PHOENIX — Chicago-based multifamily investment firm 29th Street Capital has acquired Urban 148 in Phoenix. The 148-unit property will be rebranded as Agave Ridge Apartments, and 29th Street Living will handle property management. According to Apartments.com, the community offers two- and three-bedroom floor plans at monthly asking rents ranging from $1,425 to $1,655 and such amenities as a pool, a playground, a courtyard and a dog park. The seller and sales price were not disclosed.
BOULDER — New York City-based investment firm Jonathan Rose Cos. has acquired San Juan del Centro Apartments in Boulder from Related Cos. for $56 million. Jeff Irish and Jordan Skyles from Berkadia Real Estate Advisors arranged the sale of the Section 8 and LIHTC property. Berkadia also provided an acquisition loan. Additionally, the capital stack included equity from the $660 million Rose Affordable Housing Preservation Fund VI. San Juan del Centro’s 150 units are reserved for families earning at or below 60 percent of area median income. Jonathan Rose Cos. …
SEATTLE — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $44 million bridge loan for Seattle-based developer Bode. The financing retires existing construction debt, covers loan transaction costs, funds an interest reserve and supports final construction completion of two assets, Bode Columbia City and Bode Tacoma Dome. Bode Columbia City in Seattle is an 80-unit property featuring one- and two-bedroom floor plans. Bode Tacoma Dome is a 164-unit community in Tacoma, Washington, offering studios and one-, two- and three-bedroom floor plans.
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 …
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.
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 …
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 …
DURHAM, N.C., LOVELAND, COLO. — Walker & Dunlop has arranged a $110 million refinancing for Buckingham Cos., an Indianapolis-based real estate investment firm. The sponsor will use the financing, consisting of two floating-rate bridge loans, to refinance existing construction loans on two properties, Plat 4 at Research Triangle in Durham and Plat 10 at the Ranch in Loveland. Both properties were delivered in 2024. Plat 4 at Research Triangle is a 24-unit community consisting of six buildings. Plat 10 at the Ranch is a seven-building complex with 353 units. Walker …
OGDEN, UTAH — Institutional Property Advisors (IPA) has arranged the sale of Christopher Village, a 114-unit property in Ogden. The buyer was Highland Partners, and the seller and sales price were not disclosed. Christopher Village was built in 1962 and features a resort-style pool, a laundry facility and reserved covered parking. Apartments have fireplaces, storage space, dishwashers and air conditioning. IPA’s Danny Shin and Brock Zylstra represented the seller.
SEATTLE — Locally based Security Properties has acquired a five-property, 903-unit Seattle portfolio from Washington Holdings for $400.8 million. The sale includes Liza Eastlake, The Hemlock, The Hayes on Stone Way, Carter on the Park and Heron Flats & Lofts. Eastdil Secured represented Washington Holdings in the transaction. According to the parties to the transaction, the portfolio sale marks the largest dollar-figure trade in the region to date this year. Security Properties is seeking additional investments in Denver, Nashville, Tennessee, and the San Francisco Bay area.
