Western

Cantamar Apartments Acquires Multifamily Community in Longmont, Colorado for $50M

by Amy Works May 9, 2022

LONGMONT, COLO. — Cantamar Apartments Associates has purchased a 126-unit multifamily property at 2205 Alpine St. in Longmont. An entity formed by DHI Communities sold the asset for $50 million. The buyer has renamed the 126-unit property as Alpine Prairie Village. Alpine Prairie Village features one-, two- and three-bedroom apartments with quartz countertops, multiple closets and modern lighting. Community amenities include open spaces; a game lounge with private seating and shuffleboard; outdoor gaming area with corn hole and ladder golf; fitness center; outdoor bar and grill; hot tub; pet spa; and co-working space with private offices. David Fogler and Steven Nicoluzakis of Cushman & Wakefield’s Multifamily Advisory Group represented the buyer in the transaction.

May 9, 2022

Arizona Loans Multifamily Western

NewPoint Real Estate Capital Provides $45.6M Refinancing for Multifamily Complex in Phoenix

by Amy Works May 9, 2022

PHOENIX — NewPoint Real Estate Capital has provided a $45.6 million, 10-year, Fannie Mae DUS loan for the refinancing of an apartment community in Phoenix. The recently constructed community features 200 detached apartments with smart-home technology systems and high-end interior finishes, including stainless steel appliances, granite countertops and washers/dryers, as well as private, fenced-in backyards. Community amenities include a clubhouse, fitness center, heated pool and spa, pet park and controlled entry. John Motzel of NewPoint, along with Jeremy Korea of Cushman & Wakefield, originated the loan.

May 9, 2022

Acquisitions California Retail Western

Cape Point Development Buys La Paz Village Shopping Center in Laguna Hills for $23.5M

by Amy Works May 9, 2022

LAGUNA HILLS, CALIF. — Cape Point Development has acquired La Paz Village, a neighborhood shopping center in Laguna Hills. A consortium of private investors sold the asset for $23.5 million. Built in 1974 and refurbished in 2012, La Paz Village features 54,566 square feet of retail space. Bill Rose of Institutional Property Advisors, a division of Marcus & Millichap, along with Steven Siegel, Glen Kunofksy and Anthony D’Ambrosia of Marcus & Millichap represented the seller, while Rose procured the buyer in the deal. Damon Wyler of Marcus & Millichap served as broker of record in California.

May 9, 2022

Acquisitions Arizona Retail Western

Marcus & Millichap Negotiates $11.8M Sale of Canyon 66 Plaza in Flagstaff, Arizona

by Amy Works May 9, 2022

FLAGSTAFF, ARIZ. — Marcus & Millichap has arranged the sale of Canyon 66 Plaza, a retail property located at 1416 E. Route 66 in Flagstaff. A limited liability company sold the asset to an undisclosed buyer for $11.8 million. Nick Christifulli, Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller, while Ruble and Lind procured the buyer in the deal. Currently being remodeled, Canyon 66 Plaza features 50,606 square feet of retail space.

May 9, 2022

Acquisitions Multifamily Washington Western

IPA Brokers Sale of Bentley House Apartments in Issaquah, Washington

by Amy Works May 9, 2022

ISSAQUAH, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Bentley House, an apartment building in Issaquah. Terms of the transaction were not released. Built in 2009, apartments at Bentley House feature hardwood floors, stainless steel appliances, fireplaces and air conditioning. Community amenities include a rooftop deck, resident clubhouse, business center and fitness center. Philip Assouad and Giovani Napoli of IPA represented the seller and procured the buyer in the deal.

May 9, 2022

Acquisitions Arizona Multifamily Western

Liv Communities Sells Liv North Scottsdale Multifamily Community in Arizona for $145M

by Amy Works May 6, 2022

SCOTTSDALE, ARIZ. — Liv Communities has completed the disposition of Liv North Scottsdale, an apartment property located at 15509 N. Scottsdale Road in Scottsdale. An undisclosed buyer acquired the asset for $145 million, or $604,167 per unit. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction. Completed in 2014, Liv North Scottsdale features 240 apartments with nine-foot ceilings, full-size washers/dryers, walk-in closets and private balconies or patios. Community amenities include a resort-style heated pool and spa, a private cabana with flat-screen TVs, rentable storage units, covered parking and structured parking. A rooftop patio features a firepit, outdoor kitchen with barbecue grilling station, bar seating and views of Scottsdale Airpark and the McDowell Mountains.

