Western

IPA Brokers $116M Sale of Liv Crossroads Apartment Community in Gilbert, Arizona

by Jeff Shaw December 8, 2022

GILBERT, ARIZ. — Marcus & Millichap’s Institutional Property Advisors (IPA) has arranged the sale of Liv Crossroads, a multifamily property located in Gilbert, approximately 20 miles southeast of Phoenix. The 356-unit property sold for $116 million, which equates to $325,843 per unit. Completed earlier this year, the property comprises 19 residential buildings, as well as a clubhouse, heated pool and fitness center. Other amenities at the community include a car care center, electric car charging stations, bicycle repair station and community garden. Averaging 876 square feet, the apartments feature walk-in closets, vinyl plank flooring, stainless steel appliances and granite countertops in the kitchens. According to the community’s website, studio rents start at $1,330 per month and one-bedroom units start at $1,603 per month. Located within Gilbert’s central business district, Liv Crossroads is approximately two miles from the 250-acre mixed-use Rivulon development, where office tenants include Morgan Stanley, Deloitte, Merill Lynch, Amerifirst Financial and the headquarters of Isagenix International. The property is also adjacent to the Chandler Airpark area. Gilbert and Chandler are together home to companies including Honeywell, Intel, PayPal, Amazon, Wells Fargo, Dignity Health and Northrop Grumman. Steve Gebing and Cliff David of IPA represented the seller, Liv Communities. …

December 8, 2022

John Ducey Walker & Dunlop Affordable Housing

Affordable Housing Content Partner Development Features Leasing Activity Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Walker & Dunlop: Affordable Housing Crisis Calls For New Solutions, Effective Programs

by Sarah Daniels December 8, 2022

By John Ducey, chief production officer of Walker & Dunlop’s affordable lending group Private industry and the federal government are rallying to recover ground lost to a housing affordability crisis that has been decades in the making. Nearly half of the nation’s renters, 46 percent, are housing cost-burdened, which the Census Bureau defines as those families paying 30 percent or more of their income on rent and utilities. The burden is higher for some, with nearly one in four families (23 percent of Americans) paying half or more of their income for housing. The situation calls for a change in tactics, a recognition of recent policy failures and a shared commitment to double down on programs with proven efficacy. As a nation we must ask, what can we do differently to put more homes within reach for the growing ranks of Americans who struggle to meet basic housing costs? A Building Problem The gap between housing costs and strained household budgets has widened due to both insufficient supply and wage stagnation that has fueled demand for affordable housing. The larger of the two issues — a lack of supply — traces chiefly to the 2008 financial crisis, which put a …

December 8, 2022

Acquisitions California Retail Western

Combined Properties Sells Three Grocery-Anchored Shopping Centers in Los Angeles County for $136.8M

by Amy Works December 7, 2022

LA VERNE AND MONTEBELLO, CALIF. — Beverly Hills-based Combined Properties has completed the disposition of three grocery-anchored shopping centers totaling more than 400,000 square feet in Los Angeles County. EDENS, an institutional investor, acquired the portfolio for $136.8 million. Pete Bethea, Glenn Rudy, Rob Ippolito, Bill Bauman and Kyle Miller of Newmark represented the seller in the transaction. The portfolio includes: The Commons at La Verne, a 120,720-square-foot asset in La Verne anchored by Vons and Ross Dress for Less Montebello Mix, a 216,385-square-foot property in Montebello that is 94 percent occupied and anchored by Vons, Rite Aid, Ross Dress for Less and Marshalls Foothill Plaza, a 65,000-square-foot center located at 1375 Foothill Blvd. in La Verne and anchored by Sprouts Farmers Market and Bank of America

December 7, 2022

Affordable Housing Development Hawaii Multifamily Western

Ikaika ‘Ohana, Hunt Capital Open 89-Unit Affordable Multifamily Property in Lahaina, Hawaii

by Amy Works December 7, 2022

LAHAINA, HAWAII — Ikaika ‘Ohana and Hunt Capital Partners, in collaboration with Urban Housing Communities, have opened Kaiaulu o Kupuohi, an affordable housing community in Lahaina. Located at 258 Kupouhi St., Kaiaulu o Kupuohi features 89 apartments divided into 20 one-bedroom units, 34 two-bedroom units and 35 three-bedroom units. The apartments are reserved for families earning up to 60 percent of the area median income. Onsite amenities include a community center, management, tot lot, barbecue/picnic area, laundry facilities and ample parking. Goodfellows Bros. and Maryl Group Construction served as general contractors and Design Partners served as project architect. ThirtyONe50 Management operates the asset. The total cost for Kaiaulu o Kupuochi is $64.6 million. Hunt Capital Partners provided $21.9 million in federal and $8.1 million in Hawaii state Low-Income Housing Tax Credit (LIHTC) equity for the project. Other funding sources include the Bank of Hawaii, which provided a $27.6 million construction loan and an $8.2 million construction-to-permanent loan; the Hawaii Housing Finance and Development Corp., which provided $17.1 million in Rental Housing Revolving Funds; Maui County, which provided a $6.4 million permanent loan; and Ikaika ‘Ohana, which provided a $725,952 permanent loan.

