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The-Commodore-National-City-CA
AcquisitionsCaliforniaMultifamilyWalker & DunlopWestern

Gelt Venture Partners Buys 92-Unit Multifamily Community in National City, California

by Amy Works

NATIONAL CITY, CALIF. — Gelt Venture Partners has acquired The Commodore, an apartment property located at 200-250 E. 31st St. in National City, for $40 million. Built in 2024, The Commodore comprises six three-story buildings offering a total of 92 studio, one- and two-bedroom floor plans with select units featuring two-story and loft-style layouts. At the time of sale, the property was 96 percent occupied. Units feature in-unit washers/dryers, quartz countertops, designer tile backsplashes, wood-style plank flooring, European-style cabinetry, stainless steel appliances and private balconies. Community amenities include a resort-style pool and spa, clubhouse, an outdoor lounge with fire pit, barbecue areas, electric vehicle charging stations, detached garages and an onsite leasing office. Hunter Combs of Walker & Dunlop represented the buyer and undisclosed seller in the deal.

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AcquisitionsArizonaRetailWestern

Cohen & Steers, Sterling Organization Acquire 159,000 SF Shopping Center in Metro Phoenix 

by Amy Works

DEER VALLEY, ARIZ. — A joint venture between Cohen & Steers Income Opportunities REIT (CNSREIT) and Sterling Organization has acquired Deer Valley Towne Center, a 159,000-square-foot, open-air shopping center located in the Deer Valley neighborhood of Phoenix. Target shadow anchors the center, which is situated across from Phoenix General Hospital and PetSmart’s corporate headquarters. The property is more than 94 percent leased to tenants including Five Below, Ross Dress For Less, Dollar Tree, PetSmart, Michaels, Jersey Mike’s Subs, Panda Express, Chipotle, Sola Salon Studios, GNC and Bath & Body Works. This transaction marks CNSREIT’s fourth acquisition with Sterling Organization and the sixth open-air shopping center in its portfolio.

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AcquisitionsCaliforniaIndustrialSelf-StorageWestern

Claremont Cos. Sells 5.3-Acre Self Storage of Vacaville Property in California

by Amy Works

VACAVILLE, CALIF. — The Claremont Cos. has completed the disposition of Self Storage of Vacaville, a self-storage facility in Vacaville, to Westport Properties for an undisclosed price. Dean Trammell and Adam Schlosser of The LeClaire-Schlosser Group of Marcus & Millichap represented the seller and procured the buyer in the transaction. Tony Solomon of Marcus & Millichap served as broker of record. Situated on 5.3 acres, Self Storage of Vacaville was originally constructed in 2018 and expanded in 2019. The facility features electronic gated entry with a digital keypad, a large institutional-style leasing office with retail, security monitor display with 24/7 video surveillance throughout the facility, concrete driveways and metal roll-up doors.

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AcquisitionsColoradoOfficeRetailWestern

John Propp Commercial Negotiates $2.5M Sale of Office, Retail Property in Castle Rock, Colorado

by Amy Works

CASTLE ROCK, COLO. — John Propp Commercial Group has arranged the sale of an office and retail building located at 734 Wilcox St. in Castle Rock. Seven34 LLC sold the asset to 2950 West Point Holdings LLC for $2.5 million. The two-story property offers 8,969 square feet of office and retail space, as well as parking. John Propp of John Propp Commercial Group represented the seller, while Andrew Monette of Pinnacle Real Estate represented the buyer. The buyer plans to operate the property as an investment.

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CaliforniaLoansMultifamilySeniors HousingWestern

BWE Secures $65M Bond Financing for Seniors Housing Community in Milpitas, California

by Amy Works

MILPITAS, CALIF. — BWE has arranged $65 million in bond financing for Ivy Park at Milpitas, a seniors housing property in Milpitas. The financing was secured on behalf of a joint venture between Blue Mountain Enterprises and SRM Development. Oakmont Management Group is managing the property. Ryan Stoll and Taylor Mokris of BWE arranged the financing. The loan was structured as a 15-year bond issuance, credit-enhanced by a letter of credit from Poppy Bank, and features five years of interest-only payments along with a favorable covenant structure. The financing provides the sponsor with enhanced flexibility and a long-term runway to complete lease-up and drive operational performance. The four-story, 205,000-square-foot Ivy Park at Milpitas offers 199 independent living, assisted living and memory care units, as well as a subterranean parking garage. Community amenities include all-day dining at The Vine at Ivy restaurant, a fitness center, indoor heated pool, library, salon, movie theater and a landscaped outdoor courtyard. The community also offers 24-hour staffing, concierge services and a social calendar for residents.

