Western

Phoenix Multifamily Continues Its Upward Trajectory

by Jeff Shaw October 12, 2021

By Drew Ricciardi, Research Manager, ABI Multifamily Research Manager Following a chaotic year that left investors on the sidelines, the Phoenix market proved resilient. In fact, it ended up witnessing one of the most significant rebounds nationally. The Phoenix multifamily market exploded with a record start for 2021 and is now considered one of the top multifamily markets in the country. Phoenix continues to see robust population increases due to job growth, quality of life, industry diversity and affordability. According to a Redfin study, the Phoenix metro market had the highest population net inflow in 2020 of all U.S. metros. Phoenix benefited from the work-from-home phenomenon due to COVID-19, which resulted in high-paid workers fleeing high-priced, high-density markets for more affordable markets offering more spacious living options. Not only are people migrating to Phoenix, but the area is becoming a prime spot for company headquarters and advanced facilities. The metro area’s educated workforce, strong talent pool, business-friendly tax environment, and affordability are all key factors. Taiwan Semiconductor Manufacturing Co. plans to invest around $35 billion in new Phoenix facilities. This is the most substantial direct foreign investment in Arizona to date. The investment will have significant ripple effects on the …

October 12, 2021

Acquisitions Arizona Multifamily Student Housing Western

University Partners Purchases 943-Bed Student Housing Community Near Arizona State University

by Amy Works October 11, 2021

TEMPE, ARIZ. — University Partners has acquired Apollo Tempe, a 943-bed student housing community located near the Arizona State University campus in Tempe. Gilbane Development Co. delivered the community in 2020, which offers a mix of one-, two-, three- and four-bedroom units with bed-to-bath parity. The property features a rooftop oasis, ground-level outdoor swimming pools, state-of-the-art fitness centers, an outdoor lounge, two clubrooms, a basketball court, academic success centers and study lounges. Tim Bradley and Shawn Sweeney of TSB Capital Partners arranged acquisition financing on behalf of University Partners.

October 11, 2021

Acquisitions Industrial Oregon Western

SPC Acquires Last-Mile Distribution Property in Salem, Oregon for $28.2M

by Amy Works October 11, 2021

SALEM, ORE. — New Jersey-based SPC LLC has purchased a last-mile industrial property located in Salem from White Plains, N.J.-based Reich Brothers for $28.2 million. The property is a 129,760-square-foot former solar panel plant that Panasonic owned and operated. The company closed operations in September 2017, and Reich Brothers, a facility turn-around specialist, acquired the property in March 2018. In fall 2019, Reich Brothers leased the entire facility to a Fortune 100 e-commerce company. Craig Tomlinson of Stan Johnson Co. handled the transaction.

October 11, 2021

Acquisitions Multifamily Oregon Seniors Housing Western

SLIB Negotiates $17M Sale of Two-Property Seniors Housing Portfolio in Oregon

by Amy Works October 11, 2021

GRANTS PASS AND MEDFORD, ORE. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Bridge in Grants Pass and The Orchards in Medford. The properties are approximately 30 miles apart in the southwest corner of the state. The Bridge was constructed in 2001 and offers independent living and assisted living. The Orchards was built in 2000 and offers assisted living. The communities offer a total of 148 units in a combined 103,455 square feet across 3.6 acres of land. A local ownership group with only these two seniors housing properties sold the assets. An Oregon-based owner-operator acquired the communities for $17 million. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction. “The new owner-operator is continuing to expand their footprint and these communities fit in well with their long-term strategic plan,” says Punzel.

October 11, 2021

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $16.7M Purchase of Multifamily Portfolio in Redding, California

by Amy Works October 11, 2021

REDDING, CALIF. — Marcus & Millichap has arranged the acquisition of an apartment portfolio located throughout Redding. OSM Investment Co. purchased the assets from a multi-generational family of investors for a combined $16.7 million. The portfolio offers a total of 162 apartments. The buyer plans to make improvements to the properties and streamline management of the portfolio. Rand Hoffman and Daniel Kapic of Marcus & Millichap secured and represented the buyer in the deal.

October 11, 2021

Acquisitions Arizona Healthcare Office Western

Sonora Behavioral Health Hospital Buys 16,999 SF Medical Office Building in Tucson

by Amy Works October 11, 2021

TUCSON, ARIZ. — Sonora Behavioral Health Hospital has purchased a medical office building, located at 3130 E. Broadway Blvd. in Tucson, from LC3130 LLC for $3.9 million. The single-story property features 16,999 square feet of medical office space. Thomas Nieman of Cushman & Wakefield represented the seller, while Jeremy Adams with Jones Lang LaSalle Brokerage’s Atlanta office represented the buyer in the deal.

