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15 Sable in Aurora
Affordable HousingColoradoDevelopmentNewsWestern

BWE Arranges $43 Million Loan for Affordable Project in Aurora, Colorado

by Lynn Peisner

AURORA, COLO. — Bellwether Enterprise Real Estate Capital (BWE) has arranged a $43 million loan for the construction of 15 Sable Apartments, an affordable housing development in Aurora. The total project cost is $56 million. Anthea Martin, senior vice president in BWE’s Denver office, originated the loan through a private placement on behalf of the borrowers, DBG Properties and Featherstone Development. Completion is slated for March 2025. The 154-unit property will contain a mix of one-, two- and three-bedroom floor plans. Units will be reserved for families earning at or …

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Springs at Castle Rock
ColoradoInvestment SalesNewsWestern

MG Properties Buys Colorado Townhome-Style Property for $67.2 Million

by Lynn Peisner

CASTLE ROCK, COLO. — Continental Properties has sold Springs at Castle Rock to MG Properties, which has rebranded the property Ridge at Castle Rock. The community is located in Castle Rock, which is approximately 35 miles south of Denver. Walker & Dunlop’s Dan Woodward, David Potarf, Matt Barnett and Jake Young represented the seller and arranged a $67.2 million Fannie Mae loan for MG Properties. The 204-unit, townhome-style property was 96 percent occupied when the deal closed on April 13. Units are made up of studios, one-, two- and three-bedroom …

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Leena Plantation in Broward County
Company NewsDevelopmentFloridaNewsOperationsSoutheast

Merrimac Selects Altman to Manage $90 Million Broward County Project

by Lynn Peisner

PLANTATION, FLA. — Merrimac Ventures has selected the Altman Management Co. (AMC), a division of The Altman Cos., to manage Leena Plantation in Plantation. The 306-unit property is under development by Fort Lauderdale-based Merrimac and is scheduled to open this summer. Leena Plantation is comprised of one- to three-bedroom units. The $90 million project broke ground in 2021 and consists of two six-story buildings. Amenities include a club room, pool, covered terrace, barbecue grilling stations, two exterior courtyards, a fitness center, a coworking and business center with private offices and …

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Caliza in Cedar Park, Texas
Investment SalesNewsTexas

JLL Arranges Sale of Caliza Near Austin

by Lynn Peisner

CEDAR PARK, TEXAS — Internacional Realty has sold Caliza, a 270-unit, garden-style community in the northwest Austin suburb of Cedar Park, to Virtus Real Estate Capital. JLL Capital Markets arranged the sale, representing the seller. The JLL investment sales and advisory team representing Internacional was led by Managing Directors Ryan McBride and Robert Arzola. The asset price was not disclosed. Built in 2020, Caliza features one-, two- and three-bedroom units with wood-style flooring, custom cabinetry, stainless steel appliances, LED lighting and 14-foot ceilings. Amenities include a recently renovated resort-style pool, …

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An aerial view of the development site for Our Collection at Boerne.
News

Embrey to Develop Build-to-Rent Community in Boerne, Texas

by Channing Hamilton

BOERNE, TEXAS — San Antonio-based investment firm Embrey has acquired a 27.5-acre property in Boerne, 31 miles northwest of San Antonio, for an undisclosed price. Russell Noll of Transwestern Real Estate Services represented the seller, JCH 1607 River Rd. Investment, in the transaction. Embrey plans to develop a build-to-rent community called Our Collection at Boerne. The development will offer amenities such as a clubhouse, fitness center, pool with grilling stations and an activity lawn, wi-fi connectivity, dog parks, outdoor sitting areas and walking trails. A development timeline for the project …

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Mainline North in Santa Clara
Affordable HousingCaliforniaDevelopmentNewsWestern

Ensemble Investments, USA Properties, Pinyon Group Break Ground on $81.2 Million Affordable Housing Project in Santa Clara

by Lynn Peisner

SANTA CLARA, CALIF. — Ensemble Investments, USA Properties and The Pinyon Group have broken ground on an $81.2 million affordable housing development in the Tasman East neighborhood of Santa Clara. The eight-story Mainline North will include 151 units in studios to three-bedroom floor plans. Rent restrictions on the units were not released. The property will include 5,000 square feet of retail and restaurant space as well as a fitness center, flex rooms and outdoor space. USA Properties and The Pinyon Group structured a public-private partnership that includes financing by Bank …

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Kingston Cove, a lakefront multifamily community.
Investment SalesKansasMidwestNews

Post Road Management Acquires 11-Property Portfolio in Wichita, Kansas

by Channing Hamilton

WICHITA, KAN. — Post Road Management has acquired a portfolio totaling 1,002 units across 11 properties in Wichita for an undisclosed price. Alex Blagojevich, Brett Meinzer, Colton Howell and Richard Redding of MMG Real Estate Advisors represented the seller and procured the buyer. The communities in the portfolio include Kingston Cove, Cimarron Apartments, Stratford East, Park Meadows, The Willows, Willows South, Stratford West, Danish Village, Pine Creek, Edgemoor Townhomes and Cottonwood Crossing. The firm plans to invest an average of $12,000 per unit in renovations. About 21 percent of the units …

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Frameline in Denver
ColoradoDevelopmentNewsWestern

Narrate Cos. Breaks Ground on Frameline in Denver

by Lynn Peisner

DENVER — Narrate Cos., along with OZ Architecture and general contractor MCP Group, has broken ground on Frameline, a 78-unit development near the Hale neighborhood in Denver. The 100,665-square-foot Frameline will feature a mix of one- and two-bedroom units and amenities that include a dog spa, a fitness center and a community room with an outdoor living space. Design details include a living green wall and elevated gardens. Additional members of the project team include Dig Studio, TRIO, Fortis Structural, ILC Lighting, MDP Engineers and Group 14. The project is …

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Modera Reserve in Scottsdale
ArizonaDevelopmentNewsWestern

Mill Creek Breaks Ground on Modera Reserve in Scottsdale

by Lynn Peisner

SCOTTSDALE, ARIZ. — Mill Creek Residential has broken ground on Modera Reserve, a 360-unit community in the Kierland neighborhood of North Scottsdale. The project is Mill Creek’s second in Arizona. First move-ins are estimated for spring 2025. Modera Reserve will offer studio, one-, two- and three-bedroom floor plans, averaging 938 square feet in size. The property is designed around three courtyards and 10,000 square feet of interior amenity space, which will include a fitness center, digital package room, coworking spaces, a resident lounge and a clubroom with a pool table. …

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Northbrook Apartments in Fresno
CaliforniaInvestment SalesNewsWestern

The Mogharebi Group Arranges Sale of Northbrook Apartments in Fresno

by Lynn Peisner

FRESNO, CALIF. — The Mogharebi Group (TMG) has arranged the $11.4 million sale of Northbrook Apartments in Fresno. Robin Kane, Brendan Kane and Gordon Larkin of TMG’s Fresno office represented the Monterey, California-based owner/developer in the transaction. Offered on the market for the first time in about 24 years, the 92-unit asset was acquired by a family office based in the Central Valley area of California. Northbrook Apartments were built in 1972 on about six acres. The asset is a single-story, garden-style apartment community with a mix of one- and …

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