GREENWOOD, IND. — The Garrett Cos. has broken ground on Oliver Springs, a 226-unit townhome-style development in the southern Indianapolis suburb of Greenwood. According to project plans from the developer, Oliver Springs will comprise 21 residential buildings on a 16-acre site. Amenities include a clubhouse with a pool and outdoor kitchens, a dog park and an 8’ sound wall on the southern property line. The project is slated to complete in spring 2025. Rezoning for the project was approved by the Greenwood City Council on July 18.
GREENWOOD, IND. — The Garrett Cos. is approaching completion on The Hangar, a 218-unit community in the Indianapolis suburb of Greenwood. The first building, which comprises 62 units, was completed in June and plans to open for residency in mid-July. The building will also include Garrett Restaurant Group’s first coffee shop, Runway 19, which is expected to open fall 2023. Other amenities at The Hangar will include a fitness center, valet trash and recycling, package delivery kiosks, a bike repair station, a pool with a hot tub, outdoor kitchens with gas …
SPOKANE, WASH. — CEP Multifamily purchased Regal Ridge, a 97-unit asset in Spokane’s South Hill neighborhood, from Cooper Street Capital for $21.5 million. Ryan Harmon, Nicholas Ruggiero, Philip Assouad and Giovanni Napoli of Institutional Property Advisors represented the seller and procured the buyer. Regal Ridge was built in 1994 on 4.5 acres. The community offers two- and three-bedroom apartments with features such as washers and dryers, hardwood floors, and private patios or balconies. Amenities include a pool, playground and package room.
ORANGE, SANTA ANA AND SAN CLEMENTE, CALIF. — CBRE brokered the sales of three fourplexes in Orange County, California, for a total $5.5 million. Dan Blackwell and Amanda Fielder represented the sellers and procured the buyers in all three transactions. CBRE brokered the sale of 609 S. Cypress St. in Orange for $1.8 million. The buyer was a private investor based in Orange County. The seller was an out-of-state private investor. The property was built in 1966 and offers three two-bedroom units and one three-bedroom unit. Blackwell and Fielder also represented …
PHOENIX — Empire Group has secured a $88.5 million construction loan to develop Village at Bronco Trail, a build-to-rent (BTR) community in Phoenix. Kyle McDonough and George Maravilla of Tower Capital arranged the financing. Village at Bronco Trail will comprise 354 units on a 30-acre site. Each unit will feature a private yard, a kitchen with quartz countertops, stainless steel appliances, full-size washers and dryers, and smart-home features. Amenities include detached garages, a dog park, grilling area, resort-style pool, clubhouse and common area open spaces. Empire Group expects to deliver the …
LOS ANGELES — Kidder Matthews brokered the $3.6 million sale of a property at 4737 Kester Ave. in the Los Angeles neighborhood of Sherman Oaks. Michael Monempour and David Saghian represented the seller, a private investor. The property offers eight units across a 8,600-square-foot site. The community was built in 2014. According to Apartments.com, 4737 Kester Ave. rises three stories and is elevator-serviced. Units come in one-, two- and three-bedroom floor plans.
PHOENIX — An affiliate of Reliant Group Management has purchased Phoenix Manor, a 405-unit property in Phoenix. Phoenix manor comprises 38 apartment buildings, a 16,750-square-foot clubhouse with a leasing center, 6,750-square-foot auditorium, 4,200-square-foot maintenance shop, two pools, two lagoons, three pavilions, a dog park, putting green and four shuffleboard courts. The property offers studio, one- and two-bedroom floor plans. Cindy Cooke, Brad Cooke, Chris Roach and Matt Roach of Colliers represented the seller, Phoenix Manor LLC.
DENVER AND ARVADA, COLO. — KeyBank Community Development Lending and Investment has arranged $117.7 million in financing to Brinshore Development and Mile High Affordable Housing for the construction of two properties in Colorado. Kortney Brown, Stephen Sparks and Robbie Lynn of KeyBank Community Lending and Investment structured the financing. Sam Adams of KeyBanc Capital Markets Public Finance Group provided the bond underwriting. KeyBank arranged $56.9 million for the development of Ralston Gardens Apartments, an 102-unit affordable community in the Denver suburb of Arvada. KeyBank secured a $26.7 construction loan, a $14 million …
POOLER, GA. — Carter Exchange Fund Management Co. has sold Station at Savannah Quarters, a garden-style community in the western Savannah suburb of Pooler. Carter Exchange sold the property for $62.5 million. Station at Savannah Quarters offers 244 units across seven buildings on a 10.7-acre site. Amenities include a clubhouse with a lounge area, cyber café and fitness center with wellness studio. During the company’s 2.8-year hold, Carter Exchange updated units with smart home packages, replaced flooring, and washers and dryers. The community was 96 percent occupied at the time …
CONCORD, CALIF. — Eden Housing acquired a two-property portfolio in Concord for $37.3 million. Located at 1770 Adelaide St., Sunset Pines is a 69-unit community with amenities such as a pool and a clubhouse. Coral Court Apartments is located at 1491 Detroit Ave. and offers 47 units, as well as a fitness center. Keith Manson, Zachary Greenwood and Mac Watson of CBRE represented the undisclosed seller in a Naturally Occurring Affordable Housing transaction. Eden Housing will convert the portfolio into affordable housing. Eden Housing used $6 million in equity from the City of Concord …