Western Real Estate Business

SEP 2018

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

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C A L I F O R N I A 30 • September 2018 • Western Real Estate Business www.REBusinessOnline.com S O U T H W E S T HSL PROPERTIES ACQUIRES TWO MULTIFAMILY ASSETS FOR $37.4 MILLION TUCSON, ARIZ. — HSL Properties has purchased two multifamily prop- erties in Tucson from California-based MG Properties for $37.4 million. The company acquired Casas Lindas Apartment Homes, located at 699 W. Magee Road, for $17.6 million. The property features one- and two-bed- room floor plans with in-unit washers and dryers, wood-burning fireplaces and patios or balconies. On-site ame- nities include a basketball court, pool, fitness center, clubhouse and covered parking. HSL Properties also pur- chased Springhill Apartment Homes, located at 8030 E. Lakeside Parkway, for $19.8 million. The community features one- and two-bedroom units with full-size washers and dryers, oversized closets, ceiling fans and bal- conies. Community amenities include a fitness facility, covered parking, pool and barbecue grills. HARRISON STREET ACQUIRES RESIDENCE HALL AT ASU POLYTECHNIC FOR $27 MILLION MESA, ARIZ. — Harrison Street Real Estate Capital has acquired Century Hall, a 318-bed residence hall located on the Arizona State University Poly- technic campus in Mesa, for $27 mil- lion. Built in 2012, the community is located at the heart of campus adja- cent to the university's student union building, dining and recreational fa- cilities. The property offers shared amenities including two multi-pur- pose rooms, a resident community kitchen, group study rooms, student activity lounges on each floor, and on-site classroom space. Capstone Management Partners will manage the property in collaboration with the university. NKF ARRANGES $33.1 MILLION SALE OF 177,312 SF OFFICE PROPERTY PHOENIX — NKF Capital Markets has brokered the sale of The Madison, an office property located at 5343 and 5353 S. 16th St. in Phoenix's Camel- back Corridor. A joint venture be- tween EverWest Real Estate Investors and CenterSquare Investment Man- agement sold the asset to Admiral Capital Group for $33.1 million. Paul Jones, Kevin Shannon, Rick Stumm, Ken White, Brunson Howard and CJ Osbrink of NKF Capital Markets rep- resented the seller, while the buyer was self-represented in the transac- tion. Situated on 2.8 acres and reno- vated in 2017, The Madison includes two four-story office buildings, total- ing 177,312 square feet, and subterra- nean parking. At the time of sale, the property was 93 percent occupied by a diverse mix of tenants. Fellowship Square Surprise features 313 independent living, assisted living and memory care units in Surprise. CHRISTIAN CARE COS. OPENS $84 MILLION SENIORS HOUSING COMMUNITY SURPRISE, ARIZ. — Christian Care Cos. has opened Fellowship Square Surprise, a 313-unit independent living, assisted living and memory care community in the Phoenix suburb of Surprise. The nonprofit community is located on 15 acres. Development costs were estimated at $84 million. The finished campus features a koi pond, fire pits, gazebos, sitting areas, fenced dog park, multiple dining options, 22,000-square-foot clubhouse with multiple meet- ing rooms, fitness/therapy rooms, library, billiards room, gift shop, swimming pool, woodworking shop, putting green, bocce ball court and pickle ball courts. Christian Care has created a fund to partially subsidize up to 20 percent of its residents earning no more than 80 percent of area median income. This is Christian Care's sixth Fel- lowship Square community, all located in Arizona. The full portfolio totals 2,382 units.

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