Western

Imperium Blue Purchases Chateau, Zalanta Retail Centers in South Lake Tahoe for $33M

by Amy Works January 5, 2022

SOUTH LAKE TAHOE, CALIF. — Florida-based Imperium Blue has acquired the Chateau and Zalanta retail centers in South Lake Tahoe for $33 million. Ready Capital sold the assets, which total 50,000 square feet of retail space. Tony Wood of KW Commercial Real Estate Services represented the seller, while Scott Campbell of SRS National Let Lease Group represented the buyer in the deal. The properties are part of a larger 20-acre development project that includes 400 residential condominiums and 100,000 square feet of retail space.

January 5, 2022

Acquisitions Arizona Multifamily Student Housing Western

INREIT Acquires 833-Bed Student Housing Community Near Arizona State University

by Amy Works January 5, 2022

TEMPE, ARIZ. — Invesco Real Estate Income Trust Inc. (INREIT) has acquired an 833-bed student housing community located near Arizona State University in Tempe. Developed in 2017, the 13-story property offers 384 units. The community was fully leased at the time of sale. Further details on the property and the seller were undisclosed. “We are excited to acquire a high-quality, 100 percent-occupied student housing property at one of the nation’s largest universities and in a high-growth market like Tempe,” says R. Scott Dennis, president and CEO of INREIT. “There continues to be strong demand for the student housing sector and we are seeing an increase in undergraduate enrollment at top universities, resulting in student housing occupancy reaching pre-COVID levels.”

January 5, 2022

Acquisitions Colorado Multifamily Western

Hudson Capital Sells Highland Point Apartments in Aurora to Thayer Manca

by Amy Works January 5, 2022

AURORA, COLO. — Hudson Capital has completed the disposition of Highland Point Apartments, a multifamily community in Aurora, to Seattle-based Thayer Manca for an undisclosed price. Justin Hunt, Andy Hellman, Kevin McKenna, Saul Levy, Katie Fergen and Jessica Graham of CBRE represented the seller in the deal. Situated on 13.6 acres at 16894 E. Arkansas Ave., Highland Point features 319 apartments, an outdoor swimming pool and fitness center.

January 5, 2022

Acquisitions California Office Western

Innovatus Capital Partners Buys 110,128 SF Office Building in San Diego

by Amy Works January 5, 2022

SAN DIEGO — Innovatus Capital Partners has purchased The Pinnacle, a five-story office building located in San Diego’s Rancho Bernardo neighborhood. LPC West, the West Coast arm of Lincoln Property Co., will provide property management services. Located at 10920 Via Frontera, The Pinnacle features 110,128 square feet of Class A office space with 22,000-square-foot floor plates. At the time of sale, the property was fully occupied. Built in 2007, the building recently underwent a series of capital improvements, including lobby renovations, upgraded shower and locker rooms, new landscaping and electric vehicle charging stations. Terms of the transaction, including the seller and acquisition price, were not released.

January 5, 2022

Acquisitions Idaho Multifamily Seniors Housing Western

SLIB Negotiates Sale of 82-Unit Seniors Housing Property in Chubbuck, Idaho

by Amy Works January 5, 2022

CHUBBUCK, IDAHO — Senior Living Investment Brokerage (SLIB) has arranged the sale of Cottonwood Cove, an 82-unit independent living community in Chubbuck, located in the southeast portion of the state. The facility was built in 1987 and totals 117,828 square feet on approximately five acres of land. The price was not disclosed. Cottonwood Cove has consistently performed even through the pandemic, with an occupancy near 100 percent on an ongoing basis, according to SLIB. The seller was a local owner, with this being its sole senior living asset. The buyer is a Western-based private equity group. The buyer plans to invest in extensive renovations and add additional services for the residents. Vince Viverito, Jason Punzel and Brad Goodsell of SLIB handled the transaction.

