Western

Northcap Commercial Directs $7.1M Sale of 72-Unit Multifamily Portfolio in Las Vegas

by Amy Works November 13, 2018

LAS VEGAS — Northcap Commercial Multifamily has negotiated the sales of two multifamily properties located in Las Vegas. iA Financial Group sold the properties for $7.1 million, or $99,305 per unit, in an all-cash transaction. Built in 2004 and totaling 72 units, the properties are Casa Bonita Apartments at 1411 N. 23rd St. and Valley Vista Apartments at 2930 Mountain Vista St. Devin Lee, Robin Willett, Jerad Roberts and Jason Dittenber of Northcap Commercial represented the seller in the transaction.

November 13, 2018

Loans Multifamily Washington Western

Hunt Real Estate Capital Funds $6M Refinancing for Village Montrachet Apartments in Burien, Washington

by Amy Works November 13, 2018

BURIEN, WASH. — Hunt Real Estate Capital has provided a $6 million Freddie Mac Small Balance Loan for the refinancing of Village Montrachet Apartments in Burien. Village Montrachet LLC, an entity backed by an undisclosed sponsor who purchased the property in 2001, is the borrower. The new loan will refinance existing debt and provide the borrower with proceeds to invest in the acquisition of another commercial property. Built in 1988, the property consists of three three-story apartment buildings offering a total of 57 units in a mix of 30 one-, 20 two- and six three-bedroom layouts. Community amenities include 90 parking spaces consisting of 79 carport spaces and 11 open parking spaces. Sergey Klimov of Hunt Real Estate Capital originated the loan, which is a 5/1 Hybrid-ARM loan with a 30-year schedule and a yield maintenance prepayment schedule. Glenn Gioseffi of Kidder Mathews sourced the loan.

November 13, 2018

Market Reports Nevada Office Western Western Market Reports

Reno Office Market Tightens With Lack of New Supply

by Taylor Williams November 13, 2018

The northern Nevada office market is picking up steam, despite still lagging behind the robust growth taking place in the industrial and multifamily sectors. Year-to-date net absorption of 136,607 square feet has brought overall market vacancy rates down to 10.1 percent. Rates are well below that in the more desirable office submarkets. South Reno, once plagued with vacancy rates exceeding 30 percent during the downturn, now hovers at a rate of 6.3 percent. Downtown vacancy rates currently sit at 7.9 percent with no new supply on the horizon. In fact, no significant office property has been built in downtown Reno since 1981. Reno is a market in need of new office supply; however, new office construction is challenging to build on a speculative basis except in the most amenity-rich locations that offer visibility and accessibility. The lack of incoming supply and rising demand has caused office lease rates to increase. Rates have generally remained stable over the past few years with the exception of Class A office lease rates, which have climbed steadily over the past 12 months. There is a gap between existing Class A office lease rates, which range from $2 per square foot to $2.50 per square …

November 13, 2018

Company News Development New York Northeast Office Southeast Top Stories Virginia Washington Western

Amazon Selects New York City, Northern Virginia for $5B Second Headquarters, Nashville for Operations Hub

by John Nelson November 13, 2018

SEATTLE — Amazon (NASDAQ: AMZN) has officially selected New York City and Arlington, Va., as the homes for its second headquarters, confirming reports last week of the e-commerce giant’s decision to split HQ2. Amazon will invest $5 billion and create more than 50,000 jobs across the two new headquarters locations, with more than 25,000 employees in each new headquarters. Both campuses will feature 4 million square feet of new office space, which is expandable up to 8 million square feet at each location. New York City and Arlington will join Seattle as the company’s three headquarters in North America. “These two locations will allow us to attract world-class talent that will help us to continue inventing for customers for years to come,” says Jeff Bezos, founder and CEO of Amazon. “The team did a great job selecting these sites, and we look forward to becoming an even bigger part of these communities.” The New York location will be in Queens’ Long Island City neighborhood. The Arlington office will be in River Landing, a newly branded neighborhood encompassing parts of Pentagon City and Crystal City in Arlington and Potomac Yard in nearby Alexandria. Amazon estimates the incremental tax revenue to exceed $10 billion for the New York location …

November 13, 2018