PORTLAND, ORE. — PCCP has provided a $51 million senior loan to ColRich Multifamily for the purchase of Twenty Twenty, a seven-story apartment community located at 2020 N.E. Multnomah St. in Portland. Built in 2019, the property features 162 apartments in a mix of 18 studio units, 90 one-bedroom units and 53 two-bedroom units with a variety of den, penthouse and garden floorplans. Unit finishes include quartz countertops, hardwood flooring, stainless steel appliances, gas cooktops, custom cabinetry, in-unit washers/dryers and fireplaces and balconies in select units. Community amenities include two decks with grills, firepits and a Zen garden; a fitness center; bike lounge with repair station; pet lounge; and individual lockers. Additionally, the property sits above a two-level, subterranean parking garage. At the time of sale, the property was 67 percent leased. The asset was originally built as for-sale condominiums but was repositioned as a multifamily property.
Western
RIALTO, CALIF. — The Voit Co. has broken ground on Renaissance Commerce Center, a speculative industrial property located at 1993, 2033 and 2133 W. Casmalia St. in Rialto. Totaling 87,189 square feet, the single-tenant industrial asset will feature a 34,015-square-foot building, a 28,837-square-foot facility and a 24,337-square-foot property. Each building will offer state-of-the-art amenities, including dock-high doors, 26- to 28-foot clear heights, ample parking and designated office space within each building. Completion is slated for first-quarter 2022. Juan Gutierrez and John Viscounty of Voit Real Estate Services will represent The Voit Co. in lease or sale of the property.
SEATTLE — CBRE Senior Housing has arranged $10 million in financing for Emerald City Senior Living, a 119-unit assisted living and memory care community in Seattle. The community sits six miles north of downtown Seattle within the Maple Leaf neighborhood, a burgeoning and affluent residential area of Seattle. Built in 2006 by a seniors housing architect, the community features high-end amenities. Aron Will, Austin Sacco and Adam Mincberg of CBRE Senior Housing, arranged the financing on behalf of a joint venture between Capitol Seniors Housing and a large university endowment. Integral Senior Living is the operator. The two-year, $10 million, floating-rate bridge loan features full-term interest-only payments and extension options through CBRE’s multifamily bridge lending program, MF1 Capital LLC.
PHOENIX, SCOTTSDALE AND NOGALES, ARIZ. — Tower Capital has arranged acquisition financing for four multifamily properties in Arizona. The company facilitated a $7 million bridge loan for the purchase and rehabilitation of the Portofino, a 66-unit urban multifamily property in Phoenix. Originally a Best Western Inn & Suites, the hotel was converted into a multifamily property offering 65 one-bedroom/one-bath units and one two-bedroom/one-bath unit. Community amenities include on-site tenant storage and a community pool. The undisclosed borrower, which acquired the property in an off-market transaction, plans to implement a capital improvements program. Tower Capital secured $5.4 million in acquisition financing to an undisclosed borrower for the acquisition of Hayden Apartments, a two-story, 25-unit, garden-style property in Scottsdale. The five-year, interest-only loan carries a 3.2 percent fixed interest rate and 65 percent loan-to-value ratio. The apartment community was built in 1977 and renovated in 2020. Tower Capital facilitated $5.1 million in acquisition financing for the Filmore Apartments, a 41-unit property in Phoenix. The undisclosed borrower intends to capitalize the property by bringing the below-market rents up to market. The company also arranged $3.8 million in acquisition financing for Santa Carolina Apartments in Nogales. Built in 2005 on 6.2 acres, the two-story …
CONCORD, CALIF. — The Levin Johnston Group of Marcus & Millichap has arranged the sale of Bloomfield Apartments in Concord. The property traded for $5.5 million. Located at 1655 Bloomfield Lane, the property features 15 apartments and is located less than one mile from the Concord BART station. Adam Levin and Robert Johnston handled the transaction.
