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775-W-Silverlake-Rd-Tucson-AZ
AcquisitionsArizonaIndustrialWestern

Cushman & Wakefield Brokers $22.3M Sale of Last-Mile Distribution Facility in Tucson, Arizona

by Amy Works

TUCSON, ARIZ. — Cushman & Wakefield has arranged the sale of a last-mile distribution building located at 775 W. Silverlake Road in Tucson. A California family trust acquired the property from an East Coast investor for $22.3 million, or $451 per square foot. Situated on 10.7 acres, the 49,500-square-foot facility features 15 loading docks and close proximity to interstates 10 and 19, downtown Tucson and Tucson International Airport. At the time of sale, the property was fully leased to a Fortune 10 global e-commerce company. Andrew Bogardus and Douglas Longyear of Cushman & Wakefield San Francisco, in collaboration with Stephen Cohen of Cushman & Wakefield | Picor in Tucson, represented the seller in the transaction.

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Dwell-Apts-Scottsdale-AZ
AcquisitionsArizonaMultifamilyWestern

29SC Buys 193-Unit Dwell Apartments in Scottsdale, Arizona

by Amy Works

SCOTTSDALE, ARIZ. — 29th Street Capital (29SC) has purchased Dwell Apartment Homes, a multifamily community in Scottsdale, from Denver-based Avanti Residential for $41.6 million. This transaction marks the company’s 20th multifamily acquisition in the metro Phoenix market. Developed in 1963/1975, Dwell features 193 apartments in a mix of studio, one- and two-bedroom apartments, three swimming pools, a fitness center, business center, dog park and an outdoor grilling and picnic area. 29SC plans to renovate both interior units and exterior amenities. Renovations include converting the garden to an outdoor game area and dog park, upgrading the gym and pool areas and enhancing apartment interiors. Unit upgrades will include adding smart home technology packages, while upgrading kitchen appliances, countertops, backsplashes, cabinet faces, hardware, flooring, baseboards, bathroom mirror frames, ceiling fans and lighting packages. Haven Residential, the 29SC-owned property management company, will oversee management and leasing. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, while 29SC was self-represented in the deal.

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Sutton-Place-Apts-Las-Vegas-NV
Market ReportsMultifamilyNevadaWesternWestern Market Reports

Las Vegas’ Underlying Multifamily Fundamentals Remain Strong Despite Moderating Growth

by Jeff Shaw

By Jared Glover, Director of Investment Sales, Berkadia The Las Vegas multifamily market started to feel the effects of higher interest rates alongside persistent inflation as the third quarter ended. Thankfully, properties still experienced trade-outs and overall in-place rent growth, though year-over-year growth began to moderate, coming in near 8 percent. Loss to lease capture remains, although at a slower pace than prior quarters, with average market rent at $1,515. The third quarter also saw a 3 percent decrease in occupancy, setting at 93.6 percent, after experiencing record occupancy throughout 2021. On the transaction front, we have seen a dramatic shift in cap rates. This is a direct result of the Fed’s tightening. Within a six-month span, cap rates widened upwards of 150 basis points — from low to mid-3s to 5 and trending up, depending on product type. The homogenous nature of national cap rates in 2021, with most markets trading in the 3.5 range, seems to have shifted back to historical norms as the primary/coastal markets once again demanded a premium versus secondary or tertiary markes. Both Monterra and the Boulevard traded north of a 5 cap on in-place numbers, speaking to these latest cap rate trends. Just four months ago, a …

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Pimlico-Apts-Pullman-WA.jpg
LoansMultifamilyWashingtonWestern

Dwight Capital Provides $32.8M HUD Refinancing for Pimlico Apartments in Pullman, Washington

by Amy Works

PULLMAN, WASH. — Dwight Capital has closed a $32.8 million HUD refinancing for Pimlico Apartments, a multifamily property in Pullman. Situated on 17 acres, the community consists of 30 three-story buildings offering a total of 361 apartments, an onsite management office and parking. The community was completed in two phases, with Phase I delivered in 2014 and Phase II in 2016. Keith Hoffman and Jack Tawil of Dwight Capital originated the transaction for the borrower, Corporate Pointe Developers. The loan benefitted from a Green Mortgage Insurance Premium Reduction set at 25 basis points because Pimlico Apartments is Energy Star certified.

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Eden-Apts-Tempe-AZ
AcquisitionsArizonaMultifamilyWestern

IPA Brokers $26.5M Sale of Eden Apartments in Tempe, Arizona

by Amy Works

TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Eden Apartments, a multifamily community in Tempe. Living Well Homes sold the asset to Rise48 Equity for $26.5 million, or $236,607 per unit. Built in 1980, Eden Apartments features 112 apartments spread across eight two-story buildings. Each residence features an in-unit washer/dryer connection and a private balcony or patio. Community amenities include a swimming pool, fitness center, laundry facility, picnic area and courtyard. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the transaction. The IPA Capital Markets team led by Brian Eisendrath and Cameron Chalfant arranged acquisition financing for the buyer.

