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Tides-28th-Phoenix-AZ
AcquisitionsArizonaMultifamilyWestern

IPA Negotiates $34.8M Sale of Tides on 28th Multifamily Property in Phoenix

by Amy Works

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Tides on 28th, an apartment community in Phoenix. Tides Equities sold the asset to a undisclosed buyer for $34.8 million, or $155,357 per unit. Built in 1980 on eight acres, Tides on 28th features 224 apartments, a swimming pool, spa, modernized clubhouse, leasing center, basketball court, dog park, two on-site laundry facilities, covered parking and immediate access to Lake Biltmore. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the deal.

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Calabria-Issaquah-WA
AcquisitionsMultifamilyWashingtonWestern

Fourth Avenue Capital Buys Calabria Apartment Building in Issaquah from Pacifica Cos. for $9M

by Amy Works

ISSAQUAH, WASH. — Fourth Avenue Capital, a local apartment investor, has acquired Calabria, a multifamily property located at 2000 NW Talus Drive in Issaquah. San Diego-based Pacifica Cos. sold the asset for $9 million, or $450,000 per unit. Constructed in 2009, the property features 20 condominium-quality apartment units, with 10 being three-bedroom townhome units. Dylan Simon, Jerrid Anderson and Matt Laird of The Simon and Anderson Team at Kidder Mathews represented the seller.

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616-S-B-St-San-Mateo-CA
AcquisitionsCaliforniaRetailWestern

Nazareth Enterprises Buys Retail Property in Downtown San Mateo for $7.3M

by Amy Works

SAN MATEO, CALIF. — Nazareth Enterprises has acquired a retail building located at 616 S B St. in San Mateo for $7.3 million. The San Mateo-based company is planning to redevelop the 7,500-square-foot building, which is currently leased by Kelly-Moore Paint, into a mixed-use property. Richard Beale of Beale Properties represented the undisclosed sellers. Mitch Zeemont and Tony Kaufmann of Gantry arranged acquisition financing, which AvidBank provided.

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Village-Aspen-Place-Flagstaff-AZ
AcquisitionsArizonaMultifamilyWestern

Apartment Ventures Acquires Village at Aspen Place Multifamily Property in Flagstaff for $64.5M

by Amy Works

FLAGSTAFF, ARIZ. — Apartment Ventures NNC has purchased Village at Aspen Place, a Class A apartment community located within Aspen Place at the Sawmill in Flagstaff, for $64.5 million. Built in 2015, the property features 222 apartments. The transaction is Apartment Ventures’ fourth Southwest institutional-level acquisition in as many years, bringing its Southwest portfolio close to 1,000 units. The name of the seller was not released.

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AcquisitionsMultifamilyOregonWestern

NBP Capital Sells Apartment Community Near Portland to Abacus Capital Group for $38.5M

by Amy Works

GRESHAM, ORE. — NBP Capital has completed the sale of The Groves, a multifamily property located in Gresham, a suburb of Portland. Abacus Capital Group acquired the community for $38.5 million. Located at 3500 NE 17th St., The Groves features 201 units in a mix of one-, two- and three-bedroom layouts. On-site amenities include a swimming pool, community lounge with television, fitness center, barbecue area and playground. Ira Virden, Carrie Kahn and Frank Solorzano of JLL Capital Markets represented the seller in the deal.

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1144-Eastlake-Ave-E-Seattle-WA
LoansNet LeaseOfficeWashingtonWestern

Gantry Arranges $12.5M in Financing for Net-Leased Office Building in Seattle

by Amy Works

SEATTLE — Gantry has arranged $12.5 million in financing for a single-tenant office property in Seattle’s South Lake Union submarket. Located at 1144 Eastlake Ave. E, the seven-story building features 82,000 square feet of rentable space. The property was built in 2002. Seattle Cancer Care Alliance fully occupies the building. Mike Wood and Alex Saunders of Gantry’s Seattle production office identified and structured the loan on behalf of the borrower, a private real estate owner and previous Gantry client. The 10-year loan refinanced existing obligations. State Farm provided the capital on a full-term interest-only basis at an interest rate below 2.5 percent.

