Western

Tower 16 Capital Sells Three-Asset Apartment Portfolio in Las Vegas for $182M

by Amy Works April 21, 2021

LAS VEGAS — San Diego-based Tower 16 Capital has completed the sale of a three-asset multifamily portfolio in Las Vegas. An undisclosed buyer acquired the portfolio for $182 million. Tower 16 assembled the portfolio over the last 2.5 years and repositioned all the assets. Totaling 1,165 units, the portfolio includes Accent on Rainbow, Accent on Decatur and Accent on Sahara. All three received recent improvements including upgraded leasing offices, outdoor amenity areas and interior unit renovations to more than 40 percent of the units. Tower 16 acquired the assets for $112 million and spent roughly $10.3 million on improvements. The buyer plans to continue the renovation efforts. Located at 6666 W. Washington Ave., Accent on Rainbow features 540 apartments, three pools, a new clubhouse, leasing office and gym. Accent on Decatur, located at 2950 S. Decatur Blvd., features 313 apartments, two pools, a new clubhouse and gym, two outdoor amenity areas and barbecues. Located at 4801 E. Sahara Ave., Accent on Sahara offer 312 apartments, a renovated clubhouse, two pools, a new gym, kids’ play area, barbecues and a dog park. Ed Rosen, John Chu, Tyler Sinks, Brian Andersen and Jared Glover of Berkadia represented Tower 16 in the deal.

April 21, 2021

Arizona Development Multifamily Western

Banyan Breaks Ground on 651-Unit Banyan North Tempe Apartments in Arizona

by Amy Works April 21, 2021

TEMPE, ARIZ. — Los Angeles-based Banyan Residential has broken ground for the first phase of Banyan North Tempe, a 651-unit multifamily community in Tempe. Working with Indianapolis-based Milhaus, Banyan annexed a 16.5-acre site, which is the first time the City of Tempe has expanded its boundaries in more than a decade. Construction is now underway for the $177 million development, with the first phase slated for completion in early 2023. Designed by Todd & Associates, Banyan North Tempe will feature 310 studio, one-, two-, three- and four-bedroom units in its first phase and a total of 651 units at full build-out. Community amenities will include two swimming pools, a fitness center, an outdoor spa, a clubhouse and library. The development team secured a $52 million construction loan from UMB Bank and Academy Bank. McShane Construction Co. is serving as general contractor on the project.

April 21, 2021

Acquisitions Colorado Multifamily Western

Trammell Crow Residential Divests of 354-Unit Apartment Community in Downtown Denver

by Amy Works April 21, 2021

DENVER — Trammell Crow Residential has completed the sale of Alexan 20th Street Station, a 12-story multifamily property in downtown Denver. Terms of the sale were not released. Located at 2080 California St., the asset features 354 apartments, structured parking, a pool and spa, two fifth-floor decks, a fitness center, multiple community areas and workspaces. In-unit finishes include quartz countertops, stainless steel appliances, contemporary cabinetry, tile backsplashes, large under-mount sinks, plank flooring, high ceilings and in-unit washers/dryers. The property was built in 2019. Terrance Hunt, Shane Ozment, Chris Cowan, Amanda Meldrum and Craig Ratterman of Newmark represented the seller in the transaction.

April 21, 2021

Arizona Loans Multifamily Western

Ready Capital Closes $12.2M Loan for Multifamily Property in Mesa, Arizona

by Amy Works April 21, 2021

MESA, ARIZ. — Ready Capital has closed a $12.2 million loan for the acquisition, renovation and stabilization of an apartment community located in Mesa, a suburb of Phoenix. Upon acquisition, the undisclosed sponsor will implement a capital improvement plan to upgrade the 146 unit interiors and property exterior. Capital improvements will include new paint, new cabinets, vinyl-plank flooring, stainless steel appliances, upgraded landscaping and upgraded HVAC/electrical/utility systems. Ready Capital closed the non-recourse, interest-only, floating-rate loan that features a 24-month term, two extension options, flexible prepayment and a facility to provide future funding for capital improvements.

April 21, 2021

Acquisitions Retail Washington Western

Marcus & Millichap Arranges $4.6M Sale of O’Reilly Auto Parts-Occupied Property in Shoreline, Washington

by Amy Works April 21, 2021

SHORELINE, WASH. — Marcus & Millichap has brokered the sale of a retail property located at 18025 Aurora Ave. North in Shoreline. A limited liability company sold the asset to a limited liability company for $4.6 million. O’Reilly Auto Parts has occupied the 16,265-square-foot property since 1997. The current corporate-guaranteed lease expires in 2028 and features several five-year options to renew. Carson Breshears and Hank Wolfer of Marcus & Millichap’s Seattle office represented the seller in the deal.

