Western

Patriot Real Estate Holdings Buys 110,974 SF Marnell Corporate Center Office Building in Las Vegas

by Amy Works November 23, 2022

LAS VEGAS — Nashville, Tenn.-based Patriot Real Estate Holdings has purchased Marnell Corporate Center V (MCC5), a five-story, Class A office building within Marnell Corporate Center in Las Vegas. The name of the seller and acquisition price were not released. Located at 6720 Via Austi Parkway, the asset features 110,974 square feet of multi-tenant office space. The building was constructed in 2007. Patriot Real Estate acquired MCC3, a 71,378-square-foot office building, and MCC4, a 93,702-square-foot office building, from Dornin Investment Group in summer 2022 and spring 2018, respectively. The Marnell Corporate Center is a seven-building, 736,000-square-foot, Class A, master-planned business campus. Marlene Fujita Winkel, Rick Reeder, Brad Tecca, Emily Brun and Alex Casingal of Cushman & Wakefield represented the seller in the transaction.

November 23, 2022

Acquisitions Colorado Multifamily Seniors Housing Western

CA Ventures Sells 267-Unit Seniors Housing Portfolio in Metro Denver to Harrison Street

by Amy Works November 23, 2022

WESTMINSTER AND ENGLEWOOD, COLO. — CA Ventures has sold its Anthology of Westminster and Anthology of Englewood senior living assets to Harrison Street. “Anthology’s Westminster and Englewood assets have leased incredibly well — particularly having opened their doors at the onset of the COVID-19 pandemic in February 2020,” says Justin Dickinson, president of Anthology Senior Living. “The strong financial performance of each asset despite a volatile global macroeconomic environment and never-before-seen headwinds across the industry is a testament to both our investment strategy and the talent of our team.” The Westminster community totals 137 units nine miles northwest of downtown Denver near a prominent retail corridor and residential neighborhoods. The upscale senior living community includes 107 assisted living units and 30 memory care units. The Englewood community totals 130 units seven miles south of downtown Denver and features unobstructed views of the Rocky Mountains and Cherry Hills Country Club. The property comprises 106 assisted living units and 24 memory care units across seven stories.

November 23, 2022

Arizona Loans Multifamily Student Housing Western

Gantry Arranges $8.5M Acquisition Financing for The Zone Apartments Near University of Arizona

by Amy Works November 23, 2022

TUCSON, ARIZ. — Gantry has secured $8.5 million in acquisition financing for The Zone Apartments, a 104-bed student housing community located near the University of Arizona campus in Tucson. Adam Parker and Chad Metzger of Gantry secured the financing through an undisclosed regional bank on behalf of the borrower, a private real estate investor. The loan features a five-year term, fixed rate and two years of interest-only payments. The borrower acquired the property through a reverse 1031 exchange. The Zone is master leased to operator Tripalink and offers four-bedroom units with bed-to-bath parity.

November 23, 2022

Arizona Development Industrial Western

DAUM Commercial Brokers Sale of Development Site in Phoenix for 126,000 SF Industrial Project

by Amy Works November 23, 2022

PHOENIX — DAUM Commercial has arranged the purchase of a 7.95-acre land parcel in Phoenix. Prologis acquired the infill site at 24500-24501 N. 20th Drive from Wadsworth Development for $8.6 million in an off-market transaction. Prologis plans to develop two industrial facilities on the site: a 77,000-square-foot building and a 49,000-square-foot building. Bob Lundstedt, Skip Corley Jr. and Chase Heinemann of DAUM brokered the transaction. Lundstedt, Corley Jr., Heinemann and Parker Houston of DAUM will handle leasing for the property.

November 23, 2022

Affordable Housing Colorado Market Reports Multifamily Western Western Market Reports

Denver Leads on New Affordable Housing Requirements

by Jeff Shaw November 23, 2022

Like many communities across the West, affordable housing is a top issue in Denver. Monthly rent in Denver is now around $2,005, according to Zillow’s June 2022 data. This is up 20.4 percent since June 2019. The city is trying to do something about the lack of affordability. It approved the Expanding Housing Affordability Policy (EHA) this June, which overhauled Denver’s affordable housing requirements for new development. EHA was allowed after the 2021 passage of a Colorado statute, HB21-1117, which overturned a Colorado Supreme Court case commonly known as the Telluride decision. HB21-1117 expanded the ability of local Colorado governments to require inclusion of income-restricted units within new rental housing — something that had previously been prohibited in Colorado. While Denver has led within the state with EHA, other municipalities in Colorado, such as Littleton and Aspen, are beginning to consider new affordable housing policies in response to HB21-1117. In Denver, EHA primarily affects multifamily projects of 10 or more units. Those projects must proceed under EHA unless they submitted a concept site plan by June 30, 2022, and achieve final site development plan approval by Aug. 30, 2023. Non-residential projects and residential projects of nine or fewer units may …

November 23, 2022