Sunday, April 26, 2026
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Western

Town-Country-Las-Vegas-NV
AcquisitionsMultifamilyNevadaWestern

Marcus & Millichap Arranges $26M Sale of 348-Unit Multifamily Portfolio in Las Vegas

by Amy Works

LAS VEGAS — Marcus & Millichap has brokered the sale of Town & Country I & II, two apartment communities located in Las Vegas. An undisclosed buyer acquired the assets for $26 million. The name of the seller was not released. Michael Shaffner and Michael LaBar of Marcus & Millichap’s Las Vegas office represented the buyer in the deal. Located at 4311 Boulder Highway, Town & Country I features 143 units, while Town & Country II, located at 5390 Boulder Highway, offers 205 units. The Town & Country Manor brand caters to the weekly/monthly tenant profile on the Boulder strip corridor and offers fully furnished one-bedroom suites, full kitchens with microwaves and walk-in closets.

Continue Reading
FacebookTwitterLinkedinEmail
Rocky-Point-Distribution-Center-Oceanside-CA
AcquisitionsCaliforniaIndustrialWestern

Black Creek Group Sells 226,691 SF Rocky Point Distribution Center in Metro San Diego

by Amy Works

OCEANSIDE, CALIF. — Denver-based Black Creek Group has completed the disposition of Rocky Point Distribution Center, a new, Class A, multi-tenant industrial facility located in Oceanside, a suburb of San Diego. Jackson, Miss.-based EastGroup Properties acquired the property for an undisclosed price. Bryce Aberg, Jeffrey Cole, Jeff Chiate, Mike Adey and Zach Harman of Cushman & Wakefield’s San Diego and Orange County, Calif., offices represented the buyer in the off-market transaction. Situated on 14.3 acres at 1291 and 13122 Rocky Point Drive, the two-building asset includes a 109,163-square-foot building and a fully leased 117,528-square-foot building. The complex was approximately 52 percent leased overall at the time of sale to an industrial mix that includes Wayfair Logistics. The two-building project is a part of a larger group of five buildings originally known as the Pacific Coast Collection.

Continue Reading
FacebookTwitterLinkedinEmail
ArizonaLoansMultifamilyWestern

Greystone Provides $18.8M in Fannie Mae Financing for Multifamily Asset in Tucson

by Amy Works

TUCSON, ARIZ. — Greystone has provided an $18.8 million Fannie Mae DUS loan to refinance a multifamily property in Tucson. Judah Rosenberg in Greystone’s Los Angeles office originated the transaction. Greystone represented the property owners — GJP Financial, Berger Investment Group and Robson Communities — in the transaction. The $18.8 million loan, which refinances a bridge loan that was used to purchase the property in 2017, carries a 10-year term, fixed rate and 30-year amortization with two years of interest-only payments. Located near the University of Arizona and Pima Community College’s West Campus, The Ledges at West Campus was originally built and operated as student housing. The current owners began converting the property to conventional multifamily housing when it acquired the asset in 2017. Today, the Ledges offers pet-friendly units in a mix of one- to four-bedroom layouts, stainless steel appliances, in-unit laundry and private patios and balconies. On-site amenities include two pools, spa, clubhouse, business center and on-site storage.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsArizonaIndustrialSelf-StorageWestern

Strategic Storage Trust Purchases 716-Unit Self-Storage Facility in Metro Phoenix

by Amy Works

SURPRISE, ARIZ. — Strategic Storage Trust IV, a public, non-traded REIT sponsored by an affiliate of SmartStop Self Storage REIT, has acquired a newly constructed self-storage facility in Surprise, a suburb of Phoenix. Terms of the transaction, including acquisition price and a seller’s name, were not released. The purchase of the Class A facility marks Strategic Storage Trust IV’s 22nd wholly owned property acquisition and its first property in the Phoenix area. Situated on 3.13 acres at 13788 W. Greenway Road, the 79,000-square-foot property features 716 self-storage units, climate control, drive-up access, ground-level units, overhead lighting and wide aisles and driveways. The property was constructed this year.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsCaliforniaMultifamilyWestern

Kennedy Wilson Acquires Five-Property Western Multifamily Portfolio for $342M

by Amy Works

BEVERLY HILLS, CALIF. — Kennedy Wilson, through various investment vehicles managed by the Beverly Hills-based company, has purchased five multifamily properties for $342 million in an off-market transaction. Terms of the transaction were not released. Kennedy Wilson has an average ownership of 38 percent in the assets. The communities are located in Washington, Oregon, Colorado, Nevada and New Mexico. The portfolio contributes 1,008 units to Kennedy Wilson’s multifamily presence in the Mountain States and adds 449 units to the company’s Pacific Northwest portfolio. This acquisition builds on Kennedy Wilson’s total multifamily portfolio of 29,500 units, including properties under construction. Kennedy Wilson and its partners invested $122 million of equity in the portfolio, including closing costs. The company’s asset management plan includes adding and enhancing amenities and updating unit interiors across the portfolio.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsCaliforniaHospitalityWestern

Park Hotels & Resorts Divests of 182-Room Ace Hotel Downtown Los Angeles for $117M

by Amy Works

LOS ANGELES — Park Hotels & Resorts has completed the disposition of Ace Hotel Downtown Los Angeles, located at 929 S. Broadway. An undisclosed buyer acquired the property for $117 million, or $643,000 per key before customary closing costs. Located in downtown Los Angeles, the hotel features 182 guest rooms in a mix of seven layouts; a rooftop wading pool; on-site food and beverage options, including Best Girl, Upstairs and Coffee Counter; event space; and The Theatre, a restored 1920s theater with 1,600 seats, a three-story, 2,300-square-foot grand lobby, open balcony, mezzanine and vaulted ceiling.

Continue Reading
FacebookTwitterLinkedinEmail
Auraria-Student-Lofts-Denver-CO
AcquisitionsColoradoMultifamilyStudent HousingWestern

Nelson Partners Sells 438-Bed Student Housing Community in Denver

by Amy Works

DENVER — Nelson Partners Student Housing has sold Auraria Student Lofts. The 438-bed student housing community is located near the Auraria Campus, an educational facility which serves the University of Colorado – Denver, Metropolitan State University and the Community College of Denver. The community offers two- and four-bedroom units with shared amenities including a rooftop swimming pool, cabanas, an outdoor dining area, fitness center, yoga studio, gaming lounge and study spaces. Terms of the transaction and the buyer were undisclosed.

Continue Reading
FacebookTwitterLinkedinEmail
Legacy-Promenade-Westminster-CO
AcquisitionsColoradoMultifamilyWestern

The Praedium Groups Purchases 300-Unit Legacy on the Promenade in Colorado

by Amy Works

WESTMINSTER, COLO. — New York-based The Praedium Group purchased Legacy on the Promenade, an apartment community located in Westminster, for an undisclosed price. Additional terms of the transaction were not released. The buyer plans to rebrand the property and make several enhancements to the amenity areas. Constructed in 2018, the 300-unit Legacy on the Promenade comprises an elevated four-story building with interior conditioned hallways and a six-level central parking garage. Additionally, the property features 24 townhome units with attached two-car garages. In a mix of one-, two- and three-bedroom layouts, the units range in size from 641 square feet to 1,888 square feet and feature nine- to 20-foot ceilings, lakefront views, granite countertops and stainless steel appliances. Community amenities include an outdoor lounge, pool and spa; outdoor grill and fire pit station; a two-story fitness center with a spin and yoga studio; and resident clubhouse and game room.

Continue Reading
FacebookTwitterLinkedinEmail
Mirabella-Heights-Albuquerque-NM
AcquisitionsMultifamilyNew MexicoWestern

Thayer Manca Residential Buys Third Multifamily Asset in Albuquerque

by Amy Works

ALBUQUERQUE, N.M. — Seattle-based Thayer Manca Residential has purchased Mirabella Heights, an apartment property located in Albuquerque, for an undisclosed price. The buyer plans to implement a $4.7 million renovation and repositioning plan that includes a reinvented clubhouse, modernized 24-hour fitness center, upgraded pool area, a new pet park, additional package lockers, interior unit renovations, property rebranding and additional capital upgrades. Situated on 13 acres at 701 Stephen Moody St. SE, Mirabella Heights features 280 units and is the only post 2000-built garden-style apartment community in the surrounding market, according to Thayer Manca. The acquisition marks the buyer’s third multifamily purchase in Albuquerque. Combined with renovation costs, the company has invested more than $100 million investment in the Albuquerque multifamily market in the last two years.

Continue Reading
FacebookTwitterLinkedinEmail
HawaiiMarket ReportsMultifamilyWesternWestern Market Reports

Hawaii’s Rising Rents Continue to Support Multifamily Investment Interest

by Taylor Williams

As one of the premier global tourist destinations in the world, the Hawaii market is dominated by condos and hotels. It is also home to mega investment deals. A review of Hawaii’s investment market over the past three years shows that the hotel industry has made up the following percentage of the top 10 deals for each year: • 91 percent in 2017 • 55 percent in 2018 • 23 percent in 2019 The total sales volume for these deals has also seen a decline from more than $1.5 billion in 2017 to less than $926 million in 2019 as a result of a decline in foreign investors.  In case you’re wondering, yes, there are multifamily properties in Hawaii.  In fact, apartment sales represented 37 percent of the total sales volume for the top 10 deals in 2018. The largest investment deal was the $540 million portfolio recapitalization of Project Europa on Ewa Beach in Oahu.  This was larger than the $505 million Global Hyatt Portfolio sale, which included the Grand Wailea in Maui.  Institutional sales in 2018 were in the range of $371,000 per unit to $395,000 per unit, with cap rates in the 4.5 percent to 5 percent …

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts