DAPHNE, ALA. — Cushman & Wakefield has represented a private seller in its disposition of Park at Whispering Pines in Daphne, located along the Gulf Coast of Alabama, about 15 miles east of Mobile. Northcutt Investments purchased the asset for an undisclosed sum. The transaction included the property’s 143 units as well as approximately 10 extra acres of developable land. The community was built in 2008.
LOS ANGELES — Institutional Property Advisors (IPA) has arranged the $28 million sale of Park Encino, a 52-unit property in the Encino neighborhood of Los Angeles. IPA’s Kevin Green, Joseph Grabiec and Gregory Harris represented the undisclosed seller and procured the buyer, locally based Universe Holdings Development. Completed in 2014, Park Encino is a gated community with a central courtyard, clubhouse, fitness center, patio and grill. The unit mix is comprised of two- and three-bedroom floor plans. Units feature washers and dryers and walk-in closets.
TRAVERSE CITY, MICH. — Woda Cooper Cos. has completed and opened Annika II, a $19.3 million, 58-unit affordable housing community in Traverse City. The 29 one-bedrooms and 24 two-bedrooms are reserved for families earning up to 30 to 80 percent of area median income. Some units are specifically set aside for tenants with developmental disabilities, supported by project partner Goodwill Industries. The first phase of this project opened in 2024 and included 53 one- and two-bedroom units offered with the same rent restrictions as Phase II. The Phase I project …
UNION CITY, CALIF. — MidPen Housing has begun construction of Lazuli Landing, an 81-unit affordable housing property in Union City’s Decoto neighborhood. The one-, two- and three-bedroom units will be reserved for residents earning between 20 to 60 percent of area median income, which ranges from yearly salaries of $31,690 to $95,880 for a family of four. Prospective residents who live and work in Union City or Alameda County will be given preference over non-local renters. Alameda County voters approved $13.2 million for the project. In addition to the City …
DENVER — PCCP has provided a $78 million loan to Trammell Crow Residential for the refinancing of Alexan Evans Station in Denver. The 367-unit property, located at 2121 S. Broadway, was built in 2023 and is LEED Gold-certified. It offers a mix of studio, one-, two- and three-bedroom units and 7,334 square feet of ground-floor retail space leased to F45, SweatHouz and Pacific Dental Services. Amenities include a pool and hot tub with cabanas, a fitness center, coworking spaces and a conference center, EV charging and an on-site convenience market.
PORTSMOUTH, VA. — Woda Cooper Cos. has opened Bains Pointe, a 50-unit affordable housing community in Portsmouth, about three miles west of Norfolk, Virginia. The property includes 39 two-bedroom apartments and 11 three-bedroom units reserved for renters earning between 30 and 80 percent of area median income. Some units are specifically for residents who are developmentally disabled and served by partner STOP Inc., a Hampton Roads, Virginia-based nonprofit that offers supportive services to lower-income individuals and veterans. Some units at Bains Pointe were also designed to serve people with mobility …
SANTA ROSA BEACH, FLA. — Walker & Dunlop has arranged a $79 million refinancing loan for The Jewel at Santa Rosa Beach, a 408-unit property in Santa Rosa Beach. The borrower was Bristol Development Group. The Walker & Dunlop Capital Markets Real Estate Finance team led by Jeremy Pino, Livingston Hessam, Carl Passmore and Kyle Miller coordinated the transaction alongside Walker & Dunlop FHA Finance’s Keith Melton and David Strange to arrange the interest-only, non-recourse bridge loan with an institutional debt fund. The Jewel at Santa Rosa Beach includes one-, …
PHOENIX — Phoenix-based real estate investment firm TBBG Investments has completed one acquisition and broken ground on two build-to-rent (BTR) developments in the Phoenix metro area. In partnership with Denver-based Canopy Real Estate Partners, TBBG has acquired CJ Townhomes for approximately $13.4 million. The 36-unit community in Mesa, Arizona, will be rebranded as The Sonoran Townhomes. The development was completed in 2024 and includes three-bedroom townhomes with attached garages and private yards as well as such amenities as a pool and hot tub, a dog park, fitness center, resident lounge …
KNOXVILLE, TENN. — Trinitas Ventures, a Lafayette, Indiana-based development and investment firm, along with partner Indianapolis-based developer Millstone Ventures have broken ground on Laster Farms at Turkey Creek, a 320-unit project in Knoxville. Laster Farms at Turkey Creek will include 240 apartments and 80 townhomes offered in one-, two- and three-bedroom layouts with monthly asking rents ranging from approximately $1,800 to $2,800. Amenities include a clubhouse and fitness center, resort-style pool, golf simulator, outdoor lounge areas and entertainment lawns. First move-ins are expected by summer 2027.
WESTMINSTER, CALIF. — Shopoff Realty Investments and architecture firm AO have broken ground on Bolsa Pacific at Westminster. Developed by Shopoff Realty Investments, the new 83.3-acre mixed-use project will replace the vacant Westminster Mall in Westminster, located in western Orange County, about 12 miles east of Long Beach, California. Bolsa Pacific will include approximately 2,250 residential units, 220,000 square feet of retail, a 120-key hotel and more than 15 acres of publicly accessible open space. AO designed the residential component of the project, which comprises five multifamily buildings on the south …
