LOS ANGELES — BH Properties has begun an investment initiation into affordable housing with the goal of building a $1 billion portfolio of assets. The new platform will focus on low-income housing tax credit, Section 8 and age-restricted housing throughout the United States. The initiative will be led by William Stoll, who BH Properties hired as a managing director. Prior to joining BH Properties, Stoll worked at Steadfast Companies for 14 years. He joined the firm in 2009 as the manager of a Southern California portfolio of 10 LIHTC properties …
HONOLULU — Hunt Capital Partners (HCP), Pacific Development Group (PDG) and Hunt Development Group (HDG) secured $68.9 million in federal Low-Income Housing Tax Credit (LIHTC) equity and $24.4 million in state LIHTC equity financing for Halawa View II, a high-rise development in Honolulu. The building will complement the first phase of Halawa View, which was constructed in 1972 and renovated in 2012. Hunt Capital Partners facilitated the LIHTCs through its proprietary fund with JPMorgan Chase. The Bank of Hawaii, with participation from American Savings Bank and Central Pacific Bank, provided construction financing …
CHARLESTON, S.C. — Prospect Lane acquired Retreat at Palm Pointe, a 112-unit community in Charleston, from Cohen Investment Group for $13.3 million. John Phoenix, Richard Gore, Tyler Fish and Pat O’Brien of Cushman & Wakefield represented the seller. Greystone’s Donny Rosenberg arranged a Fannie Mae loan to finance the acquisition. Retreat at Palm Pointe was built in 1991. The community offers one-bedroom apartments with internet connectivity, ceiling fans and hardwood-style flooring.
SARASOTA, FLA. — Thompson Thrift will develop The Concord, a 257-unit community in Sarasota. Construction is set to begin in July, with the first move-ins scheduled for the fall of 2024. The 8.5-acre property will offer one-, two- and three-bedroom apartments in four-story buildings. Units will feature quartz countertops, hardwood-style flooring, stainless steel appliances, patio and balcony options, detached garages and a washer and dryer. Amenities will include a fitness center, pool, sky deck, grilling areas, co-working spaces, a dog run and a pet spa.
ALEXANDRIA, VA. — Fairfield Residential has completed the development of The Belhaven Apartments, a 349-unit community in Alexandria. Located at 6375 Richmond Hwy. adjacent to Kings Crossing shopping center, The Belhaven Apartments features studio, one- and two-bedroom floor plans. Of the total 349 units, 42 are designated as affordable. Details regarding income restrictions were not disclosed. Amenities include a fitness center, a pool with a spa, EV chargers and a pet spa.
PHOENIX — MIG Real Estate sold Bayside, a garden-style community in Phoenix, to ICG LLC for $46 million. Dan Cheyne, Mark Forrester, Ric Holway and Andrew Curtis of Berkadia Phoenix represented the seller. Jeff Stuart and John Runkle of Berkadia Seattle secured $27.7 million in acquisition financing from Freddie Mac on behalf of the buyer. Bayside offers 176 rental units in one- and two-bedroom layouts. Amenities include covered parking, a fitness center, a pool and picnic areas with barbeque grills.
WESTMINSTER, CALIF. — CBRE brokered the sale of a 17-unit garden-style community in Westminster for $6 million. Dan Blackwell and Andrew Boukather represented the seller and the Orange County, California-based buyers in the transaction. The property is located at 13931-13951 Illinois St. and was constructed in 1963. All units feature two-bedroom layouts. Amenities include private patios, open space parking and an on-site laundry facility. Eighty percent of units were recently renovated with new windows, sliding doors, smoothed ceilings, laundry hookups in select units, new lights, fresh interior paint, ceramic tile flooring and refinished …
PRESCOTT, ARIZ. — Montezuma Heights Investors LLC will break ground on Montezuma Heights, a $41 million, 144-unit development in Prescott, on July 13th. Montezuma Heights will offer one, two and three-bedroom floor plans. Amenities include a fitness center, lounge, outdoor grotto with a grilling area, dog parks, EV chargers and a trail connection to Granite Creek Park. The property is located 1 mile from the city’s historic Whiskey Row district. Construction is expected to complete in March of 2025. MEB Management will manage and lease the community.
PLANTATION, FLA. — Waterton has acquired One Plantation, a 321-unit apartment community in the western Fort Lauderdale, Florida suburb of Plantation. Newmark’s South Florida team brokered the transaction. One Plantation was built in 2013 as part of the 860-acre Plantation Midtown master plan. The community rises 12 stories and offers one-, two- and three-bedroom floor plans. Amenities include a business center with private work rooms, a movie theater, resident lounges, a dog park, catering kitchen and a fitness center with a cycle studio. Waterton plans to renovate the clubhouse to …
MINNEAPOLIS — Woda Cooper Cos. has broken ground on Shelby Commons, a 46-unit affordable community in the North Loop neighborhood of downtown Minneapolis. Amenities will include a community room, underground parking, a second-floor rooftop terrace, playground and community gardens. The property will also offer 2,000 square feet of public art across two large-scale exterior murals commissioned by Juxtaposition Arts. A timeline for the project’s completion was not provided. Financing for the project from Low-Income Housing Tax Credits allocated by the Minnesota Housing Finance Agency and the City of Minneapolis. Merchants …