Thursday, December 26, 2024
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Capstone-Centerra-Loveland-CA
AcquisitionsColoradoMultifamilySeniors HousingWestern

Hunt Midwest Sells Capstone at Centerra Seniors Housing Community in Loveland, Colorado for $40M

by Amy Works

LOVELAND, COLO. — Hunt Midwest has sold Capstone at Centerra, an assisted living and memory care property in Loveland, to California-based IRA Capital for $40 million. Completed and opened in 2023, Capstone at Centerra is Hunt Midwest’s most recent Capstone senior living development and the company’s first development in Colorado. The community offers 102 studio, one- and two-bedroom apartments with granite countertops, stainless steel appliances and high-quality flooring. Capstone at Centerra includes a full-service dining room, fitness center, landscaped outdoor spaces, a salon, library, game room and scheduled transportation services. Capstone at Centerra is the third Capstone senior living community developed by Hunt Midwest, including the Capstone at Royal Palm in Royal Palm Beach, Fla., and Capstone at Station Camp in Gallatin, Tenn. Charles Bissell and Tony Hong of BWE Investment Sales represented Hunt Midwest in the transaction.

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5998-W-Parkway-Blvd-West-Valley-City-UT
AcquisitionsDevelopmentIndustrialUtahWestern

VanTrust Real Estate Buys 32-Acre Site Near Salt Lake City, Plans to Develop Four Warehouses

by Amy Works

WEST VALLEY CITY, UTAH — VanTrust Real Estate has acquired 32 acres, located at 5998 W. Parkway Blvd. in West Valley City, with plans to build four industrial warehouses. The site will accommodate four buildings offering a total of 600,000 square feet of Class A industrial space. The site’s location offers easy access to State Route 201, Salt Lake City International Airport, I-80, I-15 and the Union Pacific Railroad intermodal hub. VanTrust expects construction on the first two buildings to start in late spring 2025 and deliver in late spring 2026. Construction timing on the other two buildings is still to be determined. Specific tenants for the warehouses have not yet been identified.

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Emberwood-Seniors-Casa-Grande-AZ
ArizonaLoansMultifamilySeniors HousingWalker & DunlopWestern

Walker & Dunlop Arranges $23.9M in Equity for Construction of Seniors Housing Complex in Arizona

by Amy Works

CASA GRANDE, ARIZ. — Walker & Dunlop has secured $23.9 million in equity for the construction of Emberwood, a to-be-built affordable seniors housing community in Casa Grande. Aaron Krasnow of Walker & Dunlop Affordable Equity team arranged the equity, which included 4 percent low-income housing tax credits and renewable energy investment tax credits, on behalf of the client, Roers Cos. Situated on 8.2 acres, Emberwood will offer 176 apartments for residents aged 55 or older, along with a separate single-story community center. The three-story residential building will feature 55 one-bedroom and 121 two-bedroom apartments all with elevator access. The property will be adjacent to a 55,000-square-foot community recreation center, which opened in 2019, that offers senior programs.

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11999-Highway-267-Truckee-CA
AcquisitionsCaliforniaIndustrialLoansSelf-StorageWestern

Marcus & Millichap Secures $19.4M in Acquisition Financing for Self-Storage Facility in Truckee, California

by Amy Works

TRUCKEE, CALIF. — Marcus & Millichap has secured $19.4 million in financing for the acquisition of a self-storage facility in Truckee. Joel Westle of Marcus & Millichap Capital Corp.’s San Francisco office arranged the 10-year loan on behalf of Airport Self Storage. The 54,000-square-foot property is located at 11999 Highway 267 near the Truckee Tahoe Airport.

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The-Commons-Aliso-Viejo-CA
CaliforniaDevelopmentMultifamilyRestaurantRetailWestern

ValueRock Realty Opens 21-Acre The Commons Mixed-Use Project in Aliso Viejo, California

by Amy Works

ALISO VIEJO, CALIF. — ValueRock Realty has completed The Commons, a repurposed 21-acre mixed-use project in Aliso Viejo, with the grand opening scheduled for Dec. 14. The Commons was redeveloped by transforming a nearly 200,000-square-foot vacant Lowe’s into a multi-tenant community center. The project features a 200,000-square-foot retail component with restaurants and retailers, including Tesla, 99 Ranch Matket, Daiso and Philz Coffee, all of which are slated to open by the end of the year. Additional tenants, including Bowlero (a Lucky Strike concept), will open in 2025. The Commons will also include a proposed 343-unit residential project. ValueRock purchased the first parcel in 2015 for $62 million and began conceptualizing the reimagined project in 2017 as big box stores began to close across the country. In 2019, ValueRock negotiated a lease termination with Lowe’s that allowed for the site’s redevelopment. Construction of the project began in 2023 and finalized in late 2024. ValueRock entirely self-funded the approximate $53 million redevelopment, which has a current estimated value of more than $115 million.

