LONGMONT, COLO. — Capstone Apartment Partners has negotiated the sale of Eastglen Apartments, a 109,210-square-foot community in the northern Denver suburb of Longmont. Eastglen Apartments comprises 102 apartments, with 20 percent designated as Low-Income Housing Tax Credit units. Sean Holamon, Adam Riddle and Jason Koch of Capstone Apartment Partners brokered the transaction. Two Arrows Group acquired the asset for an undisclosed price. The seller was not disclosed.
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LAS VEGAS — Berkadia has arranged the sale of Prosper 89, an 89-unit property in Las Vegas. Nevada-based Turtle Bay 89 sold the asset to California-based Benedict Canyon Equities for $24.1 million. Jared Glover of Berkadia Las Vegas facilitated the deal on behalf of the seller. Prosper 89 is located at 10750 El Camino Road. Units come in one- and two-bedroom floor plans and feature private garages. Amenities include a pool, clubhouse, business center, fitness center and open grass areas.
HENDERSON, NEV. — TruAmerica Multifamily has acquired Parkway Townhomes, a 234-unit townhome-style community located at 2675 Windmill Parkway in the Las Vegas suburb of Henderson. CBRE’s Spence Ballif, Adam Schmitt and Jannie Mongkolsakulkit represented the seller in the deal. The seller and transaction price were not disclosed. Parkway Townhomes was built in 1995. The community offers two- and three-bedroom units featuring full-size washers and dryers, stainless steel gas appliances, direct-access garages. Amenities include a pool, fitness center and dog park. The previous owners of the property conducted more than $3 …
SEATTLE — Washington Federal Bank, a wholly owned subsidiary of WaFd Inc., has sold approximately $2.8 billion of multifamily commercial real estate loans to Bank of America. Bank of America will sell the loans to funds managed by Pacific Investment Management Co. The packaged loans all came from WaFd’s acquisition of Luther Burbank Savings in March. The sale of the CRE loans was not a condition of the merger. The sale was executed at no loss to WaFd and provides immediate liquidity, according to the seller.
AVONDALE, ARIZ. — Trilogy Investment Co. and Cimbra Partners LLC have commenced site development at Rêve at Encanto West, a build-to-rent project comprising 84 townhomes in the Phoenix suburb of Avondale. Residences will come in three-bedroom layouts and feature two and half bathrooms, flexible space for a bedroom or office, stainless steel appliances, granite countertops and garages. Amenities will include a clubhouse with grilling stations and a pool.
DUBLIN, CALIF. — Cityview, an investment management and development firm based in Los Angeles, has acquired Tralee Village Apartments in the Oakland, California suburb of Dublin. Jason Parr of Berkadia brokered the deal. The seller was not disclosed. Tralee Village Apartments was originally built in 2011. Located at 6599 Dublin Boulevard, the three-story community features 130 units spread across two buildings. Apartments come in one-, two- and three-bedroom floor plans. The property also includes more than 30,000 square feet of curated ground-floor retail. Amenities include a pool and spa, fitness …
PHOENIX — JLL Capital Markets has arranged $120 million in construction financing for Ray Phoenix, a 26-story building in downtown Phoenix. JLL worked on behalf of the borrowers, Ray and VeLa Development Partners, to secure the loan through an affiliate of RXR Realty Investments LLC. Michael Gigliotti, Brad Miner, Elle Miraglia and Frank Choumas led the JLL Capital Markets Debt Advisory team. Ray Phoenix will offer 401 units in studio, one- and two-bedroom floor plans. The community will also feature 20,000 square feet of amenity space, including a fitness center, yoga …
LOS ANGELES — Priority Capital Advisory (PCA) has arranged $21.6 million in financing for the recapitalization of Kanvas, a 67-unit community in Los Angeles’ Koreatown submarket. Zachary Streit of PCA arranged the financing through BOLOUR. EGC Real Estate Group was the borrower. The unit mix includes 13 studios, 33 one-bedroom and 21 two-bedroom apartments. Seven units are set aside as affordable. Amenities include a rooftop amenity deck, fitness center, courtyard, storage space, bicycle parking and underground and surface vehicle parking. The property also includes 1,105 square feet of ground-floor retail space.
HUNTINGTON BEACH, CALIF. — CBRE has arranged the sale of two properties in Huntington Beach: a fourplex at 321 22nd St. and the adjacent fourplex at 317 22nd St. Both assets sold for $2.7 million, resulting in a combined sales price of $5.4 million. Dan Blackwell and Mike O’Neill of CBRE represented both the buyer and seller in the two deals. The buyer was a private investor based in Westminster, California. The seller was based in Huntington Beach. Built in 1972, each of the two buildings spans 4,101 square feet. …
PUEBLO, COLO. — BWE has negotiated a $39.4 million HUD 221(d)(4) loan to facilitate the construction of Pueblo Springs, a 199-unit community in Pueblo. James Swanson of BWE’s Phoenix office originated the non-recourse, fully assumable loan, which features a 40 year, fully amortizing term. Pueblo Springs will offer amenities such as a clubhouse, fitness center, business center, community room, bike storage, pool, BBQ and picnic areas, walking paths, 24-hour emergency staff, and gated entry. The borrower and developer was Arizona-based ESH Development LLC. Colorado Structures Inc. is the general contractor …