Western

WhiteHaven Capital Sells Canyon 35 Multifamily Property in Phoenix for $15.5M

by Amy Works August 23, 2021

PHOENIX — WhiteHaven Capital has completed the disposition of Canyon 35, an apartment community located at 4336 N. 35th Ave. in Phoenix. A Utah-based fund manager acquired the asset for $15.5 million. Built in 1986, Canyon 35 features 98 apartments, a leasing office, pool, covered parking, laundry facilities and gym. The seller completed a programmatic renovation on 97 of the 98 units during its three-year ownership of the property. Paul Bay and Darrell Moffitt of Marcus & Millichap handled the transaction.

August 23, 2021

Loans Multifamily Washington Western

RMR Mortgage Arranges $12.5M Acquisition Loan for 80 Main Apartments in Seattle

by Amy Works August 23, 2021

SEATTLE — RMR Mortgage Trust (NASDAQ: RMRM) has closed a $12.5 million first-mortgage, floating-rate bridge loan to finance Unico Properties’ acquisition of 80 Main, a multifamily property located at 80 S. Main St. in Seattle. The loan is structured with a three-year initial term and two one-year extension options, subject to the borrower meeting certain requirements. RMR’s manager, Tremont Realty Capital, was introduced to the transaction by IPA Capital Markets, a Marcus & Millichap company, which advised the sponsor.

August 23, 2021

Content Partner Features Leasing Activity Midwest Multifamily Northeast Single-Family Rental Southeast Texas Walker & Dunlop Western

Multifamily Outlook: Growth Undiminished by Pandemic-Related Disruptions

by Sarah Daniels August 23, 2021

The Roaring ’20s and the Great Wealth Transfer The United States is well on a path of recovery from the COVID-19 pandemic shutdown that began in March 2020. More than 60 percent of the U.S. population has now received at least one dose of the vaccine, and more than half are fully vaccinated. Those figures increase significantly by age, particularly for the 65+ population[1]. The economy is booming this year — it is estimated to have grown by 7.8 percent[2] in the second quarter following 6.4 percent growth in the first quarter of 2021. Unemployment remains low at 5.9 percent in June due to 7.9 million jobs created in the past year. Retail sales are up by 23 percent year-over-year.[3] Even the battered restaurant industry has recovered, with sales again surpassing grocery sales as of April 2021. Pandemic-induced disruptions to labor and trade finally began showing in inflation figures. Even excluding the more volatile food and energy sectors, inflation soared from 1.6 percent in March to 4.5 percent in June, the highest pace since 1991. However, expectations are that the price pressure is a temporary adjustment as the economy recovers. Core inflation is expected to end the year at around 2.2 …

August 23, 2021

Market Reports Multifamily Washington Western Western Market Reports

Seattle’s Apartment Market Roars to Life

by Jeff Shaw August 23, 2021

By Dylan Simon, Executive Vice President and Multifamily Specialist, Kidder Mathews It’s always easy to pick on the new kid. Seattle has enjoyed its emergence as a global city and, as such, exemplified “New Kid-itis” — yet it’s roaring back to life, and critics should take notice. It was only 18 months ago that Seattle could do no wrong. The city was teeming with young, upwardly mobile and highly employable apartment renters clamoring for places to live while selecting high earning jobs of their choice. Skyrocketing demand across nearly all sectors of commercial real estate was palpable, especially apartments. The impacts of COVID-19 and social unrest that ravaged the nation had a disproportionate impact on many urban centers. Arguably, its effects on Seattle lingered the longest. Demand for high-rise office space remained questionable as apartment renters second guessed urban living altogether. Civic dysfunction amplified the questioning of downtown Seattle’s livability, causing the apartment market to noticeably suffer. Yet spring is a time for regeneration and growth, and spring 2021 marked a turning point for the Seattle region and the entire apartment market. Occupancy Returns to Pre-Pandemic Levels The Seattle region’s multifamily market unquestionably enjoyed a bull run this past decade. Average …

August 23, 2021

California Industrial Loans Western

Gantry Arranges $43M Refinancing for Industrial Portfolio in Southern California

by Amy Works August 20, 2021

LOS ANGELES — Gantry has secured a $43 million loan through a correspondent life company lender to refinance a four-building industrial portfolio for a 15-year term. Totaling 430,000 square feet, the four assets are fully leased and well-positioned in Los Angeles, Orange County, Ventura and the Inland Empire industrial submarkets. Mark Ritchie and Josh Natker of Gantry’s Los Angeles office secured the financing on behalf of a private investor. The loan structure features a roughly 50 percent loan-to-value ratio and an interest rate below 2.5 percent.