April 21, 2021

Acquisitions California Multifamily Seniors Housing Western

Avanath Capital Acquires Seniors Housing Community in Anaheim Hills for $87.5M

by Amy Works April 20, 2021

ANAHEIM HILLS, CALIF. — Avanath Capital Management has purchased Overlook at Anaheim Hills, a seniors housing property located at 145-235 S. Festival Drive in Anaheim Hills. An undisclosed seller sold the property for $87.5 million. Built in 2001, Overlook consists of seven two- and three-story garden-style buildings offering a total of 261 units with an average unit size of 751 square feet. Community amenities include a community center, clubhouse, business center, pool, spa, fitness center and billiard room. At the time of sale, the property was nearly 100 percent occupied. Avanath plans to implement a variety of capital improvements to the property, including renovating the clubhouse and community spaces, adding a dog park and implementing sustainability initiatives to reduce the property’s carbon footprint and generate energy savings.

April 20, 2021

Arizona Development Industrial Western

Cold Summit to Develop 357,000 SF Cold Storage Facility in Glendale, Arizona

by Amy Works April 20, 2021

GLENDALE, ARIZ. — Cold Summit Development is planning Cold Summit PHX, a speculative cold storage facility and the company’s first project in the Phoenix metro area. Sitework and construction are slated to begin immediately for completion by December 2021. The project is located at 9600 N. 151st Ave. in Glendale within the Woolf Logistics Park with Class I railway connectivity through BNSF. The 357,000-square-foot project, which is expandable to 485,000 square feet, will include high-quality office space, flexible structural bay spacing to accommodate multiple racking configurations, a 51-foor clear height in the warehouse with full temperature convertibility, 156 trailer drop spots and more than 75,000 pallet positions.

April 20, 2021

Acquisitions Colorado Industrial Western

Avison Young Arranges $13 Million Sale of Mission-Critical Industrial Facility in Milliken, Colorado

by Amy Works April 20, 2021

MILLIKEN, COLO. — Avison Young has brokered the sale-leaseback of Ranger Energy Services’ mission-critical facility located at 3333 E. Center Drive in Milliken. Salt Lake City-based The Ninigret Group acquired the asset from Ranger Energy Services (NYSE: RNGR) for $13 million. Ranger Energy Services signed a long-term lease to continue to occupy the 131,389-square-foot facility, which was built in 2000 on 23.3 acres. The tenant utilizes the facility for oil and gas operations, including fleet maintenance and storage supporting the operations of Ranger’s region-wide DJ Basin energy services business. Ranger is an independent provider of well service rigs and associated services in the United States, with a focus on unconventional horizontal well completion and production operations. Rick Egitto, Dawn McCombs, Kevin Hann, Jonathan Hipp and Rich Murphy of Avison Young represented the seller and sourced the buyer in the deal.

April 20, 2021

Acquisitions Arizona Industrial Net Lease Western

CBRE Brokers Sale-Leaseback of 49,815 SF Industrial Facility in Phoenix

by Amy Works April 20, 2021

PHOENIX — CBRE has arranged the sale-leaseback of an industrial property located at 1815 Deer Valley Road in Phoenix. A private, Los Angeles-based investor acquired the asset for $6.9 million, or $140 per square foot. Regency Technologies, an IT asset conversion service provider, sold the facility and signed a 10-year, triple-net lease to occupy the 49,815-square-foot property. Geoffrey Turbow, Matt Pourcho, Gary Stache, Anthony DeLorenzo, Bryan Johnson, Gary Cornish, Rusty Kennedy, Pat Feeney and Danny Calihan of CBRE represented the seller in the transaction.

April 20, 2021

California Loans Multifamily Western

Ready Capital Closes $6.9M in Financing for Multifamily Property in Los Angeles

by Amy Works April 20, 2021

LOS ANGELES — Ready Capital has closed $6.9 million in financing for the acquisition, renovation and stabilization of an apartment community located in the Van Nuys submarket of Los Angeles. Upon acquisition, the undisclosed sponsor will implement a capital improvement plan to renovate all 23 units. Renovations will include repairing flooring, upgrading cabinets, upgrading electrical and plumbing, and installing new appliances. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures and interest shortfalls.

April 20, 2021

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