California

Willow-Grove-Apartments-Modesto
CaliforniaInvestment SalesNewsWestern

Mogharebi Group Arranges $34.6 Million Sale in Modesto

by Lynn Peisner

MODESTO, CALIF. — The Mogharebi Group has brokered the $34.6 million sale of Willow Grove Apartments in Modesto. The seller was a privately held real estate investment firm based in Northern California that had owned the property since 2017. The buyer was a high net worth private family also based in Northern California. Built in 1990, Willow Grove Apartments comprises 18 two- and three-story buildings offering one- and two-bedroom floor plans ranging from 700 to 900 square feet. Amenities include a resort-style pool and a fitness center.

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Bryant-AYL-Yorba-Linda
CaliforniaFinanceNewsWestern

IEC Secures ReFi for Bryant at Yorba Linda

by Lynn Peisner

YORBA LINDA, CALIF. — Walker & Dunlop has arranged $145.8 million in debt and equity for Interstate Equities Corp. (IEC). The Los Altos, California-based investment firm is refinancing Bryant at Yorba Linda, a 400-unit community in Yorba Linda, located 37 miles east of Los Angeles. IEC acquired the property in 2022. Developed in 1986, Bryant at Yorba Linda features one- and two-bedroom floor plans and amenities such as a clubhouse, a fitness center, a pool and hot tub, a playground, dog park and a sports court.

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Summer-Oaks-Sonoma
Affordable HousingCaliforniaDevelopmentNewsWestern

MidPen Housing Is Developing 72-Unit Affordable Housing Community in Sonoma Valley, California

by Lynn Peisner

SONOMA, CALIF. — MidPen Housing is underway on the development of Summer Oaks, a 72-unit affordable housing community in Sonoma. When complete in fall 2026, Summer Oaks will be leasing one-, two- and three-bedroom apartments to families earning up to 60 percent of area median income, which currently is $75,480 for a family of four. Fifty-two of the units are specifically reserved for residents who work in farming and agriculture. Financing for the development was provided through both public and private sources including the County of Sonoma, the California Department …

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Ramsgate-Los-Angeles
Affordable HousingCaliforniaDevelopmentFinanceNewsWestern

Six Peak Capital Locks in Construction Loan, Breaks Ground on L.A. Affordable Housing Project

by Lynn Peisner

LOS ANGELES — Zachary Streit of Priority Capital Advisors has arranged a $31.3 million construction loan for Six Peak Capital to develop a 116-unit affordable housing community located at 9033 Ramsgate Ave. in the Westchester neighborhood of Los Angeles. The development is a Los Angeles Executive Directive 1 (ED1) project. ED1 projects provide affordable housing developers with leniencies such as increased density and building height, reduced parking requirements and an accelerated review and permitting process. Rent restrictions were not disclosed, but many ED1 projects include units with rents capped at …

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Sentral-Houston
CaliforniaNewsOperationsTexasWestern

Sentral Tapped to Manage Texas and California Properties

by Lynn Peisner

DENVER — Multifamily property management company Sentral has added three properties to its management portfolio. The first is an unnamed community still under construction in Houston. The 32-story, 475-unit development is slated to open in early 2026. The developers are Raven Capital Management and RCM Living. Star Harbor, owned by Strada Investment Group, in Alameda, California, is the second property, and the third is 830 Eddy in San Francisco. The owner of 830 Eddy was not disclosed. Sentral’s hospitality-styled management model offers both short-term stays in furnished units as well …

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Fullerton-TDC
CaliforniaDevelopmentNewsWestern

Dinerstein Breaks Ground on Fullerton, California, Project

by Lynn Peisner

FULLERTON, CALIF. — The Dinerstein Cos. has begun construction of Atlas Fullerton, a 329-unit, five-story community in Fullerton, about 25 miles southeast of Los Angeles. Located at 229 East Orangethorpe Ave., Atlas Fullerton will include approximately 5,995 square feet of retail space and a 617-space parking garage. The amenity package will include a leasing center, a clubhouse, outdoor lounge, a pool and hot tub, a fitness center, coworking spaces, bike storage and repair, a coffee bar, dog park and a mail room. Completion is slated for 2027.

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Affordable HousingCaliforniaInvestment SalesNewsWestern

EAH Buys Two Affordable Communities Near Los Angeles

by Lynn Peisner

LANCASTER, CALIF. — EAH Housing has acquired two affordable housing properties in Lancaster, about 69 miles north of Los Angeles. The developments, Arbor Lofts and Sagebrush I & II, provide affordable rental housing for households earning between 30 and 60 of the area median income. Arbor Lofts, located on Lancaster Boulevard, is a 21-unit low-rise community built in 2009 with four-bedroom apartments. The property also features 3,800 square feet of commercial space. Sagebrush I & II, located on Milling Street and built in 2011, offers 61 three- and four-bedroom apartments …

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Compton
Affordable HousingCaliforniaDevelopmentFinanceNewsWestern

KeyBank Provides $25.9 Million Loan for Compton Affordable Housing Development

by Lynn Peisner

COMPTON, CALIF. — KeyBank Community Development Lending and Investment has provided a $25.9 million loan to finance construction of an affordable housing development at 1434 W. Compton Blvd. in the metro Los Angeles city of Compton. The Coalition for Responsible Community Development (CRCD) has partnered with LandSpire Group to develop the 75-unit community. The project will be a three-story development consisting of studios and one- and two-bedroom units, all of which will be rent restricted at or below 50 percent of the area median income. Additional LIHTC equity and Freddie …

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Rivair-San-Diego
CaliforniaDevelopmentNewsWestern

Fairfield Opens LEED-Certified Community in San Diego

by Lynn Peisner

SAN DIEGO — Locally based Fairfield has opened Rivair Apartment Homes in San Diego’s Misson Valley neighborhood. The 316-unit community features floor plans as studios and one- and two-bedrooms. Fairfield achieved LEED Gold certification for Rivair. Some of the green features include energy-efficient systems and water-saving fixtures. Amenities include a resort-style pool, a rooftop deck, a fitness center, coworking spaces and electric vehicle charging stations.

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University-Village-Azusa
CaliforniaInvestment SalesNewsStudent HousingWestern

Legacy Partners, PGIM Buy SoCal Student Housing for $92 Million, Plan Market-Rate Conversion

by Lynn Peisner

AZUSA, CALIF. — Legacy Partners and PGIM have acquired University Village in Azusa, about 20 miles east of downtown Los Angeles, for $92 million. The 320-unit property sits directly across the street from Azusa Pacific University, which was the seller and had formerly been using the community as a residence hall for students. Mesa West Capital provided a $68.5 million loan to buy the property and finance the conversion of the asset from student housing into a traditional multifamily community, which will include a light value-add program. The new owners …

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