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Oakmont-Las-Vegas-NV
DevelopmentMultifamilyNevadaSeniors HousingWestern

Oakmont Finishes 31-Unit Memory Care Expansion at Seniors Housing Community in Las Vegas

by Amy Works

LAS VEGAS — Oakmont Senior Living has completed an expansion and renovation project at Oakmont of Las Vegas, which included the new construction of 31 memory care units. “Memory care is an essential part of continuity of care and important to families who don’t want to uproot their loved ones should they need to transition to this type of care,” says Melon Rivera, executive director at Oakmont of Las Vegas. The community already offered independent living and assisted living. In addition to the new memory care neighborhood, the multi-million-dollar renovation project at Oakmont of Las Vegas included the addition of a movie theater, bistro and wellness center. The on-site beauty salon received its own makeover with upgraded and new equipment. Other community-wide enhancements included new carpeting, tile flooring, fresh paint, a refinished roof and new fire-alarm system.

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Griffith-Office-Bldg-Beaverton-OR
AcquisitionsOfficeOregonWestern

Norris & Stevens Brokers $2.4M Sale of Griffith Park Office Building in Beaverton, Oregon

by Amy Works

BEAVERTON, ORE. — Norris & Stevens has arranged the sale of Griffith Park Office Building, a multi-tenant office property located at 5075 SW Griffith Drive in Beaverton. 5075 SW Griffith LLC acquired the asset from an undisclosed seller for $2.4 million. Constructed in 1979 and renovated in 1991, the two-story property features 20,474 square feet of office space with private offices, conference rooms, open office space and breakrooms. Todd VanDomelen, Duane Link and Doug Carter of Portland-based Norris & Stevens represented the buyer and seller in the deal.

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The Urban
AcquisitionsArizonaMultifamilySoutheastTennessee

TruAmerica Multifamily Acquires Two Apartment Communities in Metro Nashville, Phoenix for $196M

by Julia Sanders

FRANKLIN, TENN. AND PHOENIX, ARIZ. — TruAmerica Multifamily has acquired two garden-style communities in Phoenix and Nashville’s Cool Springs district in separate transactions totaling $196 million. The two properties add about 1,000 apartments to the company’s national multifamily portfolio. The 435-unit Phoenix property is dubbed The Urban. Built in 2005, the property is located at 3601 E. McDowell Road and features floorplans that range in size from studio to three-bedroom, two-bathroom units. Community amenities include two swimming pools, an outdoor kitchen, fitness center and community green space. The Urban is the second acquisition in Phoenix this year for TruAmerica, after purchasing The Bella, a 200-unit, garden-style community on the city’s north side. The metro Nashville property is Viera Cool Springs, a 468-unit property built in 1987. Acquired in an off-market transaction from Miami-based Lindemann Multifamily, Viera Cool Springs is located at 300 Royal Oaks Boulevard in Franklin, 25 miles south of downtown Nashville. The property has one- and two-bedroom apartment homes that are situated in 38 two-story buildings on a 36.5-acre site. Community amenities include lighted tennis courts, two swimming pools, resident clubhouse and business center, yoga studio and fitness center. Viera Cool Springs is TruAmerica’s second investment in metro …

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Block-24-Bellevue-WA
AcquisitionsOfficeWashingtonWestern

Brookfield Asset Management Buys Facebook-Occupied Block 24 Office Building in Bellevue for $200M

by Amy Works

BELLEVUE, WASH. — Brookfield Asset Management real estate fund has purchased Block 24, a recently completed office property located at The Spring District in Bellevue. Wright Runstad & Co., Shorenstein Properties and institutional investors advised by J.P. Morgan Global Alternatives sold the asset for $200 million. Facebook occupies the 197,959-square-foot building, which is the latest addition to The Spring District. The district currently consists of more than 1 million square feet of office space, neighborhood retail space and over 800 apartments centered on the future Spring District light rail station, which is slated to open in 2023. More than 350,000 square feet of additional office and retail space is under construction at the development, with over 1 million more square feet in the planning stages. This transaction marks Brookfield’s second at The Spring District. The company acquired the adjacent, 338,000-square-foot Block 16 office building, which is also fully leased to Facebook, in October 2020.

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Las-Ventanas-Long-Beach-CA
Affordable HousingCaliforniaDevelopmentMultifamilyWestern

AMCAL Completes 102-Unit Las Ventanas Affordable Housing Community in Long Beach, California

by Amy Works

LONG BEACH, CALIF. — AMCAL Multi-Housing has completed Las Ventanas Apartments, an affordable multifamily development located at 1795 Long Beach Blvd. in Long Beach. Situated on just over an acre, the four-story building features 102 apartments in a mix of one-, two- and three-bedroom layouts with balconies or patios for individuals and families earning between 20 percent and 80 percent of the area median income. Additionally, 15 units are reserved for Los Angeles County’s Homes for Health program for special needs homeless households. The community also features street-level commercial space, a semi-subterranean parking garage, access to the Blue Line stop on Pacific Coast Highway, an internal courtyard, a play area for children, outdoor seating, barbecue grills and secure bike storage. The community also offers social service offices where residents can receive social services tailored to their needs, while the adjacent management office features a community area with a media center, computer lab and open space for games and socializing for residential use. William Hezmalhalch Architects served as architect for the project, which is seeking LEED Platinum certification. FPI Management is the property manager. Financing partners included The Long Beach Community Investment Co., Union Bank, Hudson Housing Capital, California Department of …

