Author

Channing Hamilton

The courtyard of 128 on State.
Investment SalesNewsWashingtonWestern

Waterton Acquires Seattle-Area Property for $63.5 Million

by Channing Hamilton

KIRKLAND, WASH. — Waterton has acquired 128 on State, a 123-unit property in Kirkland, about 11 miles northeast of Seattle. Prometheus Real Estate Group was the seller. According to King County public records, 128 on State traded for $63.5 million. Waterton plans to renovate the property. Unit upgrades will include new tile backsplashes and refinished cabinetry, new carpeting and tile, quartz countertops and updated lighting and plumbing fixtures. Common areas will be upgraded with new furniture, and a yoga studio will be added to the fitness center.

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A 3D render of Kōz on Alderwood, a contemporary-style black and white multifamily building.
DevelopmentFinanceNewsWashingtonWestern

MSquared, Kōz Development Secure $54 Million for Seattle Project

by Channing Hamilton

SEATTLE — MSquared and Kōz Development have closed on financing for Kōz on Alderwood, a 200-unit mixed-income development in Seattle. The project is being financed by $35 million in debt from Coastal Community Bank, $13 million in equity from MSquared and $6 million in equity from Kōz Development investors, for a total of $54 million. Kōz on Alderwood will offer studio, one- and two-bedroom apartments. Half of the units will be set aside for households earning up to 80 percent of the area median income. Construction on the project is …

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Angelene Apartments, a multifamily building on a street corner.
CaliforniaInvestment SalesNewsWestern

Olympus Property Acquires Angelene Apartments in West Hollywood

by Channing Hamilton

WEST HOLLYWOOD, CALIF. — Fort Worth, Texas-based Olympus Property has acquired Angelene Apartments, a 179-unit, mixed-use community in West Hollywood, California. Berkadia brokered the transaction. Derrek Ostrzyzek, Tom Moran, Rachel Parsons and Mike Murphy represented the undisclosed institutional seller. Tucker Knight arranged acquisition financing through Freddie Mac on behalf of Olympus Property. Angelene Apartments was built in 2016 and offers studio, one-, two- and three-bedroom floor plans. The property is anchored by 33,500 square feet of ground-floor retail, which is currently occupied by Sprouts Farmers Market.

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A 3D render of Woodlawn Central, a mixed-use project in Chicago.
Affordable HousingDevelopmentIllinoisMidwestNews

South Side Chicago Mega Development One Step Closer to Construction Phase

by Channing Hamilton

CHICAGO —Transwestern Real Estate Services has been selected to lead the multi-phase South Side Chicago Woodlawn Central development project. J.C. Griffin of Transwestern will act as developer, doing business as Woodlawn Central LLC, throughout the project, which has been in various planning phases since at least 2009. Woodlawn Central is an eight-acre, $895 million development project in the Woodlawn neighborhood. Plans for Woodlawn Central call for 870 residential units, ranging from affordable to market-rate, luxury and seniors housing. Requirements for the affordable housing component were not disclosed. The development will …

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Drawn plans of the Caroline Eastside Apartments.
DevelopmentNewsTexas

Hunt Cos. Breaks Ground on The Caroline Eastside Apartments Near Dallas

by Channing Hamilton

RICHARDSON, TEXAS — Hunt Cos. has broken ground on The Caroline Eastside Apartments, a 384-unit apartment building in Richardson, 14 miles north of Dallas. Hunt Cos. is partnering with the U.S. Department of Housing and Urban Development to finance the project. Walker & Dunlop also served as a lender. The building was designed by HEDK Architects and will be built by KWA Construction. ZRS Management will be responsible for leasing and management of the property. Preleasing for the community will begin in in the fourth quarter of 2023, with first move-ins …

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Investment SalesMidwestMinnesotaNebraskaNews

Centerspace Sells Nine Properties in Minnesota and Nebraska for $144.3 million

by Channing Hamilton

MINOT, N.D. — Minot-based developer Centerspace (NYSE: CSR) has sold nine properties in Minnesota and Nebraska to an undisclosed buyer for a total $144.3 million. The transaction included four communities (692 units) in St. Cloud, Minnesota, two communities (498 units) in the Omaha-Lincoln market in Nebraska and three communities (377 units) in the Minneapolis-St. Paul market. CBRE brokered the sale of the Minnesota communities, while MMG Real Estate Advisors brokered the sale of the communities in Nebraska.

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A 3D render of 32nd and Eliot Apartments, a white and black contemporary style building.
Affordable HousingColoradoDevelopmentMarket ReportsWestern

Developers Navigate Denver’s Increasingly Complex Market 

by Channing Hamilton

We know Denver’s housing story as it relates to the pandemic: The metro’s high quality of life, access to outdoor amenities and lower prices than other Western mainstays (California) drove demand sky-high for the past three years. With that came an increase in prices — as it always does.  The average rent for an apartment in metro Denver was $1,838 in the fourth quarter of 2022, according to research firm Apartment Insights. This is actually a slight decrease from the thirdquarter average of $1,870 per month. Andrew Hamrick, general counsel …

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A 3D render of Overland and Ayres, a gray and white contemporary style building.
CaliforniaDevelopmentFinanceNewsWestern

JLL Arranges $84 Million for GPI’s Overland and Ayers Project in Los Angeles

by Channing Hamilton

LOS ANGELES — JLL Capital Markets has arranged an $84 million, floating-rate construction loan through Citizens Financial Group for an affiliate of GPI Cos. Los Angeles-based GPI is building Overland and Ayres, a 201-unit project in West Los Angeles. The six-story building will contain 56 studios, 97 one-bedroom units, 39 two-bedroom units and nine townhomes. Overland and Ayers will be complete in 2024. The JLL team was led by Kevin Mackenzie, Greg Brown, Jeff Sause, Sam Godfrey and Charlie Vorsheck.

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A 3D render of Vermeer, a 13-story grey and white building.
DevelopmentNewsNortheastWashington, D.C.

Toll Brothers Underway on 501-Unit Mixed-Use Project in Washington, D.C

by Channing Hamilton

WASHINGTON, D.C. — Toll Brothers Apartment Living, a subsidiary of Toll Brothers Inc., is developing Vermeer, a mixed-use project in the Buzzard Point neighborhood of Washington, D.C. Vermeer’s development is being financed through a construction loan from Bank OZK. The project was designed by architecture firm KTGY. Site work on Vermeer began in December 2022, and the building is expected to open in 2024. Vermeer will rise 13 stories and include 37,000 square feet of ground-level retail space. The property’s 501 units will be available in studio, one-, two- and …

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Henley Riverside, a blue and brown and white multifamily complex with a pool at the center.
Investment SalesNewsTexas

Treeline Real Estate Partners Sells Henley Riverside in Austin, Texas

by Channing Hamilton

AUSTIN, TEXAS — An affiliate of Treeline Real Estate Partners has sold Henley Riverside, a 368-unit property in Austin, to an undisclosed buyer. Newmark Vice Chairman Patton Jones and Managing Director Andrew Dickson represented Treeline Real Estate Partners in the transaction. Henley Riverside rises four stories in Austin’s East Riverside area and offers one-, two- and three-bedroom floor plans. The property was 92 percent occupied at the time of sale

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