Western

Vegas Shows Resilience with Strong Economic Growth in Retail

by Jeff Shaw January 18, 2022

By Jeffrey Mitchell, Principal Broker, Mountain West Commercial Real Estate Las Vegas experienced the second largest unemployment rate at the start of the COVID-19 pandemic in April 2020. Since then, the Las Vegas Metro has come a long way in recovering economically. It continues to see growth, particularly in the retail sector. Some key factors as to why Las Vegas has been on a continued trajectory of growth include the migration of residents, capital from across the country (with California being the primary source) and substantial tourism to the Vegas Strip. This has all fueled the flames for a hot Las Vegas that’s attracting investors, big box tenants and franchises looking to expand with a fury. The migration of California residents has helped increase residential growth by 2.2 percent in Clark County. California residents typically have a higher disposable income, which has flooded the housing market with prices increasing by 20.9 percent. New residents translate to new sales, which have also bolstered the food and beverage and retail markets by creating demand for more retail tenants around them. Ironically, high-end retailers have set records throughout the pandemic with their sales on the Strip. Other business owners have strategically managed PPE from the government or capital …

January 18, 2022

Acquisitions Arizona Multifamily Western

Davlyn Investments Acquires The Boulevard Multifamily Community in Phoenix for $112.5M

by Amy Works January 17, 2022

PHOENIX — Davlyn Investments has purchased The Boulevard, an apartment property in Phoenix, for $112.5 million. The California-based buyer plans to rebrand the 294-unit community as Boulders at Lookout Mountain. Built in 1994 on 16.7 acres, the property features central heating and air conditioning, in-unit laundry, wood-burning fireplaces, walk-in closets with built-in shelving, arid landscaping, parking and an expansive community amenity package. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller. Eric Flyckt of Northmarq arranged acquisition financing, which New York Life provided.

January 17, 2022

Acquisitions Loans Multifamily Washington Western

PCCP Provides $75M Acquisition, Repositioning Loan for The Post Apartments in Downtown Seattle

by Amy Works January 17, 2022

SEATTLE — PCCP has provided a $75 million senior loan to Griffis Residential for the acquisition and repositioning of The Post, a 16-story multifamily community located at 888 Western Ave. in downtown Seattle. Situated in the Seattle Central Business District, Waterfront and Pioneer Square submarkets, The Post features 208 apartments with quartz countertops, vinyl-plank flooring, steel appliances, floor-to-ceiling windows and views of downtown Seattle, Elliott Bay and the Olympic Mountains. Community amenities include a rooftop deck with grilling areas and a reflection pool, multiple rooftop lounges, a media room, dog run, yoga studio, library and fitness center.

January 17, 2022

Contour-Apache-Southern-Ave-Rds-Buckeye-AZ

Arizona Development Industrial Western

Contour Real Estate Buys 77-Acre Industrial Development Site in Buckeye, Arizona

by Amy Works January 17, 2022

BUCKEYE, ARIZ. — An entity controlled by Contour Real Estate has acquired an approximately 77-acre industrial site at the southeast corner of Apache and Southern Avenue roads in Buckeye. The Napolitano Family sold the property, which is adjacent to the Cardinal Glass and Walmart distribution facilities, for $14.5 million. Contour plans to develop a 1.2 million-square-foot, Class A, cross-dock facility targeting e-commerce and logistics tenants in needs of a regional distribution hub. Ware Malcomb is serving as architect and civil engineer for the project. Paul Borgesen and Dylan Sproul of SVN Desert Commercial Advisors represented the buyer in the deal. Marc Hertzberg of JLL’s Phoenix office will handle leasing for the completed facility.

January 17, 2022

Affordable Housing Colorado Loans Lument Multifamily Western

Lument Funds $25.1M in Fannie Mae Financing for Affordable Housing Portfolio in Colorado

by Amy Works January 17, 2022

LAKEWOOD, ARVADA, DENVER AND FOUNTAIN, COLO. — Lument has closed five Fannie Mae conventional multifamily housing loans totaling $25.1 million to refinance the Archway Portfolio, five affordable housing communities near Denver and Colorado Springs. The borrower is Archway Communities, which manages the portfolio. Andrew Ellis of Lument led the transactions. Fountain Ridge, the largest of the portfolio, received a 10-year loan with a fixed interest rate and a 30-year amortization schedule. The other four loans feature fixed interest rates, 12-year terms, two years of interest-only payments and 30-year amortization schedules. The portfolio includes the 72-unit Foothills Green in Lakewood, the 60-unit Willow Green in Arvada, the 65-unit Sheridan Ridge in Arvada, the 60-unit Arapahoe Green in Denver and the 111-unit Fountain Ridge in Fountain.

