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AcquisitionsCaliforniaMultifamilyWestern

Raintree Partners Sells 112-Unit Candela Multifamily Property in Los Angeles

by Amy Works

LOS ANGELES — Raintree Partners has completed the disposition of Candela, an apartment community in the Hollywood Hills neighborhood of Los Angeles. Cityview acquired the asset for $35.5 million, or $316,875 per unit. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction. Built in 1974, Candela offers 112 apartment units in a controlled-access residential building. The classic units feature Formica countertops, white cabinetry, black appliances and large closets, while the renovated units feature stone countertops, stainless less appliances, recessed lighting and vinyl plank flooring. Additionally, most units have a private balcony or patio. Community amenities include a private garage, swimming pool, dog spa and package locker system.

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Surprise-Pointe-Commerce-Center-Surprise-AZ
ArizonaDevelopmentIndustrialWestern

Rockefeller Group Completes 418,400 SF Distribution Center in Surprise, Arizona

by Amy Works

SURPRISE, ARIZ. — Rockefeller Group has completed the construction of Surprise Pointe Commerce Center, a distribution center on 24 acres in Surprise. The 418,400-square-foot property can accommodate one to four tenants and offers a clear height of 36 feet, 80 dock doors, a 190-foot truck yard, 103 truck trailer parking stalls, 466 auto-parking stalls and custom-designed office space. The project team included Ware Malcomb, Layton Construction and Hunter Engineering. Cooper Fratt and John Werstler of CBRE are marketing the project for lease or sale.

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779-N-Colorado-St-Phoenix-AZ
AcquisitionsArizonaIndustrialWestern

Cohen Buys 48,823 SF Manufacturing Building in Gilbert, Arizona

by Amy Works

GILBERT, ARIZ. — An affiliate of Cohen Asset Management has purchased a freestanding industrial manufacturing building in Gilbert from Southern California-based De Pietro Holdings for $8.7 million. Rigid Industries LED Lighting, a LED lighting company, occupies the 48,823-square-foot building, which is located at 779 N. Colorado St. The building was originally developed in 2004. Phil Haenel, Will Strong, Foster Bundy and Katie Repine of Cushman & Wakefield’s Private Capital Group in Phoenix represented the buyer and seller in the deal. The seller had owned the property since 2015 prior to the sale.

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Mission-Gorge-Apts-San-Diego-CA
Affordable HousingCaliforniaDevelopmentLoansMultifamilyWestern

Impact Housing, Verbena Road Holdings Obtain $112.2M in Financing for Affordable Housing Project in San Diego

by Amy Works

SAN DIEGO — Impact Housing and Verbena Road Holdings have received $112.2 million in financing for Mission Gorge, a modular affordable housing development in San Diego. Charles Halladay, Joseph Choi and Will Bond of JLL Capital Market’s Debt Advisory team secured an $85.2 million, three-year, floating-rate senior construction loan through ACORE CAPITAL, as well as $27 million in preferred equity from Ascendant Capital Partners for the borrower. Located at 6171 Mission Gorge Road, Mission Gorge will feature 483 studio and one-bedroom units for residents earning at or below 80 percent of the area median income. The apartments will offer quartz countertops, appliances, wall dividers with built-in storage and recessed lighting with dimmer switches. Community amenities will include laundry facilities, lounge space, a 4,150-square-foot roof deck, a fully equipped fitness center, coworking space and ground-floor retail space.

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320-McCloy-Ave-Stockton-CA
CaliforniaDevelopmentIndustrialWestern

Trammell Crow Co., Realty Income to Develop 655,200 SF Industrial Facility for Home Depot in Stockton, California

by Amy Works

STOCKTON, CALIF. — Trammell Crow Co., in a joint venture with Realty Income Corp., has broken ground on an industrial build-to-suit facility in Stockton for The Home Depot. Located at 320 McCloy Ave., the 655,200-square-foot property is slated for delivery in 2026. MacGregor Associates is the architect of record and Arch-Con Corp. is serving as the general contractor. Tyson Vallenari of Cushman & Wakefield and Tom Davis of CBRE represented the Port of Stockton and Trammell Crow Co., respectively, in the ground lease.

