Western

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

by Amy Works December 18, 2024

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.

December 18, 2024

Acquisitions Colorado Multifamily Western

CBRE Arranges $62M Sale of Manufactured Housing Community in Denver

by Amy Works December 18, 2024

DENVER — CBRE has arranged the sale of Denver Cascade, a manufacturing home community in Denver. Denver Cascade LLC sold the asset to an undisclosed buyer for $62 million. Situated on 48 acres at 9650 Federal Blvd., Denver Cascade offers 382 home sites. Norm Sangalang, Erik Edwards, Jon Shay, Jez Lawson and Myles McGinnis of CBRE’s Manufactured Housing & RV Resorts team represented the seller in the deal.

December 18, 2024

Acquisitions Arizona Multifamily Western

IPA Brokers $56M Sale of 195-Unit Hampton Meridian Build-to-Rent Property Near Phoenix

by Amy Works December 18, 2024

APACHE JUNCTION, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has facilitated the sale of Hampton Meridian, a build-to-rent (BTR) community in Apache Junction. The asset traded for $56.5 million. Completed in 2023 and situated on 16 acres, Hampton Meridian offers 195 detached and attached single-family homes, averaging 1,009 square feet, featuring HercuWall construction technology, low-energy double-paned windows, full-sized washers/dryers and private backyards. The controlled-access community features a resort-style swimming pool, spa, 24-hour fitness center, paved walking trails through desert-landscaped courtyards with a kitchen, barbecue grilling stations, fireside lounge and cabanas. Steve Gebing and Cliff David of IPA represented the undisclosed seller and procured the undisclosed buyer in the deal.

December 18, 2024

Acquisitions California Healthcare Office Western

Stockdale Capital Partners Acquires 83,789 SF MarinHealth Medical Plaza in Novato, California

by Amy Works December 18, 2024

NOVATO, CALIF. — Stockdale Capital Partners has acquired The MarinHealth Medical Plaza (MHMP), located at 75 Rowland Way in Novato, for $32.8 million. The name of the seller was not released. Built in 1997 and renovated in 2017, the 83,789-square-foot property is anchored by MarinHealth, which leases 72,888 square feet (90 percent) of the building. Adjacent to Sutter Health’s Novato Community Hospital, tenants of MHMP include clinical specialties, primary care, OBGYN, imaging, laboratory, family medicine, cardiovascular and dermatology. The purchase is Stockdale Capital Partners’ sixth acquisition of its recently formed, U.S.-focused, open-ended Healthcare Real Estate Investment Fund.

December 18, 2024

Acquisitions California Retail Western

Crow Holdings Capital Buys 26,699 SF Retail Strip Center in Petaluma, California

by Amy Works December 18, 2024

PETALUMA, CALIF. — Crow Holdings Capital has purchased Petaluma Town Plaza, a retail strip center located at 901 and 905 E. Washington St. in Petaluma, from a private entity for $7.3 million. Built in 1991, the 26,699-square-foot Petaluma Town Center was 64 percent occupied at the time of sale. Current tenants include FedEx, Sherwin-Williams, St. Joseph Health, Posh Nails and SalonCentric. Warren McClean and Eric Kathrein of JLL Capital Market’s Investment and Sales Advisory team represented the seller in the transaction.

December 18, 2024

Content Partner Features Industrial Midwest Multifamily Northeast Office Southeast Texas Walker & Dunlop Western

Multifamily, Industrial, Office Transaction Activity Trends Upward Amid Shifting Valuation Landscape

by Sarah Daniels December 18, 2024

The spike in interest rates nearly three years ago brought investment sales to a virtual standstill, as deep disagreements over valuation between buyers and sellers dominated the market. While recent Federal Reserve cuts to the federal funds rate raised hope for a resurgence in transactions, ongoing volatility in the bond market, concerns about reemerging inflation and uncertainty over fiscal and monetary policy continued to weigh on a full-blown rebound in investment activity. The uncertain environment makes it difficult for investors to easily evaluate commercial property values, underscoring the importance of access to comprehensive, real-time data on transactions, market fundamentals and emerging trends, says Alex Hoenig, MAI, Midwest regional managing director at Apprise, Walker & Dunlop’s independent valuation firm. “Our understanding of current values for commercial real estate relies on transactions actually taking place, and sales velocity has started to inch back up,” reports Hoenig. “But there’s no question that there has been a lot of volatility in the market, which requires a local expert with access to a strong network and a constant pulse on market comparables.” Walker & Dunlop launched Apprise in 2020 to accelerate technology-driven solutions in the commercial real estate sector. Apprise serves owners and investors nationwide, …

