Western

Sienna-&-Sienna-Park
Investment SalesNewsWashingtonWestern

IPA Arranges Two-Property, $43 Million Deal in Seattle MSA

by Lynn Peisner

TACOMA, WASH. — Institutional Property Advisors (IPA) has arranged the sale of Sienna and Sienna Park, two adjacent properties with a total of 248 units just outside Tacoma. Interstate Equities Corp. acquired the assets for $43 million. Built in 1986 and 1988, the two Siennas create a value-add investment opportunity for Interstate Equities, according to Ryan Harmon, part of IPA’s team, which also included Giovanni Napoli, Philip Assouad, Nick Ruggiero and Anthony Palladino. IPA represented the seller, Goodman Real Estate, in the transaction. Sienna is an 80-unit asset with eight …

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3850-Blake
Affordable HousingColoradoDevelopmentFinanceNewsWestern

JLL Arranges $65.5 Million Construction Loan for Denver Development

by Lynn Peisner

DENVER — JLL Capital Markets has arranged a $65.5 million construction loan on behalf of Formativ, a locally based investment and development firm that is building 3850 Blake, a 310-unit property in Denver’s River North (RiNo) district. Formativ broke ground on the 16-story affordable-housing property in June and estimates construction will be complete in the third quarter of 2027. Units will be offered as a mix of studios and one-bedroom floor plans and are rent capped for residents earning between 70 and 100 percent of area median income. Amenities include …

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Bell-Parker-Ranch
ColoradoInvestment SalesNewsWestern

Bell Partners Buys, Rebrands Montane Apartments Near Denver

by Lynn Peisner

PARKER, COLO. — Bell Partners has acquired Montane Apartments in Parker, about 25 miles southeast of Denver. The property was acquired with a fund earmarked for value-add acquisitions. Bell Partners is planning unit upgrades. Neither the seller nor the sales price was disclosed. According to the Colorado Real Estate Journal, the asset was sold in 2019 for $120 million and was developed a year earlier by Alliance Residential. Montane Apartments has been renamed Bell Parker Ranch. The 400-unit, garden-style community is comprised of one-, two- and three-bedroom floor plans. Amenities …

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CGI+-Torrance-MF-Site
Affordable HousingCaliforniaDevelopmentInvestment SalesNewsWestern

CGI+ Sells Torrance Development Site to JPI for $40 Million

by Lynn Peisner

TORRANCE, CALIF. —  CGI+ Real Estate Strategies has sold a shovel-ready, 4.9-acre multifamily development site in Torrance to JPI for $40 million. CGI+, a Los Angeles-based multifamily investment firm, acquired the property adjacent to Harbor-UCLA Medical Center at S. Vermont Avenue near 220th Street in 2022. After receiving entitlements for a six-story, 525-unit residential building — with 34 units reserved for households earning less than 30 percent of area median income — CGI+ planned to begin construction in 2023. However, rising interest rates and increases in labor and construction costs …

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Tides_on_Commerce
ArizonaInvestment SalesNevadaNewsWestern

Kennedy Wilson Acquires Two Properties for $166 Million

by Lynn Peisner

BEVERLY HILLS, CALIF. — Kennedy Wilson, a Beverly Hills-based investment company, has acquired Tides on Commerce in North Las Vegas and Finisterra in Tempe, Arizona, for a combined total of $166 million. The figure includes $61 million in equity invested in the two separate transactions. The sellers were not identified. CBRE arranged the sale of Finisterra. Tides on Commerce is a 336-unit community, while Finisterra has 356 units. Both are low-density, garden-style properties. With these two acquisitions, Kennedy Wilson now has ownership interests in 40,000 units.

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Pool-Exterior_Bungalows-at-San-Tan-Village
ArizonaBuild-to-RentInvestment SalesNewsWestern

Cavan Cos. Sells Gilbert, Arizona, BTR Project to AEW for $66 Million

by Lynn Peisner

GILBERT, ARIZ. — Cavan Cos. has sold The Bungalows at San Tan Village, a 159-unit build-to-rent (BTR) community in Gilbert to AEW Capital Management. The sales price was $66 million. Cavan Cos. began construction of the property in 2021 and completed it in 2024. The Bungalows at San Tan Village was 97 percent occupied at the time of closing. The community offers a mix of one-, two- and three-bedroom single-story homes, each featuring private backyards and smart home systems. Amenities include a resort-style lap pool and a hot tub, a …

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Chase-Knolls-Sherman-Oaks
CaliforniaInvestment SalesNewsNortheastWashington, D.C.Western

JRK Buys Two Assets for $315 Million

by Lynn Peisner

LOS ANGELES — JRK Property Holdings has acquired Chase Knolls in Sherman Oaks, California, and WestEnd25 in Washington, D.C., for $315 million. The assets were purchased with two separate funds, one of which targets assets developed before 1989. Chase Knolls was built in 1949. The other fund focuses on assets built after 1990 with value-add potential. WestEnd25 was built in 2009. Chase Knolls, which sold for approximately $129 million, is located on a 14-acre site that encompasses approximately two city blocks in Los Angeles’ San Fernando Valley. The property includes …

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LaAvenida-Apartments
Affordable HousingCaliforniaDevelopmentFeaturesFinanceWestern

Specialized Financial Institutions Help Affordable Housing Developers Get Shovels in the Ground  

by Lynn Peisner

By Noni Ramos Across the country, affordable housing is facing intensifying headwinds. From Oakland to Omaha, developers are navigating rising construction costs, protracted approval processes and a funding landscape that rarely aligns with the urgency or complexity of the work. Public subsidies — while essential — are often insufficient to bring projects across the finish line. These conditions are particularly acute in high-cost regions, but they are playing out in communities of every size and type. In the face of these challenges, community development financial institutions (CDFIs) are stepping up. …

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Astria_Tempe
ArizonaDevelopmentInvestment SalesNewsWestern

Trinitas, Mitsui Fudosan Close on Land for Tower Near ASU

by Lynn Peisner

TEMPE, ARIZ. — Trinitas Ventures and Mitsui Fudosan America have closed on the land sale for Astria Tempe, a 27-story mixed-use tower near Arizona State University. Construction is slated for completion in summer 2027. This is Trinitas’ first collaboration with Mitsui Fudosan America, which is the U.S. division of publicly traded Japanese real estate company Mitsui Fudosan Co. Layton Construction Co. will serve as general contractor, and Niles Bolton Associates is the architect. BMO Bank is the lender on the project. TSB Capital Advisors arranged equity for the development. Development …

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TerraLane-at-Hudson
ArizonaBuild-to-RentDevelopmentInvestment SalesNewsWestern

TerraLane Buys Land, Breaks Ground on Phoenix Project

by Lynn Peisner

QUEEN CREEK, ARIZ. — TerraLane Communities, the build-to-rent (BTR) division of residential investment firm IHP Capital Partners, has acquired 22 acres in Queen Creek, about 44 miles southeast of Phoenix, for the development of TerraLane at Hudson Station. TerraLane is partnering with general contractor, Hancock Builders, in the construction of TerraLane at Hudson Station. This will be the sixth residential development the two firms are completing together. Mark-Taylor Residential will oversee leasing and property management. Financing for the project is being provided by 400 Capital Management and Western Alliance Bank. …

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