Western

Champion Real Estate Sells 96-Bed Victory on Ellendale Student Housing Property Near USC for $20.5M

by Amy Works February 3, 2022

LOS ANGELES — Champion Real Estate Co. has sold Victory on Ellendale, a 96-bed student housing property located near the University of Southern California (USC) in Los Angeles, for $20.5 million. The property was renovated in 2019, with upgrades including the addition of stainless steel appliances, quartz countertops, new cabinetry and hardware, lighting, window coverings, vinyl plank flooring, bathroom upgrades and paint throughout each unit. Arthur Arejian and Jon Tran of Vanguard Investments represented the undisclosed buyer and seller in the transaction.

February 3, 2022

Acquisitions Arizona Retail Western

Alturas Real Estate Purchases 93,005 SF Tucson Fiesta Shopping Center in Arizona

by Amy Works February 3, 2022

TUCSON, ARIZ. — Eagle, Idaho-based Alturas Real Estate Funds has acquired Tucson Fiesta, a retail center at 4215, 4225 and 4235 N. Oracle Road in Tucson. EVT Tucson Fiesta sold the asset for $14.6 million. Chris Hollenbeck of Cushman & Wakefield represented the buyer in the deal. Three major retailers in the discount furniture, clothing and golf industries fully occupy the 93,005-square-foot property.

February 3, 2022

Acquisitions Industrial Washington Western

MCA Realty Acquires 65,432 SF Industrial Property in Fife, Washington

by Amy Works February 3, 2022

FIFE, WASH. — Orange County, Calif.-based MCA Realty, through its MCA Realty Industrial Growth Fund, has purchased Fife Business Center located at 4624 and 4630 16th St. in Fife for $10.4 million in an off-market transaction. At the time of sale, the 65,342-square-foot property was 96 percent occupied by a variety of tenants. MCA plans to implement a series of upgrades, including new roof overlays, HVAC repairs, new landscaping and an updated paint scheme. Joel Jones and Nick Ratzke of Neil Walter Co. represented MCA Realty in the transaction.

February 3, 2022

Meghan Czechowski quote Apprise Multifamily Valuation

Content Partner Features Finance Insight Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Web-Based Multifamily Valuation Enhances Speed, Builds Better Predictions

by Sarah Daniels February 3, 2022

The future of multifamily valuation requires flexibility and the use of technology to process data faster and more reliably. Meghan Czechowski, managing director and valuation lead for Apprise by Walker & Dunlop, spoke to Finance Insight about why multifamily valuations in particular are well suited to a web-based machine learning approach, resulting in faster appraisals with increased reliability. Finance Insight: How does the Walker & Dunlop Apprise program differ from traditional residential valuation programs? Czechowski: We’re focused on multifamily with our tech-enabled process. Most appraisal reports on the commercial side (multifamily included, that is, five units and up) are completed using a web-based database, and those databases are typically blank slates. When you’re entering sale comparables, rent comparables or other data, most people are starting from scratch and usually using an analyst to record that comparable information that then feeds into a database. The Apprise team of appraisal experts uses our Apprise application, which is a proprietary web-based system. It uses the property record database; therefore, it is not a blank slate. It has over 2.5 million multifamily records flowing into it from a public record aggregator and various industry resources like REIS, RCA and Yardi, using direct integration and …

February 3, 2022

Acquisitions California Multifamily Seniors Housing Western

IRA Capital Buys 160-Unit Seniors Housing Portfolio in Northern California for $106.5M

by Amy Works February 2, 2022

DUBLIN AND NOVATO, Calif. — Southern California private equity firm IRA Capital has acquired two newly constructed assisted living and memory care facilities totaling 160 units in the Northern California cities of Dublin and Novato for $106.5 million. An active player in the medical office, life sciences and ambulatory surgery space, IRA Capital is growing and diversifying its healthcare real estate portfolio by expanding into seniors housing in high-barrier-to-entry markets on the West Coast. Elegance Senior Living operates the two Class A communities. Elegance at Dublin is an 80-unit community located within walking distance from a variety of shopping centers and restaurants, several hospitals and directly across the street from the Dublin Senior Center. Elegance Hamilton Hill in Novato is an 80-unit community situated in the heart of Hamilton Field’s 414-acre master planned community near shopping centers, restaurants and medical facilities. “The launch of our new seniors housing vertical is consistent with IRA’s goal of pursuing best-in-class assets that drive long-term growth for our investors, while providing quality services for the community,” says IRA Capital co-founder Jay Gangwal. IRA Capital has allocated approximately $1 billion to acquire over 2,000 seniors housing units over the next couple years. As part of …

