From 2009 through 2015, Las Vegas renters were afforded the luxury of renting many of the high-rise condominiums around the Strip and Downtown Las Vegas. This was due to the massive amount of short sales and foreclosures during that time. There were about 7,876 condo units completed between 2006 and 2009. Shortly after the crash, these developments shifted to luxury rentals. During 2011, we tracked 785 condos that were rented with an average of $1.31 per square foot, or $1,838 per month. During that same time, we tracked sales prices of these high condos at an average of $154 per square foot, or $239,411 per unit. We also tracked 904 sales during 2011 that typically involved investors putting their inventory back into the “shadow inventory.” Fast forward to 2015, and resales of this same inventory were trading at an average of $238 per square foot. Rents of this inventory were at $1.45 per square foot, or $2,000 per month. The higher-end buildings like Mandarin Oriental (now Waldorf Astoria) were at $2.70 per square foot. The trend continues to today as sales prices continue to rise. Rents continue to go up and no new for-sale inventory is being delivered. Most of …
GREENWOOD VILLAGE, COLO. — PCCP has provided a $51 million senior loan to America’s Capital Partners for the acquisition of Tuscany Village Center, an office property located at 6312 S. Fiddlers Green Circle in Greenwood Village within Denver’s Fiddler’s Green submarket. The seller, a local real estate investment firm, acquired the asset in 2016 and invested more than $6 million in renovations, including improvements to the atrium and common areas. At the time of sale, the property was 97 percent leased with stable cash flow from a rent roll of high-quality tenants with staggered lease expirations. Built in 1989 on 8.6 acres, the 257,875-square-foot Tuscany Village consists of two six-story towers connected by an open-space atrium lobby. Additionally, the property includes a three-level structured parking garage, an outdoor seating area with public Wi-Fi, a fitness center with locker rooms and showers, and a conference room facility.
PHOENIX — CBRE has brokered the sale of Revival Biltmore, a multifamily property located in Phoenix. LP.PBV-2911 East Indian School Road LLC acquired the asset from an undisclosed seller for $31.2 million in an all-cash transaction. Located at 2911 E. Indian School Road, Revival Biltmore features studio, one-, two- and three-bedroom units with modern amenities, including upgraded cabinets, flooring and fixtures, as well as stainless steel appliances. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE’s Phoenix office represented the buyer and seller in the transaction.
SEATTLE — Village Properties has purchased The Gilbert, a multifamily community located in Seattle’s Upper Queen Anne neighborhood. LaSalle Investment Management sold the asset for an undisclosed price. Constructed in 2005, The Gilbert features 54 recently renovated apartments, 10,577 square feet of retail space and a subterranean parking garage with more than 70 parking stalls. Jaime Oneill Salon, La Pasta, Chaco Canyon Café and Desert Sun Tanning Salon occupy the fully leased retail space. Giovanni Napoli, Philip Assouad, Ryan Dinius and Sidney Warsinske of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
EAST WENATCHEE, WASH. — Summerfield Commercial has facilitated the sale of Rylee Ann Apartments, a multifamily asset located at 339 Ninth St. NE in East Wenatchee. Two entities — Richland Spoerl Apartments LLC and Richland Armstrong Apartments LLC — acquired the community from Rylee Ann LLC for $20.9 million, or $199,048 per unit. Originally built in two phases in 2015 and 2016, the garden-style community features 93 two-bedroom units and 12 three-bedroom units, with an average unit size of 1,153 square feet. Apartments offer an open floor plan with stainless steel appliances, granite countertops, private patio or balcony with storage, and in-unit washers/dryers. Common amenities include a clubhouse with resident lounge and ping-pong table, swimming pool, fitness center, outdoor barbecue area, a fenced basketball court and gated dog park. Additionally, the property features an on-site maintenance shop, additional for-rent storage lockers, 106 carports and 132 uncovered parking stalls. Ryan Kidwell and Robert Parmar of Summerfield Commercial brokered the deal.
SAN MARCOS, CALIF. — Gershman Properties has purchased San Elijo Hills Town Center, a lifestyle center located at 1620, 1628, 1640 and 1646 San Elijo Road in San Marcos. Ambient Communities dba SEH Lifestyle Center LLC sold the asset for $16 million. Built in 2019, the property features 23,076 square feet of retail space. Current tenants include Starbucks Coffee, Cyclebar, Everbowl, Sourdough Bread Co., Tapa Tapa Spanish Restaurant, SETS Kitchen & Bar, Lourdes Mexican Food, Grand Vision Optometry, San Elijo Pediatric Dentistry and Downtown Academics Tutoring. Rob Ippolito, John Jennings and Glenn Rudy of Newmark Knight Frank represented the seller in the transaction.
LOS ANGELES — Cityview has completed the sale of its equity share of The Pearl of Wilshire, a mixed-use development in the Koreatown neighborhood of Los Angeles. Cityview developed the community on land originally entitled by Hankey Investment Co., and sold its interest to Hankey for a total asset value of $170.9 million. Located at 687 S. Hobart Blvd., the 346-unit property features 17 floor plans in a mix of studio, one- and two-bedroom units above 8,300 square feet of retail space. All units feature keyless door locks, a full-sized washer and dryer, stainless steel appliances, a five-burner gas range, smart thermostat, quartz countertops and a terrace, while select units feature high ceilings and oversized balconies. Community amenities include a large pool deck with cabanas and lounge seating; rooftop terrace with a fireplace; Korean barbecue grills; game and club room; fitness center with yoga room and Fitness On-Demand; dog agility center and grooming spa; and three open-air lounges with fire pits and a bocce ball court. Additionally, the property features a Think Space conference room and 24-hour business center with computers and printers. The Pearl’s lobby also features an Uber/Lyft waiting area, complimentary Wi-Fi, charging station, 24-hour concierge, secure entry …
BEAVERTON, ORE. — DB Capital Management has purchased Terra Murrayhill, a multifamily property located at 14305 SW Sexton Mountain Drive in Beaverton. A West Coast-based investor sold the asset for $34.1 million. Situated on nine acres, the community comprises 15 residential building that offer mix of one-, two- and three-bedroom units averaging 891 square feet. Originally constructed in 1985, the 137-unit property recently underwent $3 million in renovations and capital improvements. Community amenities include a newly updated clubhouse, outdoor pool, hot tub, grilling area, fitness center, business center, dog park, detached garages and direct hiking trail access. Ira Virden and Carri Kahn of JLL Capital Markets represented the seller, while Daniel Terranova led the DB Capital Management team in the deal.
COLORADO SPRINGS, COLO. — Pinnacle Real Estate Advisors has brokered the sale of three retail strip centers in Colorado Springs. An undisclosed buyer acquired the portfolio for $13.1 million. King Soopers shadow anchors two of the properties, while Target shadow anchors the third. Eric Diesch and Peter Sengelmann of Pinnacle, along with John Redfield of SRS Real Estate Partners, represented the buyer. The name of the seller was not released.
SCOTTSDALE, ARIZ. — An entity formed by Global Retail Investors has acquired The Shops at Gainey Village, an urban village retail asset located in Scottsdale. Gainey Village Retail Center, an entity formed by Des Moines-based Principal Real Estate Investors, sold the property for an undisclosed price. Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office negotiated the transaction on the behalf of the seller. Located at the southeast corner of Scottsdale and Doubletree Ranch roads, The Shops at Gainey Village features 138,476 square feet of retail space. Sprouts Farmers Market anchors the asset, which is fully occupied.