December 18, 2024

Arizona Loans Multifamily Student Housing Western

Colliers Arranges $520M Bond Refinancing for Grand Canyon University in Phoenix

by Amy Works December 17, 2024

PHOENIX — Colliers has secured a $520 million refinancing for Grand Canyon University’s (GCU) real estate portfolio in Phoenix. Placed through the Industrial Development Authority of the County of Maricopa Education Bonds (Grand Canyon University Project Taxable Series 2024), the loan includes the refinancing of two bridge loans placed by Colliers in October. The loan, which also pays off the university’s credit line, is a 3a2 bond financing and was issued as a partial refinancing of bonds issued by the university in 2021. Robert Kline, Todd Noel and Mindy Korth of Colliers Mortgage Advisory in Phoenix arranged the refinancing. John Stevenson and Mark Somers of Goldman Sachs’ higher education group and the law firms of Ballard Spahr and Nixon Peabody were also involved in the transaction. “The scope of this refinancing is pretty significant in the higher education bond market and speaks to GCU’s outstanding financial performance and strong student outcomes in the six years since reverting to our historical tax-exempt Arizona nonprofit status,” says GCU President Brian Mueller.

December 17, 2024

Development Idaho Multifamily Student Housing Western

Gilbane, Rocky Mountain Cos. to Begin $162.8M Redevelopment at University of Idaho

by Amy Works December 17, 2024

MOSCOW, IDAHO — A public-private partnership between the University of Idaho, Gilbane Development Co. and Rocky Mountain Cos. is set to begin a $162.8 million renovation and expansion of the university’s campus in Moscow. The project will include the renovation and redevelopment of the university’s South Hill and Elmwood Apartments, the Wallace Residence Center and the Theophilus Residence Building. “We continue to see enrollment growth as we prove again and again the University of Idaho’s value,” says Scott Green, university president. “Our on-campus housing is an important piece of that value, and our students need and deserve modern living and learning facilities.” The development team for the project includes Lydig, Integrus and Design Collective. A timeline for the project was not announced.

December 17, 2024

Acquisitions Arizona Multifamily Western

PGIM Real Estate, HSR Sell 310-Unit Smith & Rio Multifamily Community in Tempe, Arizona

by Amy Works December 17, 2024

TEMPE, ARIZ. — A partnership between PGIM Real Estate and High Street Residential (HSR), the residential subsidiary of Trammell Crow Co., has completed the disposition of Smith & Rio, an apartment property in Tempe. A global investor acquired the asset for an undisclosed price. Completed by HSR in 2023, Smith & Rio offers 310 apartment units, a rooftop deck, resident clubhouse with gaming tables, a fireplace and seating areas, and a central courtyard including a resort-style pool deck with a spa, barbecue pavilion and fire features. Additional amenities include a 24-hour fitness center, reception area and leasing office, multiple seating areas, coworking offices, pet spa and another outdoor courtyard with a dog park and yoga lawn. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented the seller in the deal.

December 17, 2024

Acquisitions California Office Western

CBRE Brokers $29.5M Sale of Plaza at Eastlake Office Building in Chula Vista, California

by Amy Works December 17, 2024

CHULA VISTA, CALIF. — CBRE has arranged the sale of Plaza at Eastlake, a Class A office building located at 2300 Boswell Road in Chula Vista. Plaza at Eastlake LLC, an affiliate of Harbor Associates, sold the property to a private investor for $29.5 million, or $222 per square foot. Built in 1992, the two-story Plaza at Eastlake offers 132,669 square feet of office space, including a two-story lobby, conferencing center, a clear height of 10 feet and remodeled restrooms and elevators. The property was renovated from 2018 to 2020, totaling around $2.2 million in capital improvements. The previous ownership constructed 37,800 square feet of speculative suites over the past few years. Matt Pourcho, Anthony DeLorenzo, Matt Harris and Casey Sterk of CBRE represented the seller. Kimberly Clark of Voit served as local leasing agent for the transaction.

December 17, 2024

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