Western

Douglas Emmett Acquires Apartment, Retail Complex in Los Angeles for $365M

by Jeff Shaw June 11, 2019

LOS ANGELES — Douglas Emmett Inc. (NYSE: DEI) has acquired The Glendon, a multifamily and retail complex in the Westwood Village neighborhood of Los Angeles, for $365 million. Built in 2008, The Glendon features 350 apartment units and 50,000 square feet of ground-floor retail space on a 4.3-acre plot. The multifamily and retail components combined were 97 percent occupied at the time of sale. The Glendon common areas were recently upgraded and the property is midway through a total unit renovation, which DEI plans to complete. Westwood Village is located approximately 12 miles west of downtown Los Angeles. The neighborhood is home to UCLA’s main campus, and abuts popular locations such as Los Angeles National Cemetery and Bel-Air Country Club. The Glendon is also located within walking distance of more than 2.1 million square feet of DEI-owned office space. DEI is a Santa Monica-based real estate investment trust. Although the seller was not officially disclosed, Clarion Partners purchased the property in 2014, according to Los Angeles Business Journal. With the acquisition of The Glendon, DEI has grown its total multifamily portfolio by over 20 percent in the last two years to more than 4,000 units in West Los Angeles and …

June 11, 2019

Acquisitions Mixed-Use Multifamily Retail Washington Western

Security Properties, Rockwood Capital Buy Legacy at Pratt Park Mixed-Use Property in Seattle

by Amy Works June 10, 2019

SEATTLE — Security Properties and Rockwood Capital have acquired Legacy at Pratt Park, a mixed-used property located 1800 S. Jackson St. in Seattle’s Central District, for an undisclosed price. Built in 2009, Legacy at Pratt Park features 249 apartments, as well as four retail spaces totaling 6,720 square feet. The property offers 360-degree views of the Seattle skyline, Elliott Bay, Mt. Rainier and the Olympic Mountains. Amenities include three rooftop decks, a fitness center, resident lounge, business center, pet wash room, package room, theater room, bike room and controlled building entry. The buyers plan to renovate all units to an interior spec consistent with that of new construction in the area, along with common area improvements. Security Properties Residential, an affiliate of Security Properties, will manage the asset.

June 10, 2019

California Development Multifamily Western

Realm Group Acquires High-Rise Multifamily Development Site in Downtown Los Angeles

by Amy Works June 10, 2019

LOS ANGELES — Realm Group, a joint venture between Newport Beach, Calif.-based Realm Real Estate and Irvine, Calif.-based The Bascom Group, has purchased a 1.5-acre site, located at 675 S. Bixel St. in downtown Los Angeles. Realm Group entitled the site for the development of a 36-story, 422-unit mixed-use high-rise multifamily building. The concrete, steel and glass tower will have a loft-style design and feature a rooftop sky lounge providing views of the city’s skyline. A 40,000-square-foot amenity deck on the fifth floor will feature a pool terrace and dog park. Construction is slated to commence in 2020. Charles Halladay, Jamie Kline, Nicholas Lench and Samuel Godfrey of HFF facilitated the land financing. Starwood Property Trust provided the debt financing for the land purchased.

June 10, 2019

California Loans Multifamily Western

CIT Provides $48.2M in Financing for Southern California Apartment Complex

by Amy Works June 10, 2019

COLTON, CALIF. — CIT Group’s Real Estate Finance division has provided $48.2 million in senior secured financing for the acquisition and redevelopment of The District at Grand Terrace, a multifamily property located in Colton. The borrower, an investment fund managed by Tower 16 Capital Partners, previously announced its purchase of the property. Situated on 15 acres, the property features 352 garden-style apartment units. The financing includes funding for interior and exterior renovations of the property.

June 10, 2019

Loans Multifamily Oregon Seniors Housing Western

Carnegie Capital Arranges $15M Construction Loan for Seniors Housing Community in Oregon

by Amy Works June 10, 2019

OREGON — Carnegie Capital has arranged $15 million in construction financing for a seniors housing community in Southern Oregon. The property offers assisted living and memory care. The developer previously worked with Carnegie Capital for another community in Redmond. Further details on the asset were not disclosed. JD Stettin of Carnegie Capital sourced and structured the three-year loan with a 5.5 percent interest rate. The financing represents a 75 percent loan-to-value ratio.

