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Foster-Creek-Apts-Tukwila-WA
AcquisitionsMultifamilyWashingtonWestern

Investors Management Group Sells 179-Unit Foster Creek Apartments in Tukwila, Washington

by Amy Works

TUKWILA, WASH. — Investors Management Group (IMG) has completed the disposition of Foster Creek Apartments, a multifamily property in Tukwila. Terms of the transaction were not released. Located at 15110 Macadam Road South, Foster Creek Apartments features 179 units. IMG directed a $3.7 million capital improvement program, including remodeling the leasing office, adding a fitness center, resurfacing the parking areas, new roofs and remodeling unit interiors. The property was originally built in phases between 1968 and 1978. Ben Johnson and David Sorensen of Berkadia Seattle represented IMG in the transaction.

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AcquisitionsArizonaOfficeWestern

Commercial Retail Advisors Brokers Sale of Oracle Gateway Office Building in Tucson, Arizona

by Amy Works

TUCSON, ARIZ. — Commercial Retail Advisors has arranged the sale of Oracle Gateway, an office property at 3870 N. Oracle Road in Tucson. Spotted Fawn LLC acquired the asset from 3838 Oracle Plaza Joint Venture LLC for an undisclosed price. The two-story, 22,901-square-foot building was vacant at the time of sale. Craig Finfrock of Commercial Retail Advisors represented the seller, while the buyer was self-represented in the transaction. Ten-X facilitated the auction sale. Commercial Retail Advisors will represent Spotted Fawn LLC in the leasing of the property.

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Opus-Apts-Los-Angeles-CA
CaliforniaLoansMultifamilyWestern

BWE Secures $220M in Financing for Opus Multifamily Community in Los Angeles

by Amy Works

LOS ANGELES — BWE has secured a total of $220 million in financing for Opus, an apartment property in the Koreatown neighborhood of Los Angeles. Max Sauerman and Tyler Shebeck of BWE’s Los Angeles office originated a $205 million five-year senior loan and a $15 million floating-rate mezzanine loan on behalf of the borrower, an affiliate of Jamison Properties. New York Life Real Estate Investors (NYLREI) provided the financing. Completed in June 2024, Opus offers 428 studio, one-, two- and three-bedroom apartments spread across two high-rise towers connected by a secured parking garage and amenity deck. The units feature floor-to-ceiling windows, open floor plans, high ceilings, luxury appliances, balconies and smart home features. Onsite amenities include multiple resident lounges and entertaining spaces, coworking rooms, two state-of-the-art fitness centers, a game room, movie theater, golf simulator, dog park and grooming station, an automated concession room, a rooftop pool with a spa and cabanas, rooftop bars, dining areas, barbecue grills and fire pits. Additionally, the property offers 10,000 square feet of ground-floor commercial space, which is 33 percent leased to a coffee shop and a boba shop.

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Zia-Flats-Santa-Fe-NM
DevelopmentMultifamilyNew MexicoWestern

Aberg Property to Develop 244-Unit Zia Flats Apartment Property in Santa Fe

by Amy Works

SANTA FE, N.M. — Aberg Property Co. is developing Zia Flats, a 244-unit apartment property, as part of Phase I of the Zia Station mixed-use project in Santa Fe. The land is owned by Zia Station LCC, which will be a joint venture partner in the development. Aberg Property Co. and Zia Station LLC have partnered with Sunward Bank for the financing. Located at the northeast corner of St. Francis Drive and Zia Road, Zia Flats will offer 24 onsite affordable units, a resort-style pool, clubhouse with coworking space, a fitness center and outdoor space with large courtyards featuring fire pits and other amenities. The asset will consist of six two- and three-story buildings. The new community is expected to be under construction for approximately 22 months and will open in early 2027. The second phase of Zia Station, which will feature commercial and residential use, is in the early design stages.

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1310-Minor-Ave-Seattle-WA
AcquisitionsMultifamilyWashingtonWestern

Kidder Mathews Brokers Sale of 84-Unit Union Park Multifamily Community in Seattle

by Amy Works

SEATTLE — Kidder Mathews has arranged the off-market sale of Union Park, an apartment property in Seattle’s First Hill neighborhood. Terms of the transaction were not released. Located at 1310 Minor Ave., Union Park offers 84 apartments. Dylan Simon, Jerrid Anderson and JD Fuller of the Simon | Anderson Multifamily Team at Kidder Mathews represented the undisclosed seller and sourced the undisclosed buyer in the deal.