January 17, 2022

Loans Multifamily Oregon Seniors Housing Western

CBRE Arranges Refinancing for 216-Unit Seniors Housing Property in Lake Oswego, Oregon

by Amy Works January 17, 2022

LAKE OSWEGO, ORE. — CBRE National Senior Housing has arranged a refinancing for The Springs at Lake Oswego, a 216-unit independent living, assisted living and memory care community in Lake Oswego. The borrower is a joint venture between Harrison Street and The Springs Living. Aron Will, Austin Sacco and Tim Root arranged the non-recourse, four-year, floating-rate loan with three years of interest-only payments through a national bank. CBRE previously arranged construction financing for the community in 2017. The amount was not disclosed. The community opened in 2019 in a highly affluent city approximately eight miles south of downtown Portland.

January 17, 2022

Arizona Development Multifamily Top Stories

Clayco Breaks Ground on 28-Story PALMtower Apartment Building in Downtown Phoenix

by Julia Sanders January 14, 2022

PHOENIX, ARIZ. — Chicago-based Clayco has broken ground on PALMtower, a 28-story residential tower development in downtown Phoenix. The project is slated for completion by early 2024. Development costs were not disclosed. PALMtower will feature 352 apartment units with unit features including quartz countertops, luxury vinyl tile, custom finish light fixtures and views of downtown Phoenix. The property will also offer parking onsite, including six floors of above-ground parking with 370 spaces and 120 spots for bike parking. The property will also include a 17,500-square-foot seventh-floor amenity level with an indoor-outdoor common space. The outdoor amenities will include a pool, spa, outdoor kitchen, native gardens and 360-degree city views. Indoor amenities will feature a resident’s club, media room, lounge areas and fitness and yoga centers. The project is landlocked on all sides in one of downtown Phoenix’s most constrained sites, according to Clayco. The 481,980-square-foot building’s exterior cladding will include glass and metal paneling. Located at 440 East Van Buren St., PALMtower is located less than a half mile from the Arizona State University Downtown Phoenix campus and across the street from the University of Arizona College of Medicine campus. The property will be located near retailers and restaurants, including …

January 14, 2022

Hawaii Loans Multifamily Seniors Housing Western

Ziegler Arranges $52M Bridge Loan for Kalakaua Gardens Seniors Housing Community in Honolulu

by Amy Works January 14, 2022

HONOLULU — Ziegler has arranged a bridge loan placement totaling $52 million for Kalakaua Gardens, a continuing care retirement community in Honolulu. The property features 164 units of independent living, assisted living, memory care and skilled nursing. The borrower is Island Paradise Investments (IPI). IPI opened Kalakaua Gardens in late 2016. The community is situated at the gateway to Waikiki within the lively Ala Moana enclave and in close proximity to several hospitals and medical clinics. The community was built for ohana-style living, where residents are encouraged to live and be social within inviting open spaces that offer 360-degree views of the islands. The loan refinanced the original construction loan and provided additional proceeds for planned renovations, other reserves and closing costs.

January 14, 2022

Brentwood-Shopping-Center-Los-Angeles-CA

Acquisitions California Restaurant Retail Western

Weiss Development Sells Brentwood Shopping Center in Los Angeles for $30M

by Amy Works January 14, 2022

LOS ANGELES — Weiss Development has completed the disposition of Brentwood Shopping Center, a retail property located at 11674-11690 San Vicente Blvd. in Los Angeles. Fields Holdings acquired the asset for $30 million in an off-market transaction. Tenants at the 14,789-square-foot center include Chipotle, Juice Crafters, Planet Beauty, Juan Juan Salon, Coffee Bean & Tea Leaf, Harry’s Wine and Spirits, Winston Pies and Claudio D’Italio. Bill Bauman and Kyle Miller represented the seller in the deal.

January 14, 2022

Acquisitions Affordable Housing Colorado Multifamily Western

Kairos Investment Buys 103-Unit Forest Manor Apartments in Glendale, Colorado

by Amy Works January 14, 2022

GLENDALE, COLO. — Kairos Investment Management Co. has acquired Forest Manor Apartments, an affordable multifamily property located at 625 S. Forest St. in Glendale. Terms of the transaction were not released. Built in 1974, Forest Manor features 103 apartments in a mix of a single studio, 74 one-bedroom and 28 two-bedroom units with air conditioning, carpeted floors and spacious closets. The property was last renovated in 2001. Community amenities include a swimming pool and laundry facilities. Kairos plans to renovate the asset by implementing interior and exterior upgrades, including interior repairs and upgrades to units, new flooring for interior hallways, exterior roof repairs, pool renovation and common-area amenities.

January 14, 2022

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