Western

OpenPath Investments Divests of Pointe East Apartment Homes in Fife, Washington for $31.7M

by Amy Works September 13, 2022

FIFE, WASH. — OpenPath Investments has completed the disposition of Pointe East Apartment Homes, an apartment community in Fife. 11 Capital LLC acquired the property for $31.7 million, or $256,048 per unit. Philip Assouad, Giovanni Napoli, Ryan Harmon and Nicholas Ruggiero of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction. Built in 1986, Pointe East features 124 apartments, a leasing office, fitness center, outdoor courtyard with barbecue areas and a children’s playground. All apartments offer wood-burning fireplaces, extra storage spaces, private decks or patios, and a walk-in closet or dual closets in the main bedroom. The unit mix includes 37 one-bedroom units and 87 two-bedroom apartments.

September 13, 2022

Acquisitions Industrial Utah Western

GO Industrial Sells Two-Building Logistics Campus in Salt Lake City

by Amy Works September 13, 2022

SALT LAKE CITY — GO Industrial, in partnership with a real estate fund advised by Crow Holdings Capital, has completed the disposition of 5600 | Logistics, a two-building logistics campus in Salt Lake City. Terms of the transaction were not released. Totaling 505,692 square feet, 5600 | Logistics features a 265,120-square-foot building with 32-foot clear heights, 50 dock-high doors, four grade-level doors, 177 employee parking spaces and 72 trailer parking spaces, as well as a 240,654-square-foot building with 32-foot clear heights, 46 dock-high doors, four grade-level doors, 159 employee parking spaces and 62 trailer spaces. CBRE | National Partners negotiated the deal for the seller.

September 13, 2022

California Development Multifamily Seniors Housing Western

Revel Communities Opens Independent Living Development in Folsom, California

by Amy Works September 13, 2022

FOLSOM, CALIF. — Revel Communities, a division of The Wolff Company representing a portfolio of independent living communities, has opened its newest property, Revel Folsom. Located 35 miles outside of Sacramento, Revel Folsom will feature views of the foothills of the Sierra Nevada Mountains. The size and number of units were not disclosed. Alicia Rist is the community’s executive director. Revel Folsom is the latest expansion for Revel across the Western U.S. and will join Revel Palm Desert and Revel Lodi as the brand’s third independent living community in California in two years.

September 13, 2022

Acquisitions Hawaii Retail Western

SRS Brokers $5.5M Sale of Cost-U-Less-Occupied Retail Property in Hilo, Hawaii

by Amy Works September 13, 2022

HILO, HAWAII — SRS Real Estate Partners has arranged the sale of a single-tenant retail property located at 715 Kinoole St. in Hilo. A mainland-based private investor acquired the asset from a Hawaii-based private investor for $5.5 million. Cost-U-Less, a warehouse-style retail chain store, occupies the 23,016-square-foot building, which was built in 2002. Nicholas Paulic, AJ Cordero, Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller in the transaction.

September 13, 2022

Acquisitions California Industrial Self-Storage Western

LeClaire-Schlosser Group Negotiates Sale of VIP Self Storage in El Cajon, California

by Amy Works September 13, 2022

EL CAJON, CALIF. — The LeClaire-Schlosser Group of Marcus & Millichap has arranged the sale of VIP Self Storage in El Cajon. Terms of the transaction were not released. Totaling 23,620 square feet, VIP Self Storage offers 376 non-climate-controlled units. Keith Phillips and Charles LeClaire of Marcus & Millichap represented the seller, a California-based partnership that has owned the asset for more than 25 years. The buyer is a real estate investment firm that operates nationwide.

September 13, 2022

Paul Darrow LA multifamily investment sales

Acquisitions California Content Partner Development Features Leasing Activity Multifamily Walker & Dunlop Western

LA Multifamily Investment Deals See Volume Normalization, Pricing Resets for Select Assets

by Sarah Daniels September 13, 2022

Multifamily investment transaction volume had an unprecedented year in 2021, and the first six months of 2022 were quite robust. Now, economic uncertainty in the form of rising interest rates and a cooling economy has created some hesitancy on the part of investors. “Some normalization is occurring in the market now, in addition to a pullback because of what is going on in the capital markets and economy,” says Paul Darrow, a managing director of Walker & Dunlop’s investment sales team based out of Los Angeles. Walker & Dunlop is one of the largest providers of capital to commercial real estate industry in the United States. Darrow sat down with REBusinessOnline to talk about multifamily investment sales trends in the Los Angeles area and the opportunities he sees for investors down the road. REBusiness: Investor interests have shifted in the past few months. What kinds of properties are investors most interested in now? Darrow: It’s a mixed bag when it comes to investor appetite. Those who raised money to buy specific types of buildings are obviously guided by what they’ve promised their investors in the form of return profiles and risk. Core funds, for example, can’t just switch to value-add or …

