Western

350-University-Ave-Sacramento-CA

SACRAMENTO, CALIF. — Cushman & Wakefield has arranged the off-market sale of Executive Commons, a two-story office building in Sacramento. 350 University Partnership sold the asset to Sacramento-based Bardis & Miry Development for $9 million. Located at 350 University Ave., the property features 47,000 square feet of multi-tenant office space. At the time of sale, the building was 95 percent leased. Kevin Partington and Ben Corfee of Cushman & Wakefield represented the seller in the transaction.

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Northview-Center-Lynnwood-WA

LYNNWOOD, WASH. — Chicago-based Pearlmark has received a $7 million mezzanine debt investment as part of its purchase of Northview Center, an office property in Lynnwood. The 182,009-square-foot building is close to a new light rail station that will provide easy access to downtown Seattle. The investment was made on behalf of Pearlmark Mezzanine Realty Partners V LP. Prime Finance provided the senior loan. Nitze-Stagen is the manager for the borrower. Bill Swackahmer of Pearlmark arranged the transaction.

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2829-Losee-Rd-Las-Vegas-NV

LAS VEGAS — CBRE has brokered the sale of two freestanding commercial buildings at 2829 Losee Road in Las Vegas. Bob Beylik acquired the asset from Jaramillo Trust for $5.1 million. Built in 1989, the property includes a 4,500-square-foot office space and a 10,000-square-foot industrial warehouse facility on a 3.4-acre secured plot. The two buildings are located near the Interstate 15 interchange, North Fifth Street and Cheyenne Avenue. Tyler Ecklund and James Griffis of CBRE represented the seller in the deal.

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Multifamily Operators Streamline Internet Rader

The landscape of multifamily Internet access is changing rapidly, driven by evolving resident expectations. No longer merely a utility, reliable Wi-Fi and Ethernet connections are essential for attracting and retaining residents, along with cutting operation costs. Expanding connectivity needs, work-from-home (WFH) culture and growing interest in smart-home applications are all driving residents’ Internet requirements. The centrality of Internet access for multifamily residents was inevitable in the long run, according to Bryan Rader, president of Multi-Dwelling Units (MDU) at Pavlov Media. COVID lockdowns accelerated an already burgeoning trend: bulk-managed Internet designed to improve connections and simplify growing demand. Bulk-managed connectivity offers a variety of solutions for on-site managers, residents and owners, as well as cost savings in unexpected areas. This approach provides building-wide Internet connections through a single provider, rather than asking residents to sign up individually with one of several Internet providers. The bulk Internet management company may also install and manage the building’s connection infrastructure. The simplicity of bulk-managed Internet (which started as bulk-managed Wi-Fi in student housing) is becoming increasingly practical for multifamily buildings. In the last four or five years, the traditional multifamily industry is starting to follow the same model that became standard in student housing …

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Springs-Foothills-Farms-Colorado-Springs-CO

COLORADO SPRINGS, COLO. — Berkadia Institutional Solutions has arranged the sale of Springs at Foothills Farms, a garden-style multifamily community located at 1203 Affirmed View in Colorado Springs. Wisconsin-based Continental Properties Co. sold the asset to California-based Hamilton Zanze & Co. for $110.9 million. Built in 2021, Springs at Foothills Farms features 264 apartments in a mix of studio, one-, two- and three-bedroom floor plans with in-unit washers/dryers, private patios or balconies, attached and detached garage options and walk-in closets. Community amenities include a swimming pool, fitness center and outdoor barbecue area. Nick Steele, John Laratta, Nate Moyer and Tyler King of Berkadia Denver represented the seller in the deal. Additionally, Clay Akiwenzie of Berkadia Incline Village arranged $58.1 million in permanent acquisition financing on behalf of the buyer. The 10-year loan was financed through Freddie Mac.