Davis Property & Investment Buys Former Tacoma News Tribune Building in Washington for $15.5M
by Amy Works
TACOMA, WASH. — Davis Property & Investment has purchased the former Tacoma News Tribune headquarters building, situated on 13 acres at 1950 State St. in central Tacoma, for $15.5 million. The name of the seller was not released. The 248,000-square-foot building was constructed and occupied by the newspaper in 1974. The property consists of 60 percent quasi-specialized industrial space and 40 percent office space with a grand lobby featuring a Chihuly sculpture and on-site conference, cafeteria and fitness facilities. The newspaper vacated the building in 2019 when the owner McClatchy Co. decided to outsource printing of the newspaper and move the offices to downtown Tacoma. Davis Property & Investment plans to redevelop the property and construct a 248,000-square-foot warehouse and distribution building to be named Tacoma Central Logistics. With groundbreaking slated for this month, the property is scheduled for delivery in second-quarter 2022. Tacoma Central Logistics will feature 36-foot clear heights, double-loaded dock-high access, 130- to 150-foot truck courts, multiple access points and secured trailer parking/outside storage. The project team includes Ronhovde Architects as architect, AHBL and Barghausen Engineering as engineer and Poe Construction. Neil Walter Co. will handle leasing of the project.
Bridge Industrial Completes 388,240 SF Bridge Point Silicon Valley Facility in Milpitas, California
by Amy Works
MILPITAS, CALIF. — Bridge Industrial has completed Bridge Point Silicon Valley, a state-of-the-art industrial facility located at 205. N. McCarthy Blvd. in Milpitas. Bridge purchased the 34.5-acre site in 2019 and secured a long-term lease agreement with a major e-commerce company prior to groundbreaking, which occurred in spring 2020. The construction process was designed based on the lease agreement, which began in July 2021. The tenant will use the entire 34.5-acre site, which includes a 388,240-square-foot warehouse facility and surface parking, to help distribute goods throughout San Jose, Silicon Valley and the Greater Bay Area. To accommodate the tenant’s needs, Bridge completed a complex entitlement process that included the completion of an Environmental Impact Report Addendum through the City of Milpitas, which allowed for the approval of multiple variances to accommodate the tenant’s unique plans at the site.
Colliers Brokers $6.3M Sale of Terri Ann Apartments in Seattle’s First Hill Neighborhood
by Amy Works
SEATTLE — Colliers has arranged the sale of Terri Ann Apartments, a multifamily building located at 1331 Terry Ave. in Seattle’s First Hill neighborhood. Seattle-based Cadence Real Estate acquired the property from a local investor for $6.3 million. Tim McKay, Dan Chhan, Sam Wayne and Matt Kemper of Colliers represented the seller and sourced the buyer in the deal. Originally built in 1967, Terri Ann Apartments features 25 residential units.
PHOENIX — Marcus & Millichap has arranged the sale of Agave, a multifamily property located at 6801 N. 17th Ave. in Phoenix. A private investor acquired the asset for $2.5 million in an all-cash transaction. The name of the seller was not released. Built 1966, Agave features 11 apartments, including seven completely renovated units, one lightly renovated unit and three unrenovated units. Additionally, eight units have private back patios. Paul Bay of Marcus & Millichap’s Phoenix office represented both parties in the transaction. Jonathan Weir and Stefan Ignjatovic of Marcus & Milichap’s South Bay office referred the buyer in the deal.
LIVERMORE AND STOCKTON, CALIF. — Dalfen Industrial has purchased Las Positas Logistics Center in Livermore and Stockton Supply Chain Center II in Stockton. Terms of the transactions were not released. Las Positas Logistics Center is a 106,700-square-foot, front-load distribution building with close proximity to interstates 580, 80, 680 and 880. Stockton Supply Chain Center II features 50,400 square feet and close proximity to Interstate 5 and Highway 99, which provides same-day access to nearly 45 million people in San Francisco, Sacramento, Los Angeles, San Diego, Portland and Seattle. With these acquisitions, Dalfen Industrial has added three Northern California buildings to its portfolio in the last two months.