August 20, 2021

Lake-Pointe-Corporate-Centre-West-Valley-City-UT

Acquisitions Office Utah Western

Felton Properties Sells 182,121 SF Lake Pointe Corporate Centre Near Salt Lake City

by Amy Works August 20, 2021

WEST VALLEY CITY, UTAH — Portland, Ore.-based Felton Properties has completed the sale of Lake Pointe Corporate Centre, a two-building suburban office campus located in West Valley City. A partnership between Advanced Medical Properties and George Urban Properties acquired the asset for an undisclosed price. Kevin Shannon, Ken White, Rick Stumm, Bryce Blanchard and Steve Walton of Newmark represented the seller in the deal. David Milestone and Brett Green, also of Newmark, secured acquisition financing for the buyer. Located at 2850 and 2875 S. Decker Lake Drive, the property consists of 182,121 square feet of industrial space. At the time of sale, the asset was 97 percent leased to a roster of nationally recognized tenants. Since 2018, the property has undergone significant capital upgrades, including fully renovated lobbies, digital tenant directors, fitness center enhancements, elevator modernizations, prominent signage, refurbished restrooms and corridors, and tenant interior improvements.

August 20, 2021

Colorado Loans Multifamily Seniors Housing Western

Colliers Mortgage Provides $15.9M HUD Loan for Multifamily Development in Grand Junction, Colorado

by Amy Works August 20, 2021

GRAND JUNCTION, COLO. — Colliers Mortgage, part of Colliers International | U.S., has closed a $15.9 million HUD 213 loan for the new construction of Village Cooperative of Grand Junction, an age-restricted cooperative project in Grand Junction. The 62-unit property will be age restricted to residents with heads of household 62 years of age or older. The community will include community decks, outdoor fire pits, interior bar areas and a fitness center. The 40-year, fully amortizing loan was arranged for the borrower, Village Cooperative of Grand Junction.

August 20, 2021

Acquisitions Hospitality Restaurant Retail Washington Western

JLL Brokers Sale of Suncadia Resort in Cle Elum, Washington

by Amy Works August 20, 2021

CLE ELUM, WASH. — JLL’s Hotel & Hospitality Group has arranged the sale of Suncadia, a resort community with hotel and residential components in Cle Elum, approximately 90 miles east of Seattle. Funds managed by Oaktreee Capital Management sold the asset. Terms of the transaction were not released. Situated on 6,400 acres, the resort features the 254-room Lodge at Suncadia; the 18-room Inn at Suncadia; five food and beverage outlets; multiple event spaces and meeting rooms; a swim club and fitness center; and a spa and wellness center. The resort also offers three mountain golf courses: the 7,100-yard, 18-hole Prospector Golf Course; the 7,300-yard, 18-hole Rope Rider Golf Course; and the private Tumble Creek Golf Course. The current ownership expects to sell additional units across the Suncadia resort and its sister community, Tumble Creek, which is located across the Cle Elum River. John Strauss, Tony Musico, Melvin Chu and Tatiana Hodapp of JLL Hotels & Hospitality represented the seller in the transaction.

August 20, 2021

Acquisitions Arizona Industrial Western

Mapleton Investments Acquires Industrial Property in Phoenix for $4.4M

by Amy Works August 20, 2021

PHOENIX — Mapleton Investments has purchased a freestanding industrial building located at 3269 E. Harbour Drive in Phoenix. Stephen M. Javinett Trust sold the asset for $4.4 million, or $150 per square foot. Situated within the Southbank Industrial Business Park, the property features 29,665 square feet of space. Constructed in 1989, the building features a 40/60 blend of office and warehouse space, 100 percent air conditioning, three grade-level doors, 1,000 amp, 277/480-volt power, 18-foot clear heights in the warehouse, moisture-abating industrial clerestory skylights, fenced rear yard and 96 parking spaces. Chris Toci and Chad Littell of Cushman & Wakefield’s Phoenix office represented the buyer, while Mike Parker of CBRE represented the seller in the deal.

August 20, 2021

Development Retail Western

WSJ Report: Amazon Plans New Department Store Chain

by Jeff Shaw August 19, 2021

SEATTLE — Amazon (NASDAQ: AMZN), the Seattle-based e-commerce giant, is planning to open a chain of department stores to boost its sales in clothing, household items, electronics and other areas. The news comes from a Wall Street Journal report citing “people familiar with the matter.” The first stores are expected to open in Ohio and California and, at around 30,000 square feet, will be smaller than a typical department store. “It is unclear what brands Amazon will offer in the stores, although the company’s private-label goods are expected to feature prominently,” the Journal reports. This is not Amazon’s first foray into brick-and-mortar retail, despite being perhaps the largest e-commerce disruptor of the sector. Amazon made big waves in 2017 by purchasing high-end grocery chain Whole Foods Market for nearly $14 billion. It has also, in recent years, experimented with concepts such as small-scale, checkout-free grocery stores.

August 19, 2021

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