Western

TPG Real Estate, Cardinal Group Acquire 887-Bed Student Housing Property Near Montana State

by Amy Works March 24, 2021

BOZEMAN, MONT. — A joint venture between TPG Real Estate Partners and Cardinal Group Investment Management has acquired The Arrow Townhomes and Flats, an 887-bed student housing community located near the Montana State University campus in Bozeman. Constructed in 2019, the property offers a mix of one-, two-, three-, four- and five-bedroom units with bed-to-bath parity. Shared amenities include a resort-style swimming pool, state-of-the-art fitness center, 24-hour clubhouse, sauna, steam room and multiple study areas. Berkadia represented the undisclosed seller in the transaction. CBRE advised on debt for the acquisition, which was added to a Fannie Mae credit facility formed by the joint venture. Cardinal Group Management will manage the property; Cardinal Group Construction will manage planned value-add construction; and Agency Fifty3 will provide marketing and branding services for the community.

March 24, 2021

Acquisitions Arizona Development Industrial Western

Conor Commercial, WHI Sell 473,516 SF Lotus Industrial Park in Arizona, Break Ground for Second Phase

by Amy Works March 24, 2021

CHANDLER, ARIZ. — A joint venture between Conor Commercial Real Estate and WHI Real Estate Partners have completed the disposition of the first phase of Lotus Project to a Chicago-based investment advisor. The acquisition price was not released. Located in Chandler, the newly built industrial park features four state-of-the-art advanced manufacturing and light industrial buildings offering a total of 473,516 square feet. The project is one of the largest Class A industrial parks in Chandler and was 96 percent leased at the time of sale. Each building features 32-foot clear heights, 50-foot by 56-foot column spacing with 56-foot by 60-foot speed bays, 29 truck docks, a 210-foot shared truck court and abundant parking. Additionally, all buildings offer ample power, skylights, six-inch reinforced concrete floors, LED lighting and ESFR sprinkler systems. Recently, the development team broke ground on the second phase of Lotus Project, which will include three industrial buildings totaling nearly 300,000 square feet on a 21-acre site. The new buildings will offer 24-foot to 32-foot clear heights, 60 dock doors, eight drive-in doors, 558 parking spaces and 55-foot speed bays. Will Strong, Jeff Chiate, Jeffrey Cole, Mike Adey, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial …

March 24, 2021

Atria Almaden in San Jose, Calif., features 200 residences for seniors.

California Development Multifamily Seniors Housing Western

Atria Opens 200-Unit Seniors Housing Community in San Jose, California

by Amy Works March 24, 2021

SAN JOSE, CALIF. — Atria has completed construction of Atria Almaden, a 200-unit seniors housing community in the Almaden neighborhood of San Jose. The property is located near Almaden Lake Park, Santana Row and the San Pedro Square Market. The four-story community offers assisted living and memory care. Atria opened the community with aggressive infectious disease control measures under a health and safety initiative. The company vaccinated its first residents and staff on Dec. 21 and has now vaccinated more than 30,000 resident and staff across the U.S.

March 24, 2021

Acquisitions Hospitality Washington Western

Crystal Investment Property Brokers Sale of Motel 6 in Moses Lake, Washington

by Amy Works March 24, 2021

MOSES LAKE, WASH. — Crystal Investment Property (CIP) has arranged the sale of a Motel 6 located at 2822 Driggs Drive in Moses Lake. Terms of the transaction were not released. Situated off Interstate 90 at exit 176, the motel features 89 guest rooms, an outdoor swimming pool, grassy courtyard area and ample parking for trucks, buses or RVs. Located in North Central Washington, the motel is approximately 100 miles west of Spokane and 180 miles east of Seattle. Joseph Kennedy of CIP represented the seller and worked closely with the buyer in the transaction.

March 24, 2021

Acquisitions Colorado Industrial Western

Stan Johnson Arranges $3.1M Sale of Industrial Facility in Rifle, Colorado

by Amy Works March 24, 2021

RIFLE, COLO. — Stan Johnson Co. has arranged the sale of an industrial building located at 185 Gemat Circle in the Western Colorado city of Rifle. A Southern California-based private investor acquired the property from Blue Wing Capital Management for $3.1 million. Beacon Roofing Supply, a distributor of residential and non-residential roofing and complementary building products, occupies the 37,864-square-foot facility. Built in 2010 on two acres, the property offers access to Interstate 70 and is approximately one hour northwest of Aspen. David Wirgler of Stan Johnson Co. represented the seller in the deal.

