Western

Multifamily Market Signals Stability in Seattle

by Jeff Shaw May 3, 2021

By Dylan Simon, Kidder Mathews As we left 2020 behind, we collectively hoped that turning the calendar to 2021 would stem to tide of COVID and bring about a V-shaped economic recovery. Alas, we enter this spring with many of the same hold-over concerns from a very rocky 2020. Thankfully, stability is right around the corner! A comprehensive and broad recovery may not be immediately recognizable, but there are signs economic stability is imminent for the Seattle apartment market. Big Tech is Getting Back to Work Big Tech evacuated urban centers in March 2020, taking with it urban-dwelling apartment renters. Apartment rental rates across Seattle, San Francisco and New York City plummeted more than 30 percent in the ensuing months. Once these “occupiers” return, that light-switch will once again flip in the positive-growth position. Facebook announced in March that it is reopening its Seattle offices. Just as Big Tech was quick (and smart) to shut down in-office operations at the outset of COVID-19, it will act similarly quickly (and intelligently) in reopening its offices. Expect the reopening trend to spread throughout Big Tech in a coordinated and swift fashion as that industry tends to know it is more innovative and competitive …

May 3, 2021

Acquisitions Arizona Multifamily Western

IPA Negotiates $54.5M Sale of Cabana on 12th Multifamily Property in Phoenix

by Amy Works April 30, 2021

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Cabana on 12th, an apartment community located in Phoenix. Greenlight Communities sold the asset to JB Partners for $54.5 million, or $216,270 per unit. Constructed in 2020, Cabana on 12th features 252 units in a mix of studio, one- and two-bedroom apartments with nine-foot ceilings and a swimming pool. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction.

April 30, 2021

California Development Restaurant Retail Western

Midwood Investment & Development to Open The Shops at Sportsmen’s Lodge in Studio City this Summer

by Amy Works April 30, 2021

STUDIO CITY, CALIF. — Midwood Investment & Development will open The Shops at Sportsmen’s Lodge, a 95,000-square-foot retail center in Studio City, this summer. The rolling opening will begin on June 10 with the debut of anchor tenant Erewhon, the Los Angeles-based market and café. The location will be Erewhon’s seventh store and its first in the San Fernando Valley. Other tenants slated to open this summer include Civil Coffee, Free People Movement, Madison Reed, Myodetox, Roberta’s Pizza, SALT Optics, Tocaya, Tuesday’s Sweet Shoppe, Ushi Ushi, Van Leeuwen and Vuori. More than a dozen additional tenants will be announced at a later date. Gensler and OLIN provided design and architectural services for the redevelopment the property, which replaces the former meeting and convention space. The development team worked closely with the city’s Cultural Heritage Commission to maintain the rustic spirit of the Lodge, the existing natural foliage and tree canopy.

April 30, 2021

Acquisitions California Restaurant Retail Western

Faris Lee Arranges $28.3M Break-Up Strategy of Signal Hill Gateway Retail Center Near Long Beach

by Amy Works April 30, 2021

SIGNAL HILL, CALIF. — Faris Lee Investments has completed the break-up strategy of Signal Hill Gateway, a retail property in Long Beach, to four different buyers for a total of $28.3 million. Prior to listing, the urban infill property was divided into four product categories, including big box parcels, quick-service restaurant and daily needs strip, a sit-down restaurant and a drive-thru fast-food restaurant. Scott DeYoung and Jeff Conover of Faris Lee Investments represented the seller in the deal, Signal Hill Petroleum. The company will retain ownership of a one-acre parcel within the shopping center that contains active oil wells and drill sites. An undisclosed buyer in a 1031 exchange acquired the three-tenant big box parcel, which includes Ross Dress for Less, Petco and Dollar Tree, at 99.2 percent of the listing price. Another undisclosed buyer in a 1031 exchange purchased the quick-service restaurant and daily needs parcel, which includes Starbucks Coffee, Chipotle, T-Mobile and Bank of America ATM, for 99.5 percent of the list price. The sit-down restaurant parcel features an Applebee’s Grill + Bar parcel, which is under an absolute triple-net ground lease and operated by an entity of Flynn Restaurant Group. The parcel sold for a 5.1 percent …

April 30, 2021

Acquisitions Multifamily Washington Western

Bell Partners Buys 202-Unit Aura Totem Lake Apartments in Kirkland, Washington

by Amy Works April 30, 2021

KIRKLAND, WASH. — Bell Partners, on behalf of its Bell Core Fund I vehicle, has purchased Aura Totem Lake, a multifamily property in the Seattle suburb of Kirkland. Bell Partners plans to rename the 202-unit property Bell Totem Lake. Built in 2020, Bell Totem Lake features three elevated courtyards with a covered outdoor entertaining kitchen, fire pits, hammocks and grills; a resident lodge with a demonstration kitchen and billiards table; an athletic center with cardio theater and free weights; two private business suites and workstations; a pet spa; bike storage; 24/7 parcel lockers; and a multi-level parking garage with elevator access and electric car charging stations. Apartments feature wood-like flooring, designer lighting, flat-panel kitchen cabinets with tile backsplash and under-cabinet lighting, quartz countertops with undermount sinks, energy-efficient stainless steel appliances, gas ranges with smart features, and soaking tubs. Terms of the transaction were not released.

