SEATTLE — Cadence Real Estate has completed the disposition of Sunset Villa, an apartment building located at 3736 24th Ave. in Seattle’s Ballard neighborhood. Marysville Apartments LLC acquired the property for $5.4 million, or $320,588 per unit. Built in 1963, the four-story Sunset Villa features 12 one-bedroom and five two-bedroom units. The seller recently completed a significant renovation to both the common areas and individual units of the building. Renovations included vinyl-plank flooring, quartz counter tops, new cabinets, stainless steel appliances, light fixtures and bathroom vanities and tub surrounds. Tim McKay, Dan Chhan and Sam Wayne of Colliers International, in collaboration with Spencer Clark of Marcus & Millichap, brokered the transaction.
DENVER — Oak Coast Properties and BMC Investments have purchased a three-property multifamily portfolio in Denver from an undisclosed seller for $177 million. The buyers plan to renovate and rebrand the existing properties — Timberline Apartments, Woodhaven Apartments and Westwood Apartments — as one large community named Ivy Crossing. Originally built between 1974 and 1977 and situated on 45 acres, the properties offer a combined total of 1,023 units. The buyers plan to improve and centralize the combined community leasing center, renovate a formerly shuttered, 5,000-square-foot clubhouse and amenity center, and enhance landscaping and property exteriors, as well as handle deferred maintenance issues. Charles Halladay, Brock Yaffe and Rick Salinas of HFF arranged 15-year, full-term, interest-only $120 million loan through Freddie Mac’s Optigo Social Impact initiative for the acquisition. Terrance Hunt and Shane Ozment of Newmark Knight Frank represented the seller in the transaction. The acquisition marks the ninth and largest investment partnership between Oak Coast Properties and BMC, as well as the 11th Oak Coast Properties assignment for BLDG Management, the property management affiliate of BMC.
WEST HOLLYWOOD, CALIF. — Safco Capital Corp. has purchased a retail parcel, located at 8330 W. Santa Monica Blvd. in West Hollywood. Mayfair Realty sold the asset for $25.2 million. A 17,833-square-foot Gelson’s Market, a gourmet grocery store, occupies the building situated on the 1.25-acre site. David Swartz of Crosbie Gliner Schiffman Southard & Swanson represented the buyer in the deal, which was structured as a sale-leaseback transaction.
YUMA, ARIZ. — Love Funding has secured a $10.5 million bridge-to-HUD construction loan for a transitional rehabilitation facility in Yuma. The 32,000-square-foot facility will offer 41 Medicare and managed care beds upon completion. Love Funding’s Leonard Lucas secured the bridge loan through Love Funding’s parent company, Midland States Bank. This is the second bridge-to-HUD construction loan obtained through Love Funding for the developer-operator’s portfolio.
ANAHEIM, CALIF. — C.W. Driver Cos., as general contractor, and Ware Malcomb, as architect, have completed the development of Braille Institute Anaheim Center, a 14,700-square-foot building located on the institute’s existing campus in Anaheim. Located at 527 N. Dale Ave., the $5.4 million building replaces the institute’s former multi-structure facility and provides a larger unified space to serve more visually impaired children, adults and seniors from Orange, Los Angeles and Riverside counties. The property includes a 2,500-square-foot learning resource center featuring a library, computer lab, low-vision consultation area and counseling space. Additionally, the facility features designated areas for Braille reading education and self-defense training, as well as a 2,100-square-foot multipurpose room, four classrooms, an art and ceramics studio, training kitchen and multiple technology labs. The new project also features exterior gardens, gathering spots, a dog run and an open-air courtyard.
DENVER — Nexus Commercial Realty has arranged the sale of a multifamily building, located at 8770-8780 Galen Court in Denver. An undisclosed buyer acquired the 38-unit property from 71st & Lowell Apartments LLC for $4.7 million. The 30,802-square-foot property features 12 one-bedroom/one-bath and 26 two-bedroom/one-bath units. The property underwent recent renovations include new roofs, windows, boilers and decks, as well as 54 off-street parking spaces in a re-striped parking lot. Jason Koch of Nexus represented the seller in the deal.
NAPA, VALLEJO, HERCULES, ANTIOCH, DUBLIN AND HAYWARD, CALIF. — Newmark Knight Frank (NKF) has arranged the sale of a seven-property multifamily portfolio located in the Bay Area. San Francisco-based Reliant Group Management purchased the portfolio from an undisclosed private company for $116 million. Totaling 478,345 square feet, the portfolio features 603 apartments. The buyer plans to convert four of the properties, totaling 369 units, to affordable housing with the use of bonds and low-income housing tax credits. Three of the property (234 units) will continue to be maintained as workforce housing. Additionally, the buyer plans to renovate all apartments, investing approximately $40,000 per unit. Richard Knutson, Anthony Pappageorge, Zach LeBeouf, Will Thomas and Kathy Knutson of NKF represented the seller in the transaction.
VISTA, CALIF. — Ohio-based SITE Centers (formerly DDR) has completed the disposition of Vista Village, an entertainment-focused neighborhood shopping center in Vista. Las Vegas-based CFT Vista acquired the property for an undisclosed price. Built in 2003, the 195,009-square-foot property is occupied by Frazier Farms, Cinepolis, Wave Waterpark (not a part of the sale), Pets Plus and Crunch Fitness, among others. Jimmy Slusher, Eric Shain, Philip Voorhees and Reg Kobzi of CBRE represented the seller and buyer in the transaction.
DESERT HOT SPRINGS, CALIF., AND LAS VEGAS — Treehouse Real Estate Investment Trust has completed the purchase of two retail properties for a combined total of $33.5 million. Terms of the sales were not released. The properties are a retail storefront development on Highland Drive in Las Vegas and a 45,000-square-foot Dutch greenhouse in Desert Hot Springs.
PHOENIX — Simone Bell Tower LLC has completed the sale of Bell Tower Apartments, a value-add multifamily community located at 17216 N. 33rd Ave. in North Phoenix. KA Capital acquired the property for $26.3 million. Completed in 1986, Bell Tower Apartments features 224 units. Brad Goff, Brett Polachek and Chris Center of Newmark Knight Frank represented the seller in the deal.