Western

Wood Partners Breaks Ground on 318-Unit Alta Civic Station Near Portland

by Amy Works July 25, 2019

GRESHAM, ORE. — Wood Partners has broken ground for Alta Civic Station, a multifamily property located at 1699 NW Civic Drive in Gresham, an eastern suburb of Portland. Slated to open spring 2021, Alta Civic Station will feature 318 market-rate units in a mix of studio, one-, two- and three-bedroom layouts, as well as live-work townhome-style units. Community amenities will include a community room with kitchen and social areas, fitness center, co-working, meeting space and ground-floor retail. Additionally, the project includes a half-acre public plaza adjacent to the Civic Drive MAX Light Rail station. The public plaza will feature outdoor gathering spaces and a children’s play area.

July 25, 2019

Acquisitions California Retail Western

Faris Lee Investments Arranges $11.5M Piecemeal Sale of Shopping Center in Lake Elsinore, California

by Amy Works July 25, 2019

LAKE ELSINORE, CALIF. — Faris Lee Investments has brokered $11.5 million in sales of three different properties to three different buyers within the Central Plaza Shopping Center in Lake Elsinore. The sales include a Marshalls, Panera Bread and a two-tenant sale of Pieology and Ono Hawaiian BBQ. HFC/PRP Elsinore LLC sold the properties to undisclosed buyers. Situated on 7.3 acres, the 66,000-square-foot property was completed earlier this year and was 100 percent pre-leased to national tenants upon commencement of construction. Jeff Conover and Chris DePierro of Faris Lee Investments represented the seller in the transaction.

July 25, 2019

Loans Multifamily Seniors Housing Utah Western

Hunt Real Estate Capital Provides $3.7M Refinancing for Assisted Living Property in Utah

by Amy Works July 25, 2019

TREMONTON, UTAH. — Hunt Real Estate Capital had funded a $3.7 million Fannie Mae loan for the refinancing of Our House of Tremonton, a seniors housing property in Tremonton, about 20 miles from the Idaho border. The borrower and property owner is Utah-based SAL Management. Brady Johnson, Andy Kitts and Heath Coryell of Hunt Real Estate Capital originated the deal. Originally built in 1995, the assisted living facility features 28 units. The property recently opened 12 new units after completing a renovation and expansion. The remodel included a complete update to all areas of the building, including resident suites, bathrooms and common areas, as well as adding vaulted ceilings and natural light throughout the front entry, dining room and hallways.

July 25, 2019

Development Multifamily Oregon Western

Fore Property Opens 211-Unit The Revere Apartment Complex in Portland, Oregon

by Amy Works July 24, 2019

PORTLAND, ORE. — Fore Property has opened The Revere, an urban infill residential development in North Portland’s historic Mississippi neighborhood. The community is Fore’s fifth multifamily property in metro Portland. Holst Architecture designed the project. Located at 3309 N. Mississippi St., The Revere features 211 apartments in a mix of one-, two- and three-bedroom layouts. Units feature kitchens with stainless steel appliances, gas cooktops, quartz countertops, under-cabinet lighting and porcelain tile backsplash. Other unit features include wood-style plank flooring, in-unit washers/dryers, walk-in closets and private balconies or patios. Community amenities feature a rooftop lounge with fire pits, yoga studio, fitness center and a bouldering wall. Fore also recently developed Northpointe Apartments, located at 1314 N. Skidmore St., as well as Hearth apartment community, which is slated to open in August.

July 24, 2019

Acquisitions Arizona Multifamily Student Housing Western

Berkadia Arranges $22 Million Acquisition Financing for 164-Unit Student Housing Community Near Arizona State

by Amy Works July 24, 2019

TEMPE, ARIZ. — Berkadia has arranged $22 million in acquisition financing for MarQ at 1st, a 164-unit community located one mile northwest of the Arizona State University campus in Tempe. Scott Holland and Jeremy Hammill of Berkadia Commercial Mortgage secured the loan through NXT Capital. Terms of the financing and the identity of the borrower were undisclosed. The community offers shared amenities including two swimming pools, a 24-hour fitness center and outdoor picnic and barbecue areas.

