Western

Greystar Plans 364-Unit Multifamily Project in Portland’s Slabtown Neighborhood

by Amy Works November 21, 2022

PORTLAND, ORE. — Greystar has unveiled plans to develop a two-building apartment property in Portland’s Slabtown neighborhood. Spanning two blocks between Northwest 19th and 20th avenues, the 364-unit project is slated to break ground later this month with completion scheduled for 2024. SERA Architects designed the development, which will include a five-story, 151-unit building and a seven-story, 213-unit building, both featuring brick exteriors. The project team of Greystar, SERA and Lango Hensen worked with neighboring St. Patrick’s Catholic Church officials to ensure the new project would not overshadow the 130-year-old historic landmark. ING Capital provided an undisclosed amount of construction financing for the project.

November 21, 2022

Acquisitions Colorado Mixed-Use Multifamily Student Housing Western

Berkadia Negotiates $24.5M Sale of University Lofts Student Housing Property in Denver

by Amy Works November 21, 2022

DENVER — Berkadia has arranged the sale of University Lofts, a mixed-use student housing community in Denver. California-based Amplify Development Co. sold the asset to an undisclosed buyer for $24.5 million. Located at 2372 E. Evans Ave., University Lofts features 36 units totaling 98 beds in a mix of studio, two- and four-bedroom layouts. Community amenities include a newly renovated student lobby, heated underground parking and street-level retail. Kevin Larimer, Brandon Buell, Nick Steele, Tyler King and Nate Moyer of Berkadia represented the seller in the transaction.

November 21, 2022

Acquisitions California Office Western

Brookwood Sells Six-Building Office Portfolio in North San Diego

by Amy Works November 21, 2022

SAN DIEGO — Brookwood Financial Partners has completed the disposition of a six-building office portfolio in North San Diego. MCS Guardian Properties, an affiliate of M.C. Strauss, acquired the portfolio for an undisclosed price. The properties include Carlsbad Executive Plaza, a four-building office park totaling 133,000 square feet, and The Plaza I & II, a two-building complex totaling 89,000 square feet. Carlsbad Executive Plaza offers a campus-like environment and is recognized as Carlsbad’s premier multi-tenant incubator office project, according to Brookwood. The Plaza I & II features creative speculative suites, remodeled lobbies and is only one of three Class A buildings in the market that offers subterranean parking. Brookwood originally acquired the assets in June 2015.

November 21, 2022

Acquisitions Arizona Multifamily Western

Cushman & Wakefield|PICOR Arranges $8.5M Sale of Tierra Alegre Apartments in Tucson

by Amy Works November 21, 2022

TUCSON, ARIZ. — Cushman & Wakefield|PICOR has brokered the sale of Tierra Alegre Apartments, a multifamily property in Tucson. Equilibrium Cordova Village Tierra Alegre LLC acquired the asset from Ryder Family Real Estate for $8.5 million. Located at 3355 E. Fort Lowell Road, the 37,684-square-foot building features 72 units. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield|PICOR represented both parties in the transaction.

November 21, 2022

Acquisitions Colorado Multifamily Western

Pinnacle Brokers Sale of 22-Unit Apartment Building in Wheat Ridge, Colorado

by Amy Works November 21, 2022

WHEAT RIDGE, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a multifamily property, located at 3330 Ames St. in Wheat Ridge. The building traded for $4.5 million, or $203,182 per unit. The names of the seller and buyer were not released. Built in 1958, the building features 22 apartments. Chris Knowlton and Mark Knowlton of Pinnacle’s Knowlton Lawson Team represented the seller, while Josh Newell of Pinnacle’s Newel Team represented the buyer in the deal.

