Western

Next Wave Investors Purchases Spanish Oaks Multifamily Community in Las Vegas for $28.1M

by Amy Works February 22, 2021

LAS VEGAS — Next Wave Investors has acquired Spanish Oaks, a 216-unit apartment property located at 2301 S. Valley View Blvd. in Las Vegas. The company purchased the asset from an undisclosed seller for $28.1 million in an off-market transaction. Built in 1976, Spanish Oaks features a mix of one- and two-bedroom units offering large closets and private balconies or patios. Community amenities include a fitness center, pool, clubhouse, laundry facilities and a leasing center. Next Wave plans to upgrade all unrenovated units through its value-add program with interior additions, including stainless steel or black appliances, lighting fixtures, vinyl plank flooring in common areas, new carpet in bedrooms, stone countertops, new paint and tile backsplashes in kitchens. Additionally, the company plans to enhance the exterior and amenity spaces with the addition of carports, exterior paint, roofing, and upgrades to the pool area and landscaping.

February 22, 2021

Acquisitions Arizona Loans Multifamily Western

Tower Capital Arranges $24.8M Acquisition Loan for Apartment Community in Phoenix

by Amy Works February 22, 2021

PHOENIX — Tower Capital has arranged $24.8 million in acquisition financing for a two-story multifamily property located in the Phoenix I-17 Employment Corridor. The names of the borrower/buyer and seller were not released. Built in 1980 on eight acres, the community features 224 apartments, a swimming pool, leasing office, clubhouse, two on-site laundry facilities, basketball court, community playground, dog park and picnic area with barbecue grills. The non-recourse Freddie Mac loan features a seven-year, floating-rate term with two years of interest-only payments followed by a 30-year amortization schedule. Vin Basa of Tower Capital secured the financing for the buyer.

February 22, 2021

Acquisitions Arizona Multifamily Western

Metro Tucson Living Acquires Villas at Roger Road Multifamily Property in Tucson for $19M

by Amy Works February 22, 2021

TUCSON, ARIZ. — Metro Tucson Living SPE has purchased The Villas at Roger Road, a multifamily community located at 3985 N. Stone Ave. in Tucson. Equilibrium Villas sold the asset for $19 million. Located at 3985 N. Stone Ave., the property features 232 apartments. Allan Mendelsberg and Conrad Martinez of Cushman & Wakefield | PICOR represented both parties in the transaction.

February 22, 2021

Acquisitions Colorado Industrial Western

Tepuy Properties Buys 26,400 SF Industrial Property in Broomfield, Colorado

by Amy Works February 22, 2021

BROOMFIELD, COLO. — Tepuy Properties, a real estate syndicator and property management company, has purchased its second asset in Broomfield. The company acquired a single-story industrial building located at 1 Park St. for $1.7 million. Tepuy plans to spend more than $1 million on repairs and improvements at the 26,400-square-foot property, which was built in 1986 and suffered years of neglect due to bankruptcy and lien proceedings. At the time of sale, the property was 54 percent vacant with Shoot Indoors, a public gun range, as the sole tenant. Eric Rutherford of WK Real Estate represented Tepuy, while Joe Krahn of Cushman & Wakefield represented the seller in the deal.

February 22, 2021

Arizona Development Multifamily Seniors Housing Top Stories Western

McCarthy Completes $252M Mirabella at ASU Continuing Care Retirement Community in Tempe, Arizona

by Julia Sanders February 19, 2021

TEMPE, ARIZ. — A St. Louis-based McCarthy Building Cos. has completed construction of Mirabella at ASU, a $252 million continuing care retirement community in Tempe. Pacific Retirement Services and University Realty were the developers for the project. Mirabella at ASU is located at the corner of University Drive and Mill Avenue on the campus of Arizona State University (ASU), 4.5 miles from the Phoenix Sky Harbor International Airport. The community features a 20-story, 613,992-square-foot tower with 252 apartment units ranging from 751 square feet to 2,665 square feet. Portland-based Ankrom Moissan Architects designed the tower. The community’s amenities include an indoor pool; wellness center; theater; art museum; four restaurants; event and lecture hall; game rooms; dog park; salon and spa; valet and underground parking; and a physical therapy gym. The plan behind Mirabella was to provide a unique, university-based living for residents age 62 and older. According to ASU News, residents at Mirabella can take classes at ASU, have full access to the university’s amenities and be close to the school’s sports and cultural events. Although focused on independent living, the community offers a full continuum of senior living care. Along with 52 healthcare units, Mirabella offers onsite healthcare services …

February 19, 2021

Colorado Development Multifamily Seniors Housing Western

Solterra Starts Construction of $38M Bridgewater Senior Living in Castle Rock, Colorado

by Jeff Shaw February 19, 2021

CASTLE ROCK, Colo. — Solterra Cos. has broken ground on Bridgewater Living, a 142-unit seniors housing community in Castle Rock, approximately 30 miles south of Denver. The property is located on a 6.6-acre site. Although the type of care was not disclosed, Solterra describes the development as a “health and wellness campus for those looking to live a longer and healthier life.” Development costs were estimated at $38 million. Funding was in partnership with the Douglas County Housing Authority and Multi-Family Housing Revenue Bonds. The community is scheduled to open in summer 2022.

February 19, 2021

California Development Industrial Western

McShane Construction Breaks Ground on 481,500 SF Distribution Center for Black Creek Group in Richmond, California

by Amy Works February 19, 2021

RICHMOND, CALIF. — McShane Construction Co. has broken ground for the development of 500 Pittsburg Avenue, an industrial project located in Richmond. Owned by Black Creek Group, the development will feature a 481,500-square-foot distribution center situated on a 34-acre site near the intersection of Pittsburg Avenue and Richmond Parkway. The facility will include concrete tiltwall panel exterior with storefront windows, 36-foot clear heights, 84 truck doors, four drive-in doors, seven-inch concrete slab floors and ESFR sprinklers. For the first phase of the project, McShane completed extensive ground improvements, including wick drains, deep dynamic compaction and grading. The company will also widen Richmond Parkway and Pittsburg Avenue and add turn lanes and traffic signals. HPA is serving as architect of record for the project, which is slated for completion in November 2021.

February 19, 2021

Acquisitions Arizona Multifamily Western

IPA Negotiates $34.8M Sale of Tides on 28th Multifamily Property in Phoenix

by Amy Works February 19, 2021

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Tides on 28th, an apartment community in Phoenix. Tides Equities sold the asset to a undisclosed buyer for $34.8 million, or $155,357 per unit. Built in 1980 on eight acres, Tides on 28th features 224 apartments, a swimming pool, spa, modernized clubhouse, leasing center, basketball court, dog park, two on-site laundry facilities, covered parking and immediate access to Lake Biltmore. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the deal.

February 19, 2021

Acquisitions Multifamily Washington Western

Fourth Avenue Capital Buys Calabria Apartment Building in Issaquah from Pacifica Cos. for $9M

by Amy Works February 19, 2021

ISSAQUAH, WASH. — Fourth Avenue Capital, a local apartment investor, has acquired Calabria, a multifamily property located at 2000 NW Talus Drive in Issaquah. San Diego-based Pacifica Cos. sold the asset for $9 million, or $450,000 per unit. Constructed in 2009, the property features 20 condominium-quality apartment units, with 10 being three-bedroom townhome units. Dylan Simon, Jerrid Anderson and Matt Laird of The Simon and Anderson Team at Kidder Mathews represented the seller.

February 19, 2021

Acquisitions California Retail Western

Nazareth Enterprises Buys Retail Property in Downtown San Mateo for $7.3M

by Amy Works February 19, 2021

SAN MATEO, CALIF. — Nazareth Enterprises has acquired a retail building located at 616 S B St. in San Mateo for $7.3 million. The San Mateo-based company is planning to redevelop the 7,500-square-foot building, which is currently leased by Kelly-Moore Paint, into a mixed-use property. Richard Beale of Beale Properties represented the undisclosed sellers. Mitch Zeemont and Tony Kaufmann of Gantry arranged acquisition financing, which AvidBank provided.

February 19, 2021

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