Western

NexMetro Communities Secure Financing for Recapitalization of $300 Million Build-to-Rent Portfolio in Phoenix and Denver

by Channing Hamilton January 20, 2025

PHOENIX AND DENVER — NexMetro Communities has recapitalized a portfolio of build-to-rent communities in Phoenix and Denver. Valued at about $300 million, the portfolio consists of 849 units across four communities. The assets included in the portfolio are Avilla Gateway, Avilla Magnolia, Avilla Eastlake and Avilla Canyon. The properties were built between 2021 and 2023 and offer detached, single-story homes. The average unit size across the portfolio is 959 square feet. The financing structure includes $160 million in insurance capital invested and managed by Blackstone, as well as a preferred equity investment from Artemis Real Estate Partners. Kevin …

January 20, 2025

Arizona Development News Western

Construction Wraps on Northbend in Tempe

by Lynn Peisner January 17, 2025

TEMPE, ARIZ. — McShane Construction and developers Banyan Residential and Milhaus have completed development of Northbend, a 310-unit property in Tempe. The garden-style community was designed by Todd & Associates, a Phoenix-based architecture firm. Northbend features a 4,300-square-foot clubhouse, a resort-style pool, a fitness center with a yoga studio, a courtyard with firepits and a dog park.

January 17, 2025

One Seven at Belleview Station in Denver

Colorado Finance News Western

Trammell Crow, Cigna Secure $75 Million Refinance Loan for Denver Asset

by Lynn Peisner January 17, 2025

DENVER — JLL Capital Markets has arranged a $75 million loan through a national life insurance company for Trammel Crow and Cigna. The joint-venture partnership will use the funds to pay off the original construction loan for One Seven at Belleview Station in Denver. The 250-unit, mixed-use property includes 7,062 square feet of retail. It opened in 2023 and is currently 69 percent leased. One Seven Belleview Station has a roof-top pool, remote work center, clubroom, wellness center, bike storage, pet spa and a theater room. Units are offered as …

January 17, 2025

Colorado Investment Sales News Western

JLL Arranges District by Windsor Sale in Denver

by Lynn Peisner January 17, 2025

DENVER — GID has sold The District by Windsor in Denver to Chicago-based Mesirow Financial. Atlanta-based GID owns and operates approximately 55,000 units throughout the United States. The District by Windsor is a 276-unit property built in 2007. The sales price was not disclosed, but some media outlets are reporting the asset traded for $91 million. JLL represented GID and procured Mesirow Financial as the buyer. The District by Windsor, which consists of three buildings, features a resort-style pool, a fitness center and electric vehicle charging stations.

January 17, 2025

California Finance News Western

Sunroad Enterprises Receives $188 Million for Vive Luxe in San Diego, California

by Channing Hamilton January 15, 2025

SAN DIEGO, CALIF. — Sunroad Enterprises has secured $188 million loan for Vive Luxe, a 442-unit property in San Diego. Aldon Cole, Tim Wright and Bharat Madan of JLL Capital Markets represented the borrower in arranging the five-year, fixed-rate loan from accounts managed by global investment firm KKR. Built in 2021 at 4890 Sunroad Centrum Lane, Vive Luxe rises five stories. The community offers one-, two- and three-bedroom apartments ranging from 726 to 1,122 square feet. Of the total unit count, 23 have been set aside as affordable housing. Income …

January 15, 2025

Alta Green Mountain in Lakewood, Colorado

Colorado Investment Sales News Western

Sagard Real Estate Acquires Alta Green Mountain Near Denver for $104.6 Million

by Channing Hamilton January 13, 2025

LAKEWOOD, COLO. — Sagard Real Estate has purchased Alta Green Mountain, a 260-unit property located at 13055 W. Mississippi Court in Lakewood, about eight miles southwest of downtown Denver. The asset traded hands for $104.6 million. The seller was not disclosed. Dave Martin and Brian Mooney of Northmarq’s Denver Multifamily Investment Sales team represented the seller in the transaction. Built in 2020, Alta Green Mountain features one-, two- and three-bedroom floor plans. The average unit size is 864 square feet. Tenants have access to amenities such as a clubhouse, outdoor kitchen …

January 13, 2025

California Investment Sales News Western

Material Comforts Acquires Portfolio in San Fernando Valley for $85 Million

by Channing Hamilton January 6, 2025

LOS ANGELES — Florida-based Material Comforts Inc. has acquired a portfolio of 16 parcels in California’s San Fernando Valley. Heitman LLC, Invesco LTD and ETHOS Real Estate sold the portfolio for $85 million. The portfolio totals 596 apartments in the Van Nuys, Panorama City, North Hills and Canoga Park neighborhoods of Los Angeles. Tony Azzi of Marcus & Millichap represented the sellers, while Rabbie Banafsheha, Kristen Sullivan and Arteen Zahiri of Marcus & Millichap represented the buyer in the deal.

January 6, 2025

California Investment Sales News Western

Kennedy Wilson Sells La Vista Apartments in Santa Maria, California, for $116 Million

by Channing Hamilton January 3, 2025

SANTA MARIA, CALIF. — Beverly Hills, California-based investment firm Kennedy Wilson has sold La Vista Apartments, a 460-unit community in Santa Maria. Boston-based private equity firm Westview Capital purchased the asset for $116 million. Joseph Grabiec, Kevin Green and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer. Built in 1979 on 31 acres, La Vista Apartments offers studio, one-, two- and three-bedroom floor plans. Each apartment features a large closet, kitchen with breakfast bar and a pantry. Select units also have vaulted …

January 3, 2025

Features Midwest Northeast Operations Southeast Texas Western

How Tech Upgrades are Expanding Access Control Solutions

by Channing Hamilton December 30, 2024

Security is a top priority in the multifamily industry. Monitoring and controlling access to a property protects owners and their residents from the impacts of violent crime, theft, vandalism and trespassing. The benefits of an effective security, monitoring and access system run deep. “Access control is not just about security,” says Roger Solomon, a senior associate at Trio Advisory Group. The company offers consulting services on access control, video surveillance and other technologies for commercial real estate properties. “Access control is also about ensuring convenience for residents and staff, enhancing …

December 30, 2024

Affordable Housing California Development Finance News Western

Impact Housing, Verbena Road Holdings Secure $112.2 Million Construction Financing for Affordable Housing Project in San Diego, California

by Channing Hamilton December 24, 2024

SAN DIEGO, CALIF. — Impact Housing and Verbena Road Holdings have secured $112.225 million in financing for the construction of Mission Gorge, a 483-unit affordable housing development located at 6171 Mission Gorge Road, roughly 8 miles north of downtown San Diego. Charles Halladay, Joseph Choi and Will Bond of JLL Capital Markets worked on behalf of the borrower to secure an $85.225 million, three-year, floating rate senior construction loan through ACORE CAPITAL. JLL also arranged $27 million in preferred equity with Ascendant Capital Partners. Mission Gorge will feature a mix …

December 24, 2024

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