AURORA, COLO. — Capstone has brokered the sale of Macon Flats, a five-building multifamily portfolio in Aurora. The asset traded for $7.1 million. The names of the seller and buyer were not released. Macon Flats features 56 one-bedroom units and one two-bedroom unit. The buyer plans to renovate the property to modernize the asset. Sean Holamon and Jason Koch of Capstone represented the seller and buyer in the deal.
MESA, ARIZ. — Marcus & Millichap has arranged the sale of Sunset Mesa, an apartment building located at 237 S. Ashland in Mesa. A private investor acquired the asset from another private investor for $6.1 million. Built in 1983, Sunset Mesa features 40 units in a mix of 19 one-bedroom/one-bath, eight two-bedroom/one-bath and 13 three-bedroom/one-bath layouts. Community amenities include a swimming pool, laundry facilities and an interior amenity space. Darrell Moffitt and Paul Bay of Marcus & Millichap represented the seller and procured the buyer in the transaction.
PORTLAND, ORE. — Ethos Development has broken ground for the construction of Shift Apartments, a five-story multifamily property located in Portland’s Overlook neighborhood. The 43,000-square-foot, transit-oriented community will feature 73 apartments in a mix of lofts, one-, two- and three-bedroom layouts affordable to residents earning 60 percent of area median income. Shift will also feature 22 market-rate micro-studios. On-site amenities will include a gym, community room and roof deck. Works Progress Architecture is serving as architect and O’Brien & Co. is serving as general contractor for the project. Shift Apartments is located one block from Nomad, a 130-unit apartment community completed by Ethos in December 2020.
BEVERLY HILLS, CALIF. — IRA Capital, a private equity firm based in Southern California, has acquired The Post, an office complex in Beverly Hills, for $153 million. The seller was not disclosed. The 102,500-square-foot property serves as the headquarters of promotion and ticketing company Live Nation Entertainment (NYSE: LYV), which occupies 92 percent (94,300 square feet) of the space. The U.S. Postal Service occupies the other 8 percent (8,200 square feet) of the four-story building. The Post underwent a $44 million capital improvement program in 2019 to reposition the building to attract more creative office users. The project incorporated an open-floor workspace that features 22-foot ceilings, an open stairway and outdoor patio spaces. “The property’s irreplaceable location and thriving tenant align with IRA’s investment thesis of pursuing best-in-class properties,” says Samir Patel, IRA Capital’s co-founder. “Despite the impact of COVID-19 on the live entertainment sector, the industry is now experiencing record-setting volumes.” The stock price of Live Nation, which employs more than 44,000 people worldwide, opened at $100.80 per share on Monday, Oct. 18, up nearly 100 percent from $54.59 per share a year ago. IRA Capital, which expects to exceed $1 billion of commercial acquisitions by the end of …
SAN JOSE, CALIF. — Urban Catalyst has received approval for development of The Mark, a 850-bed student housing community located one block from the San Jose State University (SJSU) campus in Northern California. Groundbreaking is expected before the end of this year with completion scheduled for fall 2024. The property will offer 200 units alongside shared amenities including open-air decks, common areas designed to promote student success and views of the SJSU campus. “Our goal is to offer students a robust off-campus experience that complements their educational experience,” says Erik Hayden, founder of Urban Catalyst. “The Mark will help address the long-term problem of an off-campus housing shortage around SJSU.” The project was designed by the student housing division of BDE Architecture in coordination with Gould Evans interior design and will be managed by Asset Living upon completion. The Mark is one of six projects funded through Urban Catalyst’s Fund I, which closed in December with $131 million in investments.
PORTLAND, ORE. AND VANCOUVER, WASH. — Rockbridge has completed the disposition of a 209-key, two-hotel portfolio located in Portland and Vancouver. Terms of the transaction were not released. The portfolio consists of the 104-room Homewood Suites Vancouver-Portland in Vancouver and a 105-room Homewood Suites Portland Airport in Portland. Since 2016, the hotels have been undergoing $12.4 million in capital improvements (an average of $59,000 per room). Both properties are unencumbered by management. Melvin Chu and John Strauss of JLL Hotels & Hospitality represented Rockbridge in the deal.
AURORA, COLO. — EverWest Real Estate Investors has completed the disposition of a Class A distribution center located at 1953 N. Gun Club Road in Aurora. Terms of the transaction were not released. The mission-critical facility was built in 2012 as a build-to-suit for The Home Depot, which currently operates its Home Depot Pro business line out of the location. The 220,000-square-foot cross-dock building features 32-foot clear heights, 44 dock-high doors, low office buildout, ESFR fire protection, secure fencing and 15 trailer parking stalls. Additionally, the building has the potential to be expanded by 60,000 square feet and 24 additional trailer parking stalls on the east end of the 17.2-acre site. Krystal Arceneaux of EverWest directed the disposition and management of the asset. Trent Agnew, Larry Thiel and Carmon Hicks of JLL represented the seller in the transaction.
LAS VEGAS — CBRE has arranged the sale of Phase I of PSi Commerce Center, a two-building flex industrial property in Las Vegas. Credi Gramercy acquired the asset from Parting Seas Investments for $13.9 million. Tyler Eckland of CBRE represented the seller in the transaction. The buyer plans to use the 73,247-square-foot property as a bakery and food preparation facility. The first phase of PSi Commerce Center comprises a 48,568-square-foot warehouse at 7175 Belcastro St. and a 24,679-square-foot industrial/flex warehouse at 7255 W. Arby Ave.
CASTLE ROCK, COLO. — Marcus & Millichap has arranged the purchase of Encore Castle Rock, a retail building located at 20 Wilcox St. in Castle Rock. A private investor acquired the property for $3 million. Cory Gross of Marcus & Millichap’s Denver office represented the buyer in the deal. Well State Healthcare is a tenant at the 8,297-square-foot property. The buyer plans to open a coffee shop and fitness facility at the building, according to Marcus & Millichap.
SAN FRANCISCO — Lincoln Property Co. and Cara Investment have purchased 384 Post Street on Union Square in San Francisco’s retail district. Terms of the transaction were not released. Saks Fifth Avenue has occupied the 135,000-square-foot property for more than four decades and currently leases the entirety of the property through 2027. The building features 163 feet of retail frontage along Post Street, with five floors above grade and one below-grade floor. Eastdil Secured represented the seller in transaction.