Western

Tower Capital Arranges $28M in Acquisition Financing for Multifamily Property in Glendale, Arizona

by Amy Works May 28, 2021

GLENDALE, ARIZ. — Tower Capital has arranged $28 million in acquisition financing for an apartment community located in Glendale. The firm provided a 10-year permanent acquisition loan with a five-year fixed interest rate and one year of interest-only payments. The name of the borrower was not released. The 276-unit property features a residential clubhouse, two swimming pools, a fitness facility and covered parking. The community features 28 one-bedroom/one-bath units, 208 two-bedroom/two-bath units and 40 three-bedroom/three-bath units, with an average size of approximately 858 square feet. The borrower acquired the asset in an off-market transaction and plans to upgrade the property’s exterior and common areas.

May 28, 2021

California Company News Retail Western

Gap’s First-Quarter Sales Increase 28 Percent, Net Sales Hit $4B

by Amy Works May 28, 2021

SAN FRANCISCO — Gap Inc. (NYSE: GPS), the parent company of Old Navy, Gap, Banana Republic and Athleta, released its first-quarter 2021 fiscal report showing net sales reached $4 billion, up 8 percent over first-quarter 2019. Additionally, comparable sales were up 28 percent year-over-year and rose 13 percent since pre-pandemic 2019. The company showed strong increases in net sales at Old Navy and Athleta — 27 percent and 56 percent increase over 2019, respectively. There were declines in net sales at Gap Global (16 percent) and Banana Republic Global (29 percent). Old Navy’s comparable sale were up 35 percent year-over-year and 25 percent versus 2019. Additionally, Athleta reported 113 percent digital growth compared to the first quarter of 2019, with comparable sales up 27 percent year-over-year and 46 percent versus 2019. Overall, first-quarter online sales for Gap Inc. grew 82 percent versus first-quarter 2019 and represented 40 percent of the total business. Store sales declined 16 percent compared to first-quarter 2019, primarily due to store closures and COVID lockdowns outside of the United States. Currently, Gap has 3,571 store locations in more than 40 countries, with the company operating 2,997 of them.

May 28, 2021

Development Multifamily Nevada Seniors Housing Western

Oakmont Finishes 31-Unit Memory Care Expansion at Seniors Housing Community in Las Vegas

by Amy Works May 28, 2021

LAS VEGAS — Oakmont Senior Living has completed an expansion and renovation project at Oakmont of Las Vegas, which included the new construction of 31 memory care units. “Memory care is an essential part of continuity of care and important to families who don’t want to uproot their loved ones should they need to transition to this type of care,” says Melon Rivera, executive director at Oakmont of Las Vegas. The community already offered independent living and assisted living. In addition to the new memory care neighborhood, the multi-million-dollar renovation project at Oakmont of Las Vegas included the addition of a movie theater, bistro and wellness center. The on-site beauty salon received its own makeover with upgraded and new equipment. Other community-wide enhancements included new carpeting, tile flooring, fresh paint, a refinished roof and new fire-alarm system.

May 28, 2021

Acquisitions Office Oregon Western

Norris & Stevens Brokers $2.4M Sale of Griffith Park Office Building in Beaverton, Oregon

by Amy Works May 28, 2021

BEAVERTON, ORE. — Norris & Stevens has arranged the sale of Griffith Park Office Building, a multi-tenant office property located at 5075 SW Griffith Drive in Beaverton. 5075 SW Griffith LLC acquired the asset from an undisclosed seller for $2.4 million. Constructed in 1979 and renovated in 1991, the two-story property features 20,474 square feet of office space with private offices, conference rooms, open office space and breakrooms. Todd VanDomelen, Duane Link and Doug Carter of Portland-based Norris & Stevens represented the buyer and seller in the deal.

May 28, 2021

Acquisitions Arizona Multifamily Southeast Tennessee

TruAmerica Multifamily Acquires Two Apartment Communities in Metro Nashville, Phoenix for $196M

by Julia Sanders May 27, 2021

FRANKLIN, TENN. AND PHOENIX, ARIZ. — TruAmerica Multifamily has acquired two garden-style communities in Phoenix and Nashville’s Cool Springs district in separate transactions totaling $196 million. The two properties add about 1,000 apartments to the company’s national multifamily portfolio. The 435-unit Phoenix property is dubbed The Urban. Built in 2005, the property is located at 3601 E. McDowell Road and features floorplans that range in size from studio to three-bedroom, two-bathroom units. Community amenities include two swimming pools, an outdoor kitchen, fitness center and community green space. The Urban is the second acquisition in Phoenix this year for TruAmerica, after purchasing The Bella, a 200-unit, garden-style community on the city’s north side. The metro Nashville property is Viera Cool Springs, a 468-unit property built in 1987. Acquired in an off-market transaction from Miami-based Lindemann Multifamily, Viera Cool Springs is located at 300 Royal Oaks Boulevard in Franklin, 25 miles south of downtown Nashville. The property has one- and two-bedroom apartment homes that are situated in 38 two-story buildings on a 36.5-acre site. Community amenities include lighted tennis courts, two swimming pools, resident clubhouse and business center, yoga studio and fitness center. Viera Cool Springs is TruAmerica’s second investment in metro …

