California

KeyBank Provides $25.9 Million Loan for Compton Affordable Housing Development

by Lynn Peisner October 2, 2025

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 …

October 2, 2025

California Development News Western

Fairfield Opens LEED-Certified Community in San Diego

by Lynn Peisner October 1, 2025

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.

October 1, 2025

California Investment Sales News Student Housing Western

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

by Lynn Peisner September 30, 2025

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 …

September 30, 2025

California Finance News Western

Northmarq Arranges $53.7 Million Refinancing for CWS Capital Partners

by Lynn Peisner September 29, 2025

FOLSOM, CALIF. — CWS Capital Partners has secured a $53.7 million Fannie Mae loan to refinance Farimont at Willow Creek, a 260-unit community located at 200 S. Lexington Drive in Folsom. The refinancing provided additional proceeds earmarked for planned property improvements. Joe Giordani, Alex Kane, Brendan Golding and Alvin Cao led Northmarq’s Newport Beach debt and equity team. Fairmont at Willow Creek offers one- and two-bedroom apartments with in-unit washers and dryers and private patios or balconies. Amenities include a clubhouse, a pool and spa, a fitness center and a …

September 29, 2025

California Investment Sales News Western

CBRE Arranges Two Orange County Sales Totaling $17.4 Million

by Lynn Peisner September 25, 2025

GARDEN GROVE, CALIF. — CBRE has arranged the sale of two communities in Garden Grove, about 22 miles west of Long Beach. Each property is approximately 40 years old and has never been on the market. The transactions involved separate buyers and sellers. The first property, Meadow Grove, is a 33-unit community at 13882 Clinton St. that sold for $12.9 million. It was developed in 1985. The unnamed seller was the heir of the original developer. The second property is Nutwood Street, which includes 15 units located at 12841–12879 Nutwood …

September 25, 2025

California Finance News Western

Mesa West Capital Provides $43.5 Million ReFi to Alliance Residential-Led Partnership

by Lynn Peisner September 18, 2025

LOS ANGELES — Mesa West Capital has provided a $43.5 million refinancing loan to Alliance Residential and PCCP, joint venture owners of Broadstone Los Feliz in Los Angeles. The five-year, floating rate loan was arranged by the CBRE team of Troy Tegeler, Trevor Breaux, Ryan Greer and CJ Connolly. The property was 95 percent occupied at loan closing. Developed in 1986, Broadstone Los Feliz features a mix of studio, one- and two-bedroom apartments and an amenity package that includes a rooftop lounge and barbecue area with views of the Griffith …

September 18, 2025

Affordable Housing California Investment Sales News Western

Sack Capital Partners, Belveron Partners Acquire Fountain Park in San Jose

by Lynn Peisner September 18, 2025

SAN JOSE, CALIF. — Sack Capital Partners and Belveron Partners have acquired the 164-unit Fountain Park in San Jose for $52 million. The property, developed in 1974, is comprised of studios and one- and two-bedroom units, many of which have been recently renovated. The new owners will convert a portion of the remaining units to affordable housing. Income caps were not disclosed. Amenities at the property include a clubhouse, barbecue area, a resort-style pool with a hot tub, a sauna, covered parking with electric vehicle charging stations and dog park. …

September 18, 2025

California Finance News Western

Northmarq Arranges $50 Million ReFi for Advanced Real Estate

by Lynn Peisner September 16, 2025

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 …

September 16, 2025

California Investment Sales News Western

Marcus & Millichap Arranges $25.3 Million Los Angeles Portfolio Sale

by Lynn Peisner September 12, 2025

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 …

September 12, 2025

Affordable Housing California Development News Western

San Juan Capistrano City Hall Redevelopment Includes 50 Affordable Housing Units

by Lynn Peisner September 11, 2025

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 …

September 11, 2025

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