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District-Flats-Off-Dobson-Mesa-AZ
AcquisitionsArizonaMultifamilyWestern

ZMR Capital Enters Phoenix Market, Acquires Apartment Community in Mesa for $18.2M

by Amy Works

MESA, ARIZ. — ZMR Capital has purchased District Flats Off Dobson, its first multifamily acquisition in the metro Phoenix area. An undisclosed seller sold the property for $18.2 million in an off-market transaction. Located at 1045 S. San Jose St. in Mesa, District Flats Off Dobson features 112 apartments in a mix of studio and one-bedroom layouts. ZMR plans to renovate the property, which has not undergone significant renovations since it was built in 1975. The company plans to improve curb appeal and upgrade units with new countertops, cabinetry, stainless steel appliances and plank flooring as leases expire. Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the transaction.

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5801-W-Mohawk-Ln-Glendale-AZ
AcquisitionsArizonaRetailWestern

Progressive Real Estate Partners Brokers $16.9M Sale of Six Sunrise Preschools in Arizona

by Amy Works

GLENDALE, CHANDLER, MESA, TEMPE AND PHOENIX, ARIZ. — Progressive Real Estate Partners has arranged the sale of six single-tenant Sunrise Preschool locations in Arizona for a combined total of $16.9 million. Brad Umansky and Mike Lin of Progressive, in cooperation with Ginger Orsi of S.J. Fowler Real Estate, represented the seller in the deals. The transactions include: The $2.6 million sale of an 8,500-square-foot location at 5801 W. Mohawk Lane in Glendale. The $2.3 million sale of a 7,000-square-foot preschool at 1114 W. Elliot Road in Chandler. The $3.8 million sale of an 8,775-square-foot property at 102 N. Lindsey Road in Mesa. The $3.4 million sale of a 12,485-square-foot location at 1365 S. Gilbert Road in Mesa. The $2.5 million sale of a 7,000-square-foot asset at 4110 W. Northern Ave. in Phoenix. The $2.3 million sale of a 7,000-square-foot building at 800 E. Minton Drive in Tempe.

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ArizonaLoansMultifamilyWestern

Taylor Street Arranges $3M Bridge Loan for Multifamily Property Acquisition in Tempe

by Amy Works

TEMPE, ARIZ. — Taylor Street Capital Partners has structured a $3 million bridge loan for the acquisition and renovation of a 20-unit apartment community in Tempe. Nick Martinez and Chris Nuccio of Taylor Street closed the loan for the undisclosed borrower. The fixed-rate financing, with interest-only payments, features an 80 percent loan-to-cost ratio. A private lender looking to deploy capital in the Sunbelt markets provided the capital.

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Apartments in Huntsville
CaliforniaFeaturesMultifamilyWestern

Yardi Matrix: US Multifamily Rents Increase by 1.6 Percent in April, Biggest Gain During Pandemic

by Julia Sanders

SANTA BARBARA, CALIF. — Following an unsteady year in 2020, the multifamily sector is taking a leap in the early half of 2021, according to the latest Yardi Matrix National Multifamily Report. In April, multifamily rents rose 1.6 percent year-over-year, which Yardi Matrix says is the highest increase seen since the beginning of the pandemic. The firm reports overall rents increased by $10 in April to $1,417 per month, the biggest single-month gain since June 2015. Rent Growth, Occupancy Levels Across Different Markets Most markets saw month-over-month rent growth. Twenty four of the top 30 markets that Yardi Matrix tracks saw month-over-month rent growth exceeding 0.5 percent, and all gateway markets experienced positive gains from March. All gateway markets had positive rent growth for the trailing three months as well, with Miami’s rent growing 0.8 percent, Chicago 0.5 percent and Boston 0.4 percent. However, some gateway markets are still struggling compared to where they were a year ago, including Washington, D.C., with only a 0.2 percent growth. New York City, San Francisco and Seattle all experienced 0.1 percent rent growth. Yardi Matrix says that these gateway markets that are behind are expected to experience rent growth this summer. One of …

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CaliforniaIndustrialMarket ReportsWesternWestern Market Reports

Industrial Demand is Unabated in the High Desert

by Jeff Shaw

By Joseph W. Brady, President, Bradco Cos. The High Desert portion of San Bernardino County, also known as the Mojave River Valley, is anticipating exceptional industrial development growth in the upcoming years as the balance of the Inland Empire builds out and has no significant land to further develop.  The Mojave River Valley region contains more than 22 million square feet of industrial space. The City of Hesperia has recently experienced a mass grading project — probably the largest grading project in the High Desert’s history. Covington Capital is mass grading 232 acres where it intends to build a 3.5-million-square-foot industrial complex.  The first building (1,055,360 square feet) will be developed for Modway. It will increase the major furniture distributor’s ability to serve regional and national distribution requirements from its current 310,555-square-foot facility in Fontana. The 60-acre site is being developed by Exeter Property Group. Big Lots opened its new distribution center in north/east Apple Valley in late 2019. This 1.3-million-square-foot facility sits just south of Walmart’s distribution center.  Brightline West has also acquired property in north Apple Valley near Dale Evans Parkway for a high-speed rail station that will move passengers from Southern California to Las Vegas in 90 minutes at speeds …

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