PHOENIX — Living Well Homes sold The Marlowe, a 53-unit community in Phoenix, to Topp Corp. for $8.4 million. Paul Bay, Darrell Moffitt, Cliff David and Steve Gebing of Institutional Property Advisors represented the seller and procured the buyer. The Marlowe was built in 1968 and includes amenities such as a central courtyard, pool, laundry facility and assigned parking. The average unit size at the property is 552 square feet.
CASTLE ROCK, COLO. — Asset Living has taken over management of Canvas at Castle Rock, a 102-unit townhome-style community in Castle Rock, as of June 21, 2023. Canvas at Castle Rock offers one, two and three-bedroom floor plans, as well as amenities such as a pool, fitness center, outdoor exercise space and a clubhouse. According to Apartments.com, the community was built in 2023.
MERIDIAN TOWNSHIP, MICH. — Woda Cooper Cos. has opened Woodward Way Apartments, a 49-unit affordable community in Meridian Township, which is 10 miles east of Lansing, Michigan. Financing for the $13.9 million property was supported with federal Low-Income Housing Tax Credits allocated by MSHDA through its competitive Qualified Allocation Plan. Units at Woodward Way Apartments are available to households earning between 30 and 80 percent of the area’s median income. In addition, eight units have attached rental assistance through Project Based Vouchers awarded by the Lansing Housing Commission. There are five …
JOHNSON CITY, TENN. — Blue Vista Capital Partners has acquired Stoneybrook Heights Apartments, an apartment complex in the eastern Tennessee city of Johnson City. Stoneybrook Heights was built in 1998 through the LIHTC program and will become a fully market-rate property in the second half of 2024. Currently, 45 percent of units are market rate. Rent restrictions for the property were not disclosed. The community comprises 88 units across 11 two-story buildings, as well as a single-story leasing office. Units come in two-, three- and four-bedroom layouts.
ANAHEIM, CALIF. — CBRE arranged the sale of a 14-unit community located at 129 S. Olive St. in Anaheim. The property sold to a private investor for $5.9 million. The community was built in 1986 on approximately 15,500 square feet and offers two-bedroom townhome-style floor plans. The property was recently renovated with new paint and replacement of the exterior wood. Dan Blackwell represented the buyer and seller, which was also not disclosed, in this transaction.
CAMPBELL AND SANTA CLARA, CALIF. — JLL Capital Markets has arranged the sale of three garden-style communities in Silicon Valley. The properties sold for approximately $70 million. Ryan Wagner, Brandon Geraldo and Matt Kroger led the team that represented the private seller and procured three separate buyers. The portfolio includes: Appletree, a 72-unit community in Campbell; Vista Point, a 68-unit property in Santa Clara and Cedartree, a 50-unit asset that is also located in Santa Clara. All properties offer one- and two-bedroom floor plans.
CHARLOTTE, N.C. — Greystar has broken ground on Laurent, a community located within the Rea Farms suburban center in Charlotte. Rea Farms features over 250,000 square feet of retail space. Laurent will bring 305 rental units to the center, including studio, one-, two- and three-bedroom apartments, as well as townhome-style units. The parcel was initially zoned for office space. Greystar, in cooperation with Lincoln Harris, rezoned the site to include apartments. Laurent is slated for completion in early 2025, with pre-leasing to begin in the second half of 2024.
FREDERICK, MD. — The Bainbridge Cos. has opened Bainbridge Market Commons, a 344-unit community in Frederick in western Maryland. Bainbridge Market Commons offers one, two, and three-bedroom apartments with stainless steel appliances, washers and dryers, plank flooring, ceiling fans, LED light fixtures and Wi-Fi smart thermostats. Amenities include a fitness center, co-working spaces, EV chargers, a dog park, outdoor playground, pool with cabanas, clubhouse and package room. The property is in the city’s Tech/Biotech Corridor, which The Bainbridge Cos. states is ranked in the top five for largest life science clusters in …
MIDVALE, UTAH — Peak Capital Partners has purchased Park Station from Benedict Canyon Equities for an undisclosed price. Brock Zylstra and Danny Shin of Institutional Property Advisors represented the seller and procured the buyer. Park Station is a 96-unit community in Midvale, 12 miles south of Downtown Salt Lake City. The property was constructed in 1974 and offers one- and two-bedroom floor plans. Amenities include a children’s playground, laundry facilities, and covered parking.
SAN TAN VALLEY, ARIZ. — Thompson Thrift is set to begin construction on Stella, a 308-unit community in the Phoenix suburb of San Tan Valley, this month. This will be Thompson Thrift’s sixth community in Arizona. Stella will comprise 12 two- and three-story buildings, as well as green spaces, a pool, two pickleball courts, two dog parks. Units will come in one-, two- and three-bedroom floor plans and include features such as quartz countertops, hardwood-style flooring, stainless steel appliances, internet access, ceiling fans, washers and dryers, smart thermostats and an …
