Author

Channing Hamilton

Mountain Park's cabana and pool area, with the white multifamily building behind it.
ArizonaInvestment SalesNewsWestern

LaSalle Investment Management Buys Mountain Park in Phoenix

by Channing Hamilton

PHOENIX — Sares Regis Group has sold Mountain Park, a 240-unit community in Ahwatukee Foothills, which is about 20 miles south of Phoenix. The buyer was LaSalle Investment Management. Institutional Property Advisors (IPA) brokered the sale, with IPA Executive Managing Directors Cliff David and Steve Gebing representing the seller and procuring the buyer. Mountain Park was sold under Newport Beach, California-based Sares Regis Group’s Multifamily Value-Add Fund III, which is equity focused on Class B properties in the Western states, primarily in Southern California, Seattle, Portland, Oregon, and Phoenix. Built …

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Range at Reunion, a three-story multifamily building. The first floor is brick, the second and third are beige siding.
ColoradoInvestment SalesNewsWestern

SouthWestern Property Corp. Sells 180-Unit Community in Denver Suburb for $65 Million

by Channing Hamilton

COMMERCE CITY, COLO. — SouthWestern Property Corp. has sold Range at Reunion in Commerce City, which is 7 miles northeast of downtown Denver, for $65 million. Walker & Dunlop arranged the sale on behalf of the seller and the private buyer in a 1031 exchange. Brokers Dan Woodward, Dave Potarf, Matt Barnett and Jake Young comprised the investment sales team. The 180-unit Range at Reunion was developed in 2022. Amenities include a fitness center, clubhouse, business center, conference room, pool and dog park.

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Affordable HousingDevelopmentNewsTexas

Mintwood Real Estate, MSquared, Mirasol Capital Break Ground on Mixed-Income Community in Dallas

by Channing Hamilton

DALLAS — Mintwood Real Estate, MSquared and Mirasol Capital have broken ground on Oakhouse in the southwest Dallas neighborhood of Oak Cliff. An undisclosed amount of financing was provided by Independent Financial. Oakhouse will comprise 219 units, 110 of which will be reserved for households earning at or below 80 percent of the area median income (AMI). Community amenities at Oakhouse will include a rooftop lounge, pool, dog park, fitness center and co-working spaces. A construction timeline for the development was not disclosed. The project team also includes general contractor …

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Affordable HousingArizonaDevelopmentNewsWestern

Roers Cos. Secures $90 Million to Develop Affordable Housing Community near Phoenix, Arizona

by Channing Hamilton

BUCKEYE, ARIZ. — Roers Cos. has secured financing for the development of Solana Villas, an affordable housing community in Buckeye, approximately 37 miles west of Phoenix. Funding for the project was provided by Merchants Capital and Merchants Bank of Indiana (MBI). Merchants Capital secured $90 in financing for the property, including a $33 million MBI tax-exempt construction loan, a $24 million construction loan and a $31.5 million Freddie Mac loan. Additionally, MBI provided a 4 percent LIHTC equity investment of $27.8 million. Solana Villas will sit on approximately 10.7 acres …

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A small pool in front of a yellow clubhouse with black roofing.
Investment SalesNewsTexas

GVA Real Estate Group Sells The Lex in Dallas to Dunleer

by Channing Hamilton

DALLAS — GVA Real Estate Group has sold The Lex, a 144-unit community in Dallas’ Lake Highlands neighborhood, to Los Angeles-based investment group Dunleer. IPA brokered the sale and arranged acquisition financing. The Lex was built in 1984. The property is a gated-access garden style community that offers amenities such as covered parking, outdoor grilling stations, complimentary bicycle rentals and a pool. IPA’s Taylor Hill, Drew Kile, Joey Tumminello, Michael Ware, Will Balthrope and Cameron Purse represented the seller. IPA Capital Markets’ Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse …

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A sign off the road reading "Meadowland Apartments" with a two-story leasing office behind it.
Investment SalesNewsOregonWestern

JLL Brokers $26.9 Million Sale of Meadowland Apartments in Portland, Oregon

by Channing Hamilton

PORTLAND, ORE. — NBP Capital has sold Meadowlands Apartments in Portland to Glencrest Group for $26.9 million. JLL Capital Markets brokered the sale, representing the seller in the deal, and arranged a 10-year, fixed-rate Freddie Mac loan for Glencrest Group. The 168-unit, garden-style community will be rebranded as Township Eastside. The property was built in 1991 and includes two-bedroom units with in-unit washers and dryers and a patio or balcony. Community amenities include a clubhouse, a pool and a playground. The JLL Investment Sales and Advisory team representing the seller …

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The clubhouse of Avia Sanctuary at Highland Mall, with light wood flooring and a white brick fireplace.
DevelopmentInvestment SalesNewsTexas

PEG Cos. Sells 96-Unit Hotel-to-Multifamily Conversion in Austin, Texas

by Channing Hamilton

AUSTIN, TEXAS — PEG Cos., a commercial real estate investment firm based in Provo, Utah, has sold AVIA Sanctuary at Highland Mall to an undisclosed buyer. AVIA Sanctuary at Highland Mall is a newly converted development in Austin that previously operated as the Habitat Suites extended stay hotel. PEG Cos. purchased the property in 2020. The community now comprises 96 units and offers amenities such as a clubhouse, fitness center, co-working spaces and a pool.

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Metro Greenway, a brick and brown cement multifamily building with a swimming pool at the base.
Investment SalesNewsTexas

Simpson Housing Sells 309-Unit Metro Greenway in Houston 

by Channing Hamilton

HOUSTON — Berkadia has brokered the sale of Metro Greenway, a 309-unit community in central Houston. Simpson Housing, a developer and manager based in Denver, sold the property to Westdale, a real estate investment and management company based in Dallas.  Berkadia’s Todd Marix, Chris Curry, Jeffrey Skipworth, Chris Young, Joey Rippel and Kyle Whitney represented the seller in the transaction. Metro Greenway was built by The Dinerstein Cos. in 2008. The property comprises four residential stories above a two-story parking podium with 504 parking spaces. Metro Greenway offers one- and …

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Affordable HousingDevelopmentNewsTexas

Fairstead Secures $25 Million to Renovate Copper Tree Village Apartments in Houston

by Channing Hamilton

HOUSTON — Fairstead has secured $25 million in financing from Berkadia, R4 Capital and the Houston Housing Finance Corp. to renovate Coppertree Village Apartments in the Acres Homes neighborhood of Houston. Coppertree Village Apartments is comprised of 324 units set aside for households earning at or below 50 to 60 percent of the area median income (AMI). Fairstead is a developer based out of New York City. The company acquired Coppertree Village Apartments in September 2021. Houston Housing Finance Corp. is a Texas nonprofit focused on providing financing to affordable housing projects …

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A rendering of an aerial view of Chisholm Trail Ranch, a rental neighborhood with six sections.
Build-to-RentDevelopmentNewsTexas

Avanta Residential Breaks Ground on 247-Unit BTR Project in Fort Worth, Texas

by Channing Hamilton

FORT WORTH, TEXAS — Avanta Residential has broken ground on Avendale at Chisholm Trail Ranch, a build-to-rent (BTR) community in Fort Worth. Avendale at Chisholm Trail will comprise 247 one-, two-, three- and four-bedroom units. The community will also feature an amenity center with a clubroom, fitness center, green spaces and a pool. Other amenities include courtyards, lounge areas, dog parks, walking trails and playgrounds. The first units at Avendale at Chisholm Trail Ranch will be delivered in Spring 2024. Brownstone Construction will serve as the general contractor for the project. Avanta …

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