Western

Colrich Sells 96-Unit Mountain View Multifamily Property Near Salt Lake City to Clear Capital

by Amy Works July 6, 2021

WEST VALLEY CITY, UTAH — Colrich has completed the sale of Mountain View, an apartment community located in West Valley City. Clear Capital acquired the asset for an undisclosed price. Situated 12 miles south of downtown Salt Lake City, Mountain View features 96 two-bedroom apartments with in-unit washers/dryers and private balconies or patios. The property features landscaped, tree-lined grounds with mountain views, walking paths and outdoor amenities, including a swimming pool, grilling stations and playground. The asset was built in 1985. Danny Shin and Brock Zylstra of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

July 6, 2021

Acquisitions Colorado Multifamily Western

Pinnacle Brokers $10.3M Sale of Lynnewood Apartment Property in Littleton, Colorado

by Amy Works July 6, 2021

LITTLETON, COLO. — Pinnacle Real Estate Advisors has arranged the sale of Lynnewood, a multifamily property in Littleton. The property traded for $10.3 million. The names of the buyer and seller were not released. Located at 5579 S. Windermere St., Lynnewood features 57 apartments. Andrew Monette and Jeff Johnson of Pinnacle represented the seller, while Josh Newell of Pinnacle represented the buyer in the transaction.

July 6, 2021

Content Partner Features Leasing Activity Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Re-Evaluating Valuations: One Year Later

by Sarah Daniels July 6, 2021

Four months into the pandemic, Meghan Czechowski, valuation lead for Apprise by Walker & Dunlop and managing director of the Midwest Region, advised multifamily appraisers not to jump to conclusions about the long-term impacts of the pandemic. “We did advise caution, and it ended up playing exactly the way we thought it would: results differed market by market and asset by asset. That’s how we approach valuation at Apprise to start with, and that approach is how most of the appraisal industry wound up valuing multifamily throughout the pandemic.” Over a year after her initial assessment, Meghan spoke again to REBusinessOnline about what has changed in the world of multifamily appraisals and where those changes are trending. Incorporating Valuation Data from 2020 Early in 2020, there was a general assumption that there would be a discount in multifamily values, but there were no sales to support that assumption until June/July of last year when sales comps appeared on properties in most markets. Now it is essential to ensure that the data Apprise collects reflects the current reality. Once the shutdowns ended, data collection became easier. Czechowski says that real-time information allowed for an even better way to understand, analyze and …

July 6, 2021

Acquisitions Colorado Multifamily Western

CIM Group Purchases 710-Unit The Lex at Lowry Multifamily Community in Denver

by Amy Works July 2, 2021

DENVER — CIM Group has purchased The Lex at Lowry, an apartment property located on 26 acres at 240 S. Moncao Parkway in Denver. Terms of the transaction were not released. Originally built in 1972, The Lex at Lowry consists of 24 buildings offering a total of 710 units in a mix of townhome and mid-rise buildings in one-, two- and three-bedroom layouts. Community amenities include 1,204 parking stalls, multiple swimming pools, tennis courts, a yoga and spin studio, racquetball court, indoor basketball court, fitness center and business and conference facilities. The property also features a playground, dog park and ample outdoor seating areas with fire pits. This acquisition brings CIM Group’s Denver-area residential portfolio to more than 1,300 units.

July 2, 2021

Acquisitions Multifamily New Mexico Western

Kennedy Wilson Acquires Sombra del Oso Apartments in Albuquerque for $65M

by Amy Works July 2, 2021

ALBUQUERQUE, N.M. — Kennedy Wilson has acquired Sombra del Oso, a wholly owned apartment property located on 16 acres on Albuquerque’s Westside, for $65 million, excluding closing costs, in an off-market transaction. Situated on 16 acres, the two-story, garden-style community features 344 apartments. The buyer invested $28 million of equity using proceeds generated from recent asset sales and secured a 10-year, fixed-rate loan of $39 million. The name of the seller was not released.

July 2, 2021

Acquisitions California Loans Multifamily Western

PCCP Provides $76M Acquisition, Renovation Loan for High-Rise Apartment Property in San Diego

by Amy Works July 2, 2021

SAN DIEGO — PCCP has provided a $76 million senior loan to an affiliate of Sares Regis Group for the purchase and renovation of LIT Cortez Hill (formerly known as AVA Cortez Hill), a multifamily property in downtown San Diego. AvalonBay sold the property for an undisclosed price. Located at 1399 Ninth Ave., the 15-story building features 299 apartments and 1,670 square feet of ground-floor retail space. The unit mix is 97 studios, 117 one-bedroom and 85 two-bedroom units, all with private patios or balconies and ranging from 570 square feet to 1,059 square feet. The property features 30,000 square feet of outdoor amenity space with full-size basketball and tennis courts, resort-style pool and spa, fitness center, resident lounge, 13 laundry rooms and a ground-floor market.

