PHOENIX — Orion Investment Real Estate has brokered the sale of Aerie Happy Valley, an apartment community located at 1717 W. Happy Valley Road in Phoenix. The asset, formerly known as FirstStreet Happy Valley, sold for $87.8 million, or $439.25 per square foot. The names of seller and buyer were not released. Aerie Happy Valley features 214 apartments in a mix of 55 one-bedroom/one-bath, 101 two-bedroom/two-bath and 58 three-bedroom/two-bath units. Linda Fritz-Salazar and Angelessa Ritchie of Orion Investment Real Estate handled the transactions.
KENT, WASH. — Gantry has secured $11 million in permanent financing for the refinancing of Cumberland Industrial Center, a flex industrial park on 7.4 acres at 22022-22028 68th Ave. S. in Kent. Mike Wood and Alex Saunders of Gantry arranged the financing for the borrower, a private real estate investor. The five-year, fixed-rate loan was placed with one of Gantry’s correspondent insurance company lenders. The financing includes interest-only payments for the entire loan term. Totaling 118,500 square feet, the four-building Cumberland Industrial Center was built in 1980 and since renovated. At the time of financing, a range of manufacturing, retail and professional service tenants occupied the multi-tenant property.
CEDAR CITY, UTAH — The Mogharebi Group (TMG) has arranged the sale of a 156-room select-service hotel portfolio in Cedar City, located in the southwest portion of the state. A Utah-based private investor sold the portfolio to an undisclosed seller for $8.9 million. The portfolio consists of a 106-room Quality Inn, located at 250 N. 1100 West, and a 50-room America’s Best Value Inn, located at 333 N. 1100 West. Built in 1984 and renovated in 2014, the Quality Inn comprises two-story buildings on three parcels totaling 2 acres. The hotel features a fitness center, indoor heated swimming pool and business center. The America’s Best Value Inn comprises a two-story building on 1.7 acres with an outdoor swimming pool and indoor corridors. Adam Gatto of TMG, along with Kip Paul of Cushman & Wakefield, represented the seller in the deal.
PHOENIX — MEB Management Services, as property manager, and Raintree Investment Corp. have opened Willow 38, a gated townhome community located at 3842 E. Osborn Road in Phoenix’s Arcadia neighborhood. The community offers 38 floorpans, all above 2,000 square feet with three or four bedrooms and 2.5 baths. The energy-efficient residences feature smart home technology, including thermostats and stoves, Ring doorbell cameras, leak detection, touchless door locks and remote garage doors. Additionally, townhomes offer upgraded features such as pre-wiring personal garages for electric vehicle charging capabilities. Other townhome amenities include private, fenced backyards, 10-foot ceilings, gourmet kitchens, walk-in closets and private direct-access garages. Community amenities include a swimming pool with sun deck, hot tub, barbecue grills, a dog park and pickleball court.
FREMONT, CALIF. — Newmark has arranged the sale of Bayside Industrial Portfolio, a 14-property industrial portfolio in Fremont. CIP Real Estate acquired the asset from an undisclosed seller for $103.5 million. At the time of sale, the 352,280-square-foot portfolio was 91 percent occupied by 80 tenants. The properties feature flexible industrial spaces ranging from 2,500 square feet to 25,000 square feet, 16-foot clear heights, ample power distribution throughout the campus, truck courts with depths up to 140 feet and a mix of at-grade and dock-high doors. Steven Golubchik, Edmund Najera, Jonathan Schaefler and Darren Hollak of Newmark represented the seller in the deal. Ramsey Daya and Chris Moritz of Newmark’s Debt and Structured Finance group arranged $63 million in acquisition financing, in the form of debt, for the buyer.
WOODINVILLE, WASH. — Developer Woodinville Hotel Partners has received a $52 million loan for the construction of The Somm Hotel and Spa, Autograph Collection in Woodinville, approximately 20 miles northeast of Seattle. The 164-room resort will feature a 5,661-square-foot spa; full-service restaurant with a private dining room; 3,000-square-foot rooftop bar with view of Mount Rainier; meeting space; and 9,000 square feet of retail space. The hotel will be the centerpiece of Harvest Wine Village, a 20-acre, master-planned development with nearly 100,000 square feet of retail space and a variety of residential spaces. Dallas-based HALL Structured Finance originated the loan for the borrowers. Brian Holstein of US Hotel Advisors brokered the financing.
LAGUNA NIGUEL, CALIF. — Berkadia Institutional Solutions has brokered the sale of Broadstone Cavora, a multifamily property in Laguna Niguel. A California-based investor acquired the property for an undisclosed price. Located at 26033 Cape Drive, Broadstone Cavora features 348 apartments averaging 890 square feet with walk-in closets, private patios and in-unit washers/dryers. Community amenities include a resident clubhouse, resort-style pool, multi-level fitness center, rooftop sun terrace, game room and leisure lawn. Derrek Ostrzyzek, Rachel Parsons and Tom Moran of Berkadia Irvine, Calif., represented the undisclosed seller in the deal.
CHANDLER, ARIZ. — Jewell Capital has completed the disposition of SanTan Gateway North, a multi-tenant retail center in Chandler. Coast Meridian Properties acquired the asset for $26.6 million, $215 per square foot. Situated on 17.1 acres at 1005-1205 S. Arizona Ave., SanTan Gateway North features 123,558 square feet of retail space. Current tenants include Walmart Supercenter, O’Reilly Auto Parts, Dollar Tree, Sky Zone and Shane Co. Additionally, Wendy’s, Del Taco and JPM Chase occupy the three outparcels. Darren Tappen, Nathan Thinnes and Peter Beauchamp of Kidder Mathews represented the seller in the transaction.
CASTLE ROCK, COLO. — Newmark has arranged the land sale of The Meadows at Castle Rock in Castle Rock. Limelight Mob II LCC acquired the residential land asset from Castle Rock Development Co. for $1.4 million. The investment sale includes 98,881 square feet of land. Kittie Hook and Cathy Mcdermott of Newmark represented the seller, while Connolly Capital represented the buyer in the deal.
— By Colton Yasinski, Investment Sales Advsor, Capstone Cos. — The multifamily market in Idaho and, specifically, Boise, has experienced an impressive surge over the past five years. This has largely been fueled by the impact of COVID and the attractiveness of Idaho living. The result has been an unprecedented demand for multifamily housing, triggering a development boom that has reshaped the market landscape. In the past year alone, Boise has seen the delivery of 4,000 multifamily units with numerous ongoing construction projects. The city’s rapid population growth and robust housing demand has attracted institutional capital, leading to tighter cap rates similar to larger metropolitan areas. Pioneering developers have recognized the potential in Idaho’s market and entered the scene alongside local development groups. Among them are prominent names like Lincoln Property Company, Alliance Residential Company, Woodside Homes, Morgan Stonehill, American Homes 4 Rent and others shaping the multifamily landscape. However, amidst this growth, market dynamics have started to shift. Over the past year, multifamily sales in Boise have declined by more than 70 percent, accompanied by rising cap rates due to fluctuations in the capital markets. The surge in new units has transitioned the market from favoring landlords to becoming …