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AcquisitionsCaliforniaIndustrialLee & AssociatesWestern

Lee & Associates Brokers $11.7M Sale of Industrial Building in Vista, California

by Amy Works

VISTA, CALIF. — Lee & Associates – NSDC has arranged the sale of a single-tenant industrial property located within Oak Ridge Business Center in Vista. Elion Partners acquired the asset for $11.7 million from Tom E. Dixon Trust. The 47,560-square-foot property features three dock-high doors, two grade-level doors and heavy power. Additionally, the building is 100 percent temperature controlled. Rusty Williams, Chris Roth and Jack Rubendall of Lee & Associates Williams-Roth Group represented the seller, while Greg Pieratt of Lee & Associates represented the buyer in the deal.

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Gregg Gerken TD Bank Affordable Housing quote
Affordable HousingFeaturesFinance InsightLoansMidwestMultifamilyNortheastSoutheastTexasWestern

Growth of Affordable Housing Delayed by Approval Process Slowdowns, Supply Chain

by Sarah Daniels

The need for affordable housing has grown, but factors like municipal slowdowns and delays in financing have helped contribute to a lack of supply. Gregg Gerken, head of U.S. Commercial Real Estate with TD Bank, spoke to REBusiness about why the need for affordable housing is at a critical juncture and why this need is so difficult to fill. Finance Insight: What is the state of affordable housing right now? Gerken: There is a supply/demand imbalance. There continues to be a desperate need for more investment in affordable housing, not less. The arrival of COVID introduced more challenges for affordable housing, but the struggle to find high-quality affordable rental housing existed well before the pandemic. Rent prices affect millions of Americans, especially those with low incomes, and rents have only increased. Furthermore, the pandemic has caused an interruption of the supply chain and much-needed new projects have been delayed. Finance Insight: Can you outline a few big-picture national trends that are most impacting affordable housing right now? Gerken: As I mentioned, the imbalance of supply and demand is negatively affecting affordable housing. Rising rental rates mean fewer people will be able to qualify for affordable housing. Coming out of COVID …

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AcquisitionsCaliforniaOfficeWestern

Parallel Capital Sells Shoreline Square Office Tower in Long Beach for $85.5M

by Amy Works

LONG BEACH, CALIF. — Parallel Capital Partners has completed the disposition of Shoreline Square, an office tower in downtown Long Beach. Shoreline Square Holdings LLC acquired the asset for $85.5 million. Located at 201 E. Ocean Blvd., the 20-story tower features 410,920 square feet of office space. At the time of sale, the property was 92 percent leased to a diverse tenant mix, with 52 percent of the rent roll including U.S. government and municipal tenants. Current tenants include U.S. Customs, California State Land Commission, Department of Defense, California Coastal Commission and the Bureau of Alcohol, Tobacco, Firearms and Explosives. Additional tenants include Jersey Mike’s Subs, Comeria Bank, Café 301 and Corporate Concierge. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of Newmark represented the seller in the transaction.

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ColoradoLoansMultifamilyWestern

Essex Financial Arranges $29.2M in Financing for Two Multifamily Properties in Northern Colorado

by Amy Works

LONGMONT AND LOVELAND, COLO. — Essex Financial Group has secured two permanent loans totaling $29.2 million to refinance two multifamily properties. Both loans were sourced from the same national life insurance company. The loans are low-leverage and feature full-term interest-only payments. The borrower is M. Timm Development. Located in Longmont, Grandview Meadows Apartments features 144 units across six three-story buildings totaling 142,308 square feet. The property is the first phase of a four-phase multifamily development, which will total 508 units. Built in 2001, the community features one-, two- and three-bedroom layouts, a clubhouse, pool, fitness center, playground and business center. Essex sourced an $18 million loan for the stabilized property. The second loan was for Thompson Valley Apartments, a 104-unit multifamily asset in Loveland. Essex secured $11.2 million to refinance the property, which features one-, two- and three-bedroom units. The community was built in 2000. Alex Riggs and Blaire Butler of Essex Financial Group originated the loans, which Essex Financial Services will service.

