Western

Walker & Dunlop: SFR/BFR Rapidly Growing Option for Rental Spaces

by Sarah Daniels March 12, 2021

The strength of multifamily has been well solidified over the past few years, but a new contender in the rental market is making waves, according to Kris Mikkelsen, executive vice president, Walker & Dunlop Investment Sales. Single-family rental (SFR) and build-for-rent (BFR) spaces are growing increasingly popular. An SFR is a group of homes-for-rent pooled together for investment purposes BFR properties are purpose-built housing operated as SFR investments “SFR is in the distributed model: individual homes managed by tech-driven management platforms that were the formation of the single-family REITs you see in existence today. The build-for-rent space existed pre-COVID but has really been accelerated post-COVID as the end consumer looks to de-densify,” says Mikkelsen. Much of the demand has been driven to more suburban markets, with COVID-19 creating a sudden and palpable need for space among renters. Other factors — including declining home ownership rates and the high demand for multifamily options — have all contributed to the growth of this asset class and subsequent interest from larger institutional investors. Watch Mikkelsen’s interview to learn about demand for SFR/BFR space and changing renter demographics accelerating the growth of this asset class. This article is posted as part of REBusinessOnline’s Finance Insight series. Click here to …

March 12, 2021

Arizona Development Multifamily Western

P.B. Bell Opens $55M Grayson Place Multifamily Community in Goodyear, Arizona

by Amy Works March 11, 2021

GOODYEAR, ARIZ. — P.B. Bell, as owner and manager, has opened Grayson Place, an apartment property located at 1499 N. 159th Ave. in Goodyear. The $55 million development features 296 apartments in a mix of one-, two- and three-bedroom floor plans ranging from 726 square feet to 1,278 square feet. The community offers smart home technology, including smart door locks, thermostats and lights, controlled by the MyAPT app by Cox. Additionally, each unit features granite countertops, stainless steel appliances, subway tile backsplash, modern wood cabinets, full-sized washers/dryers, wood-style flooring, modern pendant lighting and private patios or balconies. Community amenities include a heated pool and spa; resident clubhouse with multiple lounge areas; outdoor entertainment spaces with grilling stations; a 24-hour fitness center; resident cinema room; business center; dog park; and pet spa. The controlled-access, gated community also offers valet trash, package lockers, 24-hour emergency maintenance, complimentary common area Wi-Fi and electric vehicle charging stations.

March 11, 2021

Acquisitions Arizona Industrial Leasing Activity Western

Reich Brothers Acquires 620,000 SF Warehouse in Arizona, Leases 250,000 SF to Dynarex

by Amy Works March 11, 2021

GLENDALE, ARIZ. — Reich Brothers has purchased a 620,000-square-foot distribution facility located on 30 acres in Glendale. Terms of the acquisition were not released. The undisclosed seller made interior and exterior improvements to the site, including the addition of a 3.5-acre trailer lot adjacent the property, and completed lease-up of the facility. Reich Brothers plans to continue to upgrade and maintain the facility for distribution and logistics tenants. Dynarex, an Orangeburg, N.Y.-based medical supplies company, has signed a lease to occupy 250,000 square feet at the property. Thyssenkrupp’s 3PL division occupies the remainder of the asset. Located at 7811 N. Glen Harbor Blvd., the 620,000-square-foot building features clear heights ranging from 32 feet to 40 feet and 43 dock-high doors. Additionally, the site offers access to Loop 101 and Interstate 10.

March 11, 2021

Loans Multifamily Nevada Western

Dwight Capital Provides $30.2M HUD Financing for Cabrillo Apartments in Las Vegas

by Amy Works March 11, 2021

LAS VEGAS — Dwight Capital has closed $30.2 million in HUD financing for Cabrillo Apartments in Las Vegas. The loan includes a Green Mortgage Insurance Premium Reduction set at 25 basis points because the property is Energy Star certified. Brandon Baksh of Dwight Capital originated the transaction. Built in 2008, Cabrillo Apartments features six residential buildings offering a total of 242 units, a leasing office/clubhouse and four garage buildings. Community amenities include a pool, spa, business center, fitness room and common lounge area.

March 11, 2021

Acquisitions Colorado Healthcare Office Western

Pinnacle Real Estate Brokers $16.8M Sale of Medical Office Park in Broomfield, Colorado

by Amy Works March 11, 2021

BROOMFIELD, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a medical office park located at 3301-3305 W. 144th Ave. in Broomfield. BPC Holdings sold the asset to an undisclosed buyer for $16.8 million, or $284 per rentable square foot. The property features 59,326 rentable square feet of medical office space. Corey Sandberg of Pinnacle Real Estate Advisors represented the seller in the deal.

March 11, 2021

259-267-S-San-Gabriel-Blvd-715-E-Broadway-San-Gabriel-CA

Acquisitions California NAI Retail Western

NAI Capital Arranges $2.9M Sale of Three-Building Retail Property in San Gabriel, California

by Amy Works March 11, 2021

SAN GABRIEL, CALIF. — NAI Capital Commercial has arranged the sale of a three-building retail asset located at 259-267 S. San Gabriel Blvd. and 715 E. Broadway in San Gabriel. San Gabriel Sash & Door Inc. sold the asset for $2.9 million, or $255 per square foot, to an undisclosed buyer. Totaling 11,712 square feet, the asset comprises three buildings on three separate parcels with frontage along both S. San Gabriel Boulevard and East Broadway, plus a parking lot. The property was partially leased at the time of sale. The seller plans to lease back 2,156 square feet of the property, while the new owner will occupy the vacant unit. Marie Taylor of NAI Capital Commercial’s Investment Services Group handled the transaction.

