Western

Turner Impact Capital Acquires 240-Unit Workforce Housing Asset in Metro Seattle

by Amy Works February 6, 2020

RENTON, WASH. — Turner Impact Capital has purchased Sunset View, a multifamily community located in Renton, for an undisclosed price. This is the firm’s first investment in the Pacific Northwest and brings its total number of acquired housing units to 9,755. Terms of the acquisition were not disclosed. Located less than 10 miles from downtown Seattle, Sunset View features 240 workforce housing units. Community amenities include a clubhouse, pool, fitness center and an outdoor game area. Turner Impact Capital purchased the asset through its Turner Multifamily Impact Fund II. The Fund plans to provide programs and implement a range of LEED-based sustainability improvements, including low-flow toilets, Energy Star appliances and LED lighting.

February 6, 2020

Acquisitions Multifamily Oregon Seniors Housing Western

SLIB Negotiates Sale of 47-Unit Seniors Housing Asset in Portland

by Amy Works February 6, 2020

PORTLAND, ORE. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Senior Haven, an assisted living community in Portland, Oregon. The property features 47 units totaling 50 beds. The community was built in 2012 and expanded in 2018. The facility is approximately 19,337 square feet and is situated on approximately 1.29 acres of land. A local owner-operator sold the property for an undisclosed price, and will continue to serve as a consultant post-closing. Senior Haven is the seller’s only senior living community. The buyer is a regional operator with several communities in Washington. This is the company’s first foray into Oregon. Brad Goodsell, Jason Punzel and Vince Viverito of SLIB handled the transaction.

February 6, 2020

Acquisitions Colorado Office Western

Shorenstein Properties Sells 1.3 MSF Denver City Center Office Campus for $400M

by Amy Works February 5, 2020

DENVER — Shorenstein Properties has completed the disposition of Denver City Center, a two-tower office asset located in downtown Denver. Brookfield Properties acquired the asset for $400 million, according to the Colorado Real Estate Journal. Denver City Center consists of a 42-story building located at 707 17th St., which includes the 20-floor Hilton Denver City Center hotel (not included in the sale) and 22 floors of office space, and Johns Manville Plaza, a 29-story office building located at 717 17th St. The buildings combined total 1.3 million square feet. Tim Richey, Mike Winn, Jenny Knowlton, Charley Will and Chad Flynn of CBRE represented the seller in the deal. Shorenstein Properties originally purchased Denver City Center with funds from its Tenth Fund for $286 million in 2013.

February 5, 2020

Colorado Development Industrial Western

Hyde Development, Mortenson to Build 2.2 MSF HighPoint Logistics Park Near Denver International Airport

by Amy Works February 5, 2020

AURORA, COLO. — Hyde Development and Mortenson have purchased an undeveloped, 125-acre land parcel located along E-470 at 64th Avenue in Aurora. The partnership plans to develop HighPoint Logistics Park, a 2.2 million-square-foot industrial park, at the site, which is near Denver International Airport. HighPoint Logistics Park will feature eight buildings with a mix of cross-dock, front-park and rear-load warehouse product. Additionally, the park will be located in three economic benefit zones: Federal Opportunity Zone; Adams County, Colo., Enterprise Zone; and Limon Foreign Trade Zone. These distinctions allow for significant tax credits to encourage job creation and investments by businesses. Construction is scheduled to begin before the end of this year. CBRE’s Tyler Carner, Jeremy Ballenger and Jessica Ostermick represented the seller, Westside Investment Partners. Todd Witty and Daniel Close, also of CBRE, represented the buyers in the deal.

February 5, 2020

Acquisitions California Healthcare Office Western

Healthcare Realty Acquires Taj Mahal Medical Office Building in Laguna Hills for $42M

by Amy Works February 5, 2020

LAGUNA HILLS, CALIF. — Healthcare Realty has purchased a medical office building, located at 23521 Paseo De Valencia in Laguna Hills, from The Muller Co. for $42 million in an off-market transaction. Known as Taj Mahal, the property was originally developed in 1964 as an office building and later converted into medical office space due to its proximity to Saddleback Memorial Hospital. The 88,538-square-foot asset underwent a modernization in 2011 to update the property’s design and functionality. John Wadsworth of Colliers International’s Healthcare Services served as lead broker in the transaction. Wadsworth represented the buyer in the deal.

