WASHINGTON — The Sage Creek Group has closed $11.4 million in permanent financing for a recently constructed student housing complex in Western Washington. The two-building property features 53 units for students. Further details on the asset were not disclosed. The undisclosed borrower used the loan proceeds to retire the senior construction loans, provide cash to the borrower and cover closing costs. The eight-year loan features a 3.37 percent fixed rate with 24 months interest-only payments followed by a 28-year payment schedule.
DENVER — MetLife Investment Management has completed the disposition of 4600 S. Syracuse, an office building located in Denver’s southeast market. A joint venture between Miller Global Properties and Principal Real Estate Investors acquired the 304,059-square-foot asset for an undisclosed price. Completed in 1999 and renovated in 2013, 4600 S. Syracuse features floor-to-ceiling windows, efficient 25,000-square-foot floorplates and recently updated conferencing and fitness facilities. Additionally, the 13-story building features a 727-space parking garage, as well as the development upside through excess land that could potentially host an office tower or multifamily development. At the time of sale, the property was 90 percent leased to 19 tenants across eight industries. Mark Katz and Peter Merrion of JLL Capital Markets represented the seller, while Eric Tupler and Josh Simon, also of JLL Capital Markets, arranged acquisition financing for the buyer.
CHANDLER, ARIZ. — Colliers International has arranged the sale of Crosswinds, a multifamily property located at 868 S. Arizona Ave. in Chandler. Los Angeles-based Tides Equities acquired the 147,556-square-foot asset from Toronto-based Emma Capital for $54.2 million. Built in 1986 on 10.9 acres, Crosswinds features 374 apartments spread across 17 residential buildings. The unit mix includes studio, one- and two-bedroom layouts, many of which have been renovated to include vaulted ceilings, faux-wood flooring, walk-in closets, private patios and energy-efficient appliances. Community amenities include a pool and spa; barbecue and picnic area; basketball, sports and volleyball courts; children’s playground; resident clubhouse; fitness center; and laundry facilities. Brad Cooke, Cindy Cooke, Matt Roach and Chris Roach of Colliers Arizona handled the transaction.
PHOENIX AND GILBERT, ARIZ. — A joint venture between Barker Pacific Group and Artemis Real Estate Partners has purchased three self-storage facilities in Gilbert and North Phoenix. Terms of the transaction were not released. Totaling 234,350 square feet, the newly built portfolio features 2,189 climate-controlled self-storage units. Two properties are located in Gilbert and one is situated in the Tramonto neighborhood of Phoenix. This acquisition marks the joint venture’s second foray into the Phoenix market bringing its total to four self-storage facilities acquired by the partnership.
GRESHAM, ORE. — Dwight Capital has closed a $26.8 million HUD 223(a)(7) refinancing for Springwater Crossing Apartments in Gresham. Built in 2010, the property features 32 apartments, a resident lounge, fitness center and four playgrounds. Additionally, Springwater Crossing qualifies as a green/energy-efficient property and therefore received a Green Mortgage Insurance Premium Reduction set at 25 basis points. Josh Sasouness of Dwight Capital originated the transaction.
TACOMA, WASH. — Parkview Financial has provided a $9.4 million construction loan to Emerald Bay Apartments LLC for the development of a multifamily property in Tacoma. Construction is under way at the project, with completion slated for early 2022. Located at 1624 E 32nd St., Emerald Bay Apartments will feature 82 units in a mix of 53 studios and 29 one-bedroom units. The units feature plank vinyl and treated concrete floors, exposed wood truss ceilings and stone surfaces. On-site amenities include a fitness center, rooftop terrace, community room, event space, dog wash and grass area, and a bike storage and repair room.
PHOENIX — Salt Lake City-based Millburn & Co. has purchased Heritage at Deer Valley, a multifamily community located at 3010 W. Yorkshire Drive in Phoenix. West Palm Beach, Fla.-based Priderock Capital Partners sold the asset for $178.5 million. Built in two phases in 1996 and 2000, Heritage at Deer Valley features 832 apartments in a mix of one-, two- and three-bedroom units. Community amenities includes three resort-style pools, two spas, two sand volleyball courts, a 24-hour fitness center, dance studio, resident clubhouse, two outdoor playgrounds, a dog park, putting green and several barbecue and picnic areas. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal.
EDWARDS, COLO. — Avison Young Capital Markets has arranged the sale-leaseback of All Points North Lodge, a comprehensive wellness and treatment campus in Edwards, approximately 20 minutes west of Vail. WC Acquisition Holdings LLC acquired the asset from All Points North Lodge (APN Lodge) for $57 million. The seller will lease back the building as part of a long-term deal. Opened in March 2020, the 77,000-square-foot facility offers addiction and mental health treatments, trauma therapy, crisis management, coaching and personal development workshops, concierge medicine, athletic performance programs and advanced practices and activities. The patient-centered facility recently underwent a $20 million improvements program. Jonathan Hipp, Richard Murphy, Stan Wyrwicz and Rich Egitto of Avison Young Capital Markets represented the seller in the deal.
DENVER — PCCP has provided a $30.2 million loan to Colorado-based McWhinney for the acquisition of Hotel Indigo Denver Downtown, a full-service hotel located at 1801 Wewatta St. in Denver. Built in 2017 as part of the Union Tower West Development, the hotel features 180 guest rooms, 1,400 square feet of meeting space, a fitness center, business center and small pantry shop. Additionally, the hotel includes an 85-seat restaurant that the new ownership will re-concept to cater to both hotel visitors and local customers.
BEAVERTON, ORE. — A joint venture between Dallas-based NewcrestImage and Portland-based Centerbury Hotel Group has opened Hyatt House Portland/Beaverton. The hotel is located at 12820 SW Crescent St. in Beaverton, approximately seven miles west of downtown Portland. Situated in the downtown area, the property features 125 guest rooms, including 13 apartment-style suites with fully equipped kitchens and separate living spaces. Additional hotel amenities include two indoor lounges, an outdoor patio and barbecue area, 635-square-foot meeting room, 24-hour gym and mini-market. The Hyatt House in Beaverton marks the first joint venture for the companies. NewcrestImage currently owns and operates 30 hotels nationwide, and Canterbury Hotel Group has a portfolio of 10 hotels in the Pacific Northwest.