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501-Gateway-Phoenix-AZ
AcquisitionsArizonaOfficeWestern

Cushman & Wakefield Negotiates Sale of 102,305 SF Office Asset in Phoenix

by Amy Works

PHOENIX — Cushman & Wakefield has arranged the sale of 501 Gateway, a four-story office building located at 501 N. 44th St. in Phoenix. An undisclosed full service real estate solutions firm sold the asset to 501 Gateway Center LLC for $18 million. The property features 102,305 square feet of multi-tenant office space, a four-story parking garage, flexible floor plates, an onsite café and immediate freeway, airport and light rail access. At the time of sale, the building was 82 percent leased. The building, which was originally constructed in 1997, has been upgraded to a modern office asset. Eric Wichterman, Chris Toci and Mike Coover of Cushman & Wakefield in Phoenix represented the seller in the transaction.

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AcquisitionsBuild-to-RentIdahoSingle-Family RentalWestern

MJW Investments Acquires 96-Unit Verraso Village Build-to-Rent Community in Meridian, Idaho

by Amy Works

MERIDIAN, IDAHO — MJW Investments has purchased Verraso Village, a Class A build-to-rent townhome community in Meridian, from an undisclosed seller in an off-market transaction. Built in two phases in 2016 and 2018, Verraso Village offers 96 two-level homes that average 1,840 square feet with attached two-car garages. Ninety-five percent of the units are three-bedroom and 3.5-baths and each townhome offers an individualized exterior façade. The acquisition marks MJW’s first entry into the Boise MSA. The company acquired the asset with a moderately low-leveraged agency loan assumption with 3.2 percent fixed-rate financing and more than five years remaining on the loan term.

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403-N-Levee-Rd-Pullayup-WA
AcquisitionsIndustrialWashingtonWestern

PCBP Properties Buys 80,150 SF Industrial Property in Puyallup, Washington for $12.5M

by Amy Works

PUYALLUP, WASH. — PCBP Properties Inc. has acquired an industrial property located at 403 N. Levee Road in Pullayup for $12.5 million. Brett Hartzell, Paige Morgan and Andrew Stark of CBRE National Partners West represented the undisclosed seller in the deal. The 80,150-square-foot last-mile manufacturing and logistics facility is located 15 minutes from the Port of Tacoma, Washington, and 35 minutes from downtown Seattle. The property has undergone recent renovations, including roof repairs, exterior painting, asphalt, landscaping and updates to the office space with new carpet and paint. The property is fully insulated and features 21 trailer stalls, eight dock-high and three grade-level doors.

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Summerwood
AcquisitionsCaliforniaMultifamilyTop StoriesWestern

IPA Brokers $203M Sale of Summerwood Apartments in Santa Clara, California

by Katie Sloan

SANTA CLARA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $203 million sale of Summerwood Apartments, a 468-unit multifamily community located in the Silicon Valley community of Santa Clara.  Situated at 444 Saratoga Ave., the garden-style property offers a mix of one- and two-bedroom units. Shared amenities include a pool, clubhouse, fitness center, volleyball court, sauna, courtyard and dog park.  Philip Saglimbeni, Stanford Jones, Salvatore Saglimbeni and Alexander Tartaglia of IPA represented the seller, German investment firm DWS, and procured the buyer, Interstate Equities Corp., in the transaction.  Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Zarouk of IPA Capital Markets arranged $127.8 million in acquisition financing for the deal on behalf of the buyer. The five-year loan features a 5.39 percent fixed interest rate with a 35-year amortization schedule and a loan-to-value ratio of 65 percent.  Frankfurt, Germany-based DWS is a global asset manager with over $1 trillion of assets under management. The firm’s portfolio spans across Europe, the Americas and Asia.  Interstate Equities Corp. is an investor in multifamily communities across California and the Seattle metropolitan area. The Los Altos, Calif.-based company’s portfolio includes two properties in Washington and 29 communities …

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Copper-Ridge-Apts-Renton-WA
AcquisitionsMultifamilyWashingtonWestern

SCS Development Co. Sells Copper Ridge Apartments in Renton, Washington for $70.7M

by Amy Works

RENTON, WASH. — SCS Development Co. has completed the sale of Copper Ridge Apartments, a multifamily asset in Renton, to Timberlane Partners for $70.7 million, or $217,538 per unit. Completed in 1983 and 1985, Copper Ridge offers 325 apartment units spread across two- and three-story residential buildings, as well as a clubhouse, heated swimming pool, three laundry facilities and a children’s playground. The community’s one-, two- and three-bedroom apartments average 788 square feet. The two- and three-bedroom units feature wood-burning fireplaces, and all units have private decks or balconies off the living rooms. Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

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