arizona Multifamily Western

Reliant Group Management Acquires 405-Unit Phoenix Manor Apartments in Phoenix

by Jeff Shaw July 13, 2023

PHOENIX — An affiliate of Reliant Group Management has purchased Phoenix Manor, a 405-unit apartment property in Phoenix. Phoenix Manor comprises 38 buildings, a 16,750-square-foot clubhouse with a leasing center, 6,750-square-foot auditorium, 4,200-square-foot maintenance shop, two pools, two lagoons, three pavilions, a dog park, putting green and four shuffleboard courts. The property offers studio, one- and two-bedroom floor plans. Cindy Cooke, Brad Cooke, Chris Roach and Matt Roach of Colliers represented the seller, Phoenix Manor LLC.

July 13, 2023

Acquisitions California Multifamily Western

Eden Housing Purchases Two Multifamily Communities in Concord, California for $37.3M

by Jeff Shaw July 13, 2023

CONCORD, CALIF. — Eden Housing acquired a two-property apartment portfolio in Concord for $37.3 million. Concord is approximately midway between San Francisco and Sacramento. Located at 1770 Adelaide St., Sunset Pines is a 69-unit community with amenities such as a pool and a clubhouse. Coral Court Apartments is located at 1491 Detroit Ave. and offers 47 units, as well as a fitness center. Keith Manson, Zachary Greenwood and Mac Watson of CBRE represented the undisclosed seller in a Naturally Occurring Affordable Housing (NOAH) transaction. Eden Housing will convert the portfolio into affordable housing. Eden Housing used $6 million in equity from the City of Concord to finance the transaction. Income restrictions for the converted communities were not disclosed.

July 13, 2023

Acquisitions Net Lease New Mexico Retail Western

Hanley Brokers Sale of 3,331 SF Retail Property in Albuquerque

by Jeff Shaw July 13, 2023

ALBUQUERQUE, N.M. — Hanley Investment Group Real Estate Advisors has arranged the sale of a 3,331-square-foot, single-tenant retail property in Albuquerque. Raising Cane’s Chicken Fingers occupies the building on a 15-year, triple-net lease. Bill Asher, Jeff Lefko and Jeremy McChesney of Hanley represented the seller and developer, TradeCor LLC, in the transaction, in association with ParaSell Inc. Greg Swedelson and Jon-Eric Greene of SSG Realty Partners represented the buyer, an undisclosed private investor.

July 13, 2023

Acquisitions Colorado Life Sciences Loans Western

Essex Arranges $58.5M Financing for Acquisition of Seagate R&D Campus in Longmont, Colorado

by Jeff Shaw July 12, 2023

LONGMONT, COLO. — Essex Financial Group has arranged a $58.5 million acquisition loan for the purchase of the Seagate campus in Longmont. The state-of-the-art R&D facility, spanning more than 533,000 square feet, was acquired by Conscience Bay Co. and Battery Global Advisors. The campus, which includes lab space, offices and amenities, is leased back to Seagate Technology Holdings. The financing arrangement aligns with CBC’s strategy of acquiring income-producing assets in Colorado.

July 12, 2023

Acquisitions Multifamily Washington Western

CEP Multifamily Acquires Regal Ridge Apartments in Spokane, Washington for $21.5M

by Jeff Shaw July 12, 2023

SPOKANE, WASH. — CEP Multifamily has acquired Regal Ridge, a 97-unit, garden-style community in Spokane’s South Hill neighborhood. Ryan Harmon, Nicholas Ruggeiro, Giovanni Napoli and Philip Assouad of Institutional Property Advisors brokered the deal. The property traded for $21.5 million. The seller was not disclosed. According to Apartments.com, Regal Ridge was built in 1997 and offers two- or three-bedroom units. Amenities include a pool, clubhouse, playground and recycling services.

July 12, 2023

Acquisitions Idaho Industrial Self-Storage Western

StorageMart Adds 131,686 SF of Self-Storage Space in Caldwell, Idaho

by Jeff Shaw July 12, 2023

CALDWELL, IDAHO — StorageMart, the largest privately-owned self-storage company, has expanded its footprint in Caldwell. The company has added two storage facilities with a combined net rentable space of 131,686 square feet, providing customers with a variety of storage unit sizes and drive-up options. The storage properties provide a range of unit sizes from compact five-foot by five-foot units to 10-foot by 30-foot units. StorageMart continues to grow its presence in Idaho, catering to the increasing demand for self-storage solutions in the area.

July 12, 2023

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