ARVADA, COLO. — A joint venture between RangeWater Real Estate and TMGRI, a subsidiary of The Meridian Group, has acquired a 16.7-acre site in northwest Arvada within Candelas, a master-planned community. Slated to break ground in September, the development will include 324 apartment residences with one- and two-bedroom floor plans ranging from 688 square feet to 1,196 square feet, along with 56 townhomes with two- and three-bedroom layouts ranging from 1,246 square feet to 1,823 square feet.
Interior features will include open floor plans with nine-foot ceilings, chef-inspired kitchens with Shaker cabinetry, black granite and white quartz countertops, stainless steel appliances and large balconies. Additionally, townhomes will offer back patios and garages.
Community amenities will include a standalone clubhouse featuring coworking space, a residents’ lounge, garden room and private offices. Other amenities will include an indoor/outdoor fitness club, resort-style pool and spa with outdoor dining and grilling areas, a dog park, fire pits and a community garden. Completion is scheduled for April 2028.
LAS VEGAS — CBRE has secured $75 million in refinancing for an office building located at 1700 S. Pavilion Center Drive within Summerlin, a master-planned community in Las Vegas. Bob Ybarra of CBRE arranged the five-year, fixed-rate loan on behalf of the landlord, Howard Hughes. Completed in 2022, the stabilized 10-story building offers 266,000 square feet of office space. The property features spacious floor plans, outdoor areas and design elements that promote tenant well-being and create a sustainable environment.
VENTURA, CALIF. — County Center LP has completed the disposition of Cypress Point, an apartment complex in Ventura. Raintree Properties acquired the asset for $100 million, or $373,134 per unit.
Built in 1990 on 14 acres, Cypress Point offers 268 apartments spread across 28 two-story residential buildings. First-floor units feature nine-foot ceilings and second-floor units have up to 12-foot vaulted ceilings. All apartments offer extra storage space, dishwashers, large closets and window coverings. Community amenities include a barbecue and picnic area, fitness center, clubhouse and covered parking.
Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.
HACKENSACK, N.J. — Locally based developer Plaxsun Properties has completed a 51,750-square-foot medical office building that is located directly across from the Hackensack University Medical Center campus in Hackensack. The facility features three floors of medical office space atop three levels of covered onsite parking, high-capacity HVAC and plumbing systems and multiple lobbies with elevator access. Newmark has been tapped as the leasing agent.
GROTON, CONN. — Northeast Private Client Group (NEPCG) has negotiated the $25.4 million sale of a 141-unit multifamily property in Groton, located in southern coastal Connecticut. Groton Townhomes offers one-, two- and three-bedroom units as well as outdoor dining and gathering spaces. Bradley Balletto of NEPCG represented the New Jersey-based seller in the transaction and procured the buyers, Rowin Capital and its affiliate, Penlane Real Estate.
PHILADELPHIA — Marcus & Millichap has brokered the $27.1 million sale of a portfolio of four retail properties in metro Philadelphia that are leased to convenience store operator Wawa. The buildings were all constructed within the past three years and are located in Newtown, Pottstown, Warrington and Fairless Hills. Scott Woodard and Derrick Dougherty of Marcus & Millichap represented the buyer, a private investor based in Bucks County, in the 1031 exchange transaction. The sellers included regional developers, local private owners and East Coast-based owners and operators. All parties requested anonymity.