November 21, 2022

Affordable Housing Development Multifamily Seniors Housing Utah Western

TWG Plans $13M Residences at Fireclay Affordable Seniors Housing Project in Murray, Utah

by Amy Works November 18, 2022

MURRAY, UTAH — TWG has unveiled plans for Residences at Fireclay, a $13 million affordable seniors housing community in Murray. Construction is slated to begin this year, with the first units available in 2025. Located at 152 W. 4250 South, the four-story building will feature 40 one-bedroom apartments for seniors age 62 and older. The units are also reserved for those earning up to 50 percent of the area median income, with a preference for military veterans. Additionally, the project includes four units reserved for disabled seniors and five units available for seniors who have experienced homelessness. Community amenities will include a fitness room, community-raised garden, community room with kitchen and a computer room. TWG has partnered with First Step House, a Salt Lake City-based nonprofit that addresses addiction, mental health, homelessness and criminal justice, to provide services and referrals for residences. The project was made possible with Low Income Housing Tax Credits from the Utah Housing Corp. Additional key partners include Olene Walker Housing Loan Fund, Raymond James and Horizon Bank.

November 18, 2022

Acquisitions California Net Lease Retail Western

Faris Lee Brokers $11.3M Sale of Sprouts-Occupied Retail Property in Folsom, California

by Amy Works November 18, 2022

FOLSOM, CALIF. — Faris Lee Investments has arranged the sale of a retail building located at 905 E. Bidwell St. at The Bidwell Center in Folsom. VR Folsom, an Orange County-based private family office, sold the asset to a La Jolla-based buyer for $11.3 million. Jeff Conover, Shaun Riley and Scott DeYoung of Faris Lee represented the seller, while Infinity Investment Properties represented the buyer in the deal. Situated on 2.7 acres, Sprouts Farmers Market occupies the single-tenant property. The tenant has a 15-year, triple-net lease with 10 years remaining on the term. The grocery store asset is located adjacent to Target, Lowe’s Home Improvement Warehouse and Trader Joe’s.

November 18, 2022

Acquisitions Colorado Restaurant Retail Western

Miller United Real Estate Sells 8,511 SF Shops on Montview in Denver’s Central Park District

by Amy Works November 18, 2022

DENVER — Miller United Real Estate has completed the disposition of The Shops on Montview, a retail center located at 8801 E. Montview Blvd. in Denver’s Central Park neighborhood. Terms of the transaction were not released. Built in 2020, The Shops on Montview features 8,511 square feet of retail space. At the time of sale, the property was fully occupied by four tenants, I Heart Mac & Cheese, Pizza Hut, Smile Studio Dental and Starbucks Coffee. Jason Schmidt of JLL Retail Capital Markets Investment Sales and Advisory led the team that represented the seller in the transaction.

November 18, 2022

California Loans Multifamily Western

JLL Arranges $10.7M Refinancing for Chateau Spring Terrace Apartments in La Mesa, California

by Amy Works November 18, 2022

LA MESA, CALIF. — JLL Capital Markets has arranged a $10.7 million loan for the refinancing of Chateau Spring Terrace, an apartment community located at 4242 Spring St. in La Mesa. The borrower is Universe Holdings. Built in 1969, Chateau Spring Terrace features 56 one-, two- and three-bedroom residences with patios and balconies, efficient appliances, large closets and hardwood floors. Community amenities include a fitness center, laundry facility and pool, as well as on-site maintenance and management. Charles Halladay, Jonah Aelyon, Jolie Zhou and Elle Miraglia of JLL Capital Markets Debt Advisory secured the 10-year, fixed-rate loan through Mechanics Bank for the borrower.

November 18, 2022

Acquisitions Colorado Retail Western

NAI Shames Makovsky Negotiates $4.2M Sale of Retail Building in Denver

by Amy Works November 18, 2022

DENVER, COLO. — NAI Shames Makovsky has brokered the sale of a retail property located in Denver. Benjamin Weinstein acquired the asset from MDK Larimer for $4.2 million. Located at 2124-2134 Larimer St., the property features 7,200 square feet of retail space. Todd Snyder of NAI Shames Makovsky represented the seller in transaction.

November 18, 2022

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