December 7, 2022

Loans Multifamily Washington Western

Northmarq Arranges $20.8M Refinancing for Carkeek Park Place Apartments in Seattle

by Amy Works December 7, 2022

SEATTLE — Northmarq has arranged the $20.8 million cash-out refinancing of Carkeek Park Place Apartments in Seattle. Stuart Oswald of Northmarq’s Seattle office secured the 35-year, fixed-rate loan using the FHA 223(f) program through the firm’s in-house HUD/FHA division. The borrower is a multi-generational family business. Carkeek Park Place is a five-story building offering 80 market-rate apartments and 15,430 square feet of ground-floor commercial space. The building is part of a larger commercial shopping center that includes a QFC grocery store, which was not part of the collateral, and strip retail space.

December 7, 2022

Acquisitions Arizona Retail Western

Cushman & Wakefield Brokers $6.8M Sale of Westridge Shopping Center in Phoenix

by Amy Works December 7, 2022

PHOENIX — Cushman & Wakefield has brokered the sale of Westridge Shopping Center, located at 7540 and 7606 W. Indian Road in Phoenix. New Jersey-based Westridge Phoenix acquired the asset from DPM Westridge Shopping Center for $6.8 million. Built in 1985 and renovated in 2017, Westridge Shopping Center features 58,670 square feet of retail space on 5.3 acres. At the time of sale, the property was 81 percent leased. Chris Hollenbeck and Shane Carter of Cushman & Wakefield represented the seller in the deal.

December 7, 2022

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Negotiates Sale of 20-Unit Apartment Building in Englewood, Colorado

by Amy Works December 7, 2022

ENGLEWOOD, COLO. — Pinnacle Real Estate Advisors has brokered the sale of a multifamily property located at 3444 S. Marion St. in Englewood. The asset sold for $4.2 million, or $208,000 per unit. The names of the buyer and seller were not released. Built in 1971, the building features 20 apartments. Chris Knowlton, Mark Knowlton and Jim Knowlton of Pinnacle Real Estate Advisors, Craig Branton of Cushman & Wakefield and Taylor Nelson of Land Title handled the transaction.

December 7, 2022

California Market Reports Retail Western Western Market Reports

San Bernardino’s Retail Leasing Market Thrives

by Jeff Shaw December 7, 2022

By Ryan Gast, Vice President, Ontario/Inland Empire, CBRE We are currently seeing a very strong leasing market in San Bernardino County, which is mostly driven by the amount of new housing developments in the market and the lack of new retail product being built. Tenants are hungry for the top-tier shopping centers, which has driven the vacancy rates down and rents up in a market where there seems to be a lot of uncertainty in the air. Some of the most active retail categories include the fast feeders (QSRs), gas stations and car wash groups. Discount retailers also hold great appeal, particularly due to inflation. The market has also seen an increase in activity from fitness users who stopped dead in their tracks during 2020 and 2021 due to COVID. As active retailers go, Stater Bros, Hobby Lobby, Burlington, 99 Ranch Market, Ross and Planet Fitness have all recently inked deals in the area. Sprouts, Quick Quack, Shell, Raising Cane’s and Dutch Bros Coffee also remain active. Many of these retailers are seeking high-growth areas where there has been an influx of residential development nearby. In terms of developers, Lewis Retail, Wood Investments and Rich Development are some of the …

December 7, 2022

Arizona Development Industrial Top Stories Western

Taiwanese Semiconductor Manufacturer Announces $28B Expansion at North Phoenix Plant

by John Nelson December 7, 2022

PHOENIX — Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC) has announced plans to build a second plant in North Phoenix. The move will increase the company’s investment at the Arizona manufacturing site from $12 billion to $40 billion and create 4,500 permanent jobs, in addition to 10,000 construction jobs. The expansion represents the largest foreign direct investment in Arizona history and one of the largest foreign direct investments in the history of the United States, according to TSMC. Semiconductors, or computer chips, are an essential element of most all electronic and computing devices, including electric vehicles, phones, tablets, TVs, home appliances, solar panels and gaming consoles. The company is also in the planning stages for an onsite water reclamation plant that, when finished, will allow the TSMC Arizona site to achieve near-zero liquid discharge. The announcement was made yesterday at the opening of TSMC’s first semiconductor factory. President Joe Biden, Arizona Gov. Doug Ducey, U.S. Commerce Secretary Gina Raimondo, Governor-elect Katie Hobbs, Phoenix Mayor Kate Gallego, members of Arizona’s congressional delegation, TSMC chairman Dr. Mark Liu and TSMC founder Dr. Morris Chang attended the ceremony. Also attending and speaking at the event was Tim Cook, CEO of Apple. Cook said the …

December 7, 2022

California Development Multifamily Student Housing Western

Valiance Capital Buys Development Site for 270-Bed Student Housing Community Near UC Berkeley

by Amy Works December 6, 2022

BERKELEY, CALIF. — Valiance Capital has acquired a development site at 2538 Durant Ave. near the University of California, Berkeley campus. The company plans to replace an existing 12-unit apartment building on the site with an eight-story community offering 270 beds across 83 units. The development is also set to include 5,000 square feet of ground-floor retail space. Jeffrey Eliason and Leland Ortega of Highland Realty Capital arranged $10.5 million in acquisition and pre-development funding on behalf of Valiance. Chris Hetzel of ACRES’ Philadelphia office originated the loan. “2538 Durant is going to help transform the Berkeley city skyline and provide an incredible opportunity to address a substantial housing need for students,” says Nhan Nguyen Le, principal and founder of Valiance Capital. Further details on the project, including a timeline for the development, were not announced.

December 6, 2022

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