— By Jason Koch and Adam Riddle of MMG Real Estate Advisors — espite recent challenges, the Denver multifamily market is showing clear signs of a comeback. With new supply beginning to taper off, demand accelerating, and investor confidence returning, 2025 is shaping up to be a year of renewed opportunity for multifamily owners and investors. Momentum Is Building Behind the Numbers After a year of downward pressure, Denver’s multifamily market is beginning to turn the corner. First-quarter 2025 recorded net absorption of 2,544 units, a 170 percent jump from the prior quarter indicating a surge of renter demand. Over the past 12 months, absorption reached 9,200 units, the highest total since 2021. MMG Managing Director Jason Koch notes, “Demand is back. Lease-ups are moving more quickly, especially for quality, well-located product. It’s clear that renters still want to be in Denver.” While average rent is down 3.4 percent year-over-year, the first quarterly uptick in nearly a year suggests the bottom may already be behind us. At $1,813, Denver remains one of the strongest-performing rental markets in the Mountain West, particularly in suburban pockets where new supply is limited. High-Quality Product Leading the Charge Much of the recent absorption has …
Space Investment Partners Buys Grocery-Anchored Shopping Center in Fullerton, California for $118.5M
FULLERTON, CALIF. — Space Investment Partner has acquired Fullerton Metrocenter, a grocery-anchored retail center in Fullerton, from Kite Realty for $118.5 million. Located at 1375 Harbor Blvd., Fullerton Metrocenter offers 385,703 square feet of retail space occupied by more than 40 national and local retail tenants, including Sprouts Farmers Market, Target, Urban Air Adventure Park and PetSmart. The property was built in 1988 and renovated in 2002. At the time of sale, the property was 97 percent occupied. Christopher Hoffmann, Mark Damiani and Chase Levra of Eastdil Secured represented the seller in the transaction. Eastdil also arranged acquisition financing on behalf of the buyer. Greg Stampley and Jessica Henning of Eastdil Secured led the debt process.
SAN DIEGO — A partnership between Cisterra Development and Spruce Capital Group has received a $98 million loan for the refinancing of Radian, a Class A apartment property in San Diego. Located at 675 Ninth Ave., Radian offers 241 one-, two- and three-bedroom units, including five penthouses. The community features a two-story ground-floor retail area and a rooftop pool and spa with views of Petco Park, downtown San Diego and the San Diego Bay. Mark McGovern, Scott Peterson and Morgon Fraser of CBRE Capital Markets’ Debt & Structured Finance team arranged the three-year, fixed-rate permanent loan on behalf of the borrower.
PHOENIX — Baron Properties has completed the disposition of Seventy5 Business Park, a four-building industrial infill park in Phoenix, to MIG Real Estate for $46.7 million. Situated on 14.4 acres at 7150 W. Roosevelt St., the 222,394-square-foot Seventy5 Business Park features flexible small bay sizes, abundant loading capabilities with common area truck wells and fully built-out office spaces. Will Strong, Phil Haenel, Foster Bundy, Molly Hunt, Michael Matchett, Jack Stamets and Madeline Warren of Cushman & Wakefield’s Mountain West Capital Markets Industrial team represented the seller in the deal. Gary Anderson and Nik Vallens of Cushman & Wakefield provided market leasing advisory services.
NATIONAL CITY, CALIF. — CBRE has arranged the sale of an industrial building located at 2100 Haffley Ave. in National City. ALC Investments, a local owner-occupier, acquired the asset for $7.9 million. Situated on 2 acres, the 24,140-square-foot property offers 18-foot clear heights, one grade-level door, five dock-high doors and two rail-served doors. Matt Harris, Matt Porch and Anthony DeLorenzo of CBRE represented the undisclosed seller in the deal.
EL CENTRO, CALIF. — Hanley Investment Group Real Estate Advisors has negotiated the $2.6 million sale of a single-tenant retail building located in El Centro. Dutch Bros Coffee occupies the drive-thru property on a 15–year, absolute triple-net-lease with 10 percent rental increase every five years. Formerly a Wendy’s restaurant, the 2,411-square-foot building was originally built in 1988. Situated on an outparcel to a Vons-anchored retail center, nearby tenants include Smart & Final Extra!, Dollar General Market, Costco, Lowe’s Home Improvement, Target and Ashley Furniture. Bill Asher, Jeff Lefko and Beau Velten of Hanley Investment Group represented the seller and developer, Portland-based Cole Valley Partners, in the transaction. Bill Johnson of KW Commercial represented the buyer, a Northern California-based private investor.
