Western

Urban-188-1601-W-Camelback-Rd-Phoenix-AZ

Epic Investment Services Buys Two Multifamily Properties in Phoenix for $52M

by Amy Works January 27, 2022

PHOENIX — Canada-based Epic Investment Services, through its Epic Multifamily Real Estate Fund I, has acquired Urban 188 and 96, two apartment communities located at 1601 and 1545 W. Camelback Road, respectively, in Phoenix. Urban 1601 Property sold the properties for $52 million. Built in 1967, Urban 96 sold for $17 million, and Urban 188, which was built in 1970, sold for $35 million. The two properties offer a total of 284 apartments in a mix of studio, one- and two-bedroom units averaging 467 square feet. At the time of sale, the properties were approximately 98 percent leased. Chris Roach, Brad Cooke, Matt Roach and Cindy Cooke of Colliers in Arizona negotiated the transaction. Fidelity National Title handled the title and escrow for the sale.

January 27, 2022

Acquisitions California Net Lease Restaurant Retail Western

Hanley Investment Group Brokers $19.3M Sales of Four Single-Tenant Investments at Retail Center in Rosamond, California

by Amy Works January 27, 2022

ROSAMOND, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sales of four single-tenant, net-leased investments at a shopping center in Rosamond for a total consideration of $19.3 million. Four separate buyers acquired the assets, which offer a combined total of 28,462 square feet and were built in 2021. Bill Asher and Jeff Lefko of Hanley Investment Group represented the developer and seller, a partnership between Pasadena-based Halferty Development Co. and Net Lease Alliance. In the first transaction, Asher and Lefko brokered the sale of a 16,000-square-foot Grocery Outlet-occupied property at 2550 Rosamond Blvd. A San Diego-based private partnership purchased the asset for $7.1 million. Mike Conger of San Diego-based CAA represented the buyer in the deal. A Los Angeles-based private investor acquired a 2,200-square-foot Starbucks Café and Drive-Thru at 2544 Rosamond Blvd. for $3.5 million. Joey Kim of Irvine-based eXp Realty represented the buyer, while Asher and Lefko represented the seller. In the third deal, Asher and Lefko arranged the sale of a 3,062-square-foot 7-Eleven convenience store with a gas station at 2536 Rosamond Blvd. A San Diego-based private investor acquired the property for $5.6 million. Lindsey Kalal of Coronado-based Kalal Investment Realty represented the buyer, while …

January 27, 2022

Courtyard-Medical-Professional-Center-Hemet-CA

Acquisitions California Healthcare Office Western

Progressive Real Estate Arranges $5.6M Sale of Courtyard Medical & Professional Center in Hemet, California

by Amy Works January 27, 2022

HEMET, CALIF. — Progressive Real Estate Partners has arranged the sale of Courtyard Medical & Professional Center, located at 910-960 N. State St. in Hemet. A Newport Beach-based private investor acquired the asset for $5.6 million. Greg Bedell of Progressive Real Estate Partners represented the seller, while Henry Liu of CBD Investments represented the buyer in the transaction. Built in 1981, the 39,796-square-foot Courtyard Medical & Progressive Center was fully occupied at the time of sale.

January 27, 2022

Colorado Company News Multifamily NAI Western

NAI Global Adds New Specialty Service with NAI Outdoor Hospitality Brokers

by Amy Works January 27, 2022

NEW YORK AND BASALT, COLO. — NAI Global has expanded its services with a new specialty service that will do business as NAI Outdoor Hospitality Brokers. Bob Kaplan and his Colorado-based team will specialize in buying and selling RV parks, campgrounds and glamping resorts on behalf of investors throughout the United States. Kaplan and his team of three other agents and an operations manager have 27 years of combined brokerage experience in commercial real estate brokerage, during which time they have closed more than 200 transactions valued in excess of $600 million. In 2021, the team closed 18 transactions in 11 states, totaling over $84 million in value. The group’s primary geographical areas are the Rocky Mountains and Western States, Texas, the Southeast and the Northeast. NAI Outdoor Hospitality Brokers is affiliated with The National Association of Recreational Parks & Campgrounds, the American Glamping Association, the Colorado Campground & Lodging Association and the Texas Association of Campground Owners.

January 27, 2022

Multifamily Investment NAI Arthur Milston

Content Partner Features Loans Midwest Multifamily NAI Northeast Southeast Texas Western

Multifamily Investment Attracts Varied Capital as Fundamentals Drive Demand

by Sarah Daniels January 27, 2022

The multifamily investment sales sector had well-documented success in 2021 with a record volume of over $220 billion in transaction activity. Factors driving competition for transactions within the sector included: increasing home prices, widespread interest in renting and the easing of COVID-19 restrictions bringing renters back into the nation’s cities, all of which drove the average, nationwide multifamily occupancy rate above 97 percent. With firmly rooted fundamentals, investor interest across the spectrum of multifamily has been intense. Traditionally popular core investment products (stabilized and value-add assets located in primary and secondary markets) were the clear winners with investors. Some multifamily REIT stocks increased by 75 to 100 percent in 2021, explains Arthur Milston, senior managing director with NAI Global and co-head of the company’s Capital Markets Group. Milston sat down with REBusinessOnline to explain where NAI Global sees growth and opportunities in 2022. REBusiness: Who are the primary investor groups acquiring multifamily? What types/locations are they attracted to? Milston: Historically, multifamily has always had very fragmented ownership compared to other asset classes. Currently, the dominant players are the large aggregators of product, whether it be REITs or institutional investors that are buying, typically in conjunction with an operating partner. Pension …