October 11, 2021

Acquisitions Arizona Industrial Top Stories Western

Equus Capital Partners Acquires 7.3 MSF Industrial Portfolio in Arizona for $1.1B

by Taylor Williams October 11, 2021

PHOENIX AND TUCSON, ARIZ. — Philadelphia-based investment firm Equus Capital Partners has acquired a portfolio of 73 industrial properties totaling roughly 7.3 million in the Phoenix and Tucson metro areas. The price was approximately $1.1 billion. The portfolio comprises 342 individual industrial buildings across 74 different developments. Between the two markets, about 85 percent of the portfolio is located in Phoenix, with the remaining 15 percent in Tucson. The properties had a collective occupancy rate of 98 percent at the time of sale. The tenant roster encompasses 22 different industries, including traditional industrial uses like e-commerce, logistics and manufacturing. In terms of individual footprints, no tenant occupies more than 1.5 percent (107,300) square feet of the roughly 7.1 million square feet of leased space. Equus acquired the portfolio through sponsored value-added funds and a consortium of strategic co-investment partners that remain unnamed. Internal agents Kyle Turner, Christopher Locatell, Robert Butchenhart, Laura Brestelli and Peter Russo oversaw the acquisition for Equus Capital Partners. As part of the deal, Equus is onboarding 26 professionals from the undisclosed seller’s property management team to maintain operation of the portfolio. “Due to the low market-wide industrial vacancy rates and growing demand, the portfolio is poised …

October 11, 2021

California Development Multifamily Student Housing Western

HighBridge Properties Opens 706-Bed Student Housing Community Near the University of California, Davis

by Amy Works October 8, 2021

DAVIS, CALIF. — HighBridge Properties has opened The Ryder on Olive, a 706-bed student housing community located near the University of California, Davis. The 260,000-square-foot, LEED Gold-certified property offers a mix of two-, three-, four- and five-bedroom, fully furnished units. Shared amenities include a fitness center, yoga room, study areas, game rooms, a swimming pool, karaoke room, dog park and a 24-hour micro-market offering food and drinks. The project’s development team included partner Grand Peaks Development; general contractor Brown Construction; Humphreys & Partners Architects; and SouthPark Interiors. Asset Living manages the community.

October 8, 2021

Arizona Development Retail Western

Vestar to Develop $90M of Spec Retail Projects in Metro Phoenix

by Amy Works October 8, 2021

QUEEN CREEK AND PEORIA, ARIZ. — Vestar has unveiled plans to develop three speculative retail projects, totaling 465,000 square feet in Queen Creek and Peoria. With a combined construction cost of nearly $90 million, construction is slated to begin in late 2021 through early 2022. Queen Creek Crossing in Queen Creek is a planned 31-acre property featuring 300,000 square feet of retail space. Groundbreaking is scheduled for June 2022, with opening planned in March 2023. Costco will anchor the property, located at the northwest corner of Ellsworth and Queen Creek roads. Vineyard Towne Center, also in Queen Creek, will feature 75,000 square feet of retail for the first phase of the 23-acre development. Located at the northwest corner of North Gantzel and West Combs roads. Construction is slated to begin in first-quarter 2022 with completion scheduled for year-end. The Shops at Lake Pleasant in Peoria will feature 90,000 square feet of retail space on 26 acres at the intersection of Happy Valley Road and Lake Pleasant Parkway. The development is slated to open in late 2022.

October 8, 2021

Development Hospitality Loans Multifamily Utah Western

George Smith Partners Arranges $35.2M Construction Loan for Hotel-to-Multifamily Conversion in Salt Lake City

by Amy Works October 8, 2021

SALT LAKE CITY — The Davies Group at Los Angeles-based George Smith Partners has secured $35.2 million in construction financing for the first phase of a hotel-to-multifamily conversion project in downtown Salt Lake City’s The Granary District. The five-acre site features two landmark towers. The first phase of renovation includes the transformation of the property’s south tower into a 184-unit multifamily asset with boutique-style amenities. The planned future phase includes the adaptive reuse of the property’s north tower. The land site offers 2.7 acres of excess developable land, creating an opportunity for future mixed-use infill development. Malcolm Davies, Zack Streit, Drew Sandler, Alexander Rossinsky, Aiden Moran, Brandon Asherian and Ben Tracy of The Davies Group sourced the financing on behalf of the undisclosed sponsor.

October 8, 2021

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