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Kimpton-Hotel-Vintage-Portland-OR

PORTLAND, ORE. — Pebblebrook Hotel Trust has completed the disposition of Kimpton Hotel Vintage Portland, located at 422 SW Broadway in Portland. Aliso Viejo, Calif.-based Pacifica Hotels acquired the property for $32.9 million. Originally constructed in the late 1800s, the European-inspired hotel underwent a multimillion-dollar makeover in 2015 and 2018 that overhauled the lobby, rooms and amenities. Currently, each hotel floor is dedicated to a different Willamette Valley American Viticultural Area and each room is named after a local winery. The hotel features 117 guest rooms, 8,000 square feet of event space, a street-level restaurant and bar called Il Solito and Bacchus Bar, a private wine cellar and a game lounge. Additionally, the hotel’s lobby doubles as a tasting room. Chris Burdett, Matthew Behrens and Aaron Solaimani of CBRE Hotels in the Pacific Northwest represented the seller in the deal.

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Sossaman-Park-Mesa-AZ

MESA, ARIZ. — JLL Capital Markets has arranged $99 million in construction financing for the Phase I development of Sossaman Park 202, a five-building industrial project in Mesa. Totaling 828,718 square feet, the first phase will include a mix of light industrial, warehousing and distribution buildings ranging in size from 130,318 square feet to 198,782 square feet. Each of the buildings will offer two grade-level doors, between 25 to 41 dock-high doors, 50-foot by 52-foot column spacing and 32-foot clear heights throughout. Sossaman Park will be built in two phases with the second phase expected to include three additional buildings that will collectively total 722,000 square feet. A portion of the loan proceeds were used to fund the sponsor’s acquisition of the Phase II land site. The development is located on 108.9 acres at the southwest corner of Sossaman and Warner roads in the Chandler North/Gilbert submarket. Jeff Sause, Todd Sugimoto, Wyatt Strahan and Jason Carlos of JLL Capital Markets arranged a four-year, floating-rate loan for the borrower, a joint venture led by Contour. Pacific Western Bank provided the loan.

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2605-La-Hacienda-Ct-San-Jose-CA.jpg

SAN JOSE, CALIF. — The Mogharebi Group (TMG) has arranged the sale of a two-property affordable seniors housing portfolio in San Jose. ROEM Development sold the assets to an undisclosed buyer for $41.2 million. Built in 2001 and 2003 by the seller, Monte Vista Gardens Senior 1 and 2 offer a total of 118 units across two residential buildings. Located at 2605 La Hacienda Court and 2600 Nuestra Castillo Court, the two- and three-story, controlled-access complexes include a community center with library and kitchen, a garden/courtyard area, solar panels and laundry rooms. Alex Mogharebi and Otto Ozen of TMG represented the seller in the transaction.

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The-Nash-Gresham-OR

GRESHAM, ORE. — Next Wave Investors has acquired The Nash, a 180-unit apartment property located at 224 SE 188th Ave. in Gresham. An undisclosed seller sold the asset for $34 million. Built in 1975, The Nash features 68 one-bedroom units, 104 two-bedroom and eight three-bedroom units, as well as a pool, children’s pool, spa, on-site laundry facilities, playground, clubhouse and fitness center. Next Wave plans to implement a series of in-unit capital improvements, including new appliances, cabinets, doorframes, drawers, countertops, vinyl flooring, contemporary plumbing and lighting fixtures, air conditioning wall units and window coverings. Additionally, the company plans to upgrade the property exterior with refreshed landscaping; refurbished roofing; parking lot resurfacing; renovation of the fitness center, pool, spa and leasing office; and improved on-site security.

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The-Avalyn-Chula-Vista-CA

CHULA VISTA, CALIF. — Ryan Cos. has opened The Avalyn, an eight-building multifamily community within the master-planned Millenia in Chula Vista. The Avalyn features 480 apartments spread across eight three- and four-story buildings, as well as 14,000 square feet of commercial space. The units are available in one-, two- and three-bedroom flats, two-story lofts, live-work units and three-story townhomes. On-site amenities include a swimming pool, spa, clubhouse kitchen with lounge, Prohibition-style speakeasy, fitness center, community working spaces, two rooftop decks, pickleball court, bike maintenance and storage, community garden, two dog run and wash areas, and a live music studio. The Avalyn is the result of a development partnership between MetLife Investment Management and Allstate Investments as equity partners, and City National Bank and Vectra Bank Colorado, a division of Zions Bancorporation, as lenders.

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