WEST COVINA, CALIF. — CBRE has directed the $26.3 million purchase of Cambridge Apartments, a multifamily property in West Covina. A multifamily investment group acquired the asset, which is located at 2601 E. Valley Blvd. Situated on 5.5 acres, Cambridge Apartments offers 76 one- and two-bedroom units. Eric Chen and Justino Fa’aola of CBRE represented the buyer in the transaction.
SAN DIEGO — Marcus & Millichap has brokered the sale a retail property located at 1631 Sixth Ave. in downtown San Diego’s Cortez Hill submarket. Mills at Cortez LLC sold the asset to an undisclosed buyer for $1.9 million. 7-Eleven and Barber Craft Retail Condo occupy the 3,251-square-foot property. Reed Hamilton, Bill Rose and Parker Wada of Marcus & Millichap represented the seller in the deal.
— Tim McKay of Cushman & Wakefield — Seattle’s multifamily market has faced challenges over the past few years. Rent growth has been flat as a significant number of new units were delivered in 2023 and 2024. This new supply also led to concessions and even rent declines in some markets. Submarket supply issues and the new statewide rent control legislation have also contributed to market headwinds. However, 2025 has brought signs of recovery, and there’s optimism about the market’s trajectory over the next few years. It feels like Seattle has bounced off the bottom and is starting to climb back up, similar to the recovery seen in 2011 after the Global Financial Crisis. Rebounding Demand The multifamily market has seen a recent uptick in demand, which can be attributed to several factors. A key driver has been the return-to-office mandates from major employers like Amazon and Starbucks. Seattle’s population is also expected to grow again, and the supply of new units hitting the market has drastically declined. These factors are contributing to renewed growth after a four- to five-year stagnation. Stabilizing Rental Rates Owners are starting to put properties under contract again. Land prices haven’t returned to previous levels, …
LOS ANGELES — Mesa West Capital has provided a joint venture between Alliance Residential and PCCP with $43.5 million in short-term, first mortgage debt to refinance Broadstone Los Feliz, a multifamily property located at 1800 N. New Hampshire in Los Angeles’ Los Feliz neighborhood. Troy Tegeler, Trevor Breaux, Ryan Greer and CJ Connolly of CBRE arranged the five-year, floating-rate loan. Built in 1986, Broadstone Los Feliz offers 134 studio, one- and two-bedroom apartments, a rooftop lounge and barbecue area, an indoor swimming pool and spa, a fitness center and electric vehicle charging stations. At the time of financing, the property was 95 percent occupied. Since acquiring the asset in 2022, the owners have invested more than $1 million to upgrade the common areas and renovate the interiors of 33 units with hardwood flooring, quartz countertops, stainless steel appliances and new wood-grain cabinets. The sponsor plans to renovate the remaining 45 units within the next two years.
MEDFORD, ORE. — Bear Creek Partners I LLC has completed the disposition of Bear Creek Plaza, a shopping center in Medford. Bear Creek CV LLC acquired the asset for $25.2 million. Built in 1977 on nearly 17 acres, Bear Creek Plaza offers 189,670 square feet of retail space. Current tenants include Bi-Mart, Dollar Tree, Crunch Fitness, McDonald’s, Wendy’s, Carl’s Jr., First Interstate Bank, OneMain Financial, Metro PCS, Papa Murphy’s and Sally Beauty Supply. Clayton Brown and Ruthanne Loar of Marcus & Millichap represented the seller and procured the buyer in the deal. David Tabata of Marcus & Millichap served as broker of record in Oregon.
SOUTH JORDAN, UTAH — Fort Street Partners has purchased Daybreak Corporate Center, a multi-tenant office building in South Jordan. Situated within the 4,000-acre master-planned Daybreak community, Daybreak Corporate Center offers 177,000 square feet of office space. Built in 2008, the asset features a 512-stall structured parking garage, a rooftop patio and walkable access to restaurants, retail, trails and the Daybreak Beach Club. At the time of sale, the property was 95.4 percent occupied. Current tenants include Rio Tinto, Travelpass Group and Enova. Fort Street Partners plans to renovate and lease the remaining space within the building.
LAKEWOOD, WASH. — Alliance Residential has purchased a 9.7-acre development site within Lakewood Towne Center, a retail destination in Lakewood. The site is slated for the development of a 285-unit Class A apartment community that will include units under the City of Lakewood’s Multifamily Tax Exemption program. The new multifamily property will help address the growing housing demand in Lakewood, where only one new 100-plus market-rate apartment development has been delivered since 2011. Ross Klinger and Austin Kelley of Kidder Mathews represented the undisclosed seller in the deal. Terms of the transaction were not disclosed.
LOS ANGELES — Los Angeles-based Prime Pizza, a rapidly expanding New York-style pizza restaurant, has signed leases for five new locations in Southern California. The locations are at Alicia Landing Shopping Center in Mission Viejo; Gaslight Square in Brea; Farmers & Merchants Bank Center in Torrance; and two freestanding locations, one in Thousand Oaks and another in Valley Village, Calif. Mark Seferian of RCI Brokerage represented Prime Pizza in the transactions, which ranged from 1,256 to 1,951 square feet. The Mission Viejo and Brea locations are slated to open in the fourth quarter of 2025, while the Valley Village, Thousand Oaks and Torrance locations will open during the second quarter of 2026.
MESA, ARIZ. — Vestar, a shopping center and mixed-use developer based in Phoenix, has partnered with Pacific Proving LLC, a landowning entity that controls 1,805 acres in the state capital’s East Valley, to co-develop a $2 billion mixed-use project. Legacy Park will span 200 acres at Pacific Proving’s site in Mesa near the confluence of Gilbert and Queen Creek. The groundbreaking is set for 2027. “As someone who has believed in the potential of this area and land for decades, we are thrilled to partner with Vestar to bring this phase of our property Legacy Park to life,” says Andrew Cohn, principal of Pacific Proving. “Legacy Park is not just another development. It is a thoughtfully designed community that will bring lasting value and lifestyle to the East Valley. We have waited for the right timing, the right opportunity and the right partners, and that moment is now.” Vestar expects Legacy Park to generate $56 billion in economic output over the next 20 years and to create more than 20,000 jobs. Located adjacent to Mesa Gateway Airport and easily accessible via the new State Route 24 at Williams Field Road, Legacy Park at full build-out will feature: “Legacy Park is a …
HONOLULU — A public-private partnership between Greystar and the University of Hawaii at Mānoa has completed Hale Haukani, a two-tower development on the university’s campus in Honolulu. The community offers 558 beds across 316 fully furnished units in studio, two-, three- and four-bedroom configurations. Shared amenities include study rooms, community lounges and an amenity deck on the 12th floor. An onsite daycare operated by the university is also available to support students with families.
