Western

HilltopVillas-StewartVillas-Apts-Las-Vegas-NV

Northcap Commercial Arranges $22.1M Sale of Hilltop Villas, Stewart Villas Multifamily Properties in Las Vegas

by Amy Works March 10, 2021

LAS VEGAS, NEV. — Northcap Commercial has arranged the sale of Hilltop Villas and Stewart Villas, two multifamily properties in Las Vegas. Hilltop LLC sold the assets to an undisclosed buyer for $22.1 million, or $98,009 per unit. Located at 600 N. 12th St., 600 N. 13th St., 601 N. 13th St., 2640 Marlin Ave and 2601 Stewart Ave., the properties offer a total of 226 units. The communities were built in 1963. Robin Willett, Devin Lee, Jerad Roberts and Jason Dittenber of Northcap Commercial represented the seller in the deal.

March 10, 2021

Acquisitions California Healthcare Multifamily Seniors Housing Western

CareTrust REIT Acquires Buena Vista Care Center in Santa Barbara for $15.9M

by Jeff Shaw March 10, 2021

SANTA BARBARA, Calif. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired Buena Vista Care Center, a 150-bed skilled nursing facility in the Southern California community of Santa Barbara. California-based Covenant Care Inc. will continue to operate the property under a long-term lease that CareTrust assumed in the off-market transaction. It represents the eighth property that CareTrust owns and Covenant operates. CareTrust’s total investment was approximately $15.9 million, inclusive of transaction costs. The acquisition was funded using CareTrust’s $600 million unsecured revolving credit facility. Covenant Care has approximately four years left on its existing lease term, with two five-year renewal options. The lease currently carries approximately $1.5 million in annual cash rent with 3 percent annual escalators.

March 10, 2021

Acquisitions California Retail Western

CBRE Negotiates $5.8M Sale of Grocery Outlet-Occupied Retail Property in Anaheim

by Amy Works March 10, 2021

ANAHEIM, CALIF. — CBRE has brokered the sale of a retail property located at 3430 W. Lincoln Ave. in Anaheim. Land Investments sold the asset to a Los Angeles-based private investor for $5.8 million. Grocery Outlet occupies the 26,414-square-foot building, which is situated on a two-acre lot. The asset is situated two miles south of Knott’s Berry Farm and six miles east of Disneyland. Alan Krueger and Vanessa Haddad of CBRE represented the buyer and seller in the transaction.

March 10, 2021

Colorado Development Multifamily Top Stories Western

Crescent Communities Plans $181M Apartment Project in Denver’s RiNo Art District

by Kristin Harlow March 10, 2021

DENVER — Crescent Communities has started development of NOVEL RiNo, a $181 million apartment project in Denver’s River North (RiNo) Art District and Cole neighborhood. Located at 1300 40th St., the community will feature 483 multifamily units, 15,800 square feet of retail space with a 2,702-square-foot rooftop cocktail lounge. The property will feature a mix of studio, one- and two-bedroom floor plans, with a portion of the units designated as affordable housing. Community amenities will include a sixth-floor pool deck, three outdoor courtyards, a covered outdoor pavilion and a food truck reserved for resident use. The project will embrace the artistic and industrial history of the neighborhood through art installations by local artists and industrial-inspired architecture, according to the developer. Crescent and its equity partner, Dart Interests, acquired the development site in February from EXDO Development. Sumitomo Mitsui Banking Corp. is providing project financing. “Denver is a place we identified years ago for its long-term potential, and we are excited to find an opportunity that matches our investment criteria,” says Jonathan Winson, senior vice president of investments for Dart. The first residences are slated to open in spring 2023. JLL is managing the retail leasing, additional details of which will …

March 10, 2021

Arizona Development Loans Multifamily Single-Family Rental Western

ACRES Originates $62M Construction Loan for Bungalows on Cotton Lane Multifamily Property in Glendale, Arizona

by Amy Works March 9, 2021

GLENDALE, ARIZ. — ACRES Capital Corp. has originated a $62 million loan to fund the construction and stabilization of Bungalows on Cotton Lane, an apartment community located at North Cotton Lane and West Orangewood Avenue in Glendale. The borrower is Cavan Communities, which will develop the single-family rental community. Bungalows on Cotton Lane will offer 336 for-rent single-family homes; a swimming pool and heated spa; farmhouse-style clubhouse with a full kitchen; fitness center; car charging stations; gated entry; and 859 parking spaces. The homes will be a mix of 66 one-bedroom, one-bath units; 152 two-bedroom, two-bath units; and 118 three-bedroom, two-bath units, with an overall average unit size of 1,066 square feet. Unit amenities will include smart-home technology, premium finishes, stainless steel appliances and private patios and backyards. Jeremy Korer of Cushman & Wakefield arranged the financing.

