Western

Standard Communities Completes 173-Unit Multifamily Development in Idaho

by Amy Works July 28, 2021

BOISE, IDAHO — Standard Communities has completed the ground-up development of a 173-unit market-rate apartment building in Boise. Standard partnered with River Caddis Development, as co-owners and co-developers, to construct Jules on 3rd Apartments. The Opus Group served as design-build partner for the project. Located at 415 S. Third St., Jules On 3rd Apartments features a rooftop pool and sundeck; a fitness and wellness room; Sky Lounge Club Room; outdoor kitchen and barbecue grills; outdoor fireplaces; a conference room; a dog park and spa; covered parking spots for resident and public use; and storage for 192 bicycles. The property offers a mix of studio, one- and two-bedroom units in a variety of layouts with vaulted ceilings, high-end finishes, quartz countertops, stainless steel appliances, private patios and balconies, built-in shelving, smart home technology door locks and thermostats, and full-size washers and dryers.

July 28, 2021

Development Idaho Western

IPA Brokers Sale of Development Site in Downtown Boise

by Amy Works July 28, 2021

BOISE, IDAHO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of 10th & Front, a development site in downtown Boise. Pennbridge Lodging sold the 38,997-square-foot site for an undisclosed price. The buyer was not disclosed. Ryan Harmon, Philip Assouad, Giovanni Napoli, Ryan Dinius, Sidney Warsinske and Nicholas Ruggiero of IPA represented the seller and procured the buyer in the deal. The site is zoned without density constraints, height limits or parking requirements for residential uses. The specific plans for the development were not released.

July 28, 2021

Acquisitions California Multifamily Western

Mogharebi Group Arranges $15M Sale of Sandalwood Gardens Apartment Building in Fresno, California

by Amy Works July 28, 2021

FRESNO, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Sandalwood Gardens, a multifamily property located at 3880 N. Fruit Ave. in Fresno. An undisclosed buyer acquired the property for $15 million. The name of the seller was not released. Built in 1986 on 5.4 acres, Sandalwood Gardens features 124 apartments, two swimming pools, garages, covered parking, a leasing center and laundry facilities. The property also features a commercial section that is leased to a daycare center. Robin Kane and Brendan Kane of TMG represented the seller in the deal.

July 28, 2021

California Leasing Activity Multifamily Seniors Housing Western

JCH Negotiates Lease of 68-Unit Seniors Housing Community in Modesto, California

by Amy Works July 28, 2021

MODESTO, CALIF. — JCH Senior Housing Investment has arranged the triple-net lease of a 68-unit, 120-bed assisted living and memory care community in Modesto, approximately 80 miles south of Sacramento. The team at JCH led a marketing campaign for the landlords, a family-owned owner-operator that is seeking retirement. Throughout the pandemic, the facility struggled to maintain census and keep up with new requirements from licensing, ultimately leading to a licensing revocation hearing. A local operator seeking to convert the building to an adult residential facility was the successful bidder. The lease rate is $200,000 per bed. Jim Hazzard and Cindy Hazzard handled the transaction process for JCH.

July 28, 2021

California Development Multifamily Office Retail Top Stories

Urban Catalyst Reveals Plans for $600M Icon/Echo Towers in Downtown San Jose

by Julia Sanders July 28, 2021

SAN JOSE, CALIF. — Urban Catalyst has revealed plans to build the Icon/Echo mixed-use project, which will include office, residential and retail components in downtown San Jose. The development will cost around $600 million to build, according to the Silicon Valley Business Journal. The construction timeline for the project has not been disclosed. The Icon/Echo towers will feature 300 apartment units and 420,000 square feet of Class A office space. The office tower portion of the project will be 282 feet tall, while the apartment complex will be 267 feet tall. The apartment units will sit above 8,500 square feet of ground-floor retail. The project’s two towers will include over 50,000 square feet of outdoor amenities, including rooftop gardens, as well as interior common areas. Additionally, the towers will have four levels of parking that will hold up to 1,134 cars. Located at 147 E Santa Clara St., Icon/Echo encompasses about two acres of land and is located close to City Hall and a future Bay Area Rapid Transit (BART) station. The Icon/Echo towers will be located half a mile from the San Jose Museum of Art and about 0.4 miles from San Jose State University. One of the sites …

