News

Community Builders Group, Bridge Financial Advisors to Open $45 Million Pasadena Studios in Pasadena, California

by Channing Hamilton August 2, 2023

PASADENA, CALIF. — A partnership comprising Community Builders Group and Bridge Financial Advisors plan to open Pasadena Studios this August. Pasadena Studios is an affordable housing community that rises six stories in the Los Angeles suburb of Pasadena. The building offers 180 small studio apartments called micro-units. Units are affordable to households earning less than $53,000 annually. Amenities include Wi-Fi connectivity, fitness center, laundry facilities, rooftop deck, a kitchenette and bike storage. The total cost of the project was $45 million. The development team broke ground on Pasadena Studios in …

August 2, 2023

Finance Indiana Investment Sales Midwest News

KeyBank Arranges $74.6 Million Acquisition Loan for Lakes at 8201 in Merrillville, Indiana

by Channing Hamilton August 1, 2023

MERRILLVILLE, IND. — KeyBank Real Estate Capital has brokered a $74.6 million loan through Freddie Mac for the acquisition of Lakes at 8201 in Merrillville, a town in Indiana’s Lake County. John Ward and Joseph Tinti arranged the nonrecourse loan on behalf of the borrower, The Beitel Group. Terms for the loan were not disclosed. Lakes at 8201 comprises 628 units across 20 buildings, as well as an office and clubhouse. The garden-style community was built between 1992 and 1993.

August 1, 2023

Colorado Leasing & Marketing News Operations Utah Western

Asset Living Takes Over Management of Two Communities in Colorado and Utah

by Channing Hamilton August 1, 2023

DENVER AND WEST JORDAN, UTAH — Asset Living has been awarded management of two communities: Regatta at Sloan’s Lake and Momentum. Regatta at Sloan’s Lake is located in Denver and offers 369 units in studio, one- and two-bedroom layouts. Units feature stainless steel appliances, wood-style floors and walk-in closets. Amenities include a dog park with a pet wash station, clubhouse with a game room and a pool. Momentum is a high-rise development in West Jordan. The community was built in 2023. Units come in studio, one- and two-bedroom floor plans. …

August 1, 2023

Affordable Housing Finance News Texas

NewPoint Provides Loan to Refinance 338-Unit Stadia Med Main Apartments in Houston

by Channing Hamilton August 1, 2023

HOUSTON — NewPoint Real Estate Capital provided a Targeted Affordable Housing loan to Aspen Oak Capital Partners (Aspen Oak) through Freddie Mac. The loan refinanced a NewPoint Bridge Loan that facilitated Aspen Oak’s acquisition of Stadia Med Main Apartments in April 2022. The fixed-rate refinance features a seven-year term and a 35-year amortization schedule. Stadia Med Main Apartments is a four-story, 338-unit property in Houston’s Medical Center/West University submarket. The community offers affordable and market rate units in one- and two-bedroom layouts. Income restrictions for the affordable units were not …

August 1, 2023

Leasing & Marketing News Operations Texas

Asset Living Awarded Management of Broadstone McKinney in Dallas Suburb

by Channing Hamilton August 1, 2023

MCKINNEY, TEXAS — Asset Living has been awarded management of Broadstone McKinney, a 255-unit community in the Dallas suburb of McKinney. Broadstone McKinney offers one-, two- and three-bedroom apartments. Units feature full-size washers and dryers, walk-in closets and stainless-steel appliances. According to Apartments.com, the complex was built in 2021 and rises three stories. Amenities include package lockers, a pool, pet park, outdoor kitchen, business center, clubhouse, lounge, fitness center and a playground.

August 1, 2023

Affordable Housing California Development News Western

Affirmed Housing Completes 100-Unit Affordable Housing Community in San Marcos, California

by Channing Hamilton August 1, 2023

SAN MARCOS, CALIF. — Affirmed Housing has completed Alora, an affordable housing community in San Marcos’s Richmar neighborhood. The development team for the project also included DAHLIN Group Architecture Planning, BNBuilders, Masson & Associates, Monica Mroz Landscape Architect and Compass for Affordable Housing. The City of San Marcos, County of San Diego, WNC and Chase provided financing for the development. Alora comprises 100 units across four residential buildings, as well as a community center and 171 parking spaces. Apartments come in one-, two- and three-bedroom floor plans, and are affordable …

August 1, 2023

Development Finance News Texas

Forman Capital Provides $19.5 Million to Construct Castlewood Townhomes in Taylor, Texas

by Channing Hamilton July 31, 2023

TAYLOR, TEXAS — Forman Capital has provided a $19.5 million construction loan and a preferred equity investment for Castlewood Townhomes, a 64-unit development in Taylor. Taylor is a city in Williamson County, Texas, about 35 miles northwest of Austin. Castlewood Townhomes will offer three- and four-bedroom townhome-style units ranging in size from 1,500 to 1,900 square feet. Units will feature detached two-car garages, quartz countertops, stainless steel appliances and various pieces of smart technology. A construction timeline for the project was not disclosed.

July 31, 2023

Affordable Housing Development Illinois Midwest News

Preservation of Affordable Housing Breaks Ground on Affordable Fifth City Commons in Chicago

by Channing Hamilton July 31, 2023

CHICAGO — Preservation of Affordable Housing has broken ground on Fifth City Commons, a new affordable housing and retail development on Chicago’s West Side. Fifth City Commons will offer 43 residential units across three stories. Units will come in one-, two- and three-bedroom layouts. The community will be affordable to households earning between 30 and 80 percent of the area median income. Amenities will include community rooms, a resident terrace and a fitness room. Details regarding the retail component of the project were not disclosed. The city of Chicago provided …

July 31, 2023

Development Florida Leasing & Marketing News Southeast

Terra Completes 460-Unit Natura Gardens Apartments in Miami

by Channing Hamilton July 31, 2023

MIAMI — South Florida-Based developer Terra has completed Natura Gardens, a garden-style community in Miami’s West Hialeah neighborhood. Leasing is now underway for the asset, with rents ranging from approximately $2,000 per month to $3,350 per month. Natura Gardens offers one-, two- and three-bedroom units. Amenities include a two-story clubhouse with a pool and spa, outdoor kitchen and grilling area, children’s playroom, lounge, fitness center, business center and a dog park. Natura Gardens was designed by Pascual, Perez, Kiliddjian Architecture. Interior design for the clubhouse and model units was conducted …

July 31, 2023

Investment Sales New York News Northeast

Marcus & Millichap Brokers $6.8 Million Sale of Pleasant Valley Estates in Pleasant Valley, New York

by Channing Hamilton July 31, 2023

PLEASANT VALLEY, N.Y. — Marcus & Millichap has arranged the sale of Pleasant Valley Estates, a 48-unit community in Pleasant Valley within the Hudson Valley of New York. The asset traded hands for $6.8 million. Jim Evans, Scott Wasserberger and Victoria Fisher marketed the property on behalf of the seller, a partnership, as well as secured the buyer, a private investor. Pleasant Valley Estates was built in 1985. The property comprises three residential buildings, parking for 100 cars and a pond on a 9.9-acre site.

July 31, 2023

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