January 5, 2022

Idaho Market Reports Retail Western Western Market Reports

The Boise Retail Market is Augmented by Local Growth

by Jeff Shaw January 5, 2022

By Tim Reid, First Vice President, CBRE Boise’s retail market continues to show signs of resiliency in the wake of a global downturn caused by the pandemic. Though retail companies pivoted their business models to accommodate social distancing policies and provide contactless options last year, many were still forced to close their doors. The retail outlook is now much brighter after the industry experienced an incredibly turbulent year. Beginning in April, Idaho’s year-over-year retail sales rebounded 56.3 percent after dropping to 22.7 percent in 2020. Much of that progress can be attributed to Idaho’s strong fundamentals, including the state’s robust population growth. Idaho led the nation as the second-fastest growing state in the past decade, adding 17.3 percent to the population from 2010 to 2020. This state also houses several of the fastest-growing cities in the nation. While much of the migration to Boise City came from within the state, relocations from the West Coast — namely, California, Washington and Oregon — surged, accounting for 17.5 percent of last year’s growth. Those moving tend to be young, affluent, childless professionals seeking urban locations. While this migration pattern is not new, relocations to the Treasure Valley were amplified by the pandemic. These dynamics …

January 5, 2022

Arizona Development Hospitality Multifamily Western

Sterling Real Estate Buys Hotel Tucson City Center, Plans Multifamily Conversion

by Amy Works January 4, 2022

TUCSON, ARIZ. — Scottsdale-based Sterling Real Estate Partners has acquired Hotel Tucson City Center in an off-market transaction for an undisclosed price. The company plans to convert the hotel into market-rate apartments. Originally built in the 1960s, the 278-room hotel will be transformed into a modern, 210-unit apartment complex. The seven-building, 10-acre site is located adjacent to the historic El Presidio neighborhood in downtown Tucson. Residences will consist of luxury studio and one-bedroom units, ranging from 300 square feet to 700 square feet. Site amenities of the converted property will include upgrades to the pool area, fitness room, clubhouse, conference room, dog park and outdoor lounge. Upon completion, the apartments will offer low gross rents with luxury interiors finishes to support the high demand for quality affordable housing in the downtown submarket. Sterling had the property under contract since January 2021 while it underwent the rezoning process for residential use. The company collaborated with neighbors throughout the process to receive zoning approval without opposition. Upon purchase, Sterling will become a Choice Hotel franchisee and has engaged Ledgestone Hospitality to operate the four-story building as a hotel, while the adjacent buildings are converted to apartments. Additionally, the site was approved for …

January 4, 2022

Acquisitions Colorado Multifamily Western

Gelt Acquires Willow Point Townhomes in Denver for $69M

by Amy Works January 4, 2022

DENVER — Gelt has purchased Willow Point Townhomes, a rental community located at 8500 E. Mississippi Ave. in Denver. The property sold for $69 million in an off-market transaction. Built in 2016 on 8.5 acres, the community features 30 two-story residential buildings offering a total of 117 two- and three-bedroom townhome-style units averaging 1,504 square feet. The townhomes feature attached two-car garages, private patios, stainless steel appliances, quartz countertops, full-size washers/dryers and select units with study rooms. On-site amenities include a resort-style pool and spa, dog wash, playground and 274 parking spaces.

January 4, 2022

Acquisitions Colorado Multifamily Western

Berkadia Brokers $24.7M Sale of Eleven13 Apartments in Fort Collins, Colorado

by Amy Works January 4, 2022

FORT COLLINS, COLO. — Berkadia has arranged the sale of and acquisition financing for Eleven13 Apartments, a garden-style multifamily property in Fort Collins. California-based Bridge Partners sold the asset to Colorado-based Trailbreak Partners for $24.7 million. Located at 1113 W. Plum St., Eleven13 Apartments features 107 two- and three-bedroom floor plans with air conditioning and washer and dryer connections. Community amenities include a clubhouse, fitness center, game room, laundry facilities and a picnic area. Nick Steele, John Laratta, Tyler King and Nate Moyer of Berkadia Denver represented the seller in the deal. Brian Huff of Berkadia Denver arranged a $20 million acquisition loan for the buyer. CorAmerica Capital provided the three-year, non-recourse loan, which features a 75 percent loan-to-cost ratio, 3.85 percent interest rate and an interest-only payment schedule.

January 4, 2022

Acquisitions Industrial Washington Western

Fortress Investment Purchases Seven-Acre Industrial Property in Auburn, Washington for $22M

by Amy Works January 4, 2022

AUBURN, WASH. — Fortress Investment has acquired a seven-acre industrial property in Auburn from MK Holdings for $22 million in an off-market transaction. Matt Murray and Matt McLennan of Kidder Mathews brokered the deal. Located at 904 W. Main St., the land includes a 24,000-square-foot building. Utility Trailer Sales of Washington Co. occupies the property.

January 4, 2022

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