Western

Intracorp Divests of AmpliFi Apartments in Fullerton, California for $168M

by Amy Works December 6, 2021

FULLERTON, CALIF. — Intracorp has completed the sale of AmpliFi Apartments, a multifamily property located at 600 W. Commonwealth Ave. in Fullerton. An undisclosed buyer acquired the asset for $168 million. Built in 2019, AmpliFi features 290 apartments in a mix of studio, one-, two- and three-bedroom floor plans. On-site amenities include a pool with private cabanas, outdoor fireplaces with seating areas, outdoor dining, barbecues, ground-floor retail space and a business center with private offices. The property also features a coffee bar, clubhouse with chef-inspired kitchen, fitness center, three rooftop viewing decks, dog park and spa.

December 6, 2021

Colorado Development Industrial Western

Partnership Buys 37-Acre Parcel in Mead, Colorado for Five-Building Spec Industrial Development

by Amy Works December 6, 2021

MEAD, COLO. — A partnership between Denver-based Silver Point Development and an affiliate of Walker & Dunlop Investment Partners has purchased 37 acres of land for Phase I of Elevation25, a five-building, 578,240-square-foot speculative industrial warehouse development in Mead. Terms of the transaction were not released. The team plans to break ground on the first two buildings later this month, with completion slated for fall 2022. Building 1, totaling 94,076 square feet, is 40 percent pre-leased to Premier Manufacturing with 56,642 square feet of remaining available space. Building 2 will total 109,676 square feet. The developer is positioned to acquire an adjacent 36-acre land parcel within the next three years for the development of Phase 2 of Elevation25, which will include four buildings totaling 422,000 square feet. Dawn McCombs and Kevin Hann of Avison Young’s Industrial Services team in Denver represented the buyers. Clayton Pristou of Avison Young’s Denver-based Structured Finance Group arranged acquisition and construction financing with CIBC Bank USA for the ownership team.

December 6, 2021

Acquisitions Arizona Multifamily Western

Rise48 Equity Sells Villa Serena Apartments in Phoenix to Tides Equities for $32M

by Amy Works December 6, 2021

PHOENIX — Rise48 Equity has completed the disposition of Villa Serena, a multifamily community located near Interstate 17 in Phoenix. Tides Equities acquired the property for $32 million, or $233,577 per unit. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Constructed in 1982 on five acres, Villa Serena features 137 apartments in a mix of one- and two-bedroom layouts, with 54 percent of the property being two-bedroom/two-bath units. All apartments include private patios or balconies with exterior storage space and washers/dryers. Community amenities include a swimming pool with poolside loungers and ramada, business center and reserved covered parking.

December 6, 2021

Acquisitions California Industrial Western

Faris Lee Brokers Sale of 42,119 SF Industrial Park in Rancho Cucamonga, California

by Amy Works December 6, 2021

RANCHO CUCAMONGA, CALIF. — Faris Lee Investments has arranged the sale of Hermosa Technology Center, an incubator industrial park located at Hermosa Avenue and Sixth Street in Rancho Cucamonga. A private family office based out of Riverside County, Calif., sold the asset to a Los Angeles-based family office for $11.4 million, or $271 per square foot. Nick Miller and Shaun Riley of Faris Lee represented the seller in the deal. At the time of sale, the 42,119-square-foot property was fully leased.

December 6, 2021

Avenir-Memory-Care-Westside-Los-Angeles-CA

California Development Multifamily Seniors Housing Western

Avenir Opens 88-Unit Memory Care Community in Los Angeles

by Amy Works December 6, 2021

LOS ANGELES — Avenir Senior Living has opened Avenir Memory Care Westside, a seniors housing community in Los Angeles’ Westchester neighborhood. The community features 88 memory care units using a specialized program that aligns residents who have similar cognitive abilities. “We call this the cognitive lifestyle,” says Jason Gurash, vice president of sales and marketing for Avenir Senior Living. “Taking it a step further, every neighborhood is intentionally designed to look exactly the same. That way, everything is familiar. Residents feel comfortable and at home even if they need to move to a higher level of support.”

