Denver Market Heats Up

LOS ANGELES—Advenir has purchased Cypress Point, a 292-unit apartment complex in Denver, CO, for $42 million from Jackson Square Properties. The buyer also secured $33.6 million in financing through Freddie Mac's CME program, structured with a seven-year, 2.75% floating-rate loan with three years of interest only. Jordan Robbins and Jeff Haag of HFF represented the seller in the transaction, while the firm's Josh Simon and Eric Tupler secured the financing on behalf of the borrower.

SALES

LOS ANGELES—A private Investor has purchased a 55-unit apartment complex in Los Angeles from Ellis Brutman Jersey Properties for $7.9 million at a 4.92% cap rate. Located at 3627 West 104^th Street, the property has 43 units with a mix of one and two bedrooms, and it was recently renovated. Robert Stepp and Mark Witsken of Stepp Commercial represented the buyer and Matthew Pernice of NW Real Estate Brokers represented the seller.

SEATTLE, WA—Investor Revolve has purchased the Yardhouse, a 35-unit apartment complex in Seattle, for a record-breaking price of $13.95 million, or $400,000 per unit and $765 per square foot. The property is 100% leased.

SAN DIEGO, CA—Lone Star Funds has purchased La Jolla & Nautilus, two retail and office properties totaling 24,454 square feet, for an undisclosed price. The sale includes a two-story, 11,383-square-foot multi-tenant building and a four-story, 13,071-square-foot multi-tenant building. CBRE's Patrick Arangio, Jack Howard and Reg Kobzi represented the seller in the sale.

PORTLAND, OR—Rode LLC has purchased 811 @ the Waterfront, a 50,000-square-foot office building, from Swift Real Estate Partners for an undisclosed price. The property is nearly fully leased by SunPower Corporation Systems, Ensequence, INC., Marquam Group and New Credit America.

LEASES

LOS ANGELES—Digital Domain has completed a long-term lease extension at its corporate head quarters in Playa Vista for the entire 51,320 square feet. The tenant has been at the property since 2007 and was converted into a creative office space. Josh Gorin, SVP and branch manager, and Marcus Arredondo, associate director, of Savills Studley represented the tenant in the transaction.

SAN DIEGO, CA—Teledyne Instruments has signed a 124,828 square foot lease for two buildings in Scripps Ranch. The lease has a 10-year term and is valued at $22 million. Executive managing director Craig Estey of Cushman & Wakefield represented the tenant in the transaction. Bill Dolan and Chris Pascale represented the landlord, Gateway Colorado Properties, in the transaction.

CALABASAS, CA—Pepperdine University has signed a 107,169-square-foot lease with Cypress Land Co. at a R&D building located at 26750 Agoura Road in Calabasas. Pepperdine will use the location for its administrative offices, and leased the space for 10 years with several extension options. Mike Tingus and Grant Fulkerson of Lee & Associates L.A. North Ventura office represented the lessor in the transaction.

FINANCING

LAS VEGAS—Fore Property Co. has secured $36 million construction loan for the development of Spring Mountain Apartments, a 295-unit apartment complex with 9,000 square feet of ground floor retail. US Bank funded the loan. The terms were not disclosed.

PORTLAND, OR—Landmark Capital Advisors has raised $9 million in equity for phase I of Green Mountain Master Plan Community in Camas, WA, a 283-acre mixed-use master plan community. Proceeds from the raise will be used to fund the acquisition and construction of phase 1, which includes the construction of 201 single-family homes.

VANCOUVER, WA—Ellinwood Associates has secured $12 million to refinance Crystal Creek Apartments, a 206-unit apartment complex in Vancouver, WA. Life insurance company John Hancock funded the 10-year full-term interest only loan. Andrew Behrens and Jesse Weber of CBRE secured the funds on behalf of the borrower.

EMPLOYMENT

SAN DIEGO, CA—James Silverwood, Affirmed Housing CEO will serve as the board chair for the California Housing Consortium for 2016. As chair, Silverwood will continue his work of supplying affordable housing and eradicating homelessness.

DEVELOPMENT

CHULA VISTA, CA—Wermers Multifamily Corp. has completed construction of Lofts on Landis, a 33-unt affordable housing complex located in Downtown Chula Vista. The four-story building included a children's play area, health center, laundry facilities, and leasing offices.

ONTARIO, CA—Orbis Real Estate Partners has started construction of Orbis Landing, a 104, 754-square-foot industrial property in Ontario, CA. The three-building development sits on 5.1 acres, which the developer purchased for $3.1 million, and will offer warehouse and distribution space to the market.

HAYWARD, CA—Meta Housing Corp. has broken ground on Hayward Senior Apartments, a 60-unit affordable housing development for seniors with 6,000 square feet of ground floor retail space. The project will be LEED certified and located only a few blocks from public transit.