May 6, 2022

California Loans Multifamily Western

Greystone Provides $129.5M Fannie Mae Refinancing for Spire San Diego Apartment Tower

by Amy Works May 6, 2022

SAN DIEGO — Greystone has provided a $129.5 million Fannie Mae Delegated Underwriting Services loan for the refinancing of Spire San Diego, a multifamily community located on Island Avenue in San Diego. Matt Stevens of Greystone originated the fixed-rate loan for the borrower, Pinnacle Parkside Development US LP, with James Dick and Jay Dick of Kidder Mathews acting as correspondent. Built in 2014, the 45-story Spire San Diego features 472 apartments and is part of a residential and commercial complex with a 484-unit sister property, Pinnacle on Park. Spire offers one-, two- and three-bedroom units, a fitness center, swimming pool, game room, yoga room, screening room, residents lounge and outdoor grilling area.

May 6, 2022

Acquisitions Arizona Multifamily Western

CBRE Brokers $127.8M Sale of Tamarron Multifamily Property in Phoenix

by Amy Works May 6, 2022

PHOENIX — CBRE has arranged the sale of Tamarron, a multifamily community located at 4410 N. 99th Ave. in Phoenix. CX Holdings sold the asset to Decron Properties for $127.8 million. The 328-unit Tamarron features a resort-style swimming pool and spa area; a fully equipped fitness center and sauna; two outdoor basketball courts; resident clubhouse with media room and business center; children’s playground; dog park; barbecue and picnic areas; and parcel package lockers. Asher Gunter, Matt Pesch, Sean Cunningham, Austin Groen and Tyler Anderson of CBRE represented the seller in the transaction. Joseph Dietz of Beacon Investment Real Estate assisted in the transaction as asset manager to the seller and Curt Cranfield represented the seller. Chris Maddox and Vicki Etherton of Landmark Title Assurance Agency handled escrow.

May 6, 2022

Acquisitions Alabama California Loans Net Lease Retail Tennessee Western Wisconsin

Tauro Capital Advisors Arranges $149.7M Bridge Loan for 24-Store Walgreens Portfolio

by Amy Works May 6, 2022

LOS ANGELES — Los Angeles-based Tauro Capital Advisors, on behalf of borrower IBF Properties, has facilitated a $149.7 million, one-year, floating-rate bridge loan for a 24-property Walgreens portfolio. The stores are located in nine states across the United States, primarily in Tennessee, Wisconsin and Alabama. The borrower is purchasing retail assets occupied by investment-grade tenants and plans to create a REIT to hold and operate the portfolio of income-producing real estate. Matt Bucaro, Eric Alvarez, Michael Bucaro, Matthew Ingle and Garryn Laws of Tauro Capital Advisors arranged the financing transaction. Benefit Street Partners was the lender. Totaling 314,852 square feet, the borrower purchased the portfolio in 2021. After acquisition, longer leases were negotiated for the majority of the tenants, which provided stability for those investors purchasing dividends within the REIT and offering a level of commitment by Walgreens to the sites and a low probability of leaving.

May 6, 2022

Acquisitions Multifamily Western Wyoming

Cushman & Wakefield Negotiates $3M Sale of Apartment Property in Cheyenne, Wyoming

by Amy Works May 6, 2022

CHEYENNE, WYO. — Cushman & Wakefield has arranged the sale of a multifamily complex located at 3306-3310 Myers in Cheyenne. Lazy P Apartments sold the property to Robinson Mountain Investments for $3 million, or approximately $144,000 per unit. At the time of sale, the 21-unit community was 95 percent occupied. Originally built in 1977, but undergoing several renovations in the time since opening, the property offers 21 one- and two-bedroom units and is centrally located within Cheyenne. Jared Goodman and Brian Mannlein of Cushman & Wakefield represented the seller in the transaction.

May 6, 2022

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