Western

Bridge Investment Group Buys Lakeside Casitas in Tucson from Monarch Investment for $63.2M

by Amy Works November 10, 2021

TUCSON, ARIZ. — Bridge Investment Group has acquired Lakeside Casitas, a multifamily property in Tucson, from Monarch Investment and Management Group for $63.2 million, or $204,032 per unit. Built in 1983 on 21 acres, Lakeside Casitas features 310 apartments, a business center, pool, spa, koi pond and covered parking. Apartments offer open-concept living areas, washers, dryers, oversized walk-in closets and private patios. Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented seller and procured the buyer in the deal.

November 10, 2021

Acquisitions Multifamily Oregon Western

Norris & Stevens Brokers $6.7M Sale of Park Fiesta Apartments in Portland

by Amy Works November 10, 2021

PORTLAND, ORE. — Norris & Stevens has arranged the sale of Park Fiesta Apartments, a multifamily property located at 2121 SW Multnomah Blvd. in Portland. SW Multnomah Properties acquired the community from Park Fiesta LLC for $6.7 million. Constructed in 1968 on 1.1 acres, the two-story, 33,180-square-foot apartment complex features 46 units in a mix of one- and two-bedroom layouts. Community amenities include an on-site laundry facility, pool and courtyard. Cameron Mercer of Portland-based Norris & Stevens represented the buyer, while Craig McConachie of C&R Real Estate Services Co. represented the seller in the deal.

November 10, 2021

Acquisitions California Retail Western

Local Investors Acquire Retail Property in San Diego County for $5.6M

by Amy Works November 10, 2021

RANCHO SANTA FE, CALIF. — Undisclosed local investors have purchased a commercial and retail building located in the village of Rancho Santa Fe in San Diego County. Francisco Family Partnership, which owned the property for 83 years, sold the freestanding asset for $5.6 million. The iconic property is located at 6015 Paseo Delicias. Peter Curry, Brooks Campbell and Kevin Cuff of Cushman & Wakefield represented the seller in the deal.

November 10, 2021

Acquisitions Colorado Multifamily Western

Seagate Colorado Partners Divests of Arista Uptown Apartments in Broomfield, Colorado for $95M

by Amy Works November 9, 2021

BROOMFIELD, COLO. — Seagate Colorado Partners has completed the sale of Arista Uptown Apartments at 8500 Arista Place within Arista, a 200-acre, transit-oriented, master-planned community in Broomfield. Kennedy Wilson and the real estate business within Goldman Sachs Asset Management acquired the property for $95 million. Completed in 2012, the property features 272 apartments in a mix of studio, one- and two-bedroom floor plans with 10-foot ceilings. Community amenities include a resort-style pool, clubhouse, fitness center and dog park. Dave Martin and Brian Mooney of Northmarq’s Denver investment sales team represented the seller in the deal. David Link and Jeff DeHarty of Northmarq’s Denver debt and equity team arranged $53 million in acquisition financing for the buyer through a long-standing life company relationship.

November 9, 2021

Acquisitions Arizona Multifamily Western

Jevan Capital Sells The Halifax Multifamily Property in Phoenix for $76M

by Amy Works November 9, 2021

PHOENIX — Jevan Capital has completed the disposition of The Halifax, an apartment community in Phoenix. Western Wealth Capital acquired the property for $76 million, or $253,333 per unit. Originally constructed in 1973, the 300-unit property underwent a large-scale reconstruction from 2018 to 2021, with apartments receiving luxury finishes, property systems being upgraded and community amenities added. The Halifax offers one-, two- and three-bedroom layouts with custom cabinetry, breakfast bars and wood-style plank flooring. Select units offer granite countertops, stainless steel appliances, kitchen pantries and walk-in closets. Community amenities include a centrally located and rebuilt swimming pool and spa, modernized leasing office, business center, fitness center, two laundry facilities, freshly installed dog park and covered parking. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

