Western

ABI Multifamily Brokers $7M Sale of Bella Villas Apartments in Scottsdale, Arizona

by Amy Works February 1, 2022

SCOTTSDALE, ARIZ. — ABI Multifamily has negotiated the sale of Bella Villas Apartments, a multifamily community in Scottsdale. The property traded for $7 million, or $333,333 per unit. The undisclosed buyer and seller are both based in Arizona. Built in 1960, Bella Villas Apartments features 21 garden-style, two-bedroom/two-bath floor plans with air conditioning/heating, refrigerators and ranges/ovens. Community amenities include onsite laundry, private yards, covered parking and a community swimming pool. Royce Munroe of ABI Multifamily represented both parties in the transaction.

February 1, 2022

Content Partner Features Finance Insight Midwest Multifamily Northeast Seniors Housing Southeast Texas Western

Investment, Financing in Seniors Housing Driven by Property Performance

by Sarah Daniels February 1, 2022

If there were one phrase to summarize the attitude of seniors housing investors and lenders in 2022, it would be “cautiously optimistic.” How quickly can the seniors housing industry hope to recover in the face of continued difficulties? What is likely to drive the financing and investment market? While difficulties due to COVID and labor shortages continue to create challenges in terms of immediate occupancy, strong demand fundamentals and a healthy appetite for seniors housing investments indicate a return to normality is possible in 2022, according to Brandon Taseff, senior vice president, and Lee Delaveris, vice president on KeyBank Real Estate Capital’s team. Headwinds, Tailwinds in Seniors Housing The headwinds for seniors housing investment and development should not be dismissed, Taseff indicates. Staffing issues, the Omicron variant, slow occupancy growth and sluggish absorption of senior living units have made for slow going in the market with acquisition, development and financing activity remaining below normal levels. 2021 saw many positive factors to counter these impediments: widespread vaccination, a rebound in occupancy and a strengthened capital market interest in seniors housing. 2022 may be able to continue this momentum, explains Delaveris. “There are a lot of good reasons to think the industry will …

February 1, 2022

California Healthcare Loans Western

GreenRock Capital Leads $103M in C-PACE Funding for Chinese Hospital in San Francisco

by Amy Works January 31, 2022

SAN FRANCISCO — GreenRock Capital has led $103 million in Commercial Property Assessed Clean Energy (C-PACE) funding for Chinese Hospital, located at 845 Jackson St. in San Francisco. This is the largest single C-PACE transaction in industry history and is the first to combine both taxable and tax-exempt financing in the same transaction, according to GreenRock. The C-PACE transaction reduced the cost of financing seismic and other building improvements associated with a new patient tower. The transaction will also refinance outstanding debt associated with the new tower and, by doing so, Chinese Hospital will realize respective cashflow savings of more than $40 million during the next 10 years. C-PACE is a financing mechanism that allows owners and developers of commercial and healthcare properties to access low-cost, long-term financing for efficient building improvements, including seismic and other resiliency measures. The financing is repaid through a property assessment payment paid through the term of financing.

January 31, 2022

Acquisitions California Office Western

Hines Acquires Four-Building Liberty Station Office Campus in San Diego

by Amy Works January 31, 2022

SAN DIEGO — Hines Global Income Trust has purchased Liberty Station, a four-building office campus located in the Old Town/Point Loma submarket of San Diego. Terms of the transaction were not released. The 187,000-square-foot campus is situated on the waterfront within a 360-acre mixed-use site with convenient access to major employment nodes and the San Diego International Airport. The site also features more than 100 walkable amenities, 349 residential units, a golf club, retail shops, restaurants, the Liberty Public Market and 125 acres of parks and recreation space.

January 31, 2022

California Development Industrial Life Sciences Western

Luminous Capital, Virtus Real Estate Buy R&D Building in Carlsbad, Plan Life Sciences Conversion

by Amy Works January 31, 2022

CARLSBAD, CALIF. — Luminous Capital Management, in partnership with Austin, Texas-based Virtus Real Estate Capital, has acquired 2290 Cosmos Court, an industrial/R&D building in Carlsbad. Los Angeles-based Excelsior Partners sold the asset for $9.5 million, or $255 per square foot. The 37,300-square-foot building was vacant at the time of sale. Previously, ViaSat utilized the property for its global communications operations. The buyers plan to renovate the property the property for bioscience research and development, including the build out of wet lab and support space. The property features heavy power, ground-level loading and abundant parking. Completion of the planned upgrades is slated for early 2023. Virtus provided joint venture equity for the renovation and repositioning of the property. Rusty Williams, Chris Roth and Jake Rubendall of Lee & Associates represented the seller in the deal. John Chun and John Marshall of JLL arranged the equity joint venture between Luminous and Virtus. California Bank & Trust provided financing for the acquisition and conversion.