LOS ANGELES—Advenir has purchased Cypress Point, a 292-unit apartment complex in Denver, CO, for $42 million from Jackson Square Properties. The buyer also secured $33.6 million in financing through Freddie Mac's CME program, structured with a seven-year, 2.75% floating-rate loan with three years of interest only. Jordan Robbins and Jeff Haag of HFF represented the seller in the transaction, while the firm's Josh Simon and Eric Tupler secured the financing on behalf of the borrower.

SALES

LOS ANGELES—A private Investor has purchased a 55-unit apartment complex in Los Angeles from Ellis Brutman Jersey Properties for $7.9 million at a 4.92% cap rate. Located at 3627 West 104^th Street, the property has 43 units with a mix of one and two bedrooms, and it was recently renovated. Robert Stepp and Mark Witsken of Stepp Commercial represented the buyer and Matthew Pernice of NW Real Estate Brokers represented the seller.

SEATTLE, WA—Investor Revolve has purchased the Yardhouse, a 35-unit apartment complex in Seattle, for a record-breaking price of $13.95 million, or $400,000 per unit and $765 per square foot. The property is 100% leased.

SAN DIEGO, CA—Lone Star Funds has purchased La Jolla & Nautilus, two retail and office properties totaling 24,454 square feet, for an undisclosed price. The sale includes a two-story, 11,383-square-foot multi-tenant building and a four-story, 13,071-square-foot multi-tenant building. CBRE's Patrick Arangio, Jack Howard and Reg Kobzi represented the seller in the sale.

PORTLAND, OR—Rode LLC has purchased 811 @ the Waterfront, a 50,000-square-foot office building, from Swift Real Estate Partners for an undisclosed price. The property is nearly fully leased by SunPower Corporation Systems, Ensequence, INC., Marquam Group and New Credit America.

LEASES

LOS ANGELES—Digital Domain has completed a long-term lease extension at its corporate head quarters in Playa Vista for the entire 51,320 square feet. The tenant has been at the property since 2007 and was converted into a creative office space. Josh Gorin, SVP and branch manager, and Marcus Arredondo, associate director, of Savills Studley represented the tenant in the transaction.

SAN DIEGO, CA—Teledyne Instruments has signed a 124,828 square foot lease for two buildings in Scripps Ranch. The lease has a 10-year term and is valued at $22 million. Executive managing director Craig Estey of Cushman & Wakefield represented the tenant in the transaction. Bill Dolan and Chris Pascale represented the landlord, Gateway Colorado Properties, in the transaction.

CALABASAS, CA—Pepperdine University has signed a 107,169-square-foot lease with Cypress Land Co. at a R&D building located at 26750 Agoura Road in Calabasas. Pepperdine will use the location for its administrative offices, and leased the space for 10 years with several extension options. Mike Tingus and Grant Fulkerson of Lee & Associates L.A. North Ventura office represented the lessor in the transaction.

FINANCING

LAS VEGAS—Fore Property Co. has secured $36 million construction loan for the development of Spring Mountain Apartments, a 295-unit apartment complex with 9,000 square feet of ground floor retail. US Bank funded the loan. The terms were not disclosed.

PORTLAND, OR—Landmark Capital Advisors has raised $9 million in equity for phase I of Green Mountain Master Plan Community in Camas, WA, a 283-acre mixed-use master plan community. Proceeds from the raise will be used to fund the acquisition and construction of phase 1, which includes the construction of 201 single-family homes.

VANCOUVER, WA—Ellinwood Associates has secured $12 million to refinance Crystal Creek Apartments, a 206-unit apartment complex in Vancouver, WA. Life insurance company John Hancock funded the 10-year full-term interest only loan. Andrew Behrens and Jesse Weber of CBRE secured the funds on behalf of the borrower.

EMPLOYMENT

SAN DIEGO, CA—James Silverwood, Affirmed Housing CEO will serve as the board chair for the California Housing Consortium for 2016. As chair, Silverwood will continue his work of supplying affordable housing and eradicating homelessness.

DEVELOPMENT

CHULA VISTA, CA—Wermers Multifamily Corp. has completed construction of Lofts on Landis, a 33-unt affordable housing complex located in Downtown Chula Vista. The four-story building included a children's play area, health center, laundry facilities, and leasing offices.

ONTARIO, CA—Orbis Real Estate Partners has started construction of Orbis Landing, a 104, 754-square-foot industrial property in Ontario, CA. The three-building development sits on 5.1 acres, which the developer purchased for $3.1 million, and will offer warehouse and distribution space to the market.

HAYWARD, CA—Meta Housing Corp. has broken ground on Hayward Senior Apartments, a 60-unit affordable housing development for seniors with 6,000 square feet of ground floor retail space. The project will be LEED certified and located only a few blocks from public transit.