Western

OpenPath Investments Divests of 222-Unit Dana Park Multifamily Property in Mesa, Arizona

by Amy Works October 12, 2022

MESA, ARIZ. — OpenPath Investments has completed the sale of Dana Park, an apartment community located on 11 acres in Mesa. Baron Properties acquired the property for $64.6 million, or $291,216 per unit. Completed in 1986, Dana Park features 222 apartments spread across 19 buildings, plus two swimming pools and spas and a community vegetable garden. Apartments feature stackable washers and dryers, built-in bookshelves and walk-in closets. The unit mix is 67 percent two-bedroom/two-bath layouts, with the remainder of the units one-bedroom/one-bath floorplans. The average unit size is 928 square feet. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

October 12, 2022

Colorado Loans Multifamily Seniors Housing Western

Ziegler, M&T Partner for $19.5M Refinancing of Carmel Oaks Active Adult Community in Lakewood, Colorado

by Amy Works October 12, 2022

LAKEWOOD, COLO. — Ziegler and M&T Realty Capital Corp. have acted as financial advisor in a $19.5 million Fannie Mae financing on behalf of Essex Communities. The transaction will refinance the existing debt on Carmel Oaks, an age-restricted independent living community in Lakewood. The 10-year, fixed-rate loan was structured at a 75 percent loan-to-value ratio with five years of interest-only payments followed by a 30-year amortization. The loan also carries a declining prepayment schedule, which will provide the borrower with additional flexibility in future years. In addition to refinancing the existing debt, the loan also provided funding for Essex to recover capital improvement expenditures and initial equity.

October 12, 2022

Acquisitions California Net Lease Retail Western

Faris Lee Negotiates $11.1M Sale of Bank of America-Occupied Retail Building in Hawthorne, California

by Amy Works October 12, 2022

HAWTHORNE, CALIF. — Faris Lee Investments has arranged the sale of a retail building located at 12547 Hawthorne Blvd. in Hawthorne. An Orange County-based private office group sold the asset to the City of Hawthorne for $11.1 million, or $861 per square foot. Bank of America occupies the 12,919-square-foot, single-tenant building on an absolute triple-net lease. Shaun Riley, Jeff Conover and Scott DeYoung of Faris Lee Investments represented the seller, while Chris Beck of Newmark represented the buyer in the deal.

October 12, 2022

Acquisitions Colorado Industrial Office Western

Ivy Realty Sells 32,926 SF Flex Office Building in Boulder, Colorado

by Amy Works October 12, 2022

BOULDER, COLO. — Ivy Realty has completed the disposition of 6707 Winchester Circle, a single-story office/industrial building in Boulder. Evermore Partners acquired the asset for $8.8 million. Situated on 3.6 acres within Gunbarrel Tech Center, 6707 Winchester features 33,296 square feet of flex office space. Fully renovated in 2016, the property offers 28,832 square feet of office and lab space and 4,000 square feet of warehouse and distribution space. The warehouse space features three dock-high doors and one roll-up door. On-site amenities include a fitness center with showers and locker rooms, an outdoor patio with barbecue space, and bike storage. At the time of sale, the property was fully leased to four tenants, with life sciences companies comprising 33 percent of the rent roll. Larry Thiel, Jason Schmidt and Rob Key of JLL Capital Markets represented the seller in the transaction.

October 12, 2022

Acquisitions Colorado Multifamily Western

EverWest Sells Peakview Apartments in Denver Tech Center for $115M

by Amy Works October 11, 2022

CENTENNIAL, COLO. — Denver-based EverWest Real Estate Investors has completed the disposition of Peakview Apartments, a multifamily community situated within Denver Tech Center in Centennial. Griffis Residential acquired the four-story asset for $115 million. Located at 7700 E. Peakview Ave., Peakview Apartments features 304 studio, one-, two- and three-bedroom residences, a resort-style swimming pool, rooftop deck, fitness center, and bicycle storage and repair facilities. A structured, controlled-access deck provides parking. Peakview is two blocks from the Arapahoe light rail station. The asset was constructed in 2015.

