Western

Meridian Sells Grunow Memorial Medical Center in Phoenix for $17.9M

by Amy Works April 20, 2022

PHOENIX — Meridian has completed the sale of Grunow Memorial Medical Center, a medical office property located in Phoenix. A private Canadian investor acquired the asset for $17.9 million. Located at 925 E. McDowell, Grunow Memorial Medical Center features 53,000 square feet of medical office space. At the time of sale, the building was 90 percent leased to 12 tenants, including DaVita Dialysis. Lester A. Bryon designed the property, which was constructed in 1931. Mindy Berman of JLL represented Meridian in the transaction.

April 20, 2022

Midwest Multifamily Multifamily & Affordable Housing Feature Archive Northeast Southeast Texas Western

How to Dispute Unfair Multifamily Property Assessments in Six Steps

by Jaime Lackey April 19, 2022

Property tax systems vary from state to state across the country, with differing procedures in each assessor’s jurisdiction. Complicating things further, the personalities of assessors and their staff influence the way they interact with property owners or their agents. It is the responsibility of the property owner or their agent to learn and adapt to the procedures and behaviors at work in their assessor’s offices. However, there are universal pre-emptive steps that property owners in any jurisdiction can take to combat excessive valuations. These property-specific action items and best practices can significantly increase the chances of a successful valuation protest. 1. Document Property Financial Statements In most appraisal systems, income-producing apartment property will be valued using the income approach. Arguably the most important pieces of information the apartment owner can present in protesting assessed values are the property’s rent rolls and profit-and-loss statements. The timely preparation and completion of these documents prior to a protest is essential to any discussion of fair market value. Key line items such as potential gross income, vacancy and collection loss, and net operating income can assist in negotiating lower assessed values. Market rent, in-place rents and occupancy are key indicators on a rent roll …

April 19, 2022

Acquisitions Colorado Industrial Western

Stockbridge Purchases Fully Occupied 1.3 MSF Industrial Portfolio in Denver

by Amy Works April 19, 2022

DENVER — Stockbridge has acquired an eight-building industrial portfolio in Denver. The name of the seller and acquisition price were not released. Totaling more than 1.3 million square feet of infill industrial space, the portfolio includes: Table Mountain Commerce Center, 16163 W. 45th Drive West 53rd Place, 445 W. 53rd Place Leyden I, 4735-4795 Leyden St. Leyden II, 4725 Leyden St. Denver Business Center 5, 11175 E. 55th Ave. Denver Business Center, 11605 E. 55th Ave. Moline Distribution Center, 4865 Moline St. Moncrieff Distribution Center, 14303 E. Moncrieff Place Built between 1971 and 2009, the buildings offer clear heights ranging from 22 feet to 32 feet. At the time of sale, the portfolio was fully leased to 25 tenants in variety of industries, including electrical supplies; warehouse and distribution; manufacturing; construction and building materials; technology; and consumer goods. Jim Bolt, Tyler Carner, Jeremy Ballenger and Jessica Ostermick of CBRE’s Denver office represented the seller in the deal.

April 19, 2022

Acquisitions California Industrial Western

JLL Income Property Trust Buys South San Diego Distribution Center for $158.5M

by Amy Works April 19, 2022

SAN DIEGO — JLL Income Property Trust has purchased South San Diego Distribution Center, a three-building industrial portfolio in San Diego. Affiliates of Murphy Development Co. sold the asset for $158.5 million. Totaling 665,000 square feet, the three properties were 96 percent leased to eight tenants at the time of sale. The investment was acquired through the assumption of an in-place, $72.5 million first mortgage at a 3.18 percent fixed interest rate. The financing features interest-only payments for another four years with maturity in 2031. The acquisition also includes the issuance of $75 million in operating partnership units to the sellers. The balance of the purchase was funded with cash.

April 19, 2022

Acquisitions California Multifamily Seniors Housing Washington Western

Merrill Gardens, NHI Acquire Six-Property Independent Living Portfolio in California, Washington

by Amy Works April 19, 2022

CALIFORNIA AND WASHINGTON — A joint venture between owner-operator Merrill Gardens and publicly traded REIT National Health Investors (NYSE: NHI) has acquired six independent living communities located on the Pacific Coast. The communities were formerly managed by Holiday Retirement, and more recently, Atria Senior Living. The price and seller were not disclosed. The communities will be rebranded as part of the Truewood by Merrill brand. The properties include: Truewood by Merrill, Fig Garden; Fresno, Calif.; 103 units Truewood by Merrill, Modesto; Modesto, Calif.; 120 units Truewood by Merrill, Pinole; Pinole, Calif.; 98 units Truewood by Merrill, Roseville; Roseville, Calif.; 117 units Truewood by Merrill, West Covina; West Covina, Calif.; 110 units Truewood by Merrill, Vancouver; Vancouver, Wash.; 103 units NHI was already the owner of the communities and leased them to third-party operators. The acquisition brings in Merrill Gardens as the new operator under a joint-venture structure rather than a lease.

