Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.
Issue link: https://westernrealestatebusiness.epubxp.com/i/595440
C A L I F O R N I A 12 • November 2015 • Western Real Estate Business www.REBusinessOnline.com S O U T H W E S T BKM CAPITAL PARTNERS BUYS KOLL COTTON CENTER IN PHOENIX FOR $26 MILLION PHOENIX — BKM Capital Partners has purchased the Koll Cotton Center, a 225,435-square-foot industrial busi- ness park in Phoenix, for $26 million. The seven-building center is located one mile south of Phoenix Sky Har- bor International Airport. It was 77 percent occupied at the time of sale. The seller, Clarion Partners, was rep- resented by JLL's Mark Detmer and Bo Mills. THE RESORT AT THE LAKES IN LAS VEGAS RECEIVES $29 MILLION REFINANCE LAS VEGAS — The Resort at the Lakes, a 427-unit apartment commu- nity in Las Vegas, has received a $29 million refnance. The community is located at 9999 W. Katie Ave. The transaction was structured with a 10- year term and 30-year amortization schedule. NorthMarq's Scott Monroe arranged fnancing for the borrower through its correspondent relation- ship with a life insurance company. MG PROPERTIES GROUP BUYS BROADSTONE AZURE IN NORTH LAS VEGAS LAS VEGAS — MG Properties Group (MGPG) has purchased the 312-unit Broadstone Azure in North Las Vegas for an undisclosed sum. The commu- nity was built in 2007. Broadstone Azure features a resort- style pool, spa, lounge and ftness cen- ter. The property is located in North Las Vegas with convenient access to the 215 and 15 freeways. The acquisition was fnanced with a $22 million, 10-year mortgage from Fannie Mae that was arranged by Bryan Frazier of Walker & Dunlop. The sellers were represented by Doug Schuster of Newmark Grubb Knight Frank. VANTAGE APARTMENTS TRADES HANDS IN HENDERSON HENDERSON, NEV. — The 110-unit Vantage apartments in the Las Vegas submarket of Henderson has sold to a joint venture between the Bascom Group and funds managed by Oak- tree Capital Management for an un- disclosed sum. The community is lo- cated at 201 South Gibson Road. Debt fnancing was provided by Guardian Life Insurance Company of America and arranged by HFF's Charles Hal- laday. JLL's John P. Cunningham and Charles Steele represented the seller in this transaction. LANCASTER POLLARD ARRANGES $1.8 MILLION BRIDGE LOAN FOR COMMUNITY IN NEVADA RENO, NEV. — Lancaster Pollard has arranged a $1.8 million bridge loan for Reno Valley Assisted Living & Retire- ment Center (RVALRC), a 118-unit as- sisted living facility located in Reno. The community was acquired in 2013 and has undergone a turnaround process. The loan, provided by a local lender, has a fve-year term and will fund further capital improvements, debt repayment and recapitalization. The improvements will also allow RV- ALRC to accept Medicaid residents, opening its doors to a wider range of customers. The community plans to refnance the loan within three years once im- provements are implemented. Grant Goodman led the transaction for Lancaster Pollard. OPENPATH INVESTMENTS PURCHASES VENTANA PALMS APARTMENTS IN PHOENIX PHOENIX — OpenPath Investments has purchased the 160-unit Ventana Palms Apartments in Phoenix for $8.5 million. The community is located at 7021 W. McDowell Road. It was built in 1989. OpenPath will invest $1.5 mil- lion in interior and exterior upgrades to the property. Broadstone Azure features a resort-style pool, spa, lounge and ftness center.