March 9, 2021

Pomona-College-Athletic-Recreation-Center-Claremont-CA

California Civic Development Western

C.W. Driver Breaks Ground on $43M Pomona College Athletic Center Expansion in Claremont, California

by Amy Works March 9, 2021

CLAREMONT, CALIF. — C.W. Driver Cos. has broken ground on a $43 million expansion of Pomona College’s Athletic and Recreation Center in Claremont. Located at 220 E. Sixth St., the 95,000-square-foot facility will provide additional space for the Pomona-Pitzer athletics program through a mix of renovations and new construction. Slated for completion by fall 2022, the facility will include 15,000 square feet of additional training and weight rooms, dedicated areas for cardio exercise, athletic department offices and expanded locker rooms. Enhancements to the center will include expanded variety and faculty locker rooms; a strength and conditioning center; additional training and conditioning space; an all-new, two-court practice and recreational gymnasium above the fitness area; three new team meeting rooms; individual offices for coaches and administrative staff; and equipment storage space. The center will be designed to achieve LEED Gold certification, with daylight shading devices to mitigate solar heat gain, HVAC systems that prioritize natural ventilation, rooftop photovoltaics and solar hot water. C.W. Driver Cos. is partnering with SCB Architects on the project.

March 9, 2021

California Development Industrial Office Western

Murphy Development Starts Construction of Two Spec Industrial Buildings in San Diego’s Otay Mesa

by Amy Works March 9, 2021

SAN DIEGO — San Diego-based Murphy Development Co. has commenced construction of two speculative industrial assets – Buildings A and C – at Brown Field Technology Park, a 52-acre corporate industrial and office park in San Diego’s Otay Mesa area. Completion of the two buildings is slated for the third quarter of this year. The 105,150-square-foot Building A and the 123,913-square-foot Building C will both feature 32-foot clear heights, 4,000 amps of 277/480 power, manufacturing sewer and water capacity, ESFR sprinklers, concrete truck courts, wide column spacing and high dock door ratios designed for distribution users. The buildings can accommodate a variety of user requirements ranging from 50,000 square feet to 229,063 square feet. Andy Irwin, Ryan Spradling and Greg Lewis of JLL are overseeing leasing of the two buildings.

March 9, 2021

Acquisitions Multifamily Oregon Western

Mountain Capital Partners, New Earth Equities Buy 99-Unit Harbour Court Apartments in Portland

by Amy Works March 9, 2021

PORTLAND, ORE. — A joint venture between Mountain Capital Partners and New Earth Equities has acquired Harbour Court, a multifamily community in Portland. Harbour Court Owner LLC, an affiliate of the San Diego-based ConAm Group, sold the asset for an undisclosed price. Located at 910 N. Harbour Drive, Harbour Court features 99 apartments and is served by Portland’s MAX light rail service, TriMet bus lines and Interstate 5. Ira Virden, Carrie Kahn and Frank Solozano of JLL Capital Markets represented the seller in the deal.

March 9, 2021

Acquisitions Colorado Office Western

Graham Street Realty Sells Flatiron Parkway Office Building in Boulder, Colorado

by Amy Works March 9, 2021

BOULDER, COLO. — Graham Street Realty has completed the disposition of 5665 Flatiron Parkway, an office building located in Boulder. Terms of the transaction were not released. GSR originally acquired the asset in February 2019 as part of a three-property portfolio, including 3005 Center Green Drive, 2945 Wilderness Place and 5665 Flatiron Parkway, totaling 114,862 square feet of leasable office and lab space. Situated within East Boulder’s Flatiron Business Park, 5665 Flatiron offers suites ranging from 10,000 square feet to 20,000 square feet.

March 9, 2021

Features Finance Insight Loans Midwest Multifamily Northeast Southeast Student Housing Texas Western

Student Housing Q&A with Timothy S. Bradley, Founder, TSB Capital Advisors

by Sarah Daniels March 9, 2021

Student housing demonstrated its resilience in the face of COVID-19 challenges, but what can the industry expect going forward? Timothy S. Bradley, founder, TSB Capital Advisors, and principal, TSB Realty, sat down with Finance Insight to discuss financing and expectations for student housing in the fall of 2021 and beyond. Finance Insight: How was 2020 for TSB? Bradley: We were fortunate. Many observers assumed the student housing industry would be devastated by COVID-19-forced school closures and campus clusters. Instead, thanks in large part to the rational and institutional nature of our major operators, investors and lenders, the industry proved its resiliency once again. We were affected by the pandemic, of course, and had to adjust some of our early year projections, but TSB companies still closed on a total transaction volume of approximately $4 billion, including construction loans, stabilized term loans and interim loans, as well as sales, and joint venture partnership consultations. There will be other challenges our industry faces in the years to come, but it’s difficult to imagine a more challenging singular event than the one we experienced this year with COVID-19. All things considered, we felt very good about 2020, and we’re even more optimistic about 2021. …

March 9, 2021

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