September 13, 2022

Acquisitions Arizona Multifamily Western

Greenlight Communities Sells Cabana 99th Apartments in Glendale, Arizona for $93.5M

by Amy Works September 12, 2022

GLENDALE, ARIZ. — Greenlight Communities has completed the sale of Cabana 99th, a multifamily community in Glendale. B&R Capital Partners and American Landmark acquired the asset for $93.5 million, or $326,923 per unit. Completed in 2022, Cabana 99th features 286 apartments with nine-foot ceilings, stainless steel appliance packages, wood-style vinyl plank flooring with carpet in the bedrooms and keyless entry systems. Select floor plans have built-in workstation desks and full-size, front-loading washers and dryers. Community amenities include a clubhouse, fitness center, outdoor fitness circuits and a resort-style swimming pool. The controlled-access, gated-entry property also offers two laundry rooms, co-working space, a parcel delivery room and covered parking. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

September 12, 2022

Development Loans Multifamily Utah Western

Square Mile Provides $61.8M Construction Loan for Multifamily Development in Salt Lake City

by Amy Works September 12, 2022

SALT LAKE CITY — Square Mile Capital Management has originated a $61.8 million loan to finance the ground-up development of 375 West Whitney Avenue, a 264-unit apartment community in Salt Lake City. The borrower is Minneapolis-based Roers Cos., a full-service real estate development firm that has developed 50 properties totaling 5,400 units. Gary Sefcik and Phillip Gause of Marcus & Millichap arranged the financing. Upon delivery, the six-story 375 West Whitney will feature 12 studios, 157 one-bedroom units, 90 two-bedroom units and five three-bedroom units. All units will feature quartz countertops, stainless steel appliances, luxury vinyl tile flooring and expansive views. Community amenities will include a rooftop sky lounge and club room with mountain views, a golf simulator, group/game room, fitness center, yoga studio, an outdoor pool and underground parking.

September 12, 2022

Acquisitions California Industrial Office Western

Majestic Asset Management Buys 248,961 SF Telstar Building in El Monte, California for $73M

by Amy Works September 12, 2022

EL MONTE, CALIF. — Rising Realty Partners and Brasa Capital Management have completed the disposition of Telstar Building, an industrial and office building at 9320 Telstar Ave. in El Monte. Majestic Asset Management acquired the property for $73 million. Michael Longo, Todd Tydlaska, Sean Sullivan, Darla Longo, Will Pike, Melissa Moock, Anthony DeLorenzo and Mark Shaffer of CBRE represented the seller in the transaction. The County of Los Angeles leases the entire 248,961-square-foot building and recently renewed its lease for the property. The renewal also included an 86,961-square-foot expansion of industrial space. The tenant houses its public health, public social services and children and family services departments at the facility. Situated on 7.9 acres, the building features 67 percent office space, 33 percent industrial space and 627 parking spaces.

September 12, 2022

Acquisitions Multifamily Nevada Seniors Housing Western

ESI Brokers Sale of TLC Care Center Skilled Nursing Facility in Henderson, Nevada for $50M

by Amy Works September 12, 2022

HENDERSON, NEV. — Evans Senior Investments (ESI) has arranged the sale of TLC Care Center, a 255-bed skilled nursing facility in Henderson. An independent owner-operator sold the asset to Hill Valley Healthcare for $50 million, or $196,000 per bed. Built in 1999, TLC Care Center is located just 10 miles south of the Las Vegas strip. The facility features 35 private and 112 semi-private rooms, which includes 42 ventilator-equipped beds in a designated wing. Prior to the COVID-19 pandemic, the facility exhibited over 90 percent occupancy levels and produced over $24 million in annual revenue. However, because of the pandemic, occupancy was only 58 percent at the time of marketing. “The competitive bidding and record-breaking price per bed for a community whose census was below stabilized levels showcases the strength of the skilled nursing market today,” says Brendan DeSilvia, associate at ESI. The acquisition was Hill Valley Healthcare’s first in Nevada.

September 12, 2022

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