Western

Sugarmont-Apts
Investment SalesNewsUtahWestern

Centerspace Completes first Utah Acquisition with $149 Million Salt Lake Asset

by Lynn Peisner

SALT LAKE CITY — Publicly traded REIT Centerspace has acquired Sugarmont Apartments in Salt Lake City for $149 million. This marks Centerspace’s first owned asset in Utah. Northmarq’s Salt Lake City multifamily investment sales team, led by Mark Jensen, Rawley Nielsen and Darren Nielsen, arranged the sale and represented Centerspace. The seller was Cottonwood Communities, a publicly registered, non-listed REIT headquartered in Salt Lake City. Cottonwood was retained by Centerspace to manage the property. Built in 2021, Sugarmont Apartments features 341 units in a mix of studios, one-, two- and …

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Bakersfield-Apartments
CaliforniaDevelopmentFinanceNewsWestern

BWE Arranges $61 Million Construction Loan for Presidio Capital Partners’ Bakersfield Project

by Lynn Peisner

BAKERSFIELD, CALIF. — BWE has arranged $61 million for Presidio Capital Partners to develop the first phase of Park Center at Seven Oaks in Bakersfield. Tom Turnage, senior vice president, and Alex Gregoire, vice president, both in BWE’s Irvine office, originated the four-year, floating-rate, interest-only construction loan with a 12-month extension from a super-regional bank. Park Center at Seven Oaks will include a total of 520 units when fully complete. Phase I will include 352 units. This initial phase will feature 17 residential buildings as well as a leasing office, …

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Core-Arvada
Build-to-RentColoradoDevelopmentLeasing & MarketingNewsWestern

Core Opens Leasing at Denver-Area Asset

by Lynn Peisner

ARVADA, COLO. — Core Spaces is now leasing at Oxenfree Clear Creek, the Chicago-based developer’s build-to-rent asset in Arvada, 11 miles west of Denver. The project includes 116 multi-level townhomes in three- or four-bedroom floor plans. According to Apartments.com, monthly asking rents range from $4,190 to $4,715. Oxenfree Clear Creek features an amenity “fieldhouse,” which includes a fitness center and sauna, sport court and coworking spaces and an additional 22,700 square feet of outdoor amenities including grilling stations, dining and entertainment areas, a playground and greenspace.

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CBRE_Yorktown
CaliforniaInvestment SalesNewsWestern

CBRE Arranges Huntington Beach Sale

by Lynn Peisner

HUNTINGTON BEACH, CALIF. — CBRE has arranged the $7.4 million sale of the 18-unit Yorktown Apartments in Huntington Beach. CBRE’s Dan Blackwell and Mike O’Neill represented the Newport Beach-based private seller, who was in a 1031 exchange, and the all-cash private buyer, also from Newport Beach. According to CBRE, Yorktown hasn’t traded hands for 30 years. The property comprises one studio and 17 two-bedroom units across two buildings constructed in 1973 and 1974. The 0.7-acre site includes a community courtyard, picnic area and private patios or balconies in select units, …

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The-Danforth-Seattle
Investment SalesNewsWashingtonWestern

Kennedy Wilson JV Acquires Seattle High-Rise for $173 Million

by Lynn Peisner

SEATTLE — Kennedy Wilson has partnered with Japan-based companies Kenedix and Hulic Co. to acquire The Danforth in Seattle for $173 million. A Whole Foods is the sole ground-floor retail tenant in the 265-unit community. Vanbarton Group, which has owned the asset since 2019, was the seller. Beverly Hills, California-based Kennedy Wilson has a 10 percent interest in the deal and invested $6.6 million of equity in the venture. Kennedy Wilson also will serve as asset manager for the partnership, receiving an undisclosed fee for that service. The Danforth is …

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Foster-Creek-Tukwila
BerkadiaInvestment SalesNewsWashingtonWestern

Berkadia Arranges Seattle Suburb Sale of Foster Creek

by Lynn Peisner

TUKWILA, WASH. — Investors Management Group has sold Foster Creek, a 179-unit property in Tukwila, 12 miles south of Seattle. According to the Puget Sound Business Journal, the sales price was $28.3 million, and the buyer was Spokane Indian Housing Authority. Managing Directors Benjamin Johnson and David Sorensen, Director George Pallis, Associate Director Peter Dudunakis and Senior Managing Director Kenny Dudunakis of Berkadia Seattle led the transaction on behalf of the seller. Senior Managing Director Tim Leonard and Managing Director Chris Crump of Berkadia Dallas secured the acquisition financing on …

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Connor-Mortland
Affordable HousingCompany NewsNewsPeople NewsWestern

BH Properties Launches Haven Housing, Names Connor Mortland to Lead

by Lynn Peisner

LOS ANGELES — BH Properties has launched Haven Housing, an affordable housing company, and hired Connor Mortland to lead it. Mortland, formerly senior vice president of investments at Avanath Capital Management, will be based out of the firm’s San Diego office. As managing director and head of affordable housing acquisitions, he will direct Haven’s strategy to acquire and operate affordable and market-rate assets in the Western United States. Haven Housing aims for garden-style, value-add acquisitions with 100 or more units with value-add potential in Texas, Arizona, Nevada, Oregon, Washington, Colorado …

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Madison-Bellevue
FinanceNewsWashingtonWestern

Ezralow Co. Secures $73.5 Million to Refinance Madison Bellevue

by Lynn Peisner

BELLEVUE, WASH.  — Berkadia has arranged a $73.5 million loan on behalf of California-based The Ezralow Co. to refinance The Madison Bellevue, a 281-unit garden-style property in Bellevue. Senior Managing Director Allan Freedman of Berkadia Los Angeles secured the financing through Freddie Mac. The Madison Bellevue features one- and two-bedroom layouts with quartz countertops, kitchen islands, hardwood-style flooring, washers and dryers, stainless steel appliances and private patios. Amenities include a gym, pool and lounge.

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Vue-Kirkland
Affordable HousingInvestment SalesNewsWashingtonWestern

Berkadia Arranges Sale of Vue Kirkland

by Lynn Peisner

KIRKLAND, WASH. — Acacia Capital has sold Vue Kirkland to BRIDGE Housing for an undisclosed sum. Managing Directors David Sorensen and Benjamin Johnson, Director George Pallis, Associate Director Peter Dudunakis and Senior Managing Director Kenny Dudunakis of Berkadia Seattle led the transaction on behalf of the California-based seller. BRIDGE Housing is planning to convert the 200-unit market-rate community to affordable housing, offering units to tenants earning between 50 and 80 percent of area median income. The property was built in 1977.

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553-555-Victoria-St_Costa-Mesa_2
CaliforniaInvestment SalesNewsWestern

CBRE Brokers $8.6 Million 1031-Exchange Sale in Costa Mesa

by Lynn Peisner

COSTA MESA, CALIF. — CBRE has arranged the $8.6 million sale of a 13-unit property at 553 and 555 Victoria St. in Costa Mesa, about 40 miles south of Los Angeles. CBRE’s Dan Blackwell, Mike O’Neill and Jack O’Connor represented the Costa Mesa-based private seller. The 1031 buyer is a private investor based in Huntington Beach, California. The property was on the market for the first time in approximately 47 years. Located on a 0.8-acre lot, the property contains 10 buildings with 13,712 square feet of rentable space. The unit …

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