March 24, 2021

Affordable Housing California Development Multifamily Western

Suffolk Completes 174,000 SF Mixed-Use Residence for UCLA Medical Students in West Los Angeles

by Amy Works March 23, 2021

LOS ANGELES — Suffolk has completed the construction of 1500 Granville, a mixed-use building in West Los Angeles. CIM Group us developer and Lorcan O’Herlihy Architects is designer. The property offers affordable and community-focused housing options for University of California Los Angeles Medical house staff and graduate students. The five-story building features 153 units, 15,000 square feet of retail space and 308 subterranean parking spaces. Units are available in a mix of studio, one-bedroom, two-bedroom and live-work unit floor plans with 16 units set aside as affordable. Community amenities include a clubhouse, co-working space, a gym, pool area, barbecue area and multiple outdoor and courtyard areas for recreation. The ground-floor retail and restaurant spaces feature multifamily outdoor dining and recreation areas that connect the public housing to the surround community. The project is the final phase of the multi-block development that was previously occupied by car dealerships. The area includes the Elevate, a 147-unit apartment community, and three four-story buildings of The Westgate Collection. CIM Group sold 1500 Granville to a joint venture between UCLA Housing and UCLA Medical, as a housing option for UCLA Medical’s house staff (medical residents, fellows and interns), medical graduate students and other graduate students.

March 23, 2021

Acquisitions Multifamily Nevada Western

Haley Real Estate Sells 350-Unit Sundance West Apartments in Reno to Priderock Capital Partners

by Amy Works March 23, 2021

RENO, NEV. — Haley Real Estate Group has completed the sale of Sundance West Apartments, a multifamily property located at off Moana Lane in Reno. Priderock Capital Partners acquired the asset for an undisclosed price. Built in 1974 on seven acres, Sundance West Apartments features 350 units, three swimming pools with sundecks, open greenbelts, two gazebo areas with barbecues and picnic areas, a fitness center and five laundry facilities. Kenneth Bloomsterberg, Ryan Rife and Daniel Winrod of Marcus & Millichap represented the seller and procured the buyer in the transaction. The acquisition was financed via a government agency loan.

March 23, 2021

California Development Loans Multifamily Western

CIM Group Arranges $89M Construction Loan for AMCAL’s Bayview Apartment Building in Northern California

by Amy Works March 23, 2021

EMERYVILLE, CALIF. — CIM Group has closed an $89 million construction loan for AMCAL’s development of Bayview, a seven-story multifamily property in Emeryville. Situated on 2.3 acres, Bayview will feature 186 units with studio, one-, two-, three-bedroom and townhome-style floor plans and 257 parking spaces. Community amenities will include a fitness center, co-working spaces, a clubhouse and an indoor/outdoor roof deck. Construction is slated to begin this month. Bryan Gortikov of Gortikov Capital arranged the financing.

March 23, 2021

Acquisitions Arizona Multifamily Western

Tower 16 Capital Partners, Drake Real Estate Buy La Mirada Apartments in Tucson

by Amy Works March 23, 2021

TUCSON, ARIZ. — San Diego-based Tower 16 Capital Partners, in partnership with Drake Real Estate Partners, has purchased La Mirada Apartments in Tucson. A private seller sold the asset for an undisclosed price in an off-market transaction. Located at 4415 E. Grant Road, La Mirada Apartments features 201 two- and three-bedroom apartments with a clubhouse and two swimming pools. Tower 16 Capital plans to implement a $4 million upgrade and renovation program to the property, which will include modernized unit upgrades, a new clubhouse, gym and updated pool areas. Additionally, the new owners will add outdoor amenities such as barbecues, seating and outdoor gaming areas.

March 23, 2021

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $18.5M Purchase of McClellan Court Apartments Near Sacramento

by Amy Works March 23, 2021

NORTH HIGHLANDS, CALIF. — Marcus & Millichap has brokered the acquisition of McClellan Court Apartments, a multifamily community located in North Highlands, a suburb of Sacramento. A private investor purchased the asset for $18.5 million, or $129,370 per unit. Eduardo Vergara and Louis Kwok of Marcus & Millichap represented the buyer in the deal. David Campbell, also of Marcus & Millichap, arranged $13.9 million in acquisition financing for the buyer. The 30-year loan was structured with a West Coast-based financial services company at a competitive interest rate and 75 percent loan-to-value ratio. Built in 1960 on five acres, the 84,681-square-foot property features 131 one-bedroom units, nine two-bedroom units and two three-bedroom units, as well as a 150-space parking lot.

March 23, 2021

Newer Posts

Older Posts