June 10, 2019

California Loans Multifamily Seniors Housing Western

Grandbridge Facilitates Refinance of Northern California Manufactured Housing Community

by Amy Works June 10, 2019

SONOMA, CALIF. — Grandbridge Real Estate Capital has arranged a cash-out refinancing for a manufactured home community in Sonoma. Situated on 39 acres, the age-restricted manufactured housing community features 292 sites. Hunter Curtis and Taylor Curtis of Grandbridge’s Newport Beach, Calif., office originated the transaction for the undisclosed borrower. The non-recourse loan was structured with a fully amortizing term and funded through one of Grandbridge’s insurance company correspondents.

June 10, 2019

Acquisitions Multifamily Utah Western

SALT Development Sells 493-Unit Multifamily Community in Downtown Salt Lake City

by Amy Works June 7, 2019

SALT LAKE CITY — SALT Development has completed the sale of 4th West, a multifamily property located at 255 N. 400 W in downtown Salt Lake City. Although the acquisition price and buyer were not released, the company claims that the transaction represents the largest total dollar single-asset sale in Utah’s history. Constructed in 2017, 4th West features 493 units, a one-acre rooftop community space with zero-edge pool and private cabanas; exclusive Sky Lounge with fire pits and grilling stations; and a clubhouse with a full-service kitchen and 5,100-square-foot health club, including a spin and yoga studio. Additionally, the community features a gated dog park, pet grooming station, bike wash with storage, business center with conference rooms, and a sports lounge with a TruGolf simulator, pool tables and 16-screen multiplex LED TV. The property is located adjacent to TRAX, offering direct access to Salt Lake City’s light rail system. Eli Mills and Patrick Bodnar of CBRE represented the seller in the deal.

June 7, 2019

California Development Multifamily Western

Pathfinder Partners Completes 41-Unit Creekside Apartments in Metro San Diego

by Amy Works June 7, 2019

VISTA, CALIF. — Pathfinder Partners, in partnership with Silvergate Development, has completed the construction of Creekside Apartments, a multifamily community located at 215 Vista Village Drive in Vista. Situated on 1.5 acres, the property features 41 units in a mix of studio, one- and two-bedroom layouts ranging from 480 square feet to 1,135 square feet. All units include washers/dryers, wood-style plank flooring, quartz countertops, floor-to-ceiling windows and energy-efficient stainless steel appliances. Community amenities include a high-end clubhouse and lounge, as well as an outdoor area with barbecues, fire pit and complimentary Wi-Fi. San Diego-based Sunrise Management is overseeing all marketing/branding, leasing and day-to-day operations at the property.

June 7, 2019

Acquisitions California Industrial Western

Rexford Industrial Buys Two Properties in Southern California for $34.5M

by Amy Works June 7, 2019

CITY OF INDUSTRY AND SUN VALLEY, CALIF. — Rexford Industrial Realty has acquired two industrial properties in Southern California for $34.5 million. The company purchased a 190,900-square-foot industrial property at 218 S. Turnbull Canyon Road in City of Industry for $27.1 million, or $142 per square foot. Situated on 8.8 acres, the property was fully leased to a single tenant at a below-market rent. The facility features 30-foot clear heights, 44 dock doors and ESFR fire sprinklers. Additionally, Rexford Industrial acquired an asset located at 9750 San Fernando Road in Sun Valley for $7.4 million, or $63 per square foot. The fully leased, paved site features 35,624 square feet of improvements on 2.7 acres, with significant outdoor storage space and potential for future development of a new distribution building. Year-to-date, Rexford has acquired $463 million in assets.

June 7, 2019

Acquisitions Colorado Retail Western

Pinnacle Real Estate Advisors Arranges $7.2M Acquisition of Arvada West Town Center Retail Asset in Colorado

by Amy Works June 7, 2019

ARVADA, COLO. — Pinnacle Real Estate Advisors has arranged the purchase of The Arvada West Town Center, a retail strip center in Arvada, a suburb roughly 10 miles northwest of Denver. Courtyard on Vine St LLC and William Penn Apartments LLC acquired the asset for $7.2 million to complete a 1031 exchange. The name of the seller was not released. Located at 14455-14715 W. 64th Ave., the property features 40,859 square feet of retail space. Jeff Johnson and Andrew Monette of Pinnacle Real Estate Advisors represented the buyers in the deal.

June 7, 2019

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