Western

Blue-Rock
CaliforniaFinanceNewsWestern

Prime Residential Secures $91.5 Million Loan to Refinance Bay Area Asset

by Lynn Peisner

VALLEJO, CALIF. — Prime Residential has received a $91.5 million loan to refinance Blue Rock Village, a 560-unit property the company owns in Vallejo, 36 miles north of San Francisco. Walker & Dunlop’s Bryan Frazier and Blake Hockenbury arranged the 10-year, full-term interest-only loan at a fixed rate from Freddie Mac. Blue Rock Village was developed in two phases in the mid 1980s. The property consists of 41 buildings housing a total of 560 units, a leasing office, a fitness center and a maintenance building, all situated on about 36 …

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Hampton-Heights
Affordable HousingInvestment SalesNewsWestern

Northmarq Arranges Seattle Affordable Housing Sale

by Lynn Peisner

TUKWILA, WASH. — Hampton Heights, a 114-unit affordable housing community in the Seattle suburb of Tukwila, has traded for $15.2 million. The buyer and seller were unnamed limited liability companies. Northmarq’s Seattle-based team, led by Tyler Smith, Steve Fischer and Joe Kinkopf, arranged the sale. Hampton Heights was built in 1976 and renovated in 2001. The project is designated affordable under the Washington State Housing Finance Commission’s Low-Income Housing Tax Credit program. Rents are capped at 35 and 60 percent of area median income, according to the property’s website.

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Avana-Desert-View
ArizonaInvestment SalesNewsWestern

Knightvest Buys Avana Desert View in Metro Phoenix

by Lynn Peisner

SCOTTSDALE, ARIZ — Institutional Property Advisors (IPA) has arranged the sale of and acquisition financing for Avana Desert View, a 412-unit property in Scottsdale. According to the Phoenix Business Journal, the asset traded for approximately $119 million. IPA executive managing directors Steve Gebing and Cliff David represented the seller, Greystar, and procured the buyer, Knightvest. Brian Eisendrath, Cameron Chalfant and Tyler Johnson of IPA Capital Markets arranged five years of interest-only acquisition financing for Knightvest. Avana Desert View is a two- and three-story property built in 1996 on 18.5 acres. …

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La-Costa-Family-Apts
Affordable HousingCaliforniaDevelopmentNewsWestern

WNC, Mirka Break Ground on Affordable Housing Community in Carlsbad

by Lynn Peisner

CARLSBAD, CALIF. — WNC & Associates (WNC) and Mirka Investments have closed a deal to begin construction of La Costa Family Apartments, an affordable housing community in Carlsbad, about 34 miles north of San Diego. Details of the construction financing were not disclosed. The developers have broken ground with completion slated for March 2026. The property will include 19 units in a mix of one-, two- and three-bedroom floor plans offered at income caps ranging from 30 to 80 percent of area median income (AMI). WNC and Mirka are concurrently …

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Level-at-Sixteenth-Phoenix
ArizonaInvestment SalesNewsWestern

Sares Regis Multifamily Sells Phoenix Asset for $61.5 Million

by Lynn Peisner

PHOENIX — Steve Gebing and Cliff David of Institutional Property Advisors (IPA) have arranged the $61.5 million sale of Level at Sixteenth in Phoenix. IPA represented the seller, Sares Regis Multifamily Investment Management, and procured the buyer. IPA didn’t disclose the buyer, but TA Realty is listed as the owner on the property website. Sares Regis Multifamily bought the asset from Abacus Capital Group in 2021. Level at Sixteenth opened in 2010 and was a redevelopment of a former retail center. The 240-unit property sits on four acres at the …

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El-Camino-Oceanside
Affordable HousingCaliforniaDevelopmentFinanceNewsWestern

Mirka Lands KeyBank Loans for Affordable Housing Development in Oceanside, California

by Lynn Peisner

OCEANSIDE, CALIF. — KeyBank Community Development Lending and Investment (CDLI) and KeyBank Commercial Mortgage Group (CMG) have finalized $74.8 million in loans for Mirka Investment’s El Camino Real Apartments, which are being developed in Oceanside, about 38 miles north of San Diego. CDLI’s and CMG’s loans make up part of the $137.5 million total funding package that will enable the construction of the 111-unit affordable housing community reserved for renters earning between 30 and 80 percent of area median income (AMI). A completion date was not disclosed. CDLI provided a …

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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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