December 6, 2021

Content Partner Features Leasing Activity Lee & Associates Midwest Multifamily Southeast Texas Western

Six Factors Helping to Power Interest in Multifamily Markets

by Sarah Daniels December 6, 2021

When the pandemic engulfed the world last year, few analysts predicted that the multifamily sector would flourish and thrive so well. Most suspected that the sector would be on life support. Yet, despite a year-long national eviction moratorium, there hasn’t been a better time to be a big apartment-building landlord. Multifamily-property values have increased 13 percent since before the pandemic and more money is being invested now in apartment buildings than in any other type of commercial real estate. How did this happen and what explains this? Lee & Associates’ research will delve into why the multifamily sector, contrary to past predictions and present-day misperceptions, is flourishing as never before. 1. Measured on an annual basis, national asking rents rose 10.3 percent in August. That marked the first double-digit increase in the more than 20 years the data of 13 million professionally managed apartments has been collected, and in several cities, the rent increases were much more significant than the national figure.[1] August rents rose more than 20 percent year-over-year in Phoenix, Las Vegas and Tampa. Similarly, monthly rents were up more than 20 percent in comparable markets such as Boise, Idaho and Naples, Florida. 2. Multiple factors explain this …

December 6, 2021

California Market Reports Multifamily Western Western Market Reports

NorCal’s Apartment Market is All About Location

by Jeff Shaw December 6, 2021

By Ramon Kochavi, First Vice President and Regional Manager, Marcus & Millichap Winston Churchill wrote, “Those that fail to learn from history are doomed to repeat it.” Precipitated by a once-in-a-lifetime health crisis, the 2020 market shift has had an oversized effect on Northern California’s multifamily marketplace. The ongoing pandemic has the hallmarks of an event that causes people — including real estate investors — to draw overarching conclusions. Overreaction is a characteristic of most recessions, but time and time again, investors have turned away from the Bay Area only to spend the next decade watching rent growth and massive appreciation from the sideline of some secondary market. While some Bay Area cities experienced double-digit, year-over-year rent decreases, these reductions are likely transitory in nature. Three factors have led to the Bay Area apartment rent growth over the past three decades: • A limited supply of units • A robust labor market (especially high paying jobs) • An onerous regulatory environment. These three trends are still present in the marketplace. While some jobs have transformed into either hybrid or fully remote positions, there is no doubt that the majority of work, especially entry level, will return to an office setting after the health crisis. Office …

December 6, 2021

Acquisitions California Multifamily Western

Decron Divests of Two-Property Multifamily Portfolio in Simi Valley, California for $190M

by Amy Works December 3, 2021

SIMI VALLEY, CALIF. — Decron Properties has completed the disposition of a two-property apartment property in Simi Valley. An undisclosed, private multifamily investment firm acquired the 504-unit portfolio for $190 million, or $376,984 per unit. The portfolio includes the 372-unit The Villas at Woodranch and the 132-unit Overlook at Woodranch. Both communities were constructed in 1986. Community amenities include two pools, tennis courts, fitness center and barbecue areas. Apartments feature hardwood floors, vaulted ceilings, bay windows and balconies. Kevin Green, Greg Harris and Joseph Grabiec of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

December 3, 2021

Acquisitions California Multifamily Western

HomeFed Acquires Solona at Grand Multifamily Community in Escondido, California for $167.5M

by Amy Works December 3, 2021

ESCONDIDO, CALIF. — HomeFed Corp. has purchased Solana at Grand, a 519-unit apartment property, from an undisclosed seller for $167.5 million. Kevin Mulhern of CBRE represented the buyer in the deal. Located at 1501 E. Grand Ave., Solana at Grand features a mix of studio, one- and two-bedroom layouts with remodeled interiors and patios/balconies. Community amenities include two swimming pools, a fitness center, spa with sundeck, clubhouse, tennis court, grilling area, coffee bar and laundry facilities. HomeFed plans to convert the property into middle-income affordable housing through a public-private partnership structure with the California Municipal Finance Authority and the City of Escondido.

December 3, 2021

Acquisitions Arizona Multifamily Western

Next Wave Investors Buys 160-Unit Willow Creek Apartments in Prescott, Arizona

by Amy Works December 3, 2021

PRESCOTT, ARIZ. — Next Wave Investors has purchased Willow Creek, a multifamily community in Prescott, from an entity doing business as 3137 Willow Creek Road LLC for $58 million, or $362,500 per unit. Steve Gebing, Cliff David and Hamid Panahi of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction. Completed in 2020, Willow Creek features 160 apartments averaging 860 square feet. Units feature nine-foot ceilings, custom dark wood cabinetry and full-size washers/dryers. Common area amenities include a leasing office and resident clubhouse, fitness center, courtyard with picnic seating and charcoal grilling stations, covered parking and detached garages.

December 3, 2021

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