Western

Pinnacle Real Estate Advisors Arranges $3.3M Sale of West Hill Apartments in Colorado

by Amy Works April 25, 2019

PUEBLO, COLO. — Pinnacle Real Estate Advisors has negotiated the sale of The West Hill Apartments, a multifamily property located in Pueblo. An undisclosed buyer acquired the 36-unit property for $3.3 million, or $91,388 per unit. The six-building asset features 32 two-bedroom/two-bath units and four two-bedroom/one-bath units. All units are individually metered for gas and electric, while 32 of the units are individually metered for water. Chris Knowlton of Pinnacle Real Estate Advisors represented both parties in the deal.

April 25, 2019

Acquisitions California Industrial Top Stories Western

Pacific Industrial Sells Fully Leased Property in Inland Empire for $213.5M

by Alex Tostado April 25, 2019

FONTANA, CALIF. — Pacific Industrial has sold Sierra Pacific Center, a two-building, 1.5 million-square-foot industrial property in Fontana, about 50 miles east of downtown Los Angeles in the Inland Empire. The industrial development and investment firm sold the asset for $213.5 million to an unnamed institutional life insurance company. Sierra Pacific Center was completed in 2016 and was fully occupied by LG Electronics and FedEx at the time of the sale. The property is situated at 5565 and 5885 Sierra Ave., adjacent to California Highway 210 and within 20 miles of seven major highways including Interstates 215, 10 and 15. Amenities include electric car charging stations; 3 percent skylight coverage, as where the industry average is 2 percent; and truck courts up to 430 feet deep, as opposed to the Class A average of 185 feet. This transaction represents the largest, non-portfolio sale by dollar value in California over the past 24 months. “This is a milestone transaction that represents the remarkable investment potential of spec industrial developments when they are done well,” says Dan Floriani, partner and co-founder of Pacific Industrial. “By developing this asset with a long-term-hold mindset, we thoughtfully designed each detail, resulting in a property with …

April 25, 2019

Apartment Stock Growth and Forecast - Intermountain States 2019

Arizona Colorado Features Lument Nevada RED Capital Group Utah Western

RED Mortgage Capital: Intermountain Region Generates Strong Apartment Performance and Value Creation

by Jaime Lackey April 25, 2019

West Coast markets garner more press clippings and public attention. But the Intermountain States — Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah and Wyoming — are posting impressive numbers that belie their station in the American consciousness. Offering Americans the sunshine and outdoor recreational opportunities they crave and the lower operating costs businesses seek, the region is in the nation’s sweet spot and taking full advantage of its position. Population, income and employment growth lead the nation. Indeed, the region claims the four fastest growing states in America — Nevada, Idaho, Utah and Arizona — and its seventh, Colorado. Meanwhile, Nevada, Utah and Arizona recorded the fastest rates of payroll job creation last year, and Colorado and Idaho figured in the top six nationally. Apartment rents increased accordingly. Late-cycle bloomers Las Vegas and Phoenix posted the fastest rent growth last year among larger markets and Salt Lake wasn’t far behind. Emerging markets like Boise, Bozeman and Reno were in the same league, chalking down high single-digit increases. Investors competed fiercely for opportunities in the region. Apartment sales volume in the five Intermountain metros (the “Intermountain 5”) covered by RED Capital Research (“RCR”) — Colorado Springs, Denver, Las Vegas, Phoenix …

April 25, 2019

Colorado Development Multifamily Western

Partnership to Develop 133-Unit Affordable Apartment Community on Denver’s W Line

by Amy Works April 24, 2019

DENVER — Urban Land Conservancy (ULC) has partnered with Mile High Development and Brinshore Development to develop Sheridan Station Apartments, an affordable rental housing community at Sheridan Station on the Regional Transportation District’s W Line. Located at 5330 W. 11th Ave., the 133-unit property is currently under construction with completion slated for fall 2020. All units will be designated for households earning between 30 percent and 60 percent of area median income. Silva Markham Partners will handle the management and leasing of the property. The project was made financially feasible through use of a 99-year renewable ground lease, which will result in the apartment complex joining ULC’s growing Community Land Trust to ensure permanent affordability.

April 24, 2019

California Loans Multifamily Seniors Housing Western

SunTrust Provides $69.5M Acquisition Financing for Seniors Housing Portfolio in California

by Amy Works April 24, 2019

WHITTIER, RIVERSIDE AND EMERYVILLE, CALIF. — SunTrust Banks Inc. (NYSE: STI) has provided $69.5 million in financing to support Watermark Retirement Communities and Kayne Anderson’s acquisition of three senior living communities in California. Two of the communities, Whittier Place at 12315 Burgess Ave. in Whittier and Raincross at Riverside at 5232 Central Ave. in Riverside, are Class A properties located near Los Angeles. Both of the communities provide assisted living and memory care services. The third, The Watermark by the Bay at 1140 40th St. in Emeryville, formerly known as Bayside Park, provides assisted living and memory care services for residents in Emeryville, Oakland and Berkeley. Watermark currently manages 63 communities in 21 states including seven under development/redevelopment. Kayne Anderson Capital Advisors, founded in 1984, is an alternative investment management firm focused on niche investing in upstream oil and gas companies; energy and infrastructure; specialized real estate; growth equity; and both private credit and diversified liquid credit. Kayne Anderson manages $30 billion in assets.

