Western

ALTA-EIGHTY-SEVEN-Gilbert
ArizonaDevelopmentNewsWestern

Wood Partners Opens Alta 87 in Metro Phoenix

by Lynn Peisner

GILBERT, ARIZ. — Wood Partners has opened Alta 87 in Gilbert, a southeastern suburb of Phoenix located about 23 miles from downtown. Alta 87 is a 257-unit development comprised of one-, two- and three-bedroom units. Amenities include two pickleball courts, electric vehicle charging stations, a pool and hot tub and a two-story clubhouse with a fitness center,  coworking spaces, a speakeasy and bike storage. The developer broke ground in March 2024. Atlanta-based Wood Partners completed three other Alta-branded communities in Phoenix in 2024: Alta Avondale, Alta Rise and Alta Uptown.

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Bowers-Residences-SLC
FinanceNewsUtahWestern

Northmarq Arranges $38 Million ReFi of SLC Property

by Lynn Peisner

SALT LAKE CITY — Northmarq has arranged a $38 million refinancing loan provided by New York Life for locally based Dakota Pacific Real Estate, owner of Bowers Residences in Salt Lake City. Built in 2023, the community consists of studios and one-, two- and three-bedroom units. Amenities include a fitness center with a rock-climbing wall and yoga and spin studio, a rooftop lounge, coworking spaces, a rentable clubroom and kitchen and a courtyard with games and grills. Northmarq’s Salt Lake City Debt + Equity team was led by John Bradshaw, …

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Maryland-Greens
ArizonaInvestment SalesNewsWestern

JLL Arranges Two Metro Phoenix Trades

by Lynn Peisner

PHOENIX — JLL Capital Markets has arranged two sales in metro Phoenix totaling approximately $20.7 million. The transactions include the trades of Maryland Greens, a 78-unit community that Maryland Green Multifamily LLC sold to Neighborhood Ventures for $10.7 million, and The Rio, a 44-unit property in Mesa that Capital Allocation Partners sold to White Haven for $10 million. JLL represented both buyers and sellers in the deals. Maryland Greens, located at 749 East Maryland Ave., includes 78 one-bedroom units and was built in 1967. The Rio, located at 830 N. …

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River-House-Apartment-Homes-Santa-Ana
CaliforniaFinanceNewsWestern

Northmarq Arranges $50 Million ReFi for Advanced Real Estate

by Lynn Peisner

SANTA ANA, CALIF. — Northmarq has arranged a $50.1 million refinancing, provided by Freddie Mac, for Advanced Real Estate, an Irvine, California-based investment, property management and development company. The new mortgage is for Advanced’s asset River House Apartment Homes in Santa Ana. Northmarq’s Newport Beach Debt + Equity team was led by Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao. The loan has a 70 percent loan-to-value ratio, 1.2x debt coverage ratio and a 35-year amortization. The 240-unit River House was developed in 1987 and features one- and two-bedroom …

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Harper-Portfolio-LA
CaliforniaInvestment SalesNewsWestern

Marcus & Millichap Arranges $25.3 Million Los Angeles Portfolio Sale

by Lynn Peisner

LOS ANGELES — Marcus & Millichap has arranged the $25.3 million sale of a seven-property, 275-unit portfolio in Los Angeles. The seller, a private unnamed group, has been assembling and managing the portfolio for the past 25 years. The portfolio is comprised of a mix of 1920s-era brick apartment buildings and an infill land site, concentrated in the Koreatown and Westlake neighborhoods. “The portfolio was experiencing challenges, including tenant delinquencies, aging building systems, deferred maintenance and litigation,” said Neema Ahadian in a prepared statement. Ahadian is senior managing director of …

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Salida_del_Sol
Affordable HousingCaliforniaDevelopmentNewsWestern

San Juan Capistrano City Hall Redevelopment Includes 50 Affordable Housing Units

by Lynn Peisner

SAN JUAN CAPISTRANO — Jamboree Housing Corp. has completed and opened Salida del Sol in San Juan Capistrano. According to Jamboree, a nonprofit, California-based affordable housing developer, the project is the first in the nation to combine affordable housing with a city hall. Located on a 2-acre portion of San Juan Capistrano’s existing city hall site, the 50-unit Salida del Sol is designed around a large open courtyard with a 45,593-square-foot residential building. Forty 557-square-foot units are designated for formerly unhoused individuals and veterans earning up to 30 percent of …

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CaliforniaHawaiiNewsWestern

Douglas Emmett Secures $1 Billion Refinancing

by Lynn Peisner

SANTA MONICA, CALIF. — Douglas Emmett (NYSE:DEI), a Santa Monica-based REIT with an office and multifamily portfolio, has secured approximately $1 billion in Fannie Mae loans to refinance nine properties, totaling 3,099 units across California and Hawaii. Walker & Dunlop arranged the financing. Through the transaction, debt on The Landmark Residences, formerly known as Barrington Plaza, in Los Angeles has been repaid.

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The-Postmark_CoStar
Investment SalesNewsWashingtonWestern

Kidder Mathews Arranges Seattle Portfolio Trade

by Lynn Peisner

SHORELINE, WASH. — The Simon Anderson multifamily team at Kidder Mathews has arranged a disposition and acquisition in the Seattle area. The buyer and seller was identified as John Stephanus, who is the president of Seattle-based Epic Asset Management. The four assets sold were Swiss Gables Apartments in Kent, Washington, 18 miles south of Seattle and Charbern Apartments, Stockbridge Apartments and Carolina Court Apartments, all of which are located around the Seattle metro. This portfolio totaled 215 units. The proceeds were used to acquire The Poshmark in Shoreline, 11 miles …

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Park-Tower
ArizonaInvestment SalesNewsWashingtonWestern

TruAmerica Acquires Park Tower in Metro Phoenix

by Lynn Peisner

CHANDLER ARIZ. — Los Angeles-based investment firm TruAmerica has acquired Park Tower in the Phoenix suburb of Chandler. The community is comprised of 180 garden-style units built in 1986 and 77 townhomes built in 2017. TruAmerica is planning to execute a value-add strategy with renovations and a rebranding, changing the name to Parklane Commons. Chris Canter, Brad Goff and Brett Polachek of Newmark along with Dan Cheyne of Berkadia brokered the off-market transaction, and Mitch Clarfield, Meghan Varga and Garrett Swanky of Newmark arranging the financing. The seller and sales …

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North-and-Valley
Affordable HousingDevelopmentNevadaNewsWestern

The NRP Group Developing Affordable Community in North Las Vegas

by Lynn Peisner

NORTH LAS VEGAS, NEV. — The NRP Group has broken ground on North & Valley, an affordable housing development in North Las Vegas. Completion is slated for April 2027. The community will offer 105 units reserved for tenants earning between 50 and 60 percent of the area median income. According to the City of North Las Vegas, residents’ average yearly income is $75,459. The development site spans five acres and will comprise two four-story buildings with a mix of one-, two- and three-bedroom residences. Amenities will include a resort-style pool, …

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