Western

Titan Development Breaks Ground on 111-Unit Allaso Vineyards Apartments in Albuquerque

by Amy Works February 18, 2022

ALBUQUERQUE, N.M. — Titan Development has broken ground on Allaso Vineyards, a multifamily community located the corner of Holly Avenue NE and Ventura Street NE in Albuquerque. The 123,000-square-foot development will take approximately 14 months to complete. The project team includes Dekker/Perich/Sabatini as architect and HB Construction as general contractor. Greystar will serve as operator. Situated in the Northeast Heights neighborhood, Allaso Vineyards will feature 111 apartments in a mix of studio, one- and two-bedroom layouts with quartz countertops, 42-inch cabinets and stainless steel appliances. Community amenities will include a resort-style pool and spa, rooftop decks, elevators, game lawns, fire pits, professional-style grills, a fountain, ramadas and an indoor/outdoor fitness area. To honor New Mexico’s historic past as the oldest wine region in America, dating back to 1629 when monks planted the first wine grapes for use in religious ceremonies, the property will feature themed amenities such as grapevines onsite and a winery-inspired lounge that residents can reserve for wine tastings and other private events. The wine lounge will include private wine lockers that can be rented for personal storage, plus each resident will be given a private-label bottle of wine upon move-in. Allaso Vineyards was funded by Titan Development …

February 18, 2022

Acquisitions Colorado Office Western

Dornin Investment Group Sells 138,771 SF Highland Place Office Property in Centennial, Colorado

by Amy Works February 18, 2022

CENTENNIAL, COLO. — Orange County, Calif.-based Dornin Investment Group has completed the disposition of Highland Place I, an office building located at 8085 Chester St. in Centennial. Bridle Dale LLC acquired the asset for $22.2 million. Jon Hendrickson, Aaron Johnson, Eric Wichterman and Mike Coover of Cushman & Wakefield represented the seller in the transaction. Built in the 1980s, Highland Place I features 138,771 square feet of office space on 6.2 acres within the Panorama/Highland Business Park, a 115-acre master-planned business park in Denver’s Southeast Suburban submarket. The property features a full-height atrium lobby, fitness center, outdoor seating area and Rocky Mountain views.

February 18, 2022

Acquisitions California Office Western

Buck Design Acquires Creative Office Building in Downtown Los Angeles for $26.5M

by Amy Works February 18, 2022

LOS ANGELES — Buck Design, a global creative agency, has acquired a creative office property in Los Angeles for its West Coast operations. Brickstar Capital sold the asset for $26.5 million. Located at 120 S. San Pedro St., the building features 79,249 square feet of creative office space. Brickstar Capital purchased the property in 2017 and transformed it into a creative campus in 2020 with an updated lobby, private patio and new gym. The building was originally built in 1985 and includes ground-floor retail and subterranean parking. Jack Cline, Doug Cline and Even Jurgensen of Lee & Associates represented the buyer, while Taylor Watson, Brad Chelf, Phillip Sample, Chris Caras, Michael Shustak and Ryan Phillips of CBRE represented the seller in the deal.

February 18, 2022

Hampton-Inn-Phoenix-Airport-North-Phoenix-AZ

Acquisitions Arizona Hospitality Western

CBRE Negotiates Purchase of 106-Room Hampton Inn Phoenix Airport North

by Amy Works February 18, 2022

PHOENIX — CBRE has arranged the acquisition of Hampton Inn Phoenix Airport North, a hotel located near Phoenix Sky Harbor International Airport in Phoenix. A private, California-based investor acquired the asset from a Washington, D.C.-based real estate investment firm for an undisclosed price. Located at 601 N. 44th St., the hotel features 106 guest rooms, three meeting rooms, 2,024 square feet of event space, a fitness center and outdoor pool. Jennifer Bergamo, Rick Rush and Cater Gradwell of CBRE Hotels Capital Markets represented the buyer and seller in the transaction.

February 18, 2022

Acquisitions Multifamily Oregon Western

Brinkman Enters Oregon Market with Acquisition of Willow Tree Place Apartments in Salem

by Amy Works February 18, 2022

SALEM, ORE. — Brinkman Real Estate has purchased Willow Tree Place Apartments, a multifamily community in Salem, for an undisclosed price. The transaction is Brinkman’s first acquisition in the Oregon multifamily market. Built in 2021, Willow Tree Place features 96 two- and three-bedroom garden-style apartments with Class A interior finishes. Brady O’Donnell, Jeff Halsey, Alex Scott and Jill Haug of CBRE Capital Markets’ Debt & Structured Finance group in Denver arranged a bridge loan through Ladder Capital for the buyer. Gabe Johansen of SMI Real Estate represented the undisclosed seller in the deal.

