Western

Newmark Negotiates $70M Sale of Creative Office Building in El Segundo, California

by Amy Works August 16, 2021

EL SEGUNDO, CALIF. — Newmark has brokered the sale of 2221 Park Place, a two-story creative office property located in downtown El Segundo. 2221 Park Place Partners LLC, a partnership between Kyle Ransford of Cardinal Investments and Platform Ventures, sold the asset for $70 million, or $778 per square foot. The undisclosed buyer intends to occupy the 90,000-square-foot building, which was recently constructed. The building features a retractable rooftop, integrated landscaping, natural lighting, three-walled workspaces with open air access, flexible layout throughout, outdoor and upper-level patios and contemporary technology for health and efficiency. Kevin Shannon, Geoff Ludwig, Eric Lastition and Ken White of Newmark represented the seller in the off-market transaction.

August 16, 2021

Acquisitions Multifamily Utah Western

TruAmerica Multifamily Acquires 276-Unit Multifamily Community Near Salt Lake City

by Amy Works August 16, 2021

SANDY, UTAH — TruAmerica Multifamily has purchased Falls at Hunters Pointe, an apartment community located on State Street in Sandy. The Wasatch Group sold the property for an undisclosed price. Falls at Hunter Pointe features 276 apartments in a mix of one-, two- and three-bedroom floor plans with open kitchens; large, dual-pane windows; private patios or balconies; and views of the Wasatch Mountains. Community amenities include a swimming pool, playground, walking and biking trails, covered parking and basketball, racquetball and tennis courts. The property was built in 1994. Danny Shin and Brock Zylstra of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

August 16, 2021

California Development Multifamily Student Housing Western

Sacramento State University, Greystar Open 1,100-Bed Hornet Commons Residence Hall

by Amy Works August 16, 2021

SACRAMENTO, CALIF. — A public-private partnership between Sacramento State University and Greystar has opened Hornet Commons, a 1,100-bed residence hall on the university’s campus in Sacramento. The community offers apartment-style, fully furnished units for upper-division and graduate students. Shared amenities include a swimming pool, fitness center, volleyball and bocce ball courts, retail space leased to Einstein Bros. Bagels, fire pits, a clubhouse and yoga lawn. “We are excited to welcome Sacramento State’s students to Hornet Commons,” says Julie Skolnicki, senior managing director of Greystar university partnerships. “This project was conceived with lofty goals of supporting academic outcomes, strengthening the sense of community, and providing a long-term partnership. This vision has never been more significant as we welcome students back to Sacramento State and support the campus mission of transforming lives by preparing students for leadership, service, and success.”

August 16, 2021

Acquisitions Multifamily Washington Western

Marcus & Millichap Brokers $23.8M Sale of Ashley Terrace Apartments in Vancouver, Washington

by Amy Works August 16, 2021

VANCOUVER, WASH. — Marcus & Millichap has arranged the sale of Ashley Terrace, a multifamily property located at 4500 Nicholson Road in Vancouver. Next Wave Investors LLC acquired the asset from an undisclosed seller for $23.8 million. Built in 1993, Ashley Terrace features 118 apartments in a mix of one-, two- and three-bedroom layouts, a clubhouse, fitness center, pool and tennis court. Next Wave plans to implement a renovation program including new appliances, lighting, plumbing, solid-surface flooring in most rooms, new carpet in bedrooms and upgraded kitchens, as well as repairs and maintenance to the exterior and common areas. Khari Gates and Georgie Christensen-Riley of Marcus & Millichap represented the buyer. Marcus & Millichap also represented the seller in the deal.

August 16, 2021

California Loans Seniors Housing Western

Cushman & Wakefield Arranges $23M in Construction Financing for Seniors Housing Community in Rolling Hills Estates, California

by Madison Pettway August 13, 2021

ROLLING HILLS ESTATES, CALIF. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged $23 million in construction financing for Peninsula Pointe, a to-be-built 87-unit, assisted living and memory care community in Rolling Hills Estates on the Palo Verdes Peninsula. The borrower is a joint venture between Singerman Real Estate and Darnell Capital. The project includes the redevelopment of an existing, vacant office building into a luxury, three-story 65,000-square-foot seniors housing community to be operated by Cadence Living. The financing was provided by a large regional bank.

August 13, 2021

Colorado Multifamily Western

Berkadia Arranges $18M Apartment Property Sale in Loveland, Colorado

by Madison Pettway August 13, 2021

LOVELAND, COLO. — Berkadia has negotiated the sale of The Gallery Flats, a mid-rise multifamily property in Loveland, about 50 miles north of Denver. The property sold for $18 million, or $273,485 per unit, the highest price per unit ever achieved for a multifamily asset in Loveland. Built in 2014 and located at 585 N. Lincoln Ave., The Gallery Flats comprises 66 units and features high ceilings, washers/dryers, energy-efficient appliances, plank flooring, a media room, clubhouse, ﬁtness center, controlled access, barbecue/picnic area and bike storage.Berkadia’s Nick Steele, John Laratta and Tyler King led the transaction on behalf of the undisclosed seller. No buyer information was provided.