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River-Lofts-Tualatin-OR
AcquisitionsMultifamilyOregonWestern

Next Wave Investors Sells 74-Unit River Lofts in Oregon to FPA Multifamily

by Amy Works

TUALATIN, ORE. — Next Wave Investors has completed the disposition of River Lofts, an apartment property in Tualatin, to FPA Multifamily for $15.8 million, or $214,189 per unit. Located on the banks of the Tualatin River, 12 miles from Portland, River Lofts offers 74 apartments. Built in 1974, the asset has undergone interior and exterior upgrades. Anthony Palladino, Philip Assouad, Giovanni Napoli, Nick Ruggiero and Ryan Harmon of Institutional Property Advisors (IPA), a division of Marcus & Millichap, and Georgie Christensen-Riley of Marcus & Millichap represented the seller and procured the buyer in the deal. David Tabata of Marcus & Millichap served as broker of record in Oregon.

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3300-E-Union-Hills-Dr-Phoenix-AZ.jpg
AcquisitionsArizonaRetailWestern

Marcus & Millichap Arranges $3.3M Sale of Busy Bees Child Care-Occupied Retail Property in Phoenix

by Amy Works

PHOENIX — Marcus & Millichap has directed the sale of a retail property located at 3300 E. Union Hills Drive in Phoenix. An Arizona-based limited liability company sold the asset to an undisclosed buyer for $3.3 million. The buyer plans to hold the asset long term. Busy Bees Child Care occupies the property, which was built in 1990, on an absolute triple-net lease with 15 years remaining. Spencer Berkley, Chris Lind, Mark Ruble and Zack House of Marcus & Millichap’s Phoenix office represented the seller in the deal.

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Polytechnic-High-School-Long-Beach-CA
CaliforniaCivicDevelopmentWestern

C.W. Driver Breaks Ground on $175M Modernization Project at Polytechnic High School in Long Beach, California

by Amy Works

LONG BEACH, CALIF. — C.W. Driver Cos. has broken ground on a $175 million modernization project at Long Beach Unified School District’s Polytechnic High School in Los Angeles County. The project includes interim student housing, a new 65,000-square-foot Career and Technical Education (CTE) classroom building and the modernization of eight historic, existing campus buildings. The new three-story CTE classroom building will include a medical simulation lab supporting the school’s medical pathway; engineering and computer science labs; standard and intensive studies classrooms; robotics and automotive technology labs; spaces for the school’s Junior Reserve Officers’ Training Corp (JROTC); and dedicated engineering courtyards and outdoor learning environments. Interim housing will also be built in a new complex consisting of 52 portable classrooms, four restroom buildings and a lunch shelter. During the additional phases, which are scheduled across two subsequent summers, C.W. Driver will modernize the aging infrastructure, update utilities and enhance the school’s learning environment through partition walls, new flooring, fire alarms and utility connections across eight buildings. Updates will include HVAC and technology modernizations, new audiovisual systems, lighting, electrical and interior/exterior finishes. Additionally, the school will be upgrading its accessibility and safety through ADA-compliant pathways and signage and bringing fire alarm systems, tactile …

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3000-W-Marina-Dr-Moses-Lake-WA
HospitalityLoansWashingtonWestern

Gantry Secures $14M Loan for Refinancing of Best Western Plus Hotel in Moses Lake, Washington

by Amy Works

MOSES LAKE, WASH. — Gantry has secured a $14 million permanent loan to refinance the Best Western Plus Lake Front Hotel, located at 3000 W. Marina Drive in Moses Lake. The hotel, including onsite restaurant, underwent an improvement program in 2023. The hotel features a heated outdoor pool, hot tub, steam room, cocktail lounge, meeting and banquet facilities, a business and convention center and a fitness center. Drit Shoemaker of Gantry represented the borrower, a private real estate investor. A regional bank provided the seven-year, fixed-rate loan, which features a 25-year amortization schedule.

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5335-Xenon-St-Arvada-CO.jpg
AcquisitionsColoradoIndustrialWestern

Pinnacle Real Estate Brokers $5M Sale of Industrial Property in Arvada, Colorado

by Amy Works

ARVADA, COLO. — Pinnacle Real Estate Advisors has brokered the $5 million sale of an industrial property located at 5335 Xenon St. in Arvada. The single-tenant property offers 15,975 square feet of industrial space. Mark Alley of Schneider Grimes Investment Services Group of Pinnacle Real Estate Advisors represented the undisclosed seller in the deal. The buyer was not released.

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