April 30, 2021

Acquisitions Colorado Hospitality Western

Marcus & Millichap Brokers $3.9M Sale of Rodeway Inn in Evans, Colorado

by Amy Works April 30, 2021

EVANS, COLO. — Marcus & Millichap has brokered the sale of a Rodeway Inn hotel location at 3015 Eighth Ave. in Evans. Neville Rustomjee of Marcus & Millichap’s Denver office represented the seller, a limited liability company, and secured and assisted the buyer, also a limited liability company. Rodeway Inn features 96 guest rooms in an exterior corridor configuration. The buyer will implement a franchise property improvement plan and additional improvements to the property.

April 30, 2021

Arizona California Company News Top Stories Western

Realty Income Agrees to Acquire VEREIT in All-Stock Transaction, Create $50B REIT

by Julia Sanders April 30, 2021

SAN DIEGO and PHOENIX — Realty Income Corp. (NYSE: O), a San Diego-based real estate investment trust active in the net lease sector, has agreed to acquire VEREIT (NYSE: VER), a Phoenix-based real estate investment trust in the single-tenant net lease sector. The all-stock transaction will create a combined company dominant in the net lease space with an enterprise value of approximately $50 billion, making it one of the largest real estate investment trusts. VEREIT shareholders will receive 0.705 shares of Realty Income stock for every share of VEREIT stock they own. After the merger agreement closes, the combined company — operating as Realty Income — plans to create a taxable spin-off of substantially all of the office properties of both companies into a new, self-managed, publicly traded REIT known as SpinCo. Realty Income and former VEREIT shareholders are expected to own about 70 percent of Realty Income and 30 percent of SpinCo. “This is a huge game changer for the REIT market,” says Scott Merkle, managing partner of SLB Capital Advisors, which specializes in net lease transactions. “It creates the sixth largest REIT, makes Realty Income multiples larger than the nearest net lease competitor, and allows them to become …

April 30, 2021

Development Mixed-Use Multifamily Office Retail Washington Western

PMF Investments Sells BelleVista Place Mixed-Use Development Site in Bellevue for $152.2M

by Amy Works April 29, 2021

BELLEVUE, WASH. — PMF Investments has completed the disposition of BelleVista Place, a mixed-use, master-planned development site located at 100 112th Ave. NE in Bellevue. An undisclosed buyer acquired the 4.9-acre site for $152.2 million. Designed by CollinsWoerman, the project will feature residential, office and retail space, as well as subterranean parking. According to the City of Bellevue’s first-quarter 2020 Downtown Bellevue Major Projects List, the development team is seeking approval for a two-phase project with a 17-story office tower and five-story residential building in the initial phase and a 17-story office tower and 15-story office building in the second phase. In total, the proposed project would bring approximately 138 residential units, 987,140 square feet of office space and 1,051 parking spaces. With substantial work already completed on the design and city entitlements, the Class A project is slated to begin delivery in 2024. Kevin Shannon, Ken White, Tim O’Keefe, Nick Kucha and Rob Hannan of Newmark represented the seller in the transaction.

April 29, 2021

Acquisitions Multifamily Oregon Washington Western

Next Wave Expands Pacific Northwest Presence with $48.6M in Multifamily Acquisitions in Washington, Oregon

by Amy Works April 29, 2021

SPOKANE, WASH., AND TUALATIN, ORE. — Next Wave Investors has expanded its Pacific Northwest multifamily portfolio and entered the Oregon market with the purchase of two apartment communities in Washington and Oregon. The firm acquired Serrano North and South in Spokane for $34.4 million, and River Lofts in Tualatin for $14.2 million. Located at 121 E. Wedgewood Ave. in Spokane, Serrano North and South features 300 apartments in a mix of studio, one-, two- and three-bedroom units with fully equipped kitchens, large closets, private balconies and patios. Community amenities include a swimming pool with sundeck, laundry facilities, clubhouse, detached garages and carports. Next Wave plans to reposition Serrano North and South by renovating all units and improving the community amenities. River Lofts, at 18540 SW Boones Ferry Road in Tualatin, offers 74 apartments in a mix of one-, two- and three-bedroom layouts, averaging 976 square feet. The seller renovated eight units, and Next Wave plans to upgrade the remaining 66 units.

April 29, 2021

California Development Multifamily Student Housing Western

HighBridge Properties Starts Construction of 706-Bed Student Housing Community Near the University of California, Davis

by Amy Works April 29, 2021

DAVIS, CALIF. — HighBridge Properties has started construction of The Ryder on Olive, a 706-bed development near the University of California, Davis. The 260,000-square-foot community is set for delivery in August 2021 and will offer a mix of fully furnished two-, three-, four- and five-bedroom units. Shared amenities will include a fitness center, yoga room, study areas, game rooms, a swimming pool, karaoke room, dog park and a 24-hour micro-market offering food and drinks. The project’s development team includes partner Grand Peaks Development; general contractor Brown Construction; Humphreys & Partners Architects; and South Park Interiors. Asset Living will manage the community.

April 29, 2021

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