August 13, 2021

Loans Multifamily Utah Western

Greystone Provides $9M Loan to Refinance 56-Unit Multifamily Property in Ogden, Utah

by Madison Pettway August 13, 2021

OGDEN, UTAH — Greystone has provided a $9 million loan through Fannie Mae for the refinancing of a newly constructed 56-unit multifamily property in Ogden, located about 40 miles north of Salt Lake City. Lorie Hanson and Shana Daby originated the financing on behalf of Knox on 12th Street LLC. The non-recourse loan carries a 12-year term, a fixed interest rate, four years of interest-only payments and a 30-year amortization period. Construction of the mid-rise, two-building Knox on 12th Street Apartments was completed in 2020. The property is located near the area’s shopping, entertainment and dining establishments, and is close to major arteries that lead to I-15 and Salt Lake City. The development features one- and two-bedroom units with in-unit washers and dryers, walk-in closets and private outdoor spaces. The community also offers 24-hour secure access and on-site parking.

August 13, 2021

Mixed-Use Oregon Western

Marcus & Millichap Arranges Sale of Mixed-Use Building in Salem, Oregon for $5.65M

by Madison Pettway August 13, 2021

SALEM, ORE. — Marcus & Millichap has arranged the sale of The Metropolitan Building, a 29,000-square-foot mixed-use property in Salem. The property comprises 17 apartments and more than 9,500 square feet of ground- and basement-level office and retail space. The sales price was $5.65 million. Marcus & Millichap’s Georgie Christensen-Riley and Michael Kapnick represented the seller, an Oregon limited liability company. Christensen-Riley and Kapnick also represented the California-based buyer. Both the buyer and seller entered into the transaction as part of separate 1031 tax-deferred exchanges. Constructed in 1912 and completely remodeled in 2007, The Metropolitan Building is located in downtown Salem near the state capitol. The property underwent additional buildouts in 2019 and 2020. The development’s retail and creative office spaces experienced consistent leasing activity throughout the Covid-19 pandemic due in part to its prime location and finishes, according to Marcus & Millichap

August 13, 2021

California Industrial Western

Lee & Associates Brokers Sale of Industrial Building in San Marcos, California for Nearly $2.6M

by Madison Pettway August 13, 2021

SAN MARCOS, CALIF. — Lee & Associates has negotiated the sale of an 11,650-square-foot industrial building in San Marcos for $2.59 million, or $222 per square foot. The building is located at 2750 S. Santa Fe Ave., approximately 50 miles north of San Diego. Lee & Associates’ Michael Golden and Trent France represented the buyer, Vascan Tile, a tiling contractor based out of Escondido, Calif., in the transaction. Matt Calvet of Kidder Mathews represented the seller, Gill Gregory Trust. The recently remodeled building is situated one block from State Route 78 on South Santa Fe Avenue and is located blocks away from a blend of shops, services, restaurants, and eateries. The property had four competing offers within the first week of being listed.

August 13, 2021

California Loans Multifamily Northmarq Western

NorthMarq Completes $263M Refinancing for Six Multifamily Properties in Southern California

by Kristin Harlow August 12, 2021

NEWPORT BEACH, CALIF. — NorthMarq has provided Advanced Real Estate with $263 million in loan proceeds through Freddie Mac for the refinancing of six multifamily properties throughout Southern California. The portfolio contains 1,255 units. The individual loans were structured with a 10-year term, interest-only payments for the full term, and a loan-to-value ratio of 65 percent. NorthMarq’s Newport Beach office executed the transaction. The portfolio includes: *Beachwood Apartments: 2970 W. Orange Ave., Anaheim, 301 units *California Palms Apartments: 901 S. Harbor Blvd., Santa Ana, 190 units *Countrywood Apartments: 1255 E. Citrus Ave., Redlands, 161 units *Crestwood Apartment Homes: 21011 Osterman Road, Lake Forest, 76 units *Sundial Apartments: 2704 W. Ball Road, Anaheim, 106 units *Uptown Fullerton: 2656 Associated Road, Fullerton, 421 units The transaction marks nearly $3 billion in closings between NorthMarq and Advanced Real Estate. Not only did the borrower receive a substantial cash-out, but it also decreased its overall debt service even though each loan was separate, according to NorthMarq.

August 12, 2021

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