LYNNWOOD, WASH. — American Capital Group and Clarion Partners have formed a joint venture to develop Enso, a 316-unit community in the Seattle suburb of Lynwood. Pacific Life Insurance Co. served as the construction lender for the project. Located at 4001 198th St. SW, Enso will offer amenities such as a co-working space, fitness facility, game lounge, resident lounge, dog wash and bike storage. The property also features more than 4,200 square feet of retail space. Construction is slated to begin in August 2024. Completion is expected by Summer 2026.
TUCSON, ARIZ. — Bridge Investment Group has divested of Equestrian, a 288-unit property in Tucson. Investors Capital Group acquired the asset for an undisclosed price. Equestrian was built in 2008. The property offers amenities such as a business center, pool, clubhouse, fitness center, covered parking and 70 private detached garages. Clint Wadlund, Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
DENVER — Kaufman Hagan Commercial Real Estate has arranged the sale of Lowry Pines, a 34-unit property located at 835 S. Quebec St. in Denver. The asset traded for $5.1 million. Lowry Pines features amenities such as an interior courtyard. Andrew Vollert and Brandon Kaufman of Kaufman Hagan Commercial Real Estate represented the undisclosed seller in the deal. The identity of the buyer was also not disclosed.
SAN JOSE, CALIF. — Marcus & Millichap has arranged the sale of a 10-unit property located at 544 South Sixth Street in San Jose. The property sold for $4.3 million. Eymon Binesh, Adam Levin and Robert Johnston of Marcus & Millichap’s Palo Alto office marketed the property on behalf of the seller, a limited liability company. The community was originally built in 1969 on a 11,868 square-foot parcel of land. All units come in two-bedroom layouts and include washers and dryers. The community was recently renovated with new wood flooring, stainless …
LOS ANGELES — Marcus & Millichap has arranged the $3.5 million sale of a development currently underway in the Echo Park neighborhood of Los Angeles. The property is situated at 319 N Westlake Ave. and will comprise fourteen units, once completed. A construction timeline for the project was not disclosed. Jason Tuvia of Marcus & Millichap’s Encino office brokered the deal on behalf of the undisclosed seller. The buyer was also not disclosed.
GLENDALE, ARIZ. — Institutional Property Advisors has arranged the sale of Glen 91, a 296-unit community in the Phoenix suburb of Glendale. HCW sold the property to Bridge Investment Group for $76.5 million. Steve Gebing and Cliff David represented the seller and procured the buyer in the transaction. Glen 91 was built in 2023. Units average 871 square feet in size and feature full-size washers and dryers, nine-foot ceilings and walk-in closets with built-in shelving. Community amenities include a pool, hammock garden, covered parking and attached garages.
SAN JOSE, CALIF. — Marcus & Millichap has arranged the sale of Moreland Apartments, a 160-unit affordable housing community in San Jose. The asset traded hands for $71 million. Mitchell Zurich, Kirk Trammell, David Cutler and Joshua Johnson of Marcus & Millichap represented the seller, the original developer of the property, and procured the buyer. Moreland Apartments consists of eight two-story residential buildings and one single-story amenities building on an 8-acre site. Apartments come in one- and two-bedroom floor plans. Townhome units come in three-bedroom layouts. Income restrictions for the …
SAN DIEGO — The Dinerstein Cos. has completed the disposition of Millennium PQ, a 331-unit property located in San Diego’s Rancho Penasquitos neighborhood, to GID Real Estate Investments. The garden-style community traded hands for $167 million. Hunter Combs led the Walker & Dunlop investment sales team that represented the seller and buyer in the transaction.
LOMPOC, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged $3.4 million for the acquisition of a 30-unit community located at 701-717 N. F Street in Lompoc, 54 miles northwest of Santa Barbara, California. The property consists of five buildings, each housing six two-bedroom units. Ron Balys of MMCC’s Orange County office secured the loan, which features a one-year loan with an interest rate of 11.5 percent. A western based fund provided the financing. The borrower was a local investment management company.
WEST VALLEY, ARIZ. — Tower Capital has negotiated $51.5 million in non-recourse construction financing for the development of Skyview by Zen, a 190-unit build-to-rent (BTR) community in West Valley, 50 miles west of downtown Phoenix. Kyle McDonough and George Maravilla of Tower Capital arranged the financing on behalf of Zen and 10Y. The sponsor acquired the development site at 2627 N. 83rd Ave. in 2023. Once completed, Skyview by Zen will offer townhomes in two- and three-bedroom layouts. Construction is underway, with the first units slated to deliver in October …
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