February 5, 2020

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $28.3M Sale of Multifamily Portfolio in Los Angeles County

by Amy Works February 5, 2020

LOS ANGELES, SANTA CLARITA, SYLMAR AND LANCASTER, CALIF. — Marcus & Millichap has negotiated the sale of a four-property multifamily portfolio located in Los Angeles County. The portfolio sold to four separate buyers for a total of $28.3 million. Steve Bogoyevac, Alexander Garcia Jr., Greg Harris, Kevin Green and Paul Darrow of Marcus & Millichap represented the undisclosed seller and undisclosed buyers in the transactions. The properties are a 54-unit building at 2736 Pomeroy Ave. in Los Angeles; a 65-unit community for residents age 55 or older located at 22816 Market St. in Santa Clarita; a 20-unit building at 13002 Dronfield Ave.; and an 80-unit seniors housing community located at 44942 Cedar Ave. in Lancaster.

February 5, 2020

Industrial Loans Self-Storage Washington Western

Talonvest Negotiates $13.8M Refinancing for Self-Storage Facility in Seattle

by Amy Works February 5, 2020

SEATTLE — Talonvest Capital has secured a $13.8 million permanent loan on behalf of Catalyst Storage Investors for West Coast Self-Storage in Seattle. A CMBS lender funded the non-recourse, 10-year, fixed-rate, full-term, interest-only financing. The loan is secured by a Class A self-storage asset located at 3736 Rainier Ave. South in Seattle. Developed in 2014 by the borrower, the facility features 851 climate-controlled units and 64,689 net rentable square feet. Kim Bishop, Jim Davies, Tom Sherlock, David DiRienzo and Lauren Maehler of Talonvest arranged the financing.

February 5, 2020

Features Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Walker & Dunlop Looks to Modernize the Multifamily Valuation Business with Apprise

by Sarah Daniels February 5, 2020

Technology and data are here to make things easier, faster and more accurate than ever before. However, some industries have lagged behind. This inspired Walker & Dunlop and its data science partner, GeoPhy, to fulfill a need in the market related to multifamily valuation. “We built Apprise because we saw a significant opportunity to improve a critical part of the underwriting and valuation process that has largely gone unchanged for decades,” says Brad Savage, Chief Product Officer for Apprise by Walker & Dunlop. “It is the natural and needed progression of any industry to harness the power of technology to make its practitioners more efficient and more informed. This is something we’re seeing in nearly all industries, except commercial real estate valuation…until now.” Apprise by Walker & Dunlop integrates data feeds and business processes that cover 80 percent of the steps in the traditional appraisal process. This can often result in appraisals in five days or less, compared to up to three weeks for traditional reports. The process is powered by GeoPhy’s Automated Valuation Model (AVM), which automates data feeds and can pre-populate relevant fields, preventing errors or duplicate entries that can happen with manual submissions. Selection bias is also reduced with the …

February 5, 2020

Affordable Housing Features Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Western

Berkadia’s David Leopold on Tackling the Affordable Housing Crisis

by Sarah Daniels February 5, 2020

It’s no secret America is in a housing crisis, but the problem is easier to identify than it is to tackle. David Leopold, senior vice president and head of affordable housing for Berkadia, believes it can be tackled, however, if the industry’s best and brightest can collaborate on a nationwide strategy. Finance Insight (FI): What is your view on the affordable housing market? Leopold: It’s an exciting time in the affordable housing market. There’s massive demand for affordable housing nationwide, which means new opportunities for innovation and new needs to be fulfilled. There’s also a real sense of urgency and commitment galvanizing players across the industry to pursue innovative solutions that will result in decent, affordable and safe housing in every single community across the country. This extends to developers, lawmakers, real estate professionals and beyond. It’s a tall order, but this work is essential to the well-being of our communities. FI: Speaking of tall orders, what are some of the challenges facing the affordable housing industry? Leopold: Rent control is certainly a hot topic and will remain one in the year ahead. Last year was a significant chapter in the rent control debate, with comprehensive statewide reform enacted in …

February 5, 2020

Acquisitions Colorado Multifamily Western

Riverpoint Partners, CentrePointe Properties Buy Brix on Belleview Apartments in Colorado for $29.9M

by Amy Works February 4, 2020

ENGLEWOOD, COLO. — Riverpoint Partners and CentrePointe Properties have acquired Brix on Belleview, an apartment community located in Englewood. An undisclosed seller sold the asset for $29.9 million. Located at 175 W. Belleview Ave., Brix on Belleview was built in phases between 1962 and 1971. The multifamily property features 175 units in a mix of studio, one-, two- and three-bedroom layouts. The 117,580-square-foot asset features 11 buildings and 206 parking spaces. Over the past five years, the property underwent more than $1.5 million in capital improvements, including new roofs, boilers and ground-up office/clubhouse; an extensive pool area remodel; exterior paint with new metal façades; a resurfaced parking lot; improved exterior lighting; and new barbecue grills, signage and windows. Dan Woodward, David Potarf, Matt Barnett and Jake Young of CBRE’s Denver office represented the seller in the transaction.

February 4, 2020

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