LAS VEGAS — NWI Vida LLC has completed the disposition of Bella Vida Apartments, a multifamily property in Las Vegas. An undisclosed buyer acquired the community for $15 million, or $208,333 per unit. Located at 1111 S. Cimarron Road, the property features 72 apartments. Devin Lee, Robin Willett, Jerad Roberts and Jason Dittenber of Northcap Commercial represented the seller in the transaction.
THORNTON, COLO. — Nexus Commercial Realty has brokered the sale of an apartment community located at 8770-8780 Galen Court in Thornton. An undisclosed buyer acquired the asset for $5.3 million. The 38-unit property features 12 one-bedroom units and 26 two-bedroom units. The majority of the units have been updated, and select units feature balconies. The property includes two on-site laundry rooms and 54 off-street parking spaces for tenants. The buyer plans to manage the property, upgrade the remaining units and increase rents to market value.
SPARKS, NEV. — A local ownership group has completed the disposition of Landing Self Storage & Industrial, a self-storage facility located along Interstate 80 in Sparks. A Northern California-based owner-operator acquired the asset for $5.5 million. Lockwood Landing comprises 49,100 net rentable square feet of self-storage space and 28,865 net rentable square feet of industrial space on 8.7 acres. The property features six steel-frame storage buildings and three steel-frame industrial buildings with asphalt drive aisles, plus a manager’s office and living quarters. At the time of sale, the storage buildings were approximately 84 percent occupied and the industrial buildings were 100 percent occupied. Bobby Loeffler and Tyler Skelly of The Loeffer Self-Storage Group represented the seller in the deal.
NORTH LAS VEGAS, NEV. — Newport Beach, Calif.-based CapRock Partners has started construction on CapRock Tropical Logistics, a two-building logistics complex in North Las Vegas. Located at 5802 and 5902 E. Tropical Parkway, CapRock Tropical Logistics is situated on an 83-acre site that CapRock assembled through the acquisition of 24 parcels from 13 owners in first-quarter 2020. Totaling 1 million square feet, the park will feature a 857,060-square-foot building and a 271,262-square-foot building — both slated for delivery in the third quarter of 2021. The largest building is a build-to-suit for an undisclosed e-commerce retailer that signed a long-term lease. The tenant will also utilize approximately 17 acres of excess land south of the building that CapRock reconfigured to meet the tenant’s specifications, including providing additional parking. The smaller facility will feature 32-foot minimum clear heights, a 100 percent concrete truck court with 185-foot depth, above-standard trailer and automobile parking with 194 parking spaces and up to 57 trailer parking spaces, 54 dock-high loading doors, two drive-in doors, an ESFR sprinkler system and 3,000 amps of 277/480V, three-phase power. Rob Lujan, Xavier Wasiak and Jason Simon of JLL represented CapRock Partners in the acquisition of the land and have been …
VANCOUVER, WASH. — EJF Capital and Holland Partner Group have formed a joint venture to acquire and operate two adjacent six-story buildings in downtown Vancouver. The $62.5 million acquisition will be rebranded Coen & Columbia, offering a total of 200 multifamily units and approximately 2,220 square feet of retail space. Scheduled for delivery in the fourth quarter, Coen will feature 118 apartments, with 20 percent set aside for workforce housing, and 2,220 square feet of retail space. Columbia, will feature 82 apartments. Both buildings sit atop a city-owned parking garage with more than 750 parking spaces. The buildings are located on 1.1 acres in an area certified as Qualified Opportunity Zone under the Tax Cuts and Jobs Act of 2017, which offers investors tax benefits to invest into opportunity zones with the aim of spurring economic growth in lower income areas. KeyBank provided financing for the project.
TEMPE, ARIZ. — Los Angeles-based JRK Property Holdings has purchased 909 West, an apartment property located at 909 W. Grove Parkway in Tempe. MG Properties Group sold the asset for an undisclosed price. Built in 1999, 909 West features 408 units in a mix of one-, two- and three-bedroom floor plans in three- and four-story buildings. Community amenities include two swimming pools, a resident clubhouse, basketball court, fitness center, picnic area with gas grills and dog park. Tyler Anderson, Sean Cunningham, Asher Gunter, Matt Pesch and Mark McFate of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the transaction.
KEIZER, ORE. — Stan Johnston Co. has brokered the sale of a retail property located at 5000 River Road North in Keizer. A Los Angeles-based institutional buyer sold the asset to a Long Beach, Calif.-based private investor for $5.7 million. Originally constructed in 2008 on 1.6 acres, the property features 13,775 square feet of retail space. Walgreens occupies the building on a net lease including a 15-year base term with rent increases every five years. Pat Weibel and BJ Feller of Stan Johnson Co. represented the seller in the transaction.
LITTLETON, COLO. — John Propp Commercial Group has arranged the sale of an office property located at 8089 S. Lincoln St. in Littleton. RMTN Properties sold the asset to MVP 8089 Lincoln Land for $3.8 million, or $148.97 per square foot. Situated near Littleton Adventist Hospital and Highlands Ranch, the property features 25,802 square feet of office space. The buyer plans to occupy the third floor of the building. Joshua Cohen of John Propp Commercial Group represented the seller in the deal.
OAKLAND, CALIF. — CIM Group and Strada Investment Group have completed Eleven Fifty Clay Street, a 288-unit apartment community in downtown Oakland. The co-developers delivered the 16-story property between 11th and 12th streets near the city’s Old Oakland neighborhood. Rents range from $2,544 for a studio apartment to $5,059 for a three-bedroom unit, with some concessions available for prospective tenants. The onsite leasing office is open five days a week. Amenities at Eleven Fifty Clay include a fitness center, lobby coffee bar, conference rooms, coworking areas and bicycle storage. A rooftop deck features open-air lounge areas, partially covered dining areas, fire pits and grills. Eleven Fifty Clay Street also features street-level retail space, as well as a large outdoor patio and a 17,000-square-foot public plaza fronting 12th Street. The publicly accessible plaza has a half basketball court, outdoor seating, specialty retail stores and a repurposed shipping container that has a full kitchen set. Nearby amenities include the 12th Street BART rail station, AC Transit bus stations, restaurants, shops, hotels, Lake Merritt and San Francisco Bay. Suffolk Construction was the general contractor for Eleven Fifty Clay Street. Greystar currently manages the property on behalf of CIM and Strada. CIM Group is …
COLORADO SPRINGS, COLO. — Newmark has arranged the sale of Blue Dot Place, an apartment community located at 412 S. Nevada Ave. in Colorado Springs. Darsey Nicklasson and Kathy Loo sold the asset to Ray, Tim and Brian Rhodes for $13 million, or $393,393 per unit. Developed in 2016, Blue Dot Place features 33 apartments and three commercial spaces. The community was the first for-rent multifamily product built in downtown Colorado Springs since the 1960s, according to the broker. Saul Levy and Kevin McKenna of Newmark represented the seller in the transaction.
