Author

Channing Hamilton

A building which is part of Arches Apartments. It is white with orange accents.
ArizonaInvestment SalesNewsWestern

Storm Properties Acquires The Arches Apartments in Glendale, Arizona for $33.5 Million

by Channing Hamilton

GLENDALE, ARIZ. — Torrance, California-based Storm Properties Inc. has acquired The Arches Apartments in the Phoenix suburb of Glendale for $33.5 million. The Arches is a 200-unit, garden-style community that was developed in 1985. Trevor Koskovich, Jesse Hudson, Ryan Boyle and Logan Baca of Northmarq’s investment sales team brokered the transaction on behalf of the seller, an affiliate of Phoenix-based Western Wealth Capital doing business as WWC XL VII. Northmarq’s debt and equity team of Brandon Harrington, Christopher Gitibin, Tyler Woodard, Bryan Mummaw and Bryan Liu arranged a five-year, fixed-rate …

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A bird's eye 3D render of Los Arcos, a multifamily community with dark brown roofing.
Affordable HousingDevelopmentNewsTexas

City of San Antonio Breaks Ground on Los Arcos at VIDA 

by Channing Hamilton

SAN ANTONIO — The city of San Antonio and its partners have broken ground on Los Arcos at VIDA, a 324-unit affordable housing community on the city’s south side. Los Arcos is financed by 4 percent housing tax credits allocated by the Texas Department of Housing and Community Affairs ($36 million); private activity bonds issued by Opportunity Home San Antonio ($38 million); various funds from the 2022-2027 City of San Antonio Housing Bond Program ($5.3 million); and grant funds from the Bexar County Economic & Community Development American Rescue Plan …

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Annapolis Junction, a six-story multifamily building with brick and slate exteriors.
DevelopmentInvestment SalesMarket ReportsNortheast

Mid-Atlantic Region Capitalizes on its Economic Strengths 

by Channing Hamilton

The Mid-Atlantic region comprises two major markets with heavy ties to the federal government: Washington, D.C., and Baltimore. The metros are located about 40 miles apart via I-95, and their combined metropolitan statistical area (MSA) house more than 9.2 million people, which is a nearly 10 percent increase from 2010, according to the latest U.S. Census data. The region’s surging population has helped drive demand for more market-rate multifamily and affordable housing development in recent years. Also supporting demand is its ubiquitous public sector, especially in the nation’s capital. “Washington, …

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Fox Meadows Apartments, a gray multifamily community with several buildings.
Affordable HousingColoradoInvestment SalesNewsWestern

Olive Bark Acquires Fox Meadows Apartments in Fort Collins, Colorado, for $36.8 Million

by Channing Hamilton

FORT COLLINS, COLO. — Lakewood, Colorado-based Olive Bark has acquired Fox Meadows Apartments for $36.8 million. Fox Meadows Apartments is a 138-unit partial LIHTC community in Fort Collins, which is 45 miles north of Boulder, Colorado. Sixty-three units are set aside for households earning at or below 60 percent of the area median income. The property was built in 2001. Colliers Multifamily Advisory Group’s Bill Morkes and Craig Stack represented the seller and procured the buyer, a private local developer. The transaction included a fully amortizing, fixed-rate HUD loan assumption.

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A 3D render of Alta Denton Station, a gray and white multifamily property.
DevelopmentNewsTexas

Wood Partners Opens Alta Denton Station

by Channing Hamilton

DENTON, TEXAS — Wood Partners has opened Alta Denton Station in Denton, about 40 miles north of Dallas. Alta Denton Station offers 248 one-, two- and three-bedroom units with features such as stainless-steel appliances, granite countertops and in-unit washers and dryers. Rent begins at $1,275 per month for a one-bedroom unit, according to the property website. Amenities include a clubhouse, fitness center, pet facilities and a pool with a courtyard and grilling areas. Wood Partners broke ground on Alta Denton in December 2021. The Atlanta-based company currently owns 70 properties …

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A construction site for the redevelopment of a hotel building.
Architecture & DesignDevelopmentFeaturesNortheastWashington, D.C.