July 24, 2019

Acquisitions Hospitality Oregon Western

BHG Hotels Acquires DoubleTree by Hilton Hotel Salem in Oregon

by Amy Works July 24, 2019

SALEM, ORE. — BHG Hotels has purchased DoubleTree by Hilton Hotel Salem, a full-service hotel located at 1590 Weston Court NE in Salem. An institutional seller sold the property for an undisclosed price. Built in 1997, the four-story hotel was converted to a DoubleTree in 2012. Situated on 1.5 acres, the 80-room property features 1,500 square feet of meeting space, an outdoor swimming pool, fitness center and business center. The hotel also features Wake-up DoubleTree Breakfast Buffet, Pavilion Pantry Market and Press NW Bistro & Bar, an on-site restaurant. Scott Hall, Aaron Lapping, Blake Malecha and Nick Kassab of JLL Capital Markets represented the seller in the deal.

July 24, 2019

Development Multifamily Seniors Housing Washington Western

Aegis Living Opens 104,000 SF Seniors Housing Community Near Seattle

by Amy Works July 24, 2019

MERCER ISLAND, WASH. — Aegis Living has opened its newest seniors housing community, located on Mercer Island, between Seattle proper and the developer’s headquarters in Bellevue. Inspired by a Lake Placid ski lodge, the 104,000-square-foot building features 89 units of assisted living and memory care. The community offers a mix of studio, one-bedroom and two-bedroom options, with 16 apartments dedicated to memory care. Aegis Living is the developer, owner and operator. Compass Construction was general contractor for the property, which architect Ankrom Moisan designed. The LA Studio was landscape architect. Aegis operates 32 communities in Washington, California and Nevada, with seven additional communities in development.

July 24, 2019

Acquisitions California Restaurant Retail Western

Evergreen Devco Sells Newly Built 2,750 SF Retail Project in Highland, California

by Amy Works July 24, 2019

HIGHLAND, CALIF. — Developer Evergreen Devco has completed the sale of its newly developed retail project, a Jack in the Box restaurant, located at 27734 Base Line St. in Highland. An unnamed buyer acquired the 2,756-square-foot property for an undisclosed price with a signed a lease to a Jack in the Box franchisee. Jimmy Slusher of CBRE represented the developer and seller, Evergreen Devco, in the deal.

July 24, 2019

Acquisitions California Multifamily Seniors Housing Top Stories Washington Western

Madison Marquette, GFH Financial Acquire Six-Property Senior Living Portfolio for Over $180M

by Kristin Harlow July 24, 2019

CALIFORNIA, WASHINGTON AND MICHIGAN — Madison Marquette and GFH Financial Group have acquired a portfolio of six private-pay senior living communities in California, Washington and Michigan. Although a specific purchase price was not provided, GFH described the deal as “exceeding $180 million in value.” The properties include: Chateau at River’s Edge and Chateau on Capitol Ave in Sacramento, Calif.; Callaway Gardens in Kennewick, Wash.; Summer Wood in Moses Lake, Wash.; Pine Ridge in Spokane, Wash.; and Independence Village in Brighton, Mich. The communities total 509 units and feature a mix of independent living, assisted living and memory care. The occupancy as of the first quarter was 92 percent, and GFH notes that most of the assets were recently renovated and able to attain above-market rents. Senior Resource Group, JEA Senior Living and Senior Village Management operate the properties. GFH, an investment firm from the tiny Middle Eastern island country of Bahrain, will serve as the investment manager while Madison Marquette will serve as the day-to-day manager of the portfolio. GFH will be 91 percent owner, while Madison Marquette will own 6 percent. The communities’ operators will own the remaining 3 percent stake. “Through our recent platform activities in the space, …

July 24, 2019

Acquisitions California Industrial Western

Rockefeller Group Sells 344,249 SF Industrial Building at Tri-City Industrial Complex in Inland Empire

by Amy Works July 23, 2019

IRVINE, CALIF. — Rockefeller Group has completed the sale of a newly constructed cross-dock industrial building located at 1445 S. Tippecanoe Ave. within the Tri-City Industrial Complex in Irvine. Nuveen Real Estate acquired the 344,249-square-foot facility for an undisclosed price. At the time of sale, the property was fully leased to Home Chef, a division of Kroger, and Protempo, a global third-party logistics provider. Jeff Chiate, Jeffrey Cole, Mike Adey, Ed Hernandez, Chuck Belden, Kyle Kehner, Milo Lipson and Tim Pimentel of Cushman & Wakefield represented the seller in the deal.

July 23, 2019

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