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Emerald-Bay-Apts-Tacoma-WA
DevelopmentLoansMultifamilyWashingtonWestern

Parkview Financial Funds $9.4M Construction Loan for Multifamily Development in Tacoma, Washington

by Amy Works

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.

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Heritage-Deer-Valley-Phoenix-AZ
AcquisitionsArizonaMultifamilyWestern

Millburn & Co. Acquires Heritage at Deer Valley Apartments in Phoenix for $178.5M

by Amy Works

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.

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AcquisitionsColoradoHealthcareLeasing ActivityNet LeaseOfficeWestern

Avison Young Capital Markets Negotiates $57M Sale-Leaseback of Wellness Campus Near Vail, Colorado

by Amy Works

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.

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Hotel-Indigo-Denver-CO
AcquisitionsColoradoHospitalityLoansWestern

PCCP Provides $30.2M Acquisition Loan for Hotel Indigo in Downtown Denver

by Amy Works

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.

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Hyatt-House-Beaverton-OR
DevelopmentHospitalityOregonWestern

NewcrestImage, Canterbury Hotel Group Open 125-Key Hyatt House Portland/Beaverton

by Amy Works

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.

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5-S-5100-West-Salt-Lake-City-UT
AcquisitionsIndustrialUtahWestern

Industrial Outdoor Ventures Enters Salt Lake City Market, Buys Vacant Warehouse

by Amy Works

SALT LAKE CITY — Industrial Outdoor Ventures (IOV) has purchased a vacant industrial facility located at 5 S. 5100 West in Salt Lake City. Standlee Premium Western Forage sold the asset for an undisclosed price. Situated on 23.2 acres and zoned M-1, the property features a 66,900-square-foot warehouse equipped with 11 dock doors and 2,000-square-foot of office space. IOV plans to make major site improvements to 16 acres of the property’s land area including grading, paving, fencing and site lighting. Additionally, the buyer plans to paint the exterior of the building, upfit warehouse lighting and prepare the office space for tenants. The transaction marks IOV’s entry to the Salt Lake City market. Mike Farmer and Phillip Eilers of Cushman & Wakefield brokered the transaction.

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Regatta-Apts-Northgleen-CO
AcquisitionsColoradoMultifamilyWestern

Gelt Acquires Regatta Apartments Near Denver from Sares Regis Multifamily for $100.5M

by Amy Works

NORTHGLENN, COLO. — Los Angeles-based Gelt has purchased Regatta Apartments, a multifamily community located at 10500 Irma Drive in Northglenn. Sares Regis Multifamily Funds sold the asset for $100.5 million. Built in 2001 on 23 acres, the garden-style property features 22 two-story residential buildings, offering a total of 352 apartments in a mix of one-, two- and three-bedroom units, and one clubhouse building. All units were recently renovated to feature vinyl plank flooring, stainless steel appliances, quartz countertops, white shaker cabinets, nine-foot ceilings, patios or balconies and extra storage. Community amenities include a resort-style swimming pool, hot tub, sports court, media center, theater, fitness center, business center, splash park, dog wash, dog exercise park and barbecue area with fire pit. With this transaction, Gelt now owns more than 2,600 units across seven apartment communities in the Denver metro area. Dan Woodward, David Potarf and Matt Barnett of CBRE represented the seller and buyer in the deal.

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Showcase-Mall-Las-Vegas-NV
DevelopmentNevadaRetailWestern

Nadel Architecture Completes 155,000 SF Expansion at Showcase Mall in Las Vegas

by Amy Works

LAS VEGAS — Nadel Architecture + Planning, as architect and designer, has completed the 155,000-square-foot Phase IV expansion of Showcase Mall, a 481,400-square-foot retail and entertainment destination owned by Gindi Capital. Located at 3767 S. Las Vegas Blvd., the 155,000-square-foot phase includes the addition of a 50,000-square-foot Burlington and a 20,000-square-foot Target. Gindi Capital plans to add a rooftop bar and restaurant 75 feet above street level, offering views of the Las Vegas Strip.

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Kestrel-Park-Apts-Vancouver-WA
DevelopmentLoansMultifamilyWashingtonWestern

Parkview Financial Provides $27.5M Construction Loan for Kestrel Park Apartments in Vancouver, Washington

by Amy Works

VANCOUVER, WASH. — Parkview Financial has provided a $27.5 million construction loan to Hurley Development for Kestrel Park Apartments, a multifamily property located in Vancouver, 10 miles from Portland, Ore. Situated on 5.5 acres at 15306 NE Fourth Plain Road, Kestrel Park will feature 178 apartments spread across six three-story buildings. The community will offer 54 one-bedroom units, 108 two-bedroom units and 16 three-bedroom units, with an average size of 883 square feet. Construction is underway, with completion slated for March 2022. The apartment community is part of a multi-phase development, with Phases I through IV including residential lots that have been pre-sold to a national home builder. Kestrel Park Apartments is part of Phase V with future phases to include a retail and office center.

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CaliforniaLoansLumentMultifamilySeniors HousingWestern

Lument Provides $28M Fannie Mae Refinancing for Seniors Housing Property in Solana Beach, California

by Amy Works

SOLANA BEACH, CALIF. — Lument has provided a $28 million Fannie Mae refinancing for La Vida Del Mar, a 105-unit assisted and independent living community in Solana Beach, approximately 20 miles north of San Diego. The borrower is Senior Resource Group and its equity partner, Collins Development Co. Doug Harper of Lument’s Western region seniors housing and healthcare production team led the transaction. The loan features a 10-year term, five years of interest-only payments and 30-year amortization. In addition to refinancing existing debt, the closing provided cash-out proceeds.

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