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Grove-Senior-Apts-Garden-Grove-CA
AcquisitionsCaliforniaMultifamilySeniors HousingWestern

Avanath Capital Purchases The Grove Senior Apartments in Garden Grove, California for $19.8M

by Amy Works

GARDEN GROVE, CALIF. — Irvine, Calif.-based Avanath Capital Management has purchased The Grove Senior Apartments, an affordable seniors housing property located at 12721 Garden Grove Blvd. in Garden Grove. Meta Housing sold the asset for $19.8 million. The Grove, which is currently 100 percent occupied, features 85 units, a fitness center, club room, courtyard and bus stop directly in front of the property. Rents range from $840 to $1,729 per month for units ranging from 542 to 815 square feet. While Avanath is headquartered in Irvine and has more than 10,000 units within its nationwide portfolio, this transaction is its first acquisition in the company’s hometown market of Orange County.

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6561-W-Post-Rd-Las-Vegas-NV
AcquisitionsIndustrialNevadaWestern

WG Holdings Divests of 24,530 SF Industrial Property in Las Vegas for $5M

by Amy Works

LAS VEGAS — WG Holdings LLC has completed the disposition of a Class A industrial building located at 6561 W. Post Road in Las Vegas. Prologis acquired the single-story asset for $5 million. Built in 2016 on 1.6 acres, the 24,530-square-foot property features dock- and grade-level doors, 30-foot clear heights, an ESFR sprinkler system and 3,567 square feet of office space. Additionally, the asset includes 70 free surface parking spaces and approximately 7,500 square feet of yard space that can be fenced and secured. James Griffis, Tyler Ecklund and Doug Mack of CBRE represented the seller in the deal.

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Brooklyn-Bedding-New-Building-Rendering
ArizonaIndustrialOfficeTop StoriesWestern

Brooklyn Bedding Breaks Ground on $72M Manufacturing Facility, Corporate Headquarters in Metro Phoenix

by Katie Sloan

GLENDALE, ARIZ. — Mattress retailer Brooklyn Bedding has broken ground on a $72 million manufacturing facility and corporate headquarters nine miles outside Phoenix in Glendale.  The 648,165-square-foot building will be located on 42.8 acres at the crossroads of West Bethany Home Road and 52nd Ave. The new manufacturing facility, set for delivery in December 2021, will give the company the capacity to triple its mattress production. Founded in 1995, Brooklyn Bedding claims to be a pioneer in the “bed-in-a-box movement,” selling its first roll-packed mattress product on Amazon in 2008. By 2015, Brooklyn Bedding had developed and constructed a 150,000-square-foot, full-scale factory in the Phoenix area. The company currently employs 250 and plans to add 150 employees upon the completion of its new facilities. Brydant Real Estate will spearhead development of the project, working alongside the development team of Alston Construction and the architectural team of Ware Malcomb. Brooklyn Bedding will continue operations at its manufacturing facility at 4455 West Camelback Road and its warehouse at 4524 North 44th Ave. in Phoenix until the new headquarters is delivered. — Katie Sloan

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AcquisitionsLoansMultifamilyNew MexicoWestern

NorthMarq Negotiates Sale, Financing of 735-Unit Multifamily Portfolio in Albuquerque

by Amy Works

ALBUQUERQUE — NorthMarq has arranged the sale of a three-property apartment portfolio located in Northeast Albuquerque. Orange County, Calif.-based Laguna Point acquired the assets from Portland, Ore.-based PacifiCap Properties Group for an undisclosed price. Totaling 735 apartments, the portfolio includes Jefferson Crossing, Aztec Village and Arioso. The acquisition is the buyer’s seventh purchase in the market. Cynthia Meister of NorthMarq’s Albuquerque office and Trevor Koskovich, Bill Hahn, Jesse Hudson of NorthMarq’s Phoenix office brokered the sale. Brandon Harrington, Bryan Mummaw and Tyler Woodard of NorthMarq’s Phoenix debt/equity team financed each acquisition for the buyer with Freddie Mac loans.

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