July 28, 2021

Acquisitions Office Utah Western

Sterling Realty Organization Acquires 541,678 SF Office Portfolio Near Salt Lake City

by Amy Works July 27, 2021

DRAPER, UTAH — Bellevue, Wash.-based Sterling Realty Organization has purchased Vista Station, a Class A office portfolio in Draper. A joint venture between The Boyer Co. and Gardner Co. sold the asset for an undisclosed price. Located within Vista Station Office Park, the portfolio consists of four buildings totaling 541,678 square feet. Constructed from 2016 to 2018, the buildings feature solar panels and immediate access to FrontRunner at Draper Station. Kip Paul of Cushman & Wakefield and Eli Mills of CBRE represented the seller, while the buyer was self-represented in the transaction.

July 27, 2021

Development Multifamily Washington Western

Vulcan Buys Development Site in Seattle for 249-Unit Apartment Project

by Amy Works July 27, 2021

SEATTLE — Vulcan has purchased a fully entitled, 1.4-acre development site at 1600 132nd Ave. NE in Seattle’s Bel-Red corridor. Summerhill Apartments Communities sold the plot for an undisclosed price. The buyer plans to develop a 270,000-square-foot multifamily property on the site. The property is entitled with permits for an eight-story, 249-unit residential building. Construction could start early as fourth-quarter 2021, for completion in fourth-quarter 2023. Runberg Architecture Group is architect of record.

July 27, 2021

Colorado Development Multifamily Western

Titan, Pivot to Develop $80M Lock at Flatirons Multifamily Community in Broomfield, Colorado

by Amy Works July 27, 2021

BROOMFIELD, COLO. — A joint venture between Titan Development and Pivot Development has unveiled plans for The Lock at Flatirons, an apartment property located in the Interlocken Technology Park in Broomfield. Situated on 3.3 acres, The Lock at Flatirons will feature 254 apartments, a fitness center, resort-style pool, bike storage and stations, secure access parking, technology packages throughout the property and co-working space. Construction is slated to begin in third-quarter 2021, with completion planned within approximately 28 months.

July 27, 2021

Acquisitions California Office Western

Madison Marquette Sells Apple-Occupied De Anza Plaza Office Campus in Cupertino for $64M

by Amy Works July 27, 2021

CUPERTINO, CALIF. — Madison Marquette has completed the disposition of De Anza Plaza, a single-tenant office property located in Cupertino. Cantor Fitzgerald Income Trust acquired the asset for $64 million. Apple has occupied the two-building campus since 2016. Andy Zighelboim, Robert Gilley, Brad Idelman, Kevin Moul and Andrew Gibson of Colliers represented the seller in the deal.

July 27, 2021

Development Industrial Nevada Western

Harsch Breaks Ground on 185,000 SF Sunset Airport Center Industrial Complex in Las Vegas

by Amy Works July 27, 2021

LAS VEGAS — Harsch Investment Properties has broken ground on Sunset Airport Center II, a four-building industrial complex in Las Vegas’ airport submarket. Slated for completion in summer 2022, Sunset Airport Center II will be an addition to the 269,853-square-foot Sunset Airport Center property that Harsch purchased in 2016. Located on Sunset and Pecos roads, Buildings A and B combined will total 185,000 square feet and offer up to 19 tenant spaces that range from 6,000 square feet to 16,000 square feet. Each space features both dock-high and grade-level loading. The buildings range from 26-foot to 30-foot minimum warehouse clear heights, 160-foot minimum truck court, ESFR sprinklers and Sunset Road frontage. The project team includes R&O Construction, VLMK Engineering + Design and VTN Consulting Engineers. MDL’s Jarrad Katz and Galit Kimerling-Moreau are overseeing leasing of the property.

July 27, 2021

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