Western

MAG Capital Partners Buys 38,300 SF Cold-Storage Facility in Phoenix in Sale-Leaseback Deal

by Amy Works May 13, 2021

PHOENIX — Fort Worth, Texas-based MAG Capital Partners has acquired a cold-storage warehouse property located at 2721 W. Willetta St. in Phoenix. Lin’s Distribution Corp. sold the property for an undisclosed price in an off-market, sale-leaseback transaction. Built in 1980 on 1.7 acres, the 38,300-square-foot facility features five truck wells and two industrial GL doors. The multi-tenant property is fully occupied by Lin’s Distribution Corp., Red Bird Farms Distribution Co. and Bon Suisse. Concurrent with the sale, Lin’s signed a long-term leaseback deal to continue to occupy the property. Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP represented the buyer, while Oscar Lopez and Steve Lowe of Matthews Real Estate represented the seller in the transaction.

May 13, 2021

Acquisitions California Net Lease Restaurant Retail Western

Marcus & Millichap Brokers $2.2M Sale of Rally’s-Occupied Restaurant Space in Rialto, California

by Amy Works May 13, 2021

RIALTO, CALIF. — Marcus & Millichap has brokered the sale of a restaurant property located at 466 E. Foothill Blvd. in Rialto. A limited liability company sold the asset to an undisclosed buyer for $2.2 million. Rally’s occupies the 1,086-square-foot property, which was built in 2020, under a new 15-year absolute triple-net lease. The property features double drive-thru lanes. Zack House, Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller, while Matthew Luchs of Marcus & Millichap’s Ontario, Calif., office served as broker of record in the transaction.

May 13, 2021

Acquisitions California Multifamily Top Stories Western

Blackstone Group to Acquire 66 Multifamily Communities in San Diego for $1B

by Katie Sloan May 13, 2021

SAN DIEGO — Blackstone Group (NYSE: BX), in partnership with TruAmerica, plans to acquire 66 multifamily communities in San Diego County for more than $1 billion. The sale is one of the largest real estate transactions in county history, according to reports by The San Diego Union-Tribune. The seller, Conrad Prebys Foundation — a philanthropic organization created by local real estate owner Conrad Prebys — began shopping its multifamily portfolio in February, according to KPBS, a public broadcasting service in San Diego. The assets largely feature below-market-rate rents for low-income renters. The report by KPBS lists that the portfolio includes Conrad Villas apartments in Spring Valley, alongside communities located in San Ysidro, Imperial Beach, Chula Vista, National City, Lemon Grove, Lakeside, Spring Valley, Pacific Beach, Ocean Beach, El Cajon, Escondido, Ramona and Santee. The 5,800-unit, market-rate portfolio is set to undergo $100 million in renovations under the new ownership, according to the Union-Tribune. Blackstone also plans to partner with the nonprofit organization Pacific Housing to provide services for residents, including after-school tutoring, financial literacy classes, and health and wellness initiatives at no cost. The deal will add to Blackstone’s existing portfolio of $4.5 billion worth of assets in San Diego …

May 13, 2021

Acquisitions Arizona Multifamily Western

Decron Properties Enters Arizona Market, Buys Multifamily Property in Tempe for $96.1M

by Amy Works May 12, 2021

TEMPE, ARIZ. — Decron Properties has entered the Arizona market with the purchase of Broadstone Rio Salado, an apartment community in Tempe, for $96.1 million. The name of the seller was not released. Completed in 2020, Broadstone Rio Salado features 278 apartments in a mix of studio, one- and two-bedroom floor plans with gourmet kitchens, quartz countertops, stainless steel appliances, wood-style flooring and in-unit washers/dryers. Community amenities include a resort-style pool and spa; poolside cabanas; clubhouse with demonstration kitchen and coffee bar; two-level fitness center with virtual training; outdoor entertainment lounge; on-site bike storage; package lockers for resident deliveries; and a dog park.

May 12, 2021

Acquisitions Colorado Multifamily Student Housing Western

Brickstone Partners Acquires Two Student Housing Communities Near Colorado State University for $81M

by Amy Works May 12, 2021

FORT COLLINS, COLO. — Brickstone Partners has acquired two student housing communities near the Colorado State University campus in Fort Collins for $81 million. The 288-unit portfolio includes Landmark and Stone Creek apartment properties. The new ownership is set to begin comprehensive upgrades on the properties, which will include modernizing units with the addition of new flooring, kitchen and bathroom cabinets, quartz countertops, stainless steel appliances, upgraded doors, lighting and plumbing fixtures; updated exterior landscaping; common-area improvements; and new finishes within the clubhouse. Both properties offer shared amenities including saltwater swimming pools, fitness centers and dog parks. The seller in the transaction was undisclosed.

