Western

TSB Realty Arranges Sale of 775-Bed Student Housing Community Near Arizona State University

by Amy Works September 23, 2019

TEMPE, ARIZ. — TSB Realty has arranged the sale of Sterling 920 Terrace, a 775-bed student housing community located near Arizona State University in Tempe. Coastal Ridge Real Estate purchased the property in a joint venture with iA Financial Group from The Dinerstein Companies and Harrison Street Real Estate. Terms of the transaction were undisclosed. The property offers studio, one-, two- and four-bedroom units. Shared amenities include a pet park; resort-style swimming pool and hot tub; a poolside lounge with hammocks and a television; a two-story fitness center, yoga area and boxing room; grilling stations; a fire pit; a business center; and private study rooms. TSB Capital Advisors arranged acquisition financing on behalf of the buyer.

September 23, 2019

Acquisitions Arizona Multifamily Western

Fore Property Sells 340-Unit Summerly at Zanjero Multifamily Asset in Glendale for $78.5M

by Amy Works September 23, 2019

GLENDALE, ARIZ. — Fore Property has completed the disposition of Summerly at Zanjero, an apartment community located in Glendale. An undisclosed buyer acquired the property for $78.5 million. Located at 7375 N. Zanjero Blvd., the asset comprises 32 two- and three-story buildings spread across an 18.6-acre site. Constructed in 2018, Summerly at Zanjero features 340 units in a mix of one-, two- and three-bedroom layouts. Community amenities include two swimming pools with barbecues and fireplaces, a fitness center with yoga and spin room, a dog park, playground and parcel lockers. At the time of sale, the property was 95 percent occupied.

September 23, 2019

Acquisitions California Multifamily Western

ARES Buys 235-Unit Apartment Complex in Southern California

by Amy Works September 23, 2019

LONG BEACH, CALIF. — Advanced Real Estate Services (ARES) has purchased a multifamily property located near California State University, Long Beach in Long Beach for an undisclosed amount. The name of the seller was not released. ARES plans to rebrand the property as The Circle Apartments at Long Beach. Additionally, ARES plans to invest more than $6 million in upgrades at the 235-unit community. Renovations will include new windows, pool area upgrades, added business center and paint scheme. Interior unit upgrades will include new flooring, paint, fixtures and smart locks. Some of the non-renovated units will also receive new cabinets and countertops. Community amenities include three swimming pools, a fitness center and lounge. Kevin MacKenzie and Greg Brown of JLL’s Newport Beach, Calif., office arranged $46.8 million in Freddie Mac financing for the buyer. The 10-year loan features interest-only payments.

September 23, 2019

Acquisitions California Retail Western

CalBay Acquires 47,000 SF Retail Space in Los Angeles for $7.4M

by Amy Works September 23, 2019

LOS ANGELES — CalBay Development has purchased the fee interest in a premier retail box in Porter Ranch Town Center in the Porter Ranch/Northridge neighborhood of Los Angeles. A private partnership led by Raider Hill sold the property for an undisclosed price. Situated on four acres, the asset is a 47,000-square-foot space formerly occupied and owned by Toys R Us. Spirit Halloween currently occupies the property on a short-term lease. The asset sits as its own fee parcel within the 560,000-square-foot Porter Ranch Town Center anchored by Walmart, Ralphs, CVS/pharmacy, Best Buy and others.

September 23, 2019

Acquisitions Net Lease Retail Western Wyoming

Marcus & Millichap Brokers $4.8M Sale of Tractor Supply Net-Leased Property in Cody, Wyoming

by Amy Works September 23, 2019

CODY, WYOMING — Marcus & Millichap has directed the sale of a retail property located at 324 Yellowstone Ave. in Cody. An undisclosed buyer acquired the asset for $4.8 million. The 22,064-square-foot property was constructed as a build-to-suit in 2014 for Tractor Supply, which occupies the building on a net-leased basis. Brett Winger and Dominic Sulo of Marcus & Millichap’s Chicago Oak Brook, Ill., office represented the seller, a private investor. Neville Rustomjee, also of Marcus & Millichap, served as the broker of record in Wyoming.

