TACOMA, WASH. — Terrydale Capital has arranged a $9.4 million construction loan for the development of an 82-unit apartment building located in Tacoma. The borrower is a first-time ground-up investor. Culby Culbertson of Terrydale Capital’s Dallas office secured the loan, which features a 7.75 percent rate, interest-only structure for 18 months, 75 percent loan-to-cost ratio and no pre-payment penalty.
MENIFEE, CALIF. — MBK Rental Living, with R.D. Olson Construction as general contractor, has completed the development of Artesa at Menifee Town Center, a multifamily property located at 30414 Town Center Drive in the heart of a master-planned community in Menifee. The community was delivered in 10 phases and consists of 37 residential buildings, two clubhouses and a variety of amenities. The property features 330 units in a mix of one, two- and three-bedroom layouts, with a total of eight floor plans ranging from 820 square feet to 1,322 square feet. Units offer quartz countertops, smart thermostats, gourmet kitchens with prep islands, custom cabinetry, covered patios, wood-style flooring, in-home washers/dryers and stainless steel appliances. Additionally, all units have access to a private garage and select units have vaulted ceilings and direct garage access. Community amenities include a resort-style pool and spa, barbecue area, dog park, package lockers, Wi-Fi in common areas, a playground, large clubhouse with a full kitchen and sports television wall, and a mix of outdoor community spaces. The project team also included SummA Architecture, Gouvis Engineering, Alliance Land Planning and Sitescapes.
VISTA, CALIF. — Realm LP has purchased Melrose Plaza, a six-building office campus located at 500-550 W. Vista Way in Vista. Melrose Plaza Complex LP sold the asset for $7.5 million. At the time of sale, the 58,483-square-foot property was 98 percent leased. Jeff Abramson of Lee & Associates North San Diego County represented the buyer and seller in the deal.
RIVERSIDE COUNTY, CALIF. — JCH Senior Housing Investment Brokerage has arranged the sale of a seniors housing community featuring 64 skilled nursing beds and 49 assisted living beds in Riverside County, located east of Los Angeles. The facility was in escrow when COVID-19 hit with a first-time buyer that decided not to proceed. The seller, a family-owned owner-operator, eventually sold the property to a first-time buyer. The sales price was $5.4 million, or $84,375 per bed at a 9 percent capitalization rate. JCH also assisted the buyer in setting up a lease with a local assisted living operator looking to expand in the area.
WEST JORDAN, UTAH — GPR Ventures has entered the Utah market with the purchase of an industrial warehouse property situated on 3.6 acres in West Jordan. Terms of the transaction were not released. BC Technical, a diagnostic imaging solutions and services provider, occupies the 48,234-square-foot facility, which features a 35,632-square-foot manufacturing and assembly area and a 13,602-square-foot office space. The property offers raised floors with an anti-static covering throughout the office space to accommodate extensive wiring and fiber optics that run underneath, heavy-duty capacity HVAC systems, multiple climate-controlled computer areas with independent HVAC systems, high-efficiency fluorescent lighting and a sprinkler system that covers the entire building.
GOLDEN, COLO. — Newmark has arranged the sale and subsequent lease of a 14,492-square-foot flex industrial building located at 16360 Table Mountain Parkway in Golden. Bespoke Holdings Co. acquired the property for an undisclosed price. The name of the seller was not released. Fix-It 24/7 is relocating its headquarters from Arvada to the building in Golden. The property features six drive-in bays, 22-foot to 32-foot clear heights, industrial-grade electrical power, radiant-heated warehouse and trucking area, five finished offices and a modern welcome mezzanine. Additionally, the property features abundant parking and mountain views. Tenant improvements will include four additional executive offices and a conference room with an oversized garage door wall. Mike Viehmann of Newmark represented the buyer and tenant in the transaction.
SACRAMENTO, CALIF. — San Rafael, Calif.-based Oakmont Properties has purchased Alira Luxury Apartments, a multifamily property in the Natomas submarket of Sacramento. Stockton-based AG Spanos Cos. sold the asset for $92.3 million in an off-market transaction. Marc Ross of CBRE’s Sacramento office brokered the sale. Andrew Behrens of CBRE Capital Markets’ Debt & Structured Finance group in San Francisco arranged financing on behalf of the buyer. Located at 4100 Innovator Drive, the 293-unit property features a rooftop deck, heated swimming pool and spa, barbecue areas, fitness center, yoga studio with on-demand fitness, hammock garden, gaming room and movie theater. The community offers a unit mix of studio, one-, two- and three-bedroom layouts.
FLAGSTAFF, ARIZ. — KeyBank Real Estate Capital (KBREC) has secured $41.6 million in fixed-rate Freddie Mac financing for Centerville, Utah-based Keller Investment Properties. The borrower will use the loan proceeds to refinance The Lodge Luxury Apartment Homes in Flagstaff. Built in 2004, The Lodge Luxury Apartment Homes features 252 garden-style units spread across 18 three-story buildings on 16 acres. Community amenities include a clubhouse, fitness center, spa, playground, picnic area and bike trail. Brian Caudel of KBREC’s Commercial Mortgage Group and Chris Jewett of KBREC’s Income Property Group structured the financing with a 10-year term featuring five years of interest-only payments and a 30-year amortization schedule.
TEMPE, ARIZ. — Tempe Hotel Group has completed the disposition of a Days Inn-branded hotel, situated on a 2.4-acre site in Tempe’s General Industrial District. Elliot West Hospitality acquired the asset for more than $8 million. Due to the terms of the transaction, the property’s ownership may not officially transfer for a couple of years. The hotel, which was constructed in 1987, is slated to undergo renovations and rebranding over the next couple years. The 139-room hotel features a resort-style pool, full-service elevator, laundry facilities, vending and ice machines, a business center, large atrium/continental breakfast room and meeting room. Zack Mishkin of ORION Investment Real Estate represented the buyer and seller in the transaction.
THORNTON, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a single-tenant, net-leased asset located at 16255 Washington St. in Thornton. WashCo LLC sold the retail property for $5.1 million, or $669.41 per square foot. The name of the buyer was not released. Cory Sandberg of Pinnacle Real Estate Advisors represented the seller in the deal .