May 27, 2021

Acquisitions Office Washington Western

Brookfield Asset Management Buys Facebook-Occupied Block 24 Office Building in Bellevue for $200M

by Amy Works May 27, 2021

BELLEVUE, WASH. — Brookfield Asset Management real estate fund has purchased Block 24, a recently completed office property located at The Spring District in Bellevue. Wright Runstad & Co., Shorenstein Properties and institutional investors advised by J.P. Morgan Global Alternatives sold the asset for $200 million. Facebook occupies the 197,959-square-foot building, which is the latest addition to The Spring District. The district currently consists of more than 1 million square feet of office space, neighborhood retail space and over 800 apartments centered on the future Spring District light rail station, which is slated to open in 2023. More than 350,000 square feet of additional office and retail space is under construction at the development, with over 1 million more square feet in the planning stages. This transaction marks Brookfield’s second at The Spring District. The company acquired the adjacent, 338,000-square-foot Block 16 office building, which is also fully leased to Facebook, in October 2020.

May 27, 2021

Affordable Housing California Development Multifamily Western

AMCAL Completes 102-Unit Las Ventanas Affordable Housing Community in Long Beach, California

by Amy Works May 27, 2021

LONG BEACH, CALIF. — AMCAL Multi-Housing has completed Las Ventanas Apartments, an affordable multifamily development located at 1795 Long Beach Blvd. in Long Beach. Situated on just over an acre, the four-story building features 102 apartments in a mix of one-, two- and three-bedroom layouts with balconies or patios for individuals and families earning between 20 percent and 80 percent of the area median income. Additionally, 15 units are reserved for Los Angeles County’s Homes for Health program for special needs homeless households. The community also features street-level commercial space, a semi-subterranean parking garage, access to the Blue Line stop on Pacific Coast Highway, an internal courtyard, a play area for children, outdoor seating, barbecue grills and secure bike storage. The community also offers social service offices where residents can receive social services tailored to their needs, while the adjacent management office features a community area with a media center, computer lab and open space for games and socializing for residential use. William Hezmalhalch Architects served as architect for the project, which is seeking LEED Platinum certification. FPI Management is the property manager. Financing partners included The Long Beach Community Investment Co., Union Bank, Hudson Housing Capital, California Department of …

May 27, 2021

Acquisitions Arizona Multifamily Western

ZMR Capital Enters Phoenix Market, Acquires Apartment Community in Mesa for $18.2M

by Amy Works May 27, 2021

MESA, ARIZ. — ZMR Capital has purchased District Flats Off Dobson, its first multifamily acquisition in the metro Phoenix area. An undisclosed seller sold the property for $18.2 million in an off-market transaction. Located at 1045 S. San Jose St. in Mesa, District Flats Off Dobson features 112 apartments in a mix of studio and one-bedroom layouts. ZMR plans to renovate the property, which has not undergone significant renovations since it was built in 1975. The company plans to improve curb appeal and upgrade units with new countertops, cabinetry, stainless steel appliances and plank flooring as leases expire. Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the transaction.

May 27, 2021

Acquisitions Arizona Retail Western

Progressive Real Estate Partners Brokers $16.9M Sale of Six Sunrise Preschools in Arizona

by Amy Works May 27, 2021

GLENDALE, CHANDLER, MESA, TEMPE AND PHOENIX, ARIZ. — Progressive Real Estate Partners has arranged the sale of six single-tenant Sunrise Preschool locations in Arizona for a combined total of $16.9 million. Brad Umansky and Mike Lin of Progressive, in cooperation with Ginger Orsi of S.J. Fowler Real Estate, represented the seller in the deals. The transactions include: The $2.6 million sale of an 8,500-square-foot location at 5801 W. Mohawk Lane in Glendale. The $2.3 million sale of a 7,000-square-foot preschool at 1114 W. Elliot Road in Chandler. The $3.8 million sale of an 8,775-square-foot property at 102 N. Lindsey Road in Mesa. The $3.4 million sale of a 12,485-square-foot location at 1365 S. Gilbert Road in Mesa. The $2.5 million sale of a 7,000-square-foot asset at 4110 W. Northern Ave. in Phoenix. The $2.3 million sale of a 7,000-square-foot building at 800 E. Minton Drive in Tempe.

May 27, 2021

Arizona Loans Multifamily Western

Taylor Street Arranges $3M Bridge Loan for Multifamily Property Acquisition in Tempe

by Amy Works May 27, 2021

TEMPE, ARIZ. — Taylor Street Capital Partners has structured a $3 million bridge loan for the acquisition and renovation of a 20-unit apartment community in Tempe. Nick Martinez and Chris Nuccio of Taylor Street closed the loan for the undisclosed borrower. The fixed-rate financing, with interest-only payments, features an 80 percent loan-to-cost ratio. A private lender looking to deploy capital in the Sunbelt markets provided the capital.

May 27, 2021

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