July 2, 2021

Acquisitions California Industrial Western

Hines Buys 161,168 SF Activity Business Park in San Diego from BKM Capital Partners

by Amy Works July 2, 2021

SAN DIEGO — Hines has acquired Activity Business Park, a five-building industrial property located at 9235-9265 Activity Road and 9520-9530 Padgett St. in San Diego’s Miramar submarket. BKM Capital sold the asset for an undisclosed price. Totaling 161,168 square feet, the property consists of five one- and two-story buildings with expansive windows, abundant light, clear heights ranging from 10 feet to 20 feet and flexibility for a variety of users. At the time of sale, the property was 90 percent leased. Bryce Aberg, Jeffrey Cole, Jeff Chiate, Zach Harman, Mike Adey and Ed Hernandez of Cushman & Wakefield’s National Industrial Investment Advisory Group in Southern California, along with Rich Reeder and Brad Tecca of the firm’s Capital Markets group in San Diego, represented the buyer and seller in the deal. Brant Aberg of Cushman & Wakefield and Chris Duncan of Voit Real Estate provided market leasing advisory for the transaction.

July 2, 2021

Acquisitions Multifamily Washington Western

Glencrest Group Purchases Salish Flats Multifamily Property in Airway Heights, Washington for $45M

by Amy Works July 2, 2021

AIRWAY HEIGHTS, WASH. — Glencreast Group has acquired Salish Flats, an apartment community in Airway Heights, approximately seven miles from downtown Spokane. TWG Development sold the asset for $45 million. Built in 2020, Salish Flats consists of six residential buildings offering a total of 216 garden-style apartments in a mix of one-, two- and three-bedroom floorplans. Community amenities include a clubhouse, fitness center, basketball court, sand volleyball court, resort-style swimming pool and sundeck, barbecue and grilling area, resident lounge and media room. Salish Flats is on a long-term ground lease with the Kalsipel Tribe of Indians. This ownership structure facilitated the first Freddie Mac loan on Native American land. Andrew Behrens and Jesse Weber of CBRE Capital Markets’ Debt & Structured Finance team provided debt and advisory services and secured a $31 million, 10-year, interest-only, fixed-rate loan for the buyer. Josh McDonald, Phil Oester and Joe Nydahl of CBRE represented the seller and buyer in the deal.

July 2, 2021

Market Reports Multifamily New Mexico Western Western Market Reports

Market-Rate Multifamily Units Rapidly Increase in Santa Fe

by Jeff Shaw July 1, 2021

By Billy Eagle and Erik Olson, Senior Vice Presidents of Investment Properties, Multifamily, CBRE In Albuquerque, New Mexico’s largest city, multifamily demand remains high. Rents have steadily increased, though multifamily development remains sluggish due to the lack of developable land sites and geographic constraints. Most other New Mexico cities are also seeing a small pipeline of new multifamily projects due to increased material costs. However, contrary to other cities in New Mexico, the northern New Mexico City of Santa Fe has seen a boom in multifamily development. Santa Fe’s highly resilient and fundamentally sound multifamily market is highlighted throughout the pandemic. The state capitol is renowned for its Southwest culture, luxurious resorts and world-class art markets. Its economic drivers include, but are not limited to, tourism (more than 1 million visitors per year), government (Los Alamos National Labs is located nearby), medical and boutique financial services. The Santa Fe apartment market had record occupancies at 96.91 percent in January 2021 and year-over-year rent growth of 7.6 percent. The average weighted rent was $1,102 per month among a total of 3,385 market-rate units. Nearly 16 months later, they are averaging almost $1,300 per month, an 18 percent increase. Santa Fe also added 503 market-rate units to …

July 1, 2021

Acquisitions Office Washington Western

Newmark Arranges $62M Sale of Office Campus in Bellevue’s 520 Corridor

by Amy Works July 1, 2021

BELLEVUE, WASH. — Newmark has brokered the sale of Corporate Campus East, a multi-tenant office campus located in Bellevue’s 520 Corridor. An liability limited company associated with Kennedy Wilson sold the asset to Lake Washington Partners for $62 million. Kevin Shannon, Rob Hannan, Ken White, Michael Moll and Nick Kucha of Newmark represented the seller in the deal. Located at 3025, 3055 and 3075 112th Ave. NE, the three-building campus offers a total of 136,592 square feet of office space. At the time of sale, the property was 93 percent leased to a variety of tenants with Microsoft as an anchor. The property recently underwent a $3 million capital repositioning, which included lobby remodels, bathroom renovations, exterior paint and the addition of an outdoor patio and seating. Additional property features include premier signage, flexible floorplates, ample parking and regional access.

July 1, 2021

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