October 11, 2022

Acquisitions California Office Western

Newmark Negotiates $30M Sale of Airport Plaza Office Park in Long Beach, California

by Amy Works October 11, 2022

LONG BEACH, CALIF. — Newmark has arranged the sale of Airport Plaza, a two-building office park in Long Beach. WCCP Airport Plaza L.B. LLC sold the asset to LB5000 LLC for $30 million. Located at 5000 and 5001 Airport Plaza Drive, the project features 126,219 square feet of multi-tenant office space. At the time of sale, Airport Plaza was fully leased to 19 tenants, including Federal Aviation Administration, Advanced Medical Management and NACA Logistics. The property is situated on a 2.7-acre plot, which has a 46-year ground lease in place with the City of Long Beach. Kevin Shannon, Ken White and Scott Schumacher of Newmark represented the seller in the deal.

October 11, 2022

Development Multifamily Seniors Housing Washington Western

Anthology Plans 127-Unit Independent Living Community in Edmonds, Washington

by Amy Works October 11, 2022

EDMONDS, WASH. — Anthology Senior Living has unveiled plans for Anthology of Edmonds, a 127-unit seniors housing community in Edmonds, a northern suburb of Seattle. The community totals 162,872 square feet across six floors and is Anthology’s first community to exclusively offer independent living. This project marks the sixth senior housing development that Anthology has started in the past 12 months. Harrison Street is an investment partner on the project. The project is scheduled to open in late 2023. According to a recent report by the U.S. Census Bureau, almost 15 percent of the Snohomish County population has already reached age 65 and older, a number that will continue to climb as baby boomers age.

October 11, 2022

Acquisitions Arizona Retail Western

Cushman & Wakefield Brokers $18.9M Partial Sale of Greenfield Gateway Retail Center in Mesa, Arizona

by Amy Works October 11, 2022

MESA, ARIZ. — Cushman & Wakefield has arranged the sale of a 67,709-square-foot portion of Greenfield Gateway, a 349,143-square-foot retail center in Mesa. Southern California-based investor Greenfield Gateway LLC sold the asset to an entity formed by the Hinkson Co. for $18.9 million. Situated on 10.1 acres, the sold portion consists of fully leased buildings, including an EoS Fitness-anchored building and two multi-tenant strip-retail buildings. Michael Hackett, Ryan Schubert and Chris Hollenbeck of Cushman & Wakefield in Phoenix represented the seller in the transaction.

October 11, 2022

5500-Greenwood-Plaza-Blvd-Greenwood-Village-CO

Acquisitions Colorado Office Western

Focus Property Group Divests of 69,855 SF Office Building in Greenwood Village, Colorado

by Amy Works October 11, 2022

GREENWOOD VILLAGE, COLO. — Focus Property Group has completed the disposition of 5500 Greenwood, an office property in Greenwood Village. A private investor acquired the asset for $15.7 million. Located at 5500 Greenwood Plaza Blvd., the property offers 69,855 square feet of office space. Built in 1974, the two-story building is fully leased to seven tenants, including Galloway & Co. and Enterprise Coworking. The location features easy access to both Interstate 25 and C-470. Patrick Devereaux, James Brady, Campbell Davis and Chad Flynn of CBRE Capital Markets in Denver represented the seller in the transaction.

October 11, 2022

Aaron Hargrove Walker Dunlop Affordable Housing

Affordable Housing Content Partner Features Leasing Activity Loans Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Walker & Dunlop: Affordable Housing’s Appeal Grows for Investors

by Sarah Daniels October 11, 2022

With transaction volume for market-rate housing beginning to ebb, affordable housing investment is poised to play a more central role in the months ahead. Several factors have broadened the allure of affordable housing as an investment vehicle in recent years. When the pandemic began taking a toll on market-rate housing performance, investors saw federal, state and even local governments enact measures to help residents at affordable communities maintain their rent payments and help ensure housing remained available for people struggling financially. We saw the interest level in Section 8 properties, for example, increase significantly during the pandemic, due chiefly to federal guarantees backing those rent streams. From a financing perspective, the strong commitment shown by Fannie Mae, Freddie Mac and the Federal Housing Administration to preserve liquidity for affordable housing has bolstered development and investment in the space. Due to the required hold periods, affordable housing investments are less affected by market cycles, so liquidity should remain strong. Now, changing economic forces promise to drive new equity to the affordable sphere and fuel further investment. The Federal Open Market Committee’s resolve to combat record inflation is exerting upward pressure on mortgage rates and, eventually, cap rates, which could discourage sellers …

October 11, 2022

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