January 31, 2022

Acquisitions California Office Western

Lone Cypress Realty Sells 38,154 SF Office Building in Aliso Viejo for $10.5M

by Amy Works January 31, 2022

ALISO VIEJO, CALIF. — Fort Worth, Texas-based Lone Cypress Realty has completed the disposition of VIEW at 101 Columbia, a Class B office property in Aliso Viejo. Holt Integrated Circuits purchased the asset for $10.5 million. The integrated circuits supplier for the aerospace industry plans to use the 38,154-square-foot building with the ground-floor for warehousing and the second floor for corporate offices. The property was renovated in 2020 with modern entry finishes and light fixtures, as well as updated two-tone exterior paint. Mike Adams and Morgan Adams of Stream Greater L.A. represented the seller in the transaction.

January 31, 2022

Acquisitions Multifamily Nevada Western

Northcap Commercial Brokers $9.1M Sale of Pine Vista Apartments in Las Vegas

by Amy Works January 31, 2022

LAS VEGAS — Northcap Commercial has arranged the sale of Pine Vista Apartments, a multifamily community in Las Vegas. Pine Vista Apartments LLC sold the asset to an undisclosed buyer for $9.1 million, or $114,375 per unit. Located at 1536 N. 22nd St. and 1537 N. 23rd St., Pine Vista Apartments features 80 units. The property was built in 1963. Jason Dittenber, Jerad Roberts, Devin Lee and Robin Willet of Northcap Commercial represented the seller in the off-market, all-cash transaction.

January 31, 2022

Industrial Market Reports Nevada Western Western Market Reports

Southern Nevada: Where Industrial Real Estate Matters

by Jeff Shaw January 31, 2022

WREB recently sat down with Tom van Betten, vice president of Matter Real Estate Group. The San Diego-baseed real estate development company currently has 2.5 million square feet of industrial projets either in development or owned by Matter. One of those four projects is Matter Logistics @ North 15, a 930,000-square-foot warehouse/distribution project in North Las Vegas that spans two buildings. Below, Van Betten discusses the firm’s attraction to the Las Vegas Valley, where he sees the industry heading and how Matter is able to find developable land in tight markets. WREB: What about the North Las Vegas submarket is attractive to Matter? Van Betten: Right now, Matter is focused on scale and land availability. North Las Vegas is currently where the larger available land parcels are — or were. I say “were” because there is a real shortage of land that has the infrastructure to develop, such as power and water. On the scale size, the tenants moving to Las Vegas continue to grow in size. To accommodate that demand, we are focused on larger sights. WREB: How were you able to acquire more than 42 acres for the new Matter Logistics @ North 15? As you mention, transactions of that size are …

January 31, 2022

California Development Multifamily Office Top Stories

STC Venture Breaks Ground on Three Buildings in Cityline Sunnyvale Mixed-Use Project Near San Jose

by Julia Sanders January 28, 2022

SUNNYVALE, CALIF. — STC Venture has broken ground on Phase III of the Cityline Sunnyvale mixed-use project, which will add one residential building and two office towers in downtown Sunnyvale, 12.3 miles west of San Jose. The three new towers will include two seven-story buildings with approximately 590,000 square feet of rentable office, retail, flex and outdoor terrace space. The office portion of the project will be both LEED Gold and WiredScore Gold certified, which measures internet connectivity and digital infrastructure in commercial properties. The third building is The Martin, a 12-story apartment tower with 479 units, including 53 affordable rental units. The residential property will feature a hospitality-level amenity package and ground-floor retail and restaurant spaces. Additionally, the completed three towers will include a public park, which will be used as the town square and gathering space for the downtown area. “These 590,000 square feet of new office and retail space will bring more jobs to the central core of Sunnyvale and boost business for all of the community’s business owners,” says Deke Hunter, president of Hunter Properties. Phase I of Cityline Sunnyvale included 198 apartments located along Washington and McKinley avenues, as well as 85,000 square feet of …

January 28, 2022

Acquisitions Arizona Multifamily Western

Holualua Cos. Sells Sonoran Reserve Multifamily Community in Tucson for $61.6M

by Amy Works January 28, 2022

TUCSON, ARIZ. — Holualua Cos. has completed the disposition of Sonoran Reserve, a 272-unit apartment property located in Tucson. An undisclosed buyer acquired the asset for $61.6 million. The seller originally purchased the property as Gateway Apartments, a 552-bed/188-unit student housing asset, in 2018. Holualua Cos. renovated the 12-acre property and converted the community to conventional housing. The $10 million renovation included splitting 83 four-bedroom units into one- and two-bedroom units and renovating and upgrading the resort-style pool, clubhouse, leasing office and fitness center. The company also upgraded the landscaping, repaved the parking lot and painted the entire community. After the renovation was completed, the property was rebranded to Sonoran Reserve. Jeff Casper and Tyler Anderson of CBRE represented Holualua Cos. in the transaction.

January 28, 2022

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