February 2, 2022

Acquisitions Office Utah Western

Arden Group, Vesta Realty Partners Buy 125,000 SF Younique Headquarters in Lehi, Utah

by Amy Works February 2, 2022

LEHI, UTAH — Arden Group, in partnership with Vesta Realty Partners, has purchased an office building located at 3400 W. Mayflower Ave. in Lehi. Terms of the transaction were not released. Younique, a health and wellness direct sales firm, fully occupies the 125,000-square-foot property on a lease basis through 2026. Situated on 7.1 acres, Stack Real Estate developed the asset in 2016 as a fully amenitized corporate campus and showcase property for Younique. The property features 25,000-square-foot floor plates, a full-size commercial kitchen, cafeteria, lounge, outdoor seating, auditorium, five balconies with seating, full-service salon and R&D lab.

February 2, 2022

Development Multifamily Utah Western

Lowe Property Group, MVE + Partners Open Dixon Place Apartment Community in Salt Lake City

by Amy Works February 2, 2022

SALT LAKE CITY — Lowe Property Group, along with MVE + Partners as designer, has opened Dixon Place, a 49,049-square-foot mixed-used multifamily property in Salt Lake City. Located at 1034 E. Elm Ave., Dixon Place features 35 one-bedroom and 24 two-bedroom units with full kitchens and bathrooms, as well as washers/dryers. The property also includes 2,200 square feet of ground-floor commercial space. Community amenities include a business lounge and conference room for remote workers, a fitness center, bike storage, Bark Park for pets, electric vehicle charging stations, a coffee bar and pool table.

February 2, 2022

Acquisitions Idaho Multifamily Seniors Housing Western

Blueprint Arranges Sale of 167-Unit Seniors Housing Community in Nampa, Idaho

by Amy Works February 2, 2022

NAMPA, IDAHO — Blueprint Healthcare Real Estate Advisors has arranged the sale of a seniors housing community in the Boise suburb of Nampa. The single-story community features 107 independent living units, 18 assisted living units and 42 licensed skilled nursing beds. The REIT owner and operator collectively decided to divest the property, as it was the operator’s only Idaho location. Cascades Healthcare acquired the asset for an undisclosed price.

February 2, 2022

Acquisitions Office Washington Western

Marcus & Millichap Negotiates $4.3M Sale of Shoreline Park Office Building in Shoreline, Washington

by Amy Works February 2, 2022

SHORELINE, WASH. — Marcus & Millichap has arranged the sale of Shoreline Park, an office building located at 19940 Ballinger Way NE in Shoreline. A private investor sold the asset to an undisclosed buyer for $4.3 million. Shoreline Park features 13,503 square feet of office space. At the time of sale, the property was 85 percent occupied by a mix of professional tenants. John Marks and Stren R. Lea of Marcus & Millichap’s Seattle office represented the seller in the deal.

February 2, 2022

California Market Reports Multifamily Western Western Market Reports

Institutional Money, Private Investors Continue to Flock to Inland Empire Multifamily Market

by Jeff Shaw February 2, 2022

By Eric Chen, Senior Vice President, CBRE Multifamily has been a well-performing real estate segment during the past 18 months as demand for housing continues to trump supply in most of California. The Inland Empire has been the recipient of much of this demand within the Greater Los Angeles and Southern California regions due to their economic and population growth. Tenants are also in search of more affordable, quality dwellings outside the urban core. Due to the confluence of these factors, multifamily vacancies in the area are at an all-time low of less than 5 percent. This is exasperated by the fact that new developments are at the lowest level across the nation, pushing rent growth to No. 1. This dynamic is, of course, ideal for investors who seek stable, income-producing investments with potential upside and little risk of oversupply. We do expect additional apartment properties to be built in the coming year or two, which will create more investment opportunities and provide more options for tenants who are new to the region or relocating from within. Looking back on this year, we have seen a number of large institutional-sized transactions between $25 million and $100 million, with investors ranging …

February 2, 2022

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