Western Real Estate Business

OCT 2018

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/1037966

Contents of this Issue

Navigation

Page 23 of 56

C A L I F O R N I A www.REBusinessOnline.com Western Real Estate Business • October 2018 • 23 M O U N TA I N S TAT E S XENIA HOTELS & RESORTS ACQUIRES THE RITZ-CARLTON DENVER FOR $100.2 MILLION DENVER ³ ;HQLD +RWHOV 5HVRUWV KDV SXUFKDVHG 7KH 5LW]&DUOWRQ 'HQYHU ORFDWHG DW &XUWLV 6W LQ GRZQWRZQ 'HQYHU IRU PLO- OLRQ DSSUR[LPDWHO\ SHU NH\ 7KHDFTXLVLWLRQZDVIXQGHGZLWKFDVK DYDLODEOH RQ WKH FRPSDQ\·V EDODQFH VKHHW 7KH VWRU\ KRWHO IHDWXUHV RYHUVL]HG URRPV LQFOXGLQJ VXLWHV VTXDUH IHHW RI PHHWLQJ VSDFH 7KH 5LW]&DUOWRQ 6SD DQG (OZD\·V 5HVWDXUDQW 7KH KRWHO LV SDUW RI D PL[HGXVHGHYHORSPHQWWKDWLQFOXGHV OX[XU\ UHVLGHQFHV DQG DSDUW- PHQW XQLWV 7KH 5LW]&DUOWRQ 'HQYHU LVWKHWKKRWHOLQ;HQLD·VSRUWIROLRRI SULPDULO\ OX[XU\ DQG XSSHU XSVFDOH KRWHOV ,W WKH FRPSDQ\·V VHFRQG 5LW] &DUOWRQKRWHO JOINT VENTURE ACQUIRES 282-BED STUDENT HOUSING COMMUNITY NEAR UTAH VALLEY UNIVERSITY OREM, UTAH ³ $ MRLQW YHQWXUH EHWZHHQ 0LOOVWUHDP 3DUWQHUV DQG Redstone Residential has acquired 6XPPHUZRRG &RQGRV D EHG FRPPXQLW\ ORFDWHG QHDU 8WDK 9DOOH\ 8QLYHUVLW\LQ2UHP7KHSURSHUW\ZDV EXLOW LQ DQG LV VHW WR XQGHUJR D FRPSOHWH UHQRYDWLRQ DQG UHEUDQGLQJ 8QLW LQWHULRUV ZLOO EH XSGDWHG ZLWK QHZ IXUQLWXUH DQG DSSOLDQFHV QHZ ÁRRULQJ IUHVK SDLQW TXDUW] FRXQWHU- WRSV DQG D JLJDELW ,QWHUQHW XSJUDGH ([WHULRU XSJUDGHV ZLOO LQFOXGH WKH DGGLWLRQ RI D QHZ ÀWQHVV FHQWHU DQG FOXEKRXVHDWULSOHGHFNHUKRWWXEÀUH SLWDQGUHIUHVKHGRXWGRRUOLYLQJDPH- QLWLHV 7KH SURSHUW\ ZDV SXUFKDVHG XQGHU D )UHGGLH 0DF JUHHQ SURJUDP ,Q DFFRUGDQFH WKH QHZ RZQHUVKLS ZLOOEHLQVWDOOLQJHTXLSPHQWWRUHGXFH ZDWHU FRQVXPSWLRQ E\ PRUH WKDQ SHUFHQWDQGZLOOLQVWDOOVRODUSDQHOVWR RVHWFRPPRQDUHDHOHFWULFH[SHQVHV 7KH VHOOHU LQ WKH WUDQVDFWLRQ DQG D WLPHOLQH IRU UHQRYDWLRQV ZHUH XQGLV- FORVHG MARCUS & MILLICHAP BROKERS SALE OF 277-UNIT COMMUNITY FOR $51.4 MILLION DRAPER, UTAH — Marcus & Mil- OLFKDS KDV DUUDQJHG WKH VDOH RI 5RVH- JDWH 'UDSHU D XQLW DJHUHVWULFWHG PXOWLIDPLO\DVVHWLQWKH6DOW/DNH&LW\ VXEXUE RI 'UDSHU $ ORFDO GHYHORSHU DQG RZQHU VROG WKH FRPPXQLW\ WR .HQQHG\ :LOVRQ D &DOLIRUQLDEDVHG JOREDO UHDO HVWDWH LQYHVWPHQW FRPSD- Q\ IRU DSSUR[LPDWHO\ PLOOLRQ 7KHSULFHHTXDWHVWRSHUXQLW %XLOWLQWKHÀYHVWRU\FRPPXQL- W\IHDWXUHVDOORQHDQGWZREHGURRP XQLWV DQG RHUV VSDFH IRU IXOOVHUYLFH IDFLOLWLHV0DUFXV 0LOOLFKDS·V'DQQ\ 6KLQ DQG %URFN =\OVWUD UHSUHVHQWHG WKHVHOOHULQWKHWUDQVDFWLRQ NALS APARTMENT HOMES SELLS 361-UNIT MULTIFAMILY COMPLEX SALT LAKE CITY ³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— Vectra Man- DJHPHQW *URXS 90* KDV DUUDQJHG WKH VDOH RI DQ RFH EXLOGLQJ ORFDWHG DW 6 8QLYHUVLW\ 3DUN %OYG LQ &OHDUÀHOG &OHDUÀHOG DFTXLUHG WKH SURSHUW\ IURP $VVRFLDWHV IRU DQXQGLVFORVHGSULFH6LWXDWHGRQ DFUHVWKHVTXDUHIRRWSURSHUW\ IHDWXUHVRQHEXLOGLQJZLWKDWZRVWRU\ QRUWK ZLQJ DQG D WKUHHVWRU\ VRXWK ZLQJ5DMX6KDKDQG%U\DQ%DUQHVOHG WKH 90* WHDP WKDW UHSUHVHQWHG WKH EX\HUDQGVHFXUHGDFTXLVLWLRQÀQDQF- LQJWKURXJK.H\%DQN·V6DOW/DNH&LW\ FRPPHUFLDO EDQNLQJ GLYLVLRQ 90* DQG &%5( UHSUHVHQWHG WKH VHOOHU LQ WKH WUDQVDFWLRQ 7KH VHOOHU LV D 90* VSRQVRUHGFRPSDQ\WKDWDFTXLUHGWKH SURSHUW\LQ1RYHPEHU *As of 3/31/18. © 2018 PGIM is the primary asset management business of Prudential Financial, Inc. (PFI). PGIM Real Estate Finance is PGIM's real estate fi nance business. Prudential, PGIM, their respective logos as well as the Rock symbol are service marks of PFI and its related entities, registered in many jurisdictions worldwide. PFI of the United States is not affi liated with Prudential plc, a company headquartered in the United Kingdom. ATLANTA | CHICAGO | DALLAS | LONDON | LOS ANGELES | NEW YORK | SAN FRANCISCO | TOKYO | WASHINGTON, DC PGIM Real Estate Finance is built on more than 140 years of commitment to the industry. Today, we're part of PGIM, the global investment management businesses of Prudential, with over $1 trillion in assets under management. We bring owners, developers and investors of all sizes deep insight on global real estate across the capital stack, with local expertise and a comprehensive approach to fi nancing. We offer a complete range of products, managed through a single point of contact: Prudential's investments portfolio, GSE, FHA, bridge, transitional and balance sheet lending. OVER $93 BILLION IN REAL ESTATE ASSETS UNDER MANAGEMENT AND ADMINISTRATION* NEARLY $15 BILLION IN MORTGAGE ORIGINATION IN 2017 ONE OF THE LARGEST COMMERCIAL, MULTIFAMILY AND AGRICULTURAL LENDERS, INVESTORS AND SERVICERS LOANS IN 42 STATES AND 7 COUNTRIES Partner with the strength of our real estate fi nance experts at pgimref.com BUILD YOUR FUTURE ON OUR HERITAGE.

Articles in this issue

Links on this page

Archives of this issue

view archives of Western Real Estate Business - OCT 2018