September 23, 2019

Acquisitions Hospitality Nevada Top Stories Western

Caesars Agrees to Sell Rio Casino, Hotel in Las Vegas for $516.3M

by Jeff Shaw September 23, 2019

LAS VEGAS — Caesars Entertainment Corp. (NASDAQ: CZR) has agreed to sell the Rio All-Suite Hotel & Casino for $516.3 million. The buyer is a company controlled by a principal of New York City-based investment firm Imperial Cos. The property is located on Flamingo Road, two blocks from the highly concentrated stretch of casinos on Las Vegas Boulevard known as the Las Vegas Strip. The Rio features 117,300 square feet of casino space, over 1,000 slot machines and 2,520 hotel rooms. Caesars will continue to operate the property for a minimum of two years under a triple-net lease, paying annualized rent of $45 million. The buyer has the option to pay Caesars $7 million to extend the lease under similar terms for a third year. At the end of the lease term, Caesars will either continue to manage Rio or provide transition services to the buyer. The agreement allows for co-ownership of Rio-specific guest data and places no restrictions on Caesars’ marketing activities. The Rio will continue to be part of the Caesars Rewards network during the lease term, and “the transaction is not expected to result in any changes to the guest experience,” according to Caesars. The World Series …

September 23, 2019

California Market Reports Multifamily Western Western Market Reports

All Signs Point to a Comeback for San Diego Apartment Investment Sales in 2019-2020

by Taylor Williams September 21, 2019

While Proposition 10 — California’s proposal to strengthen rent control — was defeated last November, it somewhat stifled the multifamily investment sector in San Diego as investors worked to figure out the next wave of opportunity. But now that market is starting to bounce back. Total multifamily sales volume in 2018 was just under $2 billion. However, several signs pointed to a resilient San Diego market, including cap rates holding steady at 4.6 percent and an increase in pricing. The tides have begun to turn in the past few months, with numerous apartment deals on the market — more than we’ve seen at one time in the past few years. This is especially true in Downtown San Diego where a significant number of new merchant-built deals are expected to come to market, continuing throughout the year. These are luxury complexes, with some expected to fetch as much as $600,000 per unit. Six conventional multifamily sales (with at least 100 units) closed in the first half of this year, totaling $550 million. This is an increase over the four sales totaling $372.5 million in the first half of 2018. The median price per unit through mid-year was $258,200, although roughly one-quarter …

September 21, 2019

Acquisitions California Loans Multifamily Western

Berkadia Arranges $108.7M Acquisition Loan for 800-Unit Apartment Community in Los Angeles County

by Amy Works September 20, 2019

LANCASTER, CALIF. — Berkadia has secured $108.7 million in acquisition financing for Afton Property’s purchase of Sunset Ridge Apartments, an 800-unit, mixed-income, garden-style multifamily community in Lancaster. Berkadia originated the 15-year, fixed-rate loan, which was purchased by Freddie Mac. The financing features eight years of interest-only payments through Freddie Mac’s Targeted Affordable Housing program. Mitch Sinberg, Matthew Robbins and Abigail Beauchamp of Berkadia’s Boca Raton, Fla., office secured the financing for the Los Angeles-based borrower. Built in four separate 200-unit phases between 1986 and 1988, Sunset Ridge features 800 units in a mix of one-, two- and three-bedroom layouts with fully equipped kitchens, pantries, dishwashers and ceiling fans. Community amenities include a laundry facility, on-site maintenance, a fitness center and swimming pool.

September 20, 2019

Acquisitions California Industrial Western

Rexford Industrial Acquires Eight-Building Industrial Park in Southern California for $66.2M

by Amy Works September 20, 2019

TORRANCE, CALIF. — Rexford Industrial Realty has purchased an eight-building industrial portfolio in Torrance for $66.2 million, or $247 per square foot. The acquisition was funded using cash on hand. The name of the seller was not released. Comprised of four single-tenant buildings and four two-tenant buildings, the asset offers a total of 267,503 square feet of industrial space on 14.2 acres. At the time of sale, the complex was 91 percent leased. Rexford plans to complete capital improvements at the property, including fire sprinkler upgrades, modernization of offices and other functional enhancements.

September 20, 2019

Arizona Development Multifamily Seniors Housing Western

Cadence Living, Ryan Cos. Complete 170-Unit Seniors Housing Community in Arizona

by Amy Works September 20, 2019

MESA, ARIZ. — Cadence Living and Ryan Cos. US have completed the development of Acoya Mesa, a seniors housing community located at 6502 E. Brown Road in Mesa. Situated on seven acres, the 183,000-square-foot property features 170 apartments in a mix of studio, one- and two-bedroom layouts with full kitchens, washers/dryers, walk-in showers and 24-hour emergency lines. Community amenities include all-day restaurant-style dining, an arts and crafts talent room, raised garden beds, movie theater, salon, game room, special event hall, fitness room and residential programming. Ryan Cos., co-owner and co-developer, served as general contractor and architect for the project, which was the first joint venture between the two companies. Ryan A+E Inc. designed the community and StudioSIX5 designed the interior spaces.

September 20, 2019

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