BRIGHTON, COLO. — The Milestone Group has purchased Solaire Apartments, a 252-unit community located at 1287 S. 8th Ave. in Brighton, roughly 21 miles northeast of Denver. The purchase price was not disclosed. Solaire Apartments offers one-, two-, and three-bedroom apartments. Residents have access to shared amenities including a clubroom with a kitchen and business center, fitness center, dog park, playground, native grass areas and a pool with a lap lane, hot tub and lounge.
MESA, ARIZ. — CBRE has arranged the sale of Bella Encanta, a 212-unit build-to-rent (BTR) asset in Mesa. Locally based Bela Flor Communities sold the asset to a global institutional investor for $95.7 million. Griffen Tymins, Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented the seller in the deal. Built in 2023, Bella Encanta features duplex-style units with wood-style plank flooring, nine- and 10-foot ceilings, full-size washers and dryers, granite countertops, undermount sinks, stainless steel appliances and gas cooktops, as well as a two-car attached garage with …
The multifamily real estate market in Southern California, particularly in Orange County, is poised for significant shifts in 2025. The region has rebounded from the volatility of the COVID-19 pandemic but is still navigating regulatory pressures. In positive news, the rejection of Proposition 33 has averted the expansion of statewide rent control, offering a more favorable environment for investors. Amid elevated interest rates and a changing political landscape, the market presents both challenges and opportunities for buyers, sellers and investors alike. If passed, Proposition 33 would have allowed cities and …
DENVER — Avanti Residential, a Denver-based investor and operator, has launched a new development arm to execute round-up multifamily and build-to-rent developments across the U.S. The company appointed Kyle Henderson, who has about two decades of multifamily development experience at firms such as D.R. Horton and Wood Partners, to lead the newly established affiliate. Avanti Residential’s portfolio currently comprises 9,363 units across 40 properties in seven states: Colorado, Kansas, Missouri, Arizona, Florida, Utah and Tennessee.
BERKELEY, CALIF. — RealPage has filed a lawsuit against the city of Berkeley, California, over an impending ban on the use of rent pricing algorithms. The firm is seeking a judgment and injunction against the ordinance, which RealPage argues violates the First Amendment right to lawful speech. The company also asserts that the ordinance was adopted based on false claims regarding its revenue management software. The Berkeley city council voted to ban rent pricing software on March 25. The ordinance will go into effect on April 24, unless it is …
SANTA CLARITA, CALIF. — G.H. Palmer Associates has received a $168 million loan to refinance Park Sierra, a 776-unit apartment building in Santa Clarita, approximately 35 miles northwest of Los Angeles. Walker & Dunlop’s California multifamily finance team, led by Trevor Fase, arranged the financing through Freddie Mac. Originally developed by G.H. Palmer Associates in 1987, the garden-style community offers a mix of 97 one-bedroom and 679 two-bedroom apartments. About 40 percent of the units have been rehabilitated, with additional capital investment planned. Amenities include five pools and spas, a …
LOS ANGELES — FAMH Group Ltd. has acquired The BW, a 78-unit community located in the Brentwood neighborhood of Los Angeles, from California Landmark Group for $58.1 million. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. The BW was completed in 2013. The community offers a mix of studio, one-, two- and three-bedroom units. Amenities include a rooftop lounge with a jacuzzi, fitness center, business center, electric vehicle charging stations and …
For most of 2024, relatively high property values combined with rising interest rates priced buyers out of the market for new commercial and residential real estate acquisitions. This slowdown has not only impacted investors and homeowners, but it’s also affected the entire real estate industry — from lenders to appraisers, brokers, law firms, title insurance companies and beyond. Because Section 1031 exchange activity moves in lockstep with the real estate investment cycle, activity for qualified intermediaries has slowed as well. Section 1031 exchanges traditionally have been used by investors to …
DENVER — First Stone Development has received $15.8 million in financing for the construction of The Jasper, a property located at 4353 Tennyson St. in Denver’s Berkeley neighborhood. The Jasper will offer 34 apartments and 2,700 square feet of street-level retail space. Phillip Gause and Jim Wilkins of Marcus & Millichap Capital Corp.’s Denver office worked on behalf of the borrower to secure $2 million in preferred equity and $13.8 million in debt. The construction loan was placed with a debt fund and features a two-year term.
HUNTINGTON BEACH, CALIF. — CBRE has arranged the sale of a 14-unit property at 2512-2518 England St. in Huntington Beach, about 40 miles southeast of Los Angeles. The 14,518-square-foot property was built in 1977 and renovated in 2022. The community offers a mix of one-, two- and three-bedroom units. The majority of units are townhome-style residences. The property sits on a 0.43-acre parcel. Dan Blackwell and Mike O’Neill of CBRE represented both the buyer and the seller in the deal. The buyer was a 1031 exchange investor based in Orange …