May 12, 2021

Loans Multifamily Oregon Western

Dwight Capital Provides $33M HUD Financing for Multifamily Portfolio in Oregon

by Amy Works May 12, 2021

SALEM AND CORVALLIS, ORE. — Dwight Capital has closed $33 million in HUD financing for a portfolio of five market-rate apartment complexes in Oregon. Totaling 557 units across 26 acres, the portfolio includes Brighton Park Apartments, Salem Parkway Apartments and West Salem Apartments in Salem and Crystal Lake Apartments and The Riviera in Corvallis. The five loans qualified as green/energy-efficient housing and benefitted from a reduction in mortgage insurance premium, according to Dwight Capital. Josh Sasouness and Josh Hoffman of Dwight Capital originated the transaction.

May 12, 2021

Affordable Housing California Development Multifamily Western

HCHC, KFA Complete 74-Unit Florence Mills Affordable Apartments in South Central Los Angeles

by Amy Works May 12, 2021

LOS ANGELES — Hollywood Community Housing Corp. (HCHC) and KFA, a full-service architecture and design firm, have completed The Florence Mills Apartments, a mixed-use affordable housing development located at the southwest corner of Central Avenue and Jefferson Boulevard in Los Angeles. Florence Mills features 74 apartments, 5,000 square feet of commercial space along Central Avenue, and an open, landscaped public plaza. The four-story building features 13 one-bedroom units, 37 two-bedroom apartments, 24 three-bedroom units, community and common areas, underground parking, four laundry rooms and secure access to the building. The units are restricted to households at low-, very low- and extremely low-income levels with rents set between $507 and $1,171 per month. The property is set to obtain LEED Platinum certification and features drought-tolerant landscaping, locally sourced materials, high-efficiency lighting, Energy Star appliances and low-flow fixtures. Young Musicians Foundation has leased the commercial space, which is located in the corner plaza with roll-up doors. Through a partnership between HCHC and Young Musicians Foundation, residents of Florence Mills and Paul R. Williams apartments are able to attend free music classes, music technology and recording lab, concerts, workshops and multi-disciplinary arts programming.

May 12, 2021

Acquisitions Arizona Multifamily Western

Western Wealth Capital Purchases Villetta Apartments in Mesa, Arizona

by Amy Works May 12, 2021

MESA, ARIZ. — Western Wealth Capital (WWC), along with its investment partners, has acquired Villetta Apartment Homes in Mesa for an undisclosed price. Originally constructed in 1983, Villetta features 352 apartments less than four miles from the Arizona State University campus. Villetta is WWC’s 96th acquisition since its founding in 2014. The company owns properties in Dallas, Houston, Phoenix, Atlanta, San Antonio and Las Vegas.

May 12, 2021

Content Partner Data Centers Features Industrial Midwest NAI Northeast Southeast Texas Western

NAI Global: Industrial Demand Rooted in Long-Term Changes to Distribution, Manufacturing

by Sarah Daniels May 12, 2021

Shifting behaviors and expectations for consumers, manufacturers and distributors have made industrial space central to the commercial real estate landscape. “This is an asset class that for 25 years of my 39 years in the commercial real estate business was a boring, middle-of-the-road class. But this steady investment has just exploded,” says Jay Olshonsky, president and CEO of NAI Global. Much of the most recent change has been driven by the particulars of the COVID-19 pandemic. Delivery became a way of life for those socially distancing, creating an instant need for more distribution and warehousing centers. Olshonsky explains that the behavioral changes starting in March of 2020 accelerated trends (online shopping, delivery/pickup services and working from home) that might otherwise have taken five or more years to come to fruition. Olshonsky explains that there are still hurdles for this ascendant product type to overcome, but the changes we’ve seen over the last year will remain. Industrial Not a Bubble “Industrial is here to stay,” says Olshonsky. “COVID accelerated trends that already existed, but those trends were already in motion. We’re seeing some changes that are fundamental.” The need for delivery and warehouses is fed by new expectations: “Ecommerce is the …

May 12, 2021

Acquisitions Multifamily Oregon Western

Wolff Co. Acquires 158-Unit Northpointe Multifamily Community in Portland

by Amy Works May 11, 2021

PORTLAND, ORE. — An affiliate of The Wolff Co. has purchased Northpointe, an apartment property located at 1314 N. Skidmore St. in Portland. A partnership between Fore Property Co. and Principal Real Estate Investors sold the asset for an undisclosed price. Completed in 2019, Northpointe features 106,568 square feet of residential space and 3,748 square feet of commercial space. The 158-unit property offers a mix of studio, one- and two-bedroom floor plans with quartz countertops, in-home washers/dryers, stainless steel appliances, solar shades, luxury vinyl plank flooring, private balconies or patios, and walk-in closets in select units. Community amenities include a 24-hour fitness center, conference room, rooftop deck with mountain views and an outdoor entertainment area with firepits and a social lounge. Ira Virden, Carrie Kahn and Frank Solorzano of JLL Capital Markets represented the seller in the deal.

May 11, 2021

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