April 24, 2019

Acquisitions Nevada Retail Western

PEBB Enterprises Acquires 228,279 SF Rainbow Promenade Retail Center in Las Vegas

by Amy Works April 24, 2019

LAS VEGAS — Boca Raton, Fla.-based PEBB Enterprises has purchased Rainbow Promenade, a retail power center adjacent to U.S. 95 and North Rainbow Boulevard near Las Vegas’ Summerlin submarket. PEBB acquired the 228,279-square-foot property through an auction platform. The price was not disclosed. The center recently underwent a $5 million renovation and is currently 95 percent occupied by a variety of tenants, including Hobby Lobby, Barnes & Noble Bookstore, Party City and Cost Plus World Market. The asset also includes three ground-lease pads occupied Macaroni Grill, Chili’s and AMC Theatres. The buyer plans to subdivide and sell off one or more of the outparcel pads. PEBB currently owns and manages approximately 2.5 million square feet of commercial real estate across the United States for its own portfolio as well as major institutions. Terms of the transaction were not released.

April 24, 2019

California Loans Multifamily Western

Arbor Funds $19M Refinancing for 166-Unit Tuscany Villas in Southern California

by Amy Works April 24, 2019

WEST COVINA, CALIF. — Arbor Realty Trust has provided a Fannie Mae Streamlined Rate Lock (SRL) deal for a multifamily property in West Covina. An undisclosed borrower received the $19 million loan to refinance Tuscany Villas, a garden-style apartment community. Greg Gillam of Arbor’s Manhattan Beach Office originated the 10-year, fixed-rate loan, which features a 30-year amortization schedule. Built in 1966 and recently renovated, Tuscany Villas features 166 apartments in a mix of studio and one-bedroom layouts with upgraded interiors, including hardwood flooring, custom cabinets and granite countertops. Community amenities includes swimming pools, charcoal grilling areas and a fitness center.

April 24, 2019

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Advisors Arranges $7.5M Sale of The Applewoods Apartment Community Near Denver

by Amy Works April 24, 2019

LAKEWOOD, COLO. — Pinnacle Real Estate Advisors has arranged the sale of The Applewoods, an apartment community located at 1975 Oak St. in Lakewood. An undisclosed buyer acquired the building for $7.5 million, or $178,571 per unit. Built in 1971, the property features 42 apartments. Joe Hornstein of Pinnacle Real Estate Advisors represented the undisclosed seller, while Scott Fetter, also of Pinnacle Real Estate Advisors, represented the buyer in the deal.

April 24, 2019

Acquisitions California Industrial Top Stories Western

Exeter Property Group Buys 806,322 SF Industrial Asset in the Inland Empire for $97.7M

by Amy Works April 24, 2019

SAN BERNARDINO, CALIF. — Exeter Property Group, a Pennsylvania-based industrial development and investment firm, has purchased a distribution building located at 6227 Cajon Blvd. in the southern California city of San Bernardino. The sales price was $97.7 million. Bob’s Discount Furniture occupies the 806,322-square-foot property, which is situated on 41 acres. The property offer access to the BNSF Intermodal Yard, FedEx Group Rialto, UPS Air Hub and Ontario International Airport. Bo Mills, Mark Detmer and Ryan Sitov of JLL, along with Scott Schwartz of Insignia PMG, represented the undisclosed seller in the transaction. “This listing represented the opportunity for an investor to acquire a building with a long-term lease to a strong tenant in the largest industrial market in the world,” says Detmer. “The buyer was attracted to the stability of the property, the tenant’s commitment to the area and potential for future development growth.” — Amy Works

April 24, 2019

Arizona Development Hospitality Western

Catellus, Mortenson to Build 259-Room Hyatt Hotel in Tempe’s Novus Innovation Corridor

by Amy Works April 23, 2019

TEMPE, ARIZ. — A partnership between Catellus Development Corp. and Mortenson will bring a dual-branded hotel to the Novus Innovation Corridor in Tempe. Groundbreaking occurred this week, with completion slated for summer 2020. Situated at the corner of East Veterans Way and East Sixth Street, the eight-story hotel will feature 259 rooms under the Hyatt Place and Hyatt House flags. The LEED-certified hotel will feature rooftop amenities, including a pool, bar, outdoor gathering area and fitness center. Additional amenities will include an open lobby, shaded patio spaces and banquet, meeting and outdoor event spaces. The property will be within walking distance of Arizona State University’s Sun Devil Stadium, as well as adjacent to Wells Fargo Arena and the planned multi-purpose arena. The project team include PK Architects, ESG Architects and Design Force Corp.

April 23, 2019

Newer Posts

Older Posts