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CaliforniaDevelopmentMultifamilySeniors HousingWestern

Griffin Living Opens 102-Unit Seniors Housing Community Near Los Angeles

by Amy Works

SIMI VALLEY, CALIF. — Griffin Living has opened the doors on Varenita of Simi Valley, an assisted living and memory care community in Simi Valley, approximately 40 miles northwest of Los Angeles. The 97,000-square-foot building, located in the Griffin Plaza shopping center at the corner of Tapo Canyon Road and Cochran Street, includes 75 assisted living units and 27 memory care units. The location of Varenita of Simi Valley represents a pioneering design in senior living development, since residents are within walking distance of amenities like Aldi supermarket, CVS pharmacy and a variety of retail shops, services and restaurants. Griffin believes placing residents at the heart of a vibrant community center allows them to maintain independence as they age. “Our residents may not be able to go into the world as easily as they once did, so at Varenita, we bring the world to them,” says Paul Griffin, CEO of Griffin Living. “Traditional senior living is modeled on the idea that older residents want peace and quiet,” continues Griffin. “It can have an unintended effect of isolating them.”

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RivieraIandII-Kent-WA
AcquisitionsMultifamilyWashingtonWestern

Marcus & Millichap Brokers $5.2M Sale of Riviera Multifamily Property in Kent, Washington

by Amy Works

KENT, WASH. — Marcus & Millichap has arranged the sale of Riviera I & II, a multifamily community located at 10718 SR 238th St. in Kent. A limited liability company sold the asset to a limited liability company for $5.2 million. Riviera I & II consists of three residential buildings offering a total of 26 apartments. The property features one 14-unit building, which was built in 1978, and two six-unit buildings that were built in 1968. The property offers a mix of one-bedroom/one-bath, two-bedroom/one-bath and two-bedroom/one-and-a-half baths. Kellan Moll and Scott Morasch of Marcus & Millichap’s Seattle office represented the seller and the buyer in the deal.

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Market ReportsMultifamilyNevadaWesternWestern Market Reports

Housing Demand, Rents Hit All-Time Highs Throughout the Las Vegas Valley

by Jeff Shaw

By Steve Nosrat, Principal, Avison Young As we prepare to close out 2021, Las Vegas continues to thrive, maintaining its place as one of the fastest-growing multifamily markets in the nation. Clark County’s population grew by 2 percent — nearly 40,000 — ranking it among the top 10 metros with at least 750,000 residents. This has further increased the already high demand for multifamily properties.  Annual job growth in Las Vegas has outperformed the national average for five straight months, with leisure and hospitality jobs driving most of the recovery. Housing demand and rents are hitting all-time highs all over the Valley. Home values have risen 23 percent annually, and apartment rents are up 22 percent. Vacancy rates are down to just 3.8 percent, compared to the national index of 4.5 percent. This has spurred investors on, causing them to feel more secure with Las Vegas’ long-term outlook. Apartment sales passed $1 billion in the second quarter of 2021, which has only happened twice before in Las Vegas history. The 12-month sales volume has passed $3.1 billion and is trending positively for 2022, according to CoStar. The apartment market gained significant momentum during the third quarter. Cap rates have compressed, and …

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AcquisitionsMultifamilyWashingtonWestern

Kennedy Wilson, Goldman Sachs Asset Management Buy Coppins Well Apartments in Seattle for $106.5M

by Amy Works

SEATTLE — Kennedy Wilson and the real estate business within Goldman Sachs Asset Management have purchased Coppins Well, a high-rise multifamily property in Seattle, for $106.5 million, excluding closing costs. Kennedy Wilson has a 30 percent ownership interest in the property, which the partnership acquired with a total equity investment of $44 million and a $66 million loan. The ownership team plans to roll out a value-add asset management plan, which includes investing $4 million to renovate unit interiors, refresh common areas and enhance amenities. Completed in 2012, the 17-story building features 236 apartments in a mix of studio, one- and two-bedroom layouts, a movie lounge, fitness center and dog runs. Ground-floor retail tenants include a coffee house, restaurant and bank.

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ArizonaDevelopmentHospitalityMultifamilyWestern

Sterling Real Estate Partners Plans Apartment Conversion at 114-Room Hotel in Scottsdale, Arizona

by Amy Works

SCOTTSDALE, ARIZ. — Sterling Real Estate Partners has purchased Suites on Scottsdale, a hotel property in Scottsdale, for an undisclosed price in an off-market transaction. The company plans to convert the 114-key extended-stay hotel, which was built in 1996, into an 85-unit apartment community. The conversion will consist of modifying the existing structure to conform to Scottsdale’s building codes, including new balconies for every unit, enhanced curb appeal and select rooms combined to improve unit mix. New resident amenities will include a large conference room with workspace-style offices; indoor/outdoor fitness center; yoga studio; movie theater; dog park with pet washing station; resort-style pool; automated package locker delivery system; and smart access system.

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