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2271-Cosmos-Ct-Carlsbad-CA.
AcquisitionsCaliforniaIndustrialWestern

Wimatex Acquires 85,165 SF Industrial Building in Carlsbad, California for $21M

by Amy Works

CARLSBAD, CALIF. — Wimatex has purchased an industrial property, located at 2271 Cosmos Court in Carlsbad, from an undisclosed seller for $21 million. At the time of sale, the freestanding building was fully leased to a global medical device and technology company in the sleep and respiratory market. The 85,165-square-foot building features heavy power, six dock-high loading doors, three grade-level loading doors, 24-foot to 26-foot clear heights and drive-around access. Additional features include a high-image exterior, large outdoor amenitized entrance and a two-story lobby. Aric Starck and Drew Dodds of Cushman & Wakefield Capital Markets San Diego represented the seller in the deal.

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Element-Basalt-Aspen-Basalt-CO
AcquisitionsColoradoHospitalityWestern

Silverwest Hotels Sells 113-Key Westin Extended-Stay Hotel in Basalt, Colorado

by Amy Works

BASALT, COLO. — Silverwest Hotels and its partners have completed the disposition of Element Basalt – Aspen by Westin, an extended-stay hotel at 499 Market St. in Basalt, approximately 20 miles northwest of Aspen. Terms of the transaction were not released. The four-story Element Basalt Aspen features 113 guest rooms, an outdoor event lawn, 625 square feet of indoor meeting space, a fitness center, an indoor pool, outdoor hot tub, bike rentals, onsite laundry and complimentary breakfast. Silverwest developed the hotel, which opened in 2015. John Strauss, James Stockdale, Jason Schmidt and James Bermingham of JLL Hotels & Hospitality represented the seller and procured the buyer in the deal. Jim Curtin, Leon McBroom, Mike Huth and Shalin Patel of JLL Debt Advisory secured acquisition financing for the buyer.

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6801-N-Cotton-Ln-Glendale-AZ
ArizonaIndustrialLeasing ActivityWestern

Cubework Leases 916,150 SF Building at Cotton 303 Logistics Center in Glendale, Arizona

by Amy Works

GLENDALE, ARIZ. — Cubework, a City of Industry, Calif.-based industrial co-working company, has signed a long-term lease to occupy a 916,150-square-foot industrial warehouse/distribution building in Glendale. The property is located within Cotton 303 Logistics Center at 6801 N. Cotton Lane. With this lease, Cubework now occupies nearly 2 million square feet of space in greater Phoenix metro. Cubework offers on-demand warehouse units and co-working spaces complete with on-site staff. Don MacWilliam and Payson MacWilliam of Colliers Arizona represented the landlord, Chicago-based Heitman Capital Management, while Kander Paciific represented Cubework in the lease negotiations.

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Share of Markets with Rising Apartment Cap Rates_460
Arbor Realty TrustBuild-to-RentContent PartnerDevelopmentFeaturesLeasing ActivityMidwestMultifamilyNortheastSingle-Family RentalSoutheastTexasWestern

Arbor Report Finds Rental Housing Insulated from Economic Contraction, Risk Factors Endure

by Sarah Daniels

  — By Ivan Kaufman, founder, chairman and CEO of Arbor Realty Trust, Inc.; and Sam Chandan, a professor of finance and director of the Chen Institute for Global Real Estate Finance at the NYU Stern School of Business  Rental housing is uniquely positioned to withstand tremendous economic headwinds. Although some observers point to the slowdown in apartment rent growth as a sign of growing weakness, this trend is a cyclical feature that is not reflective of any structural change in the profile of demand or supply. It is normal to expect a period of slowing rent growth while there is uncertainty in the economic outlook. In-depth findings on these trends, plus a thorough economic outlook for 2023 and a complete breakdown of risk factors, are detailed in Arbor Realty Trust Special Report Spring 2023: Navigating a Corrective Environment, from which this article is excerpted. While no asset class is immune from the challenges of higher interest rates, the presence of amortization, which spreads out a loan into a series of fixed payments over time, makes the multifamily sector less likely to see mounting distress. All Department of Housing and Urban Development (HUD)-conforming multifamily loans are fully amortizing. Moreover, Fannie …

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Vectra-Bank-Corporate-Center-Denver-CO
ColoradoDevelopmentMixed-UseOfficeRetailWestern

Confluent Development Completes 127,000 SF Vectra Bank Corporate Center in Denver

by Amy Works

DENVER — Confluent Development has completed Vectra Bank Corporate Center, a nine-story office building within Belleview Station in Denver. The 127,000-square-foot building brings together more than 200 employees from across the Denver metro area to serve Vectra Bank customers and facilitate the bank’s future growth. Vectra Bank Corporate Center features floors of office space and parking; a 4,300-square-foot conference center for employee training and hosting public events; and one floor of commercial retail space, including a Vectra Bank branch. Other features at the building include eight electric vehicle charging stations, bicycle storage, a greenspace with a large open-air patio on the sixth floor, café, grand fireplace and a lobby on the ninth floor. The project team included Open Studio Architectures, Weitz Co. and Provident Construction, as well as in-house entitlement experts at Confluent.

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