February 18, 2022

Affordable Housing Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Video Western

Factors Compressing Affordable Housing Pipeline in 2021 Likely to Resolve in 2022

by Sarah Daniels February 18, 2022

In 2021, supply chain issues, increased costs, wage inflation and the logistical challenges of completing projects compounded to negatively impact the affordable housing pipeline. According to Gregg Gerken, head of U.S. Commercial Real Estate with TD Bank, 2022 looks fantastic for the affordable housing sector as those issues are beginning to resolve. However, he notes that the affordable housing sector is still challenged by delays related to financing challenges, among other factors. Demand for affordable housing, federal level commitments to the sector and the continued involvement of Fannie Mae and Freddie Mac are all positive factors for the outlook of affordable housing. However, Gerken notes, “Financing is somewhat challenged by gaps in funding. With pricing and costs going up, there’s a gap between how much a project might support from a loan side versus how much in tax credits are allocated to that project during the last round of allocations. Some of that gap between overall costs and the funding sources is being made up as local agencies put in additional money in order to get affordable housing done.” Hear what Gerken has to say about the development of workforce and affordable housing and the involvement of government-sponsored …

February 18, 2022

Arizona Market Reports Office Western Western Market Reports

Phoenix’s Office Market is Coming Back (Whether Some Companies Like It or Not)

by Jeff Shaw February 18, 2022

By Phil Breidenbach, Senior Executive Vice President, Colliers Companies are coming back to the office in Phoenix. Businesses are envisioning the return of their workforce as many look for new space or reconfigure their existing facilities. Building owners feel the momentum. We have reason to be optimistic — the future of the office and how we use the workplace is exciting! Getting there, however, will be turbulent. Your patience may be tested. Colliers’ fourth-quarter office report shows vacancies stabilizing market wide, positive absorption occurring in key submarkets and rents increasing marginally. Positive fourth-quarter absorption was led by leasing in new Class A+ buildings like 100 S. Mill. This Hines/Cousins project is 80 percent leased by institutional, “household name” tenants at record rents several months prior to completion. Vacancy rates may, however, continue to fluctuate as certain downsizing continues. Some institutional users are adopting work from home for much of their workforce, convinced this strategy will help with employee retention and cost reduction without impacting productivity — assumptions yet to be proven. This strategy has corporate America subleasing space, allowing leases to expire and vacating spaces, which is stagnating recovery. ‘Short Term’ — The Renewal Mantra for 2022 We speak with office occupiers regularly about back-to-work strategies. …

February 18, 2022

Acquisitions California Multifamily Western

29SC Buys Sunterra Apartments in Oceanside, California from Ideal Group for $97.5M

by Amy Works February 17, 2022

OCEANSIDE, CALIF. — 29th Street Capital (29SC) has acquired Sunterra Apartments in Oceanside from Ideal Group for $97.5 million. Built in 1974, Sunterra features 240 apartments, a resort-style pool, two playgrounds, a sundeck with an outdoor fireplace and a fitness center. 29SC plans to implement a community improvement plan including installing stainless steel appliances, quartz countertops, oval soaking tubs and modern white cabinetry. Exterior improvement will include updating the roof, wrapping balconies in wood paneling and replacing windows and glass doors. Haven Residential, 29SC’s in-house property management company, will oversee management and leasing. Hunter Combs of Walker & Dunlop’s San Diego office brokered the off-market transaction. John Montakab and Mark Grace of Walker & Dunlop arranged the financing.

February 17, 2022

Loans Multifamily Oregon Western

Greystone Provides $97.2M Refinancing for Deveraux Glen Apartments Near Portland

by Amy Works February 17, 2022

BEAVERTON, ORE. — Greystone has provided a $97.2 million HUD 223(f) loan to refinance Deveraux Glen Apartments in Beaverton. Melvin Mark Capital Group brought the opportunity to Greystone for the borrower, Peterkort Residential I. Constructed in 2007, Deveraux Glen Apartments features 34 detached and semi-detached townhouse walk-up buildings consisting of one-, two-, three- and four-bedroom units. The fixed-rate loan carries a 35-year term and amortization, with a 65 percent loan-to-value ratio. Additionally, the property qualifies for a 25-basis-point reduction in mortgage insurance premium for achieving green standards.

February 17, 2022

Arizona Development Industrial Retail Western

Sigma Contracting to Develop 100,000 SF Warehouse, Manufacturing, Retail Project in Goodyear for Potato Barn

by Amy Works February 17, 2022

GOODYEAR, ARIZ. — Sigma Contracting is scheduled to break ground in March on a $14 million, 100,000-square-foot warehouse, manufacturing and retail space in Goodyear for Potato Barn, a family-owned furniture store. Situated on eight acres at the southwest corner of West McDowell Road and Pebble Creek Parkway, the ground-up building will feature eight loading docks, 25,000 square feet of warehouse space, 20,000 square feet of manufacturing space and more than 54,000 square feet of retail/showroom space with administrative offices in the mezzanine area. Completion is slated for late fourth-quarter 2022. The project team includes R&M Concrete, State Electric and Alstate Steel.

February 17, 2022

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