November 9, 2021

Affordable Housing California Development Multifamily Western

RAAM Construction Breaks Ground on 151-Unit Palmdale Terrace Affordable Apartment Community in California

by Amy Works November 9, 2021

PALMDALE, CALIF. — RAAM Construction has broken ground on the construction Palmdale Terrace, an affordable multifamily property located at SW 25th Street East and East Avenue in Palmdale. The project team includes Meta Housing Corp., Western Community Housing, AMJ Construction Management and Y&M Architects. Slated for completion in May 2023, Palmdale Terrace will feature 151 apartments in a mix of one-, two- and three-bedroom layouts. All units will offer fully equipped kitchens and bathrooms. On-site amenities include community gathering areas, a shaded picnic area, a large children’s play structure and a dog park. Additionally, two units will be for on-site managers. The residences are reserved for individuals and families earning between 30 percent and 60 percent of Los Angeles County’s median income. Pacific Western Bank provided a $40.5 million construction loan for the project.

November 9, 2021

Acquisitions California Retail Western

Sunbelt Investment Buys Largest Home Depot Location on West Coast in Anaheim Hills

by Amy Works November 9, 2021

ANAHEIM HILLS, CALIF. — San Diego-based Sunbelt Investment Holdings has purchased a Home Depot Superstore in Anaheim Hills for an undisclosed price. The name of the seller was not released. The 205,000-square-foot flagship store is situated on 18 acres along the north side of Interstate 91. The property is the largest Home Depot on the West Coast and the second largest in the nation, according to the buyer. Sunbelt Investment now owns 18 shopping centers in Southern California and three in Arizona, representing approximately 4 million square feet of Class A retail space. The company also owns Home Depot locations at Genesse Plaza and on Sports Arena Boulevard in San Diego and a store in San Bernardino.

November 9, 2021

Acquisitions California Industrial Office Western

Stos Partners Acquires 37,500 SF Office/Manufacturing Facility in Poway, California

by Amy Works November 9, 2021

POWAY, CALIF. — Stos Partners has purchased a corporate headquarters and manufacturing facility located at 13955 Stowe Drive in Poway. A private seller sold the asset for $8.6 million. Stos Partners plans to implement a series of capital upgrades including interior office rehabilitation, roof repair and HVAC system replacement. Shortly after closing, the buyer secured a tenant to fully occupy the 37,500-square-foot office and manufacturing building. James Duncan and Mickey Morera of Kidder Matthews represented Stos Partners in the transaction. C3Bank provided financing for the acquisition.

November 9, 2021

California Development Loans Multifamily Western

Toll Brothers, EJF Capital to Develop 218-Unit Rafferty Apartments in Santa Ana, California

by Amy Works November 8, 2021

SANTA ANA, CALIF. — Toll Brothers, through its Toll Brothers Apartment Living rental subsidiary, has partnered with EJF Capital to develop Rafferty, a multifamily property in Santa Ana. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital identified the joint venture partner and helped structure the deal. The project is being financed through $31.7 million in joint venture equity from EJF Capital, along with a $66 million loan facility from Santander Bank. Toll Brothers’ in-house finance department arranged the financing. Rafferty will feature 218 apartments in two five-story and seven-story buildings with 328 parking spaces. The community will offer a fitness center, resident lounge, maker’s room, jam room, speakeasy, co-working space and sky lounge with an outdoor terrace. Additional amenities will include a swimming pool, seating with grills and fire pit and outdoor fitness equipment. The property will also feature 12,350 square feet of ground-floor commercial space along Main and Fourth streets. Completion is slated for 2024.

November 8, 2021

Acquisitions California Retail Western

Shopoff Realty, Praelium, Dune Buy Former Nordstrom Building in Downtown Santa Barbara

by Amy Works November 8, 2021

SANTA BARBARA, CALIF. — Shopoff Realty Investments and Praelium Commercial Real Estate, in partnership with an affiliate of Dune Real Estate Partners, has acquired the former Nordstrom property at the Paseo Nuevo mixed-use shopping center in downtown Santa Barbara. Terms of the transaction were not released. The three-story, 175,000-square-foot retail property is connected to the north end of the Paseo Nuevo mixed-use shopping center, which offers more than 450,000 square feet of open-air mixed-use space. Originally constructed in 1924, the property underwent a wholesale redevelopment between 1989 and 1994 into its current form and more recently underwent a $20 million renovation to enhance the outdoor lifestyle shopping experience.

November 8, 2021

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