PHOENIX — DAUM Commercial has arranged the purchase of a 7.95-acre land parcel in Phoenix. Prologis acquired the infill site at 24500-24501 N. 20th Drive from Wadsworth Development for $8.6 million in an off-market transaction. Prologis plans to develop two industrial facilities on the site: a 77,000-square-foot building and a 49,000-square-foot building. Bob Lundstedt, Skip Corley Jr. and Chase Heinemann of DAUM brokered the transaction. Lundstedt, Corley Jr., Heinemann and Parker Houston of DAUM will handle leasing for the property.
Like many communities across the West, affordable housing is a top issue in Denver. Monthly rent in Denver is now around $2,005, according to Zillow’s June 2022 data. This is up 20.4 percent since June 2019. The city is trying to do something about the lack of affordability. It approved the Expanding Housing Affordability Policy (EHA) this June, which overhauled Denver’s affordable housing requirements for new development. EHA was allowed after the 2021 passage of a Colorado statute, HB21-1117, which overturned a Colorado Supreme Court case commonly known as the Telluride decision. HB21-1117 expanded the ability of local Colorado governments to require inclusion of income-restricted units within new rental housing — something that had previously been prohibited in Colorado. While Denver has led within the state with EHA, other municipalities in Colorado, such as Littleton and Aspen, are beginning to consider new affordable housing policies in response to HB21-1117. In Denver, EHA primarily affects multifamily projects of 10 or more units. Those projects must proceed under EHA unless they submitted a concept site plan by June 30, 2022, and achieve final site development plan approval by Aug. 30, 2023. Non-residential projects and residential projects of nine or fewer units may …
TUCSON, ARIZ. — Sheiner Group/Living Well Homes has completed the disposition of Eastyn Park, an apartment property in Tucson. Greenwater Investments acquired the asset for $42.5 million, or $152,329 per unit. Hamid Panahi, Clint Wadlund, Art Wadlund, Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Brian Eisendrath and Cameron Chalfant of IPA Capital Markets arranged acquisition financing for the buyer. Constructed in 1973, Eastyn Park features 279 apartments averaging 895 square feet per unit spread across 33 residential buildings. The community features a fitness center, two swimming pools, business center and picnic areas with barbecue grills. Apartments offer all-electric kitchens, wood-style plank flooring and oversized closets.
THORNTON, COLO. — Greystone has provided a $30.4 million Fannie Mae Delegated Underwriting & Servicing loan to refinance the 206-unit Parkview Terrace Apartments in Thornton. Dale Holzer of Greystone’s Newport Beach, Calif., office originated the financing for Milky Way Apartments LLC. Constructed in 1972, Parkview Terrace offers 60 one-bedroom, 138 two-bedroom and eight three-bedroom units. The loan is a permanent exit from bridge acquisition financing that Greystone provided in July 2021. The non-recourse, fixed-rate financing carries a seven-year term with full-term interest-only payments.
PHOENIX — Cushman & Wakefield has arranged the sale of a single-tenant office building in Phoenix’s Camelback Corridor. McCarthy/MRL Properties Arizona sold the asset to a joint venture between Crowne Point Equity, Corsair Management and A-1 Legacy Properties for $14.5 million. Located at 6225 N. 24th St., McCarthy Building Cos. fully occupies the three-story, 41,982-square-foot building. The property features a shaded garden-level patio with picnic tables; outdoor cooking and seating; multiple conference, break and recreation/game rooms; and a fully equipped kitchen. Eric Wichterman and Mike Coover of Cushman & Wakefield’s private capital team, in collaboration with Mark Seale of Avison Young, represented the seller in the transaction.
ENGLEWOOD, COLO. — CBRE has arranged the sale of Inverness Business Park at 35 Inverness Drive East in Englewood, a southeast suburb of Denver. Terms of the transaction were not released. Teledyne Technologies, a manufacturer of air quality monitoring instrumentation and software, fully leases the 65,000-square-foot property, which it has occupied since 2004. Built in 1980, the multi-use building has a single-story warehouse and a two-story office space. The warehouse space includes a loading dock with five overhead rolling doors. The property also features a tenant cafeteria area and outdoor patio space. Patrick Devereaux, James Brady and Campbell Davis of CBRE represented the undisclosed seller in the deal. The name of the buyer was not released.
PERRIS, CALIF. — Westport Properties has released plans for a Class A industrial building at the corner of Ramona Expressway and Brennan Avenue in Perris. The company acquired the land in September 2022. Construction for the single-tenant, 99,910-square-foot facility is slated to begin in third-quarter 2023. The building will feature 36-foot clear heights, secured truck court, ESFR sprinklers, 11 dock doors and 6,000 square feet of office space. Completion is scheduled for third-quarter 2024. Alex Smith and Herrick Johnson of Lee & Associates are handling leasing for the property.
PORTLAND, ORE. — Greystar has unveiled plans to develop a two-building apartment property in Portland’s Slabtown neighborhood. Spanning two blocks between Northwest 19th and 20th avenues, the 364-unit project is slated to break ground later this month with completion scheduled for 2024. SERA Architects designed the development, which will include a five-story, 151-unit building and a seven-story, 213-unit building, both featuring brick exteriors. The project team of Greystar, SERA and Lango Hensen worked with neighboring St. Patrick’s Catholic Church officials to ensure the new project would not overshadow the 130-year-old historic landmark. ING Capital provided an undisclosed amount of construction financing for the project.
DENVER — Berkadia has arranged the sale of University Lofts, a mixed-use student housing community in Denver. California-based Amplify Development Co. sold the asset to an undisclosed buyer for $24.5 million. Located at 2372 E. Evans Ave., University Lofts features 36 units totaling 98 beds in a mix of studio, two- and four-bedroom layouts. Community amenities include a newly renovated student lobby, heated underground parking and street-level retail. Kevin Larimer, Brandon Buell, Nick Steele, Tyler King and Nate Moyer of Berkadia represented the seller in the transaction.
SAN DIEGO — Brookwood Financial Partners has completed the disposition of a six-building office portfolio in North San Diego. MCS Guardian Properties, an affiliate of M.C. Strauss, acquired the portfolio for an undisclosed price. The properties include Carlsbad Executive Plaza, a four-building office park totaling 133,000 square feet, and The Plaza I & II, a two-building complex totaling 89,000 square feet. Carlsbad Executive Plaza offers a campus-like environment and is recognized as Carlsbad’s premier multi-tenant incubator office project, according to Brookwood. The Plaza I & II features creative speculative suites, remodeled lobbies and is only one of three Class A buildings in the market that offers subterranean parking. Brookwood originally acquired the assets in June 2015.