ULI Report: Commercial-to-Multifamily Conversions Bring Balance to Markets

by Channing Hamilton

WASHINGTON, D.C. — With many office buildings, hotels and shopping malls sitting vacant or underutilized, repurposing commercial properties into multifamily housing is growing more commonplace. A recently released report suggests that these conversions could be financially feasible across a broad range of markets and circumstances. “Conversions have existed for decades, but the pandemic has accelerated their growth potential by rendering more commercial properties obsolete,” says Anita Kramer, senior vice president of the ULI Center for Real Estate Economics and Capital Markets. “Our research demonstrates that there’s no ‘cookie-cutter’ formula for …

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A rendering of Mainline North, an eight-story blue and white contemporary style building.
CaliforniaDevelopmentNewsWestern

USA Properties, Pinyon Group Begin Construction on $81.2 Million Affordable Building in Santa Clara, California

by Channing Hamilton

SANTA CLARA, CALIF. — USA Properties Fund and The Pinyon Group have begun construction on Mainline North, an affordable community in Santa Clara, four miles from San Jose, California. The $81.2 million project is the result of a public-private partnership including Bank of America, California Housing Finance Agency, the City of Santa Clara, Google, Housing Trust Silicon Valley, Ensemble Real Estate Investments and Related. Mainline North will include 151 studio, one- and two-bedroom units for tenants earning at or below 30 percent of the area median income (AMI). Construction on …

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River Oaks at Westheimer, a contemporary style high rise building.
DevelopmentNewsTexas

High Street Residential, Daiwa House Industry Co. Break Ground on River Oaks at Westheimer in Houston

by Channing Hamilton

HOUSTON — High Street Residential and Daiwa House Industry Co. are developing River Oaks at Westheimer in Houston. The building will rise 12 stories and offer 209 one- and three-bedroom units, as well as 2,900 square feet of ground-floor retail space. Amenities include work space, a reading room, fitness center with a yoga room, pool, lounge, dog park and pet-grooming room, bike storage, and EV charging stations. The first units will be complete in 2025. Sumitomo Mitsui Trust Bank is providing construction financing for the project. Zeigler Cooper Architects is …

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Sunshine Villas, a yellow and brown multifamily building. The property is designated with a digitally-drawn yellow line.
CaliforniaInvestment SalesNewsWestern

Northmarq Brokers Sale of 61-Unit Portfolio Near San Diego

by Channing Hamilton

EL CAJON, CALIF. — Northmarq has brokered the sale of a three-property, 61-unit portfolio in El Cajon, which is 15 miles northeast of San Diego. Northmarq’s investment sales team arranged the sale on behalf of the seller, El Cajon Investor 1 & 2. The portfolio includes: Sunshine Manor, a 19-unit property that was constructed in 1977; Sunshine Villas, a 19-unit, two-story building that was built in 1978; and East Winds, a gated community with 23 units. Erik Anderson, vice president of investment sales at Northmarq’s San Diego office, arranged the …

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The front of Vero Apartments, a gray and white high rise building with orange and black accents.
Affordable HousingDevelopmentMassachusettsNewsNortheast

Fairfield Residential Completes First Phase of Vero Apartments Near Boston

by Channing Hamilton

CHELSEA, MASS. — Fairfield Residential has finished building the first phase of Vero Apartments in Chelsea, located about five miles north of Boston. The first phase consists of 436 units. The second phase, called V2, is underway and will deliver 250 additional apartments. A completion date for Phase II was not disclosed. The project is a redevelopment of the 126-year-old Chelsea Clock manufacturing building and a waste management transfer station. Vero Apartments offers studio, one- and two-bedroom units, with 14 units set aside as affordable housing. Rent restrictions on the …

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