SPARKS, NEV. — Vantage Data Centers is entering the Nevada market with a new $3 billion campus in Sparks, located outside of Reno in Storey County. The campus, dubbed NV1, will sit on 137 acres and offer a total 224 megawatts (MW) of critical IT load. Upon completion, the NV1 campus will house four multi-story data centers totaling 1.1 million square feet. The property will be designed with densities ranging from 360 watts to 720 watts per square foot in order to accommodate the “unique needs of AI deployments,” according to Vantage. Vantage will utilize a closed-loop chiller system to reduce water usage, with the ability to employ both traditional air-cooled compute loads and liquid cooling to support next-generation GPU (graphics processing unit) loads. Vantage is aiming to achieve LEED certification for the development. Vantage expects to employ more than 1,200 individuals across the construction and ongoing operations of the campus. The first two data centers to come on line at NV1 are fully preleased to undisclosed tenants. The first facility is scheduled to open in the second quarter of 2026. NV1 will be situated within Tahoe-Reno Industrial Center, which also houses Tesla Gigafactory 1 and operations for tech companies …
FOUNTAIN VALLEY, CALIF. — Shopoff Realty Investments has received unanimous approval from the Fountain Valley Planning Commission for Euclid + Heil, an 18-acre residential housing project in Fountain Valley. In partnership with Lennar and National CORE, Euclid + Heil will feature 304 market-rate apartments units, 83 affordable seniors housing units, 36 two-story, for-sale triplexes and 183 three-story, for-sale townhomes. Planned community amenities include pools, parks, game areas, grilling stations, play areas and more designed to foster a vibrant and inclusive neighborhood. After acquiring the site in 2021, Shopoff began working closely with the City of Fountain Valley and its residents to plan and integrate new housing into the community. Shopoff submitted the project entitlement package in January 2024, and the firm has now secured all necessary approvals to proceed to the next phase of development. Shopoff and Lennar plan to begin grading the site later this year. The market-rate apartments and senior affordable housing components are slated for completion by summer 2028, while the for-sale homes will be delivered in phases, with the first phase opening in summer 2028 and the final phases extending into spring 2029.
RENO AND SPARKS, NEV. — A joint venture between HZ Capital Partners Fund I and New York Life Real Estate Partners has sponsored the purchase of two multifamily properties in Nevada — Lakeview and Sand Pebble/Spanish Oaks. Mission Rock Residential, an affiliate of Hamilton Zanze, has assumed management of the properties, which are located within seven miles from one another. Terms of the transactions were not released. HZ Capital Partners Fund I is San Francisco-based Hamilton Zanze’s discretionary fund that targets the purchase of multifamily properties. Theses transactions represent Hamilton Zane’s third and fourth sponsored acquisitions of 2025. Located at 2600 E. Shore Drive in Reno, Lakeview features 328 studio, one-, two- and three-bedroom apartments overlooking Virginia Lake. Units include air conditioning, high-speed internet and private patios or balconies. Community amenities include a swimming pool, barbecue and picnic areas, a basketball court, onsite gym, laundry facilities and a playground. Located at 1877 El Rancho Drive in Sparks, Sand Pebble/Spanish Oaks features 448 one-, two- and three-bedroom apartments with air conditioning, high-speed internet, washer/dryer hookups, fireplaces, walk-in closets and private patios or balconies. Built in 1983, the community offers a resident clubhouse, swimming pool, sauna spa, laundry facilities, basketball and tennis courts, onsite …
LOS ANGELES — The Luzzatto Co. has received $32.4 million in C-PACE financing through Nuveen Green Capital for Depot & Atlas, a creative office campus in Los Angeles’ West Adams submarket. Jeff Sause and Lauren Sackler of JLL Capital Markets Debt Advisory team arranged the financing for the borrower. Located at 3609-3645 10th Ave., Depot & Atlas offers 107,156 square feet of Class A space spread across two buildings, as well as two stories of subterranean parking. After acquiring the site in 2019, The Luzzatto Co. developed the Depot, a 94,726-square-foot creative office building, in late 2023 and redeveloped the neighboring 12,430-square-foot Atlas building. The property was 39 percent leased at the time of financing, with the Los Angeles Department of Mental Health occupying the entire first floor of the building.