LINDA, CALIF. — Kennedy Funding has arranged $2.1 million in financing for the acquisition of a 17.5-acre development site located on Riverbank Drive in Linda. The borrower, Tanglewood Racquet Village LLC, use the loan proceeds to purchase the land parcel for $1.5 million from an undisclosed seller. The buyer plans to develop Tanglewood Racquet Club, a 400-unit multifamily community, on the site. The property will feature one- and two-bedroom units spread across 10 two-story buildings and 10 three-story buildings. Additionally, the property will feature a community center and a storage building. Englewood Cliffs, N.J.-based Kennedy Funding secured the loan, which was more than 38 percent above the acquisition price.
DENVER — A joint venture between RedPeak Properties and Allstate Investments has sold 1600 Glenarm Place, a mixed-use, high-rise property located on the 16th Street Mall in downtown Denver. Northland Investment Corp. acquired the property, along with a 0.77-acre land parcel at 14th Street and Glenarm Place, for an undisclosed price. Constructed in 1967 as an office tower known as the Security Life Building, the property was converted into a multifamily property in 2006 by RedPeak Properties. The 31-story building features 333 apartments in studio, one-bedroom, two-bedroom and penthouse layouts, and 29,000 square feet of commercial space, including frontage along Denver’s 16th Street pedestrian mall. On-site amenities include an outdoor terrace with barbecue grills and fireplace, fitness center, demonstration kitchen, cyber lounge, conference room, movie theater, game room, resident library, reading room, valet parking, 24-hour concierge service and room service from Earl’s Restaurant on the property’s ground floor. Jordan Robbins, Jeff Haag and Anna Stevens of HFF represented the seller in the transaction.
LOS ANGELES — Realm Group, a joint venture between Realm Estate and The Bascom Group, has purchased a 1.7-acre land parcel located within Los Angeles’ Fashion District. An undisclosed seller sold the property for $24.2 million. The site is entitled for the development of a 33-story, 452-unit, high-rise multifamily property. Additionally, the site’s existing parking lot, located at the corner of Seventh Street and Maple Avenue, will be redeveloped into 13,600 square feet of ground-floor commercial space. The concrete, steel and glass tower will feature a rooftop lounge with city skyline views and a one-acre amenity deck on the sixth floor with a pool terrace and oversized dog park. Charles Halladay, Andrew Hornblower and Jamie Kline of HFF secured a land loan from Ladder Capital for the acquisition of the site. Realm is co-developing the mixed-use property with Urban Offerings.
SAN DIEGO — Luxo II Apartment Homes has purchased Villa Cusma, a 40-unit apartment complex at 1907 Columbia St. in San Diego’s Little Italy neighborhood. The price was $21.3 million, more than $500,000 per unit. Raymond Choi of Marcus & Millichap represented the seller, 1907 Columbia St. LLC, and procured the buyer in the all-cash transaction. Built in 2012, Villa Cusma features 24 one-bedroom/one-bath apartments, one two-bedroom/one-bath unit and 15 two-bedroom/two-bath apartments. Additionally, the property features a a gated subterranean parking garage and a 2,475-square-foot, ground-floor retail space leased to Harumama, a sushi and ramen restaurant.
NORTH LAS VEGAS — RealComm Advisors has arranged the sale of an industrial property located at 3890 E. Craig Road in North Las Vegas. Goldfish West LLC acquired the property from Walritz LLC for $2.4 million. Mike De Lew and Greg Pancirov of RealComm Advisors represented the seller and buyer in the deal.
SEATTLE — Live Oak Bank has provided a $2.2 million loan for the acquisition of an assisted living community in a northern suburb of Seattle. The community features 12 beds across two adjacent buildings. The boutique community has monthly rents between $6,000 and $10,000. A husband-and-wife team, one of which is a longtime employee at the community, acquired the property from an undisclosed seller. The SBA loan features 90 percent loan-to-cost ratio.
An interesting metric was reached in the Denver multifamily market during the first quarter of 2018 — and that’s record absorption. The city already boasts accolades for quality of life, talks of strong in-migration and speculation of becoming the location for the second Amazon headquarters. After these, the most common topic of conversation for multifamily professionals is the unprecedented construction pipeline and just when will we hit an inflection point where the market won’t accept any more Class A, market-rate apartments. It seems we’re still not there. As of the first quarter of 2018, the trailing 12-month absorption was more than 10,000 units. That’s more units than what was completed in 2017 and the highest absorption on record. The result was metro-wide vacancy dipping year-over-year to 5.79 percent, limited concessions and metro-wide annual rent growth at 3.8 percent. Denver’s average rent now stands at $1,405 per unit and $1.62 per square foot. The Central Business District (CBD) experienced the most absorption this quarter, accounting for nearly 25 percent of total metro absorption. Annual rents also grew by 2.7 percent, leading the CBD to regain its title for most expensive rental submarket in Denver with rents per-unit averaging $1,835. But development …
DALY CITY, CALIF. — A joint venture between Pinnacle Capital Management Services and Harrison Street Real Estate Capital has purchased Physicians Medical Center. The medical office building is located at 901 Campus Drive in Daly City, south of San Francisco. Swift Real Estate Partners sold the property for $30 million. Situated on 2.4 acres, the purpose-built medical office building features 70,705 square feet of space. At the time of sale, the three-story property was 92 percent leased to a variety of tenants, including Palo Alto Medical Foundation, Sutter Health, Campus Surgery Center and AmSurg/Envision Healthcare. Evan Kovac, Andrew Milne and David Dokko of HFF represented the seller and procured the buyer in the deal. Additionally, HFF’s Zack Holderman, John Chun and Trent Jemmett arranged a $25 million, non-recourse, floating-rate acquisition loan for the buyer.
MESQUITE, NEV. — Mission Senior Living has started construction of Mesa Valley Estates Assisted Living and Memory Care, an $8 million seniors housing community in Mesquite, near the Arizona border. The 61,386-square-foot, one-story community will feature 54 assisted living apartments and a memory care neighborhood with 24 apartments. Project partners include Pinnacle Architects and MSL Construction. The project is scheduled for completion in summer 2019.
OAKLAND, CALIF. — Orange County-based Platinum Storage Group is developing Storage Direct Oakland, a self-storage facility in Oakland. With construction is slated to begin immediately, the four-story, 155,000-square-foot property will feature 1,087 self-storage units. Completion is scheduled for July 2019. Platinum’s portfolio comprises 2.5 million square feet of space with a value of approximately $250 million.