April 19, 2022

Acquisitions California Retail Western

Presidio Property Trust Sells World Plaza Retail Center in San Bernardino for $10M

by Amy Works April 19, 2022

SAN BERNARDINO, CALIF. — Presidio Property Trust has completed the sale of World Plaza, a multi-tenant retail property in San Bernardino. A Los Angeles-based private investor acquired the asset for $10 million. Located at 1535 E. Highland Ave., World Plaza features 55,810 square feet of retail space. The property was remodeled in 2018 to accommodate a 36,000-square-foot Chuze Fitness and was 100 percent leased at the time of sale. Matt Burnett of Hanley Investment Group represented the seller, while Brian Heron of Modesto-based Commercial Retail Associates represented the buyer in the transaction.

April 19, 2022

Acquisitions Colorado Industrial Western

NAI Shames Makovsky Arranges $8.7M Sale of Industrial Asset in Denver

by Amy Works April 19, 2022

DENVER, COLO. — NAI Shames Makovsky has brokered the sale of an industrial building located at 4101 and 4201 E. 48th Ave. in Denver. Jeremy Fein sold the asset to 48th and Colorado LLC and East 48th LP LLC for $8.7 million in an off-market transaction. The property consists of 95,300 square feet of industrial space. The buyer plans to hold the asset as a long-term investment with significant value-add improvements. Paul Cattin and Adam Hubschman of NAI Shames Makovsky represented the buyer in the deal.

April 19, 2022

Lument Affordable Housing Multifamily buildings

Affordable Housing Content Partner Development Features Georgia Lument Midwest Multifamily Northeast Southeast Texas Video Western

Utilizing Tax Credits to Create Affordable Housing in High-Opportunity Communities

by Sarah Daniels April 19, 2022

The Section 42 Low-Income Housing Credit program has been America’s primary tool in the effort to construct affordable homes for low- and moderate- income households and ease renter cost burdens since 1986. This public-private partnership has created or preserved more than 3.1 million rental units, accounting for over 30 percent of the nation’s affordable housing stock. Congress is considering legislation that would materially expand and strengthen the tax credit program. In addition to several technical changes to tax credit accounting and rules governing the use of private-activity bond financing, the legislation would authorize increases in credit allocation in 2021 and 2022. The impact of these changes would be substantial, catalyzing construction of more than 100,000 additional units per year over a 10-year period, perhaps trimming the number of rent burdened low-income households by half. Building more affordable housing will represent a significant step toward reducing housing instability and economic inequality in America. But are quantitative gains alone enough? Constructing affordable housing in low-poverty, high-opportunity census tracts is challenging. The following discussion explores some ways in which developers, lenders and credit allocating agencies can increase the level of affordable housing construction in low-poverty, high-opportunity areas (LPHOA) and optimize the …

April 19, 2022

Acquisitions Arizona Multifamily Western

CREC Real Estate, Rincon Capital Partners Acquire Ascent 1829 Apartments in North Phoenix

by Amy Works April 18, 2022

PHOENIX, ARIZ. — CREC Real Estate and Rincon Capital Partners have purchased Ascent 1829 Apartments, a multifamily community located in North Phoenix. Terms of the transaction were not released. The owners plan to invest up to $4.2 million to renovate the common areas and upgrade interiors and appliances to bring the property on par with nearby recently repositioned residential communities. Built in 1980 on six acres at 1829 E. Morten Ave., Ascent 1829 Apartments features 180 Class B apartments.

April 18, 2022

California Loans Multifamily Western

American Capital Group Receives $34M Refinancing for Laguna Creek Apartments Near Sacramento

by Amy Works April 18, 2022

ELK GROVE, CALIF. — American Capital Group has received a $34 million loan for the refinancing of Laguna Creek Apartments, a multifamily property at 8760 Center Parkway in Elk Grove. Hartford Investment Management Co. provided the financing. Built in 2004 by American Capital Group, Laguna Creek Apartments features 160 one- and two-bedroom apartments across two- and three-story garden-style buildings. The units offer fully equipped kitchens, in-home washers/dryers, air conditioning and are pre-wired for high-speed internet. Onsite amenities include a clubhouse with fireplace and large-screen TV; fitness center; swimming pool and spa; playground; billiards and game room; and built-in business center. Dave Karson, Chris Moyer and John Spreitzer of Cushman & Wakefield’s Equity, Debt & Structured Finance team represented American Capital Group in the financing.

April 18, 2022

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