January 27, 2022

Acquisitions California Office Western

Woodstock Development Buys One Bay Plaza Office Building in Burlingame, California for $108M

by Amy Works January 26, 2022

BURLINGAME, CALIF. — Woodstock Development has purchased the remaining ownership stake in One Bay Plaza, a nine-story, Class A office building located on the Bayshore waterfront in Burlingame. With the completion of the transaction, valued at $108 million, Woodstock is now the 100 percent owner of the property. Located at 1250 Bayshore Highway, the property features 196,000 rentable square feet, plus approximately 12,000 square feet of lower-level amenity space. The building is currently 85 percent leased to more than 35 tenants, including Alaska Airlines, Cushman & Wakefield, BTIG and Acco Brands. Woodstock first purchased the property with Iron Point Partners in June 2019. Since 2019, Woodstock has implemented a renovation of building, including new lobbies, restrooms and corridors. Additionally, the company retained Mark Cavagnero Associates to design a 12,000-square-foot amenity area, including conference rooms, collaboration rooms, ping pong, fitness room with showers and lockers, and a social pantry. Eastdil Secured represented Woodstock Development and Iron Point in the transaction.

January 26, 2022

Development Multifamily Washington Western

Cypress Equity Investments Completes 186-Unit Hailey Apartments in Tacoma, Washington

by Amy Works January 26, 2022

TACOMA, WASH. — Los Angeles-based Cypress Equity Investments (CEI) has completed the construction of Hailey, a multifamily property in Tacoma. Located at 1210 Tacoma Ave. South, Hailey features 186 apartments in a mix of studio, open one-bedroom, one-bedroom and two-bedroom floor plans with custom cabinetry, quartz countertops, stainless steel appliances, tiled backsplashes and in-unit washers/dryers. The property offers a rooftop deck with harbor and mountain views, a second-floor outdoor terrace, fitness center, community barbecue facilities, bike storage, lounge seating, barbecue stations and fire pits. Studio19 Architects served as architect and Gig Harbor-based The Rush Cos. served as general contractor for the project. Construction began in late 2017 and the community received its certificate of occupancy in October 2021.

January 26, 2022

Acquisitions California Retail Western

NewMark Merrill Cos. Acquires North Broadway Plaza Shopping Center in Santa Maria, California

by Amy Works January 26, 2022

SANTA MARIA, CALIF. — Woodland Hills-based NewMark Merrill Cos. has purchased North Broadway Plaza, a grocery-anchored neighborhood retail center at the northeast corner of North Broadway and East Grant Street in Santa Maria. Terms of the transaction were not released. North Broadway Plaza features 97,555 square feet of retail space. Current tenants include Food Maxx and CVS/pharmacy. Reza Investment Group represented NewMark Merrill and the seller in the deal.

January 26, 2022

Acquisitions Multifamily Washington Western

MIG Real Estate Purchases 152-Unit BluWater Multifamily Property in Everett, Washington

by Amy Works January 26, 2022

EVERETT, WASH. — MIG Real Estate has acquired BluWater, a multifamily property located at 11311 19th Ave. SE in Everett. BluWater is the fifth Seattle-area multifamily community managed by MIG. Terms of the transaction were not released. Built in 1991, BluWater features seven three-story buildings offering a total of 152 one-, two- and three-bedroom apartments with eight-foot ceilings. Amenities include a clubhouse, leasing center, indoor/outdoor swimming pool with sauna, fitness center, children’s playground, multiple walking paths and playgrounds. MIG plans to renovate BluWater including apartment interiors, refreshing the buildings’ exterior paint, expanding the clubhouse and leasing center, and enhancing common area amenities. Giovanni Napoli and Phillip Assouad of Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction.

January 26, 2022

Acquisitions Colorado Multifamily Western

Cushman & Wakefield Negotiates Sale of 116-Unit Chestnut Square Apartments in Windsor, Colorado

by Amy Works January 26, 2022

WINDSOR, COLO. — Cushman & Wakefield has arranged the sale of Chestnut Square Apartments, an apartment community located at 601 Chestnut St. in Windsor. 601 Chestnut LLC acquired the property from Jones Family Trust for an undisclosed price. Situated on six acres, Chestnut Square Apartments features 116 apartments in a mix of one-, two- and three-bedroom layouts. Originally constructed in 1972, the property most recently underwent a multi-million-dollar capital renovation in 2018. The buyer plans to reposition the property through an extensive renovation program, including unit and building upgrades, improved amenities and updates throughout the campus. Jared Goodman and Brian Mannlein of Cushman & Wakefield represented the seller in the transaction.

January 26, 2022

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