Multifamily Heats Up in Henderson

HENDERSON, NV—The Roxborough Fund I, an affiliate of the Roxborough Group in partnership with Continental Realty Advisors, has purchased Turtle Creek Apartments in Henderson, NV, for an undisclosed price. The eight-year-old asset has 400 units and is located near several job centers. The investor plans to execute a renovation program, and noted that the Henderson submarket is one of the most desirable in Las Vegas.

SALES

HENDERSON, NV—The Bascom Group has acquired Timberlake, a 308-unit apartment complex in Henderson, NV. The Bascom Group also noted the desirability of the submarket, and says they expect to see significant rent growth in the submarket. The property has a mix of one-, two and three-bedroom units. Bascom plans to renovate the property and the interior units.

OCEANSIDE, CA—The Apartment Co. has purchased the Oceana Apartment Homes, a 100-unit apartment community in Oceanside, from Fowler Property Acquisitions for $18.2 million. The property has a mix of one- and two-bedroom units. IPA senior directors Christopher Zorbas, Stewart I. Weston, and Alexander Garcia, Jr., and associate directors David Sperling and John Montakab, represented the seller and the buyer in the transaction.

FULLERTON, CA—A local developer has sold a 12,765-square-foot retail property in Fullerton, CA, for $10.95 million. Located at 101 North Harbor Blvd. in Fullerton, the building is occupied by Bol Bakery & Café, Salon Technique and Fuoco Pizzeria Napoletana. Paul A. Bitonti, a VP of investments at Marcus & Millichap, represented the seller in the transaction.

FINANCING

SEATTLE, WA—An unnamed investor has secured $38.87 million to acquire the SeaTac Office Center in Seattle, WA. The investor purchased the property for $47.1 million from ScanlanKemperBard Companies. The 538,979-square-foot property is 63% leased and adjacent to the SeaTac Airport. HFF senior managing director Bruce Ganong and associate director Erica Christensen represented the seller in the transaction and secured the financing on behalf of the buyer.

COLORADO SPRINGS, CO—An unnamed borrower has secured $16.24 million in financing for Pines at Broadmoor Bluffs, a 108-unit, 26-building apartment community in Colorado Springs, CO. Northmarq Capital's Steve Koeneke, SVP, Dave Link, managing director and Jon Hiller, assistant VP, arranged the financing on behalf of the borrower.

SEATTLE, WA—An unnamed borrower has secured $14 million in financing  for Latitude Queen Anne, a 76-unit apartment complex in Seattle, WA. The loan has a 10-year term of interest only debt service payments.  Berkadia's senior managing director Mitch Thurston and senior director Andy Ahlers secured the funds through its Fannie Mae program.

EMPLOYMENT

ONTARIO, CA—Mario Alvarez and Andrew McLean have joined NAI Capital's Ontario office as SVPs. Mclean joins the firm from Lee & Associates, where he focused on the sales and leasing of retail properties, while Alvarez joins the firm from Guardian Companies, where he led their investment strategy, operations, and leasing negotiations. The duo has a combined 25 years of real estate experience.  

LONG BEACH, CA—Arbor Commercial Mortgage has named Linda Gorbenko as director of FHA in the firm's Long Beach office. The 18-year veteran will be responsible for originating multifamily financing across the firm's loan products, including FHA, Fannie Mae, Freddie Mac, CMBS, Bridge, Mezzanine and Preferred Equity. She was formerly an Executive Director at CIBC.

EL SEGUNDO, CA—Doug Vikser has joined Hunt Mortgage Group as managing director. Vikser has held previous positions at Terra Capital Partners and MSD Capital and as managing director/portfolio manager for a bridge loan debt fund at Prudential Mortgage Capital. In his new role, he will focus on generating business for the firm's commercial floating rate bridge program.

DEVELOPMENT

LOS ANGELES—Bernards has completed construction of the Santa Monica College Health, Fitness, Dance and PE Building. The milestone was celebrated in a topping off ceremony. The new three-story, 63,750-square-foot building is LEED certified.

MURRIETA, CA—MBK Rental Living has purchase 11.6 acres of land in Murrieta, CA, to develop a 230-unit apartment complex. The developer, which is an affiliate of MBK Homes, purchased the land site for an undisclosed cost. MBK plans to build a resort-style complex on the site with one-, two and three-bedroom floor plans with an average size of 1,050 square feet.