SANTA FE, N.M. — Affiliates of Paceline Equity Partners LLC, a Dallas-based private equity manager, have acquired 17 acres of land for the development of a build-to-rent community in Santa Fe. Once completed, the property will feature 183 single-family rental homes. The unnamed development will be Paceline’s first partnership with Verdot Capital, the project’s developer. A construction timeline was not disclosed.
LAGUNA BEACH, CALIF. — CBRE has arranged the sale of Laguna Terrace, a 12-unit property located at 2200 S. Coast Highway in Laguna Beach, roughly 25 miles south of Anaheim, California. The asset traded hands for $5.1 million. Built in 1939, Laguna Terrace consists of four separate buildings across three adjacent lots totaling 0.5 acres. The unit mix includes 10 studios and two one-bedroom apartments. The total rentable space is 4,664 square feet. The community features laundry facilities, three separate storage rooms and a community shower and bathroom. The property …
REDWOOD CITY, CALIF. — Acacia Capital has acquired 299 Franklin, a 304-unit community in Redwood City, 30 miles south of San Francisco, from Nuveen. Walker & Dunlop arranged a Fannie Mae acquisition loan on behalf of Acacia for $113 million. The total sales price was $184 million. Built in 2015, 299 Franklin offers studio, one- and two-bedroom units and 11 townhomes. Amenities include a rooftop deck, fitness center, pool, bike storage and electric vehicle charging stations. According to the property’s website, rents of available units start at approximately $2,723 for …
Amenities are the personality of a multifamily property. They proclaim a community’s individuality and lure tenants with promises of a fun, relaxing or convenient lifestyle. What counts as a multifamily amenity today? If most renters and homeowners are accustomed to robust Wi-Fi or controlling their heating and air conditioning through their phones, is a smart thermostat or bulk internet something to advertise as an “extra,” or are these features a given nowadays, like a fridge or a microwave? “Want versus need is a spectrum when it comes to multifamily amenities,” …
ANAHEIM, CALIF. — CBRE has arranged the $16.8 million sale of two properties totaling 53 units in Anaheim. Dan Blackwell and Amanda Fielder of CBRE facilitated a 1031 exchange on behalf of the buyer, an Orange County-based private investor. The properties included in the sale were Aria Apartments and Pearson Gardens. Aria Apartments is a 33-unit community located on a 1.2-acre site at 2910 W. Ball Road. The asset comprises 24,796 square feet of rentable space across six two-story buildings. Units come in one- and two-bedroom layouts. Amenities include an …
REDMOND, WASH. — Pine Forest Properties has received a $30 million loan for the refinancing of Allez Apartments, a 148-unit community located in downtown Redmond. Seth Heikkila and Steve Petrie of JLL Capital Market’s Debt Advisory team arranged the 10-year, fixed-rate loan through PGIM Real Estate. Located at 8397 158th Ave. NE, Allez Apartments offers studio, one- and two-bedroom floor plans. The community participates in Redmond’s ARCH program, designating 12 units as affordable housing at 80 percent of area median income. Amenities include a fitness center, resident lounge, outdoor patio with …
HAPPY VALLEY, ORE. — Cobalt has completed the disposition of Sonder Fields, a 180-unit community located at 14798 SE Parklane Drive in Happy Valley, roughly nine miles southeast of Portland, Oregon. An undisclosed buyer purchased the asset for $58.2 million. Sonder Fields was built in 2023. Spanning 10 acres, the community includes one-, two- and three-bedroom units with an average size of 972 square feet. Amenities include a pool with hot tub, fitness center, dog park, clubhouse lounge, barbeque picnic areas and coworking spaces. Ira Virden, Carrie Kahn and Frank …
REDMOND, WASH. — Lakevision Capital has purchased Parkside Apartments, a 664-unit community located at 15551 NE Turing St. in Redmond, roughly 15 miles east of Seattle. A Texas-based group of investors, previously associated with Lincoln Property Co. Residential and Daiwa House Texas, sold the property for $286 million. Built in 2021, Parkside Apartments spans four buildings on a 4.5-acre site. Apartments come in studio, one- and two-bedroom floor plans. Residents have access to amenities such as two rooftop decks, fitness center, a pet wash station, entertaining suite and game lounge. …
DAVIS, CALIF. — Dwight Capital has closed a $59.9 million HUD 223(f) loan for the refinancing of Tanglewood @ Davis, a garden-style community located in Davis, 15 miles west of Sacramento, California. The funds will be used to retire existing debt, cover closing costs, complete necessary repairs and establish a replacement reserve account for future capital improvements. Elliot Hart of Dwight Capital originated the financing. The borrower was not disclosed. Tanglewood @ Davis is situated on a 14.3-acre site. The complex offers 216 one-, two-, and three-bedroom apartment units across 30 …
LOS ANGELES AND NEW YORK CITY — Standard Communities has acquired a portfolio of 60 affordable housing communities totaling roughly 6,000 units for $1 billion. The portfolio consists of traditional multifamily and seniors housing assets in Texas, Arizona, Colorado and California. The undisclosed seller developed many of the properties in roughly 2002. Standard states that it will invest more than $30 million in capital improvements and deferred maintenance across the portfolio. According to the company, no tenants will be displaced during renovations. Standard says negotiations with multiple government agencies, including HUD, Fannie Mae, Freddie …
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