March 11, 2021

Arizona Multifamily Top Stories Western

Institutional Property Advisors Brokers $117M Sale of Montreux Multifamily Community in Phoenix

by Katie Sloan March 11, 2021

PHOENIX — Institutional Property Advisors (IPA) has brokered the $117 million sale of Montreux, a 335-unit luxury multifamily property located within the master-planned community of Desert Ridge in Phoenix. Montreux offers a mix of one-, two- and three-bedroom units averaging 1,058 square feet with 9-foot ceilings; sound-absorbing mechanisms that assist in mitigating sound transfer; fiber-optic high-speed internet; keyless entry; and motion sensor management. Shared amenities at the property include a clubhouse, rooftop terrace, creative workshop, game room, fitness center, dog park, two resort-style swimming pools, a business center, and tennis, bocce and pickleball courts. Completed in 2020, Montreux is located adjacent to Loop 101, State Route 51 and Interstate 17 — three of the most traveled freeways in Arizona. It is also near the corporate headquarters for Sprouts Farmers Market and offices for American Express, Vanguard, Nationwide, Axon and the Mayo Clinic Hospital. The community was 60 percent occupied at the time of sale. Steve Gebing and Cliff David of IPA represented the seller, The Statesman Group, in the transaction and procured the buyer, Pacific Development Partners. “The Phoenix MSA continues to be among the fastest-growing metropolitan areas in the nation with a wide range of industries that attract a …

March 11, 2021

Affordable Housing Development Finance Insight Midwest Multifamily Northeast Southeast Texas Video Western

TD Bank: Affordable Housing — Trends and Delays

by Sarah Daniels March 11, 2021

2020 was a year of job losses and difficulties for many. There was a great deal of need for affordable housing but also challenges for those seeking to provide it. Process delays caused by COVID-19 and slowdowns in funding hampered efforts to develop affordable housing, according to Gregg Gerken, Head of U.S. Commercial Real Estate with TD Bank. The question is: will the affordable housing and workforce housing industry be better served by 2021? The problem of affordable housing is one seen in many communities, irrespective of geography. “I think some communities have the equivalent of workforce housing, which in many cases is affordable. But when you get into a lot of the more expensive urban areas and densely populated cities there’s this issue of supply and demand — there just isn’t enough supply of affordable housing to really reach the demand,” Gerken says. How have government programs and policies affected the affordable housing sector? How will renters and landlords be impacted by these programs going forward? What happens after the end of the eviction moratorium? Watch the interview for Gerken’s insights on affordable housing development. This article is posted as part of REBusinessOnline’s Finance Insight series. Click here to subscribe to the Finance Insight newsletter, a …

March 11, 2021

Colorado Loans Office Western

JLL Capital Markets Structures $54M in Refinancing for 298,888 SF Office Tower in Denver

by Amy Works March 10, 2021

DENVER — JLL Capital Markets has arranged $54 million in refinancing for 1660 Linc, a 31-story, Class A office tower in Denver’s Uptown neighborhood. Located at 1660 Lincoln St. and built in 1972, 1660 Linc features 298,888 square feet of office space, parking for 425 vehicles, an 8,800-square-foot tenant lounge, training room for 40-plus people, a game room, coffee bar, and gym complete with yoga room and Peloton bikes. The property was renovated in 2016 and 2019-2020 with more than $19 million in improvements, including the installation of a central plant and HVAC systems, a lobby expansion and conversion of the entry into an open, sky-lit space. The current tenant roster includes Ciancio Ciancio Brown PC, United States Meat Export Federation and a number of small start-ups. Leon McBroom led the JLL Capital Markets teams that secured the four-year bridge loan, which features a one-year extension, through Benefit Street Partners. Funds that Westport Capital Partners manages own the borrower.

March 10, 2021

Acquisitions California Net Lease Retail Western

Faris Lee Investments Brokers $22.6M Sale of Central Plaza Shopping Center in Lake Elsinore, California

by Amy Works March 10, 2021

LAKE ELSINORE, CALIF. — Faris Lee Investments has arranged the $22.6 million sale of Central Plaza Shopping Center in Lake Elsinore, with the $2.8 million sale of ULTA Beauty as the last piece of the break-up strategy for asset. The seller was HFC/PRP Elsinore LLC. The names of the buyers were not released. The Faris Lee team arranged the sale of a total of seven different properties within the center to seven different buyers. The transactions include a single-tenant, net-leased Marshalls; a single-tenant, net-leased Panera Bread with drive-thru; a two-tenant pad occupied by Pieology and Ono Hawaiian BBQ; a single-tenant, net-leased Five Below; a single-tenant, net-leased Sketchers; a single-tenant, net-leased Miguel Jr.’s with drive-thru; and the single-tenant, net-leased ULTA Beauty. Situated on 7.3 acres, Central Plaza is a 66,000-square-foot retail center located at the junction of Interstate 15 and Central Avenue. Jeff Conover and Chris DePierro of Faris Lee Investments represented the seller in all the transactions.

March 10, 2021

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