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Cedardale-Apts-Federal-Way-WA
AcquisitionsMultifamilyWashingtonWestern

CEP Multifamily Sells 126-Unit Cedardale Multifamily Community in Federal Way, Washington

by Amy Works

FEDERAL WAY, WASH. — CEP Multifamily has completed the disposition of Cedardale, an apartment property in Federal Way. Pathfinder Partners acquired the asset for $31.1 million, or $247,024 per unit. Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggerio and Anthony Palladino of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction. Constructed in 1981, Cedardale offers 126 one- and two-bedroom apartments, averaging 746 square feet, with wood-burning fireplaces, washers, dryers and private decks or patios. Situated on seven acres, the property offers a recently renovated clubhouse, a covered picnic area, playground, sport court, dog park and car vacuum station.

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ColoradoDevelopmentMultifamilyWestern

BMC Investments, Rockpoint Commence Construction on Oasis Apartments in Denver

by Amy Works

DENVER — BMC Investments and Rockpoint have broken ground on The Oasis Apartments at Cherry Creek North at 299 Milwaukee St. in Denver. BMC and Rockpoint formed a partnership in April 2022 to purchase and develop the site. The project will feature 177 residential units, 28,000 square feet of ground-floor retail space and a 6,000-square-foot public park with fountains at the corner of Third Avenue and Milwaukee Street. Community amenities will include a rooftop pool, fitness center, coworking space and resident lounge. Site work is underway with vertical construction expected to start in February 2025. Completion is slated for early 2027. Shears Adkins Rockmore is serving as architect and The Beck Group is serving as general contractor. Sam Zaitz of JLL and Julie McBrearty of SullivanHayes are handling leasing for the project’s retail space.

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6475-6485-W-Sunset-Rd-Las-Vegas-NV
AcquisitionsIndustrialNevadaWestern

Dalfen Industrial Sells Two-Building Sunset 215 West Industrial Portfolio in Southwest Las Vegas

by Amy Works

LAS VEGAS — Dalfen Industrial has completed the sale of Sunset 215 West, a two-building industrial portfolio in Southwest Las Vegas, to Southern California-based GF Properties for an undisclosed price. Located at 6475 and 6485 W. Sunset Road, the 80,000-square-foot property offers corporate office and industrial warehouse space. Michael Kendall, Gian Bruno, Kenny Patricia and Kylie Jones of Colliers’ West Industrial Capital Markets team marketed the portfolio and led the disposition and acquisition process. Dan Doherty, Paul Sweetland, Jerry Doty and Chris Lane of Colliers provided local market expertise. Completed in 2017, Building 1 (6475) is 35,000 square feet and fully leased to a single tenant, and Building 2 (6485) is 45,000 square feet and fully leased to two tenants. UFC, an organization that promotes mixed martial arts events, occupies approximately 70 percent of the project.

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1927-E-20th-St-Chico-CA
AcquisitionsCaliforniaRetailWestern

Marcus & Millichap Brokers Sale of 24,370 SF Big Lots-Occupied Building in Chico, California

by Amy Works

CHICO, CALIF. — Marcus & Millichap has arranged the sale of a retail property located at 1927 E. 20th St. in Chino. A private investor sold the asset to a private investor for $2.3 million. Big Lots occupies the 24,370-square-foot building on a net-lease basis. Teodor Vacev of Marcus & Millichap represented the seller and procured the buyer in the deal.

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Preserve-Melrose-San-Diego-CA
AcquisitionsCaliforniaMultifamilyWestern

Mesirow Acquires Preserve at Melrose Multifamily Community in San Diego for $185M

by Amy Works

SAN DIEGO — Chicago-based financial services firm Mesirow has purchased Preserve at Melrose, a 410-unit multifamily property located in the Vista neighborhood of San Diego, for $185 million. Built in 2015, Preserve at Melrose offers one-, two- and three-bedroom floor plans. According to Apartments.com, the garden-style community features amenities such as a business center, clubhouse, lounge, fitness center, pool, playground and courtyard. Hunter Combs of Walker & Dunlop represented the seller, a locally based group, and the buyer in the deal.

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