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2890-W-116th-Pl-Westminster-CO
ColoradoLoansMultifamilyWestern

Mesa West Capital Provides $52M Refinancing for Multifamily Property in Westminster, Colorado

by Amy Works

WESTMINSTER, COLO. — Mesa West Capital has provided an affiliate of Crow Holdings Capital with $52 million in short-term, floating-rate first mortgage debt to refinance Canyon Reserve at the Ranch, an apartment community in Westminster. The property is located at 2890 W. 116th Place. Built in 1984, the 17-building, garden-style asset was fully repositioned by the sponsor in 2022. Canyon Reserve at the Ranch features 256 one- and two-bedroom units with modern finishes, including stainless steel appliances, in-unit washers/dryers, walk-in closets and private outdoor spaces. Community amenities include a resort-style swimming pool, outdoor grilling area, fitness center and dog park.

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Weberstown-Mall-Stockton-CA
AcquisitionsCaliforniaRetailWestern

Mershops Acquires Weberstown Mall in Stockton, California for $50.8M 

by Amy Works

STOCKTON, CALIF. — Family-owned real estate platform Mershops has acquired Weberstown Mall, an 800,000-square-foot regional shopping center located in Stockton, for $50.8 million. Originally opened in 1966, the center is anchored by JCPenney, Dillard’s and Barnes & Noble. Other tenants include Old Navy, Five Below, BoxLunch, Foot Locker, Lids, Victoria’s Secret and Journeys. Steerpoint Capital brokered the sale on behalf of Mershops. The seller was Washington Prime Group. This transaction marks Mershops’ sixth enclosed shopping center acquisition across California and Nevada. Mershops’ current portfolio includes North County Mall in Escondido, Calif.; Galleria at Sunset in Henderson, Nev.; Antelope Valley Mall in Palmdale, Calif.; The Shops at Montebello in Montebello, Calif.; Northridge Mall in Salinas, Calif.; and two office campuses in Silicon Valley. The company plans to make reinvestments for each property, blending retail, hospitality and community elements.

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AcquisitionsCaliforniaIndustrialWestern

First Industrial Realty Trust Buys Silicon Valley Property for $10.6M

by Amy Works

SANTA CLARA, CALIF. — First Industrial Realty Trust has acquired a low-coverage industrial property located at 415 Aldo Ave. and 420 Nelo St. in Santa Clara for $10.6 million. Situated on 2.4 acres, the fully occupied site includes a 9,896-square-foot industrial facility and secured yard space. Ray Devlin of Colliers represented the buyer, while Mark Biagini of Biagini Properties represented the undisclosed sellers in the deal.

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19909-SE-Stark-St-Portland-OR
AcquisitionsHealthcareMultifamilyOregonWestern

Norris & Stevens Brokers $5.3M Sale of Residential Care Facility in Portland

by Amy Works

PORTLAND, ORE. — Norris & Stevens has arranged the sale of a 16-room residential care facility located at 19909 SE Stark St. in Portland. The Pribeagu family sold the asset to an undisclosed buyer for $5.3 million. Constructed in 2003 and zoned for 34 beds, the 13,414-square-foot facility comprises two buildings on 1.4 acres. All 16 rooms are fully furnished and ADA compliant with private bathrooms and individual temperature control. Facility amenities include a full kitchen, three laundry rooms, an intercom system, office spaces, a large community room, two storage sheds and approximately 3,000 square feet of garage space. David Chatfield of Portland-based Norris & Stevens represented the seller, while Lindsay Murphy of Apex Real Estate Partners represented the buyer in the deal.

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ArizonaMarket ReportsMultifamilyWesternWestern Market Reports

Phoenix Multifamily Market: Resilient Demand, Shifting Dynamics

by John Nelson

— By Brett Meinzer of MMG Real Estate Advisors — Despite ongoing challenges, Phoenix’s multifamily market is showing signs of stabilization and strength in key areas. Record Demand, Even in a Cooling Market In first-quarter 2025, net absorption reached 5,149 units, more than double the 10-year quarterly average and the second-highest quarterly total on record. On a 12-month basis, the market absorbed 18,413 units, setting a new high. “We’re seeing demand return to peak levels,” said Brett Meinzer, advisor at MMG Real Estate. “The number of units leased in the last year shows Phoenix’s long-term story remains intact.” Supply Is Slowing, Signaling Potential Stabilization While new supply remains elevated, the pace is shifting. First-quarter deliveries declined 36 percent from the prior quarter, and the development pipeline is now nearly 50 percent below its recent peak. “After years of heavy deliveries, the pipeline is thinning,” Meinzer said. “This pullback could help stabilize rent and occupancy rates as we head into 2025.” Rent Trends Still Negative But Improving Phoenix’s effective rent currently stands at $1,560, down 2.3 percent year over year, with average occupancy at 91.9 percent. Rent softness is largely driven by concessions and intense lease-up competition from new construction. However, …

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