LONGMONT, COLO. — Thompson Thrift has opened Notch66, a 336-unit community in the northern Boulder suburb of Longmont. Notch66 is situated on an 18.4-acre site. Units come in one-, two- and three-bedroom layouts. Select apartments feature detached garages and private yards. Amenities include an early childhood education center for children with an on-site pediatric therapy center, clubhouse, fitness center, pool and dog park. The community is currently over 30 percent leased.
MURRIETA, CALIF. — Bell Partners has acquired Silverado Apartment Homes in Murrieta, 65 miles north of San Diego, on behalf of the company’s Value Add Fund VII investors. Realty Center Management sold the asset to Bell Partners for $146.5 million. The new owner plans to rebrand the community as Bell Murrieta Springs. Bell Murrieta Springs was constructed in 2007. The property offers 492 one-, two- and three-bedroom apartments with average unit size of 948 square feet. Amenities include a green belt with a walking trail surrounding the entire property, two …
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New Supply Tests the Mountain States’ Multifamily Markets
Population growth in the Mountain states over the last several years has fueled historic apartment construction across Colorado and Utah. The activity has created some supply overhang in the Denver and Salt Lake City markets in particular, but continuing in-migration, housing shortages and the high cost of home ownership could sustain their resiliency, say two of Asset Living’s newest executives in the region. Based in Houston, Asset Living manages assets valued at $55 billion nationwide, including more than 1,750 apartment properties in addition to student, affordable and single-family build-to-rent housing. …
COSTA MESA, CALIF. — CBRE has brokered the sale of a 12-unit multifamily property at 1993 Church Street in the Eastside neighborhood of Costa Mesa. The property also features two approved Accessory Dwelling Units. The community traded hands for $5.8 million. The buyer and seller were not disclosed.
COSTA MESA, CALIF. — CBRE has negotiated the sale of a property located at 122 Magnolia Street in the Eastside neighborhood of Costa Mesa. Dan Blackwell and Mike O’Neill brokered the deal. The non-exchange buyer was based in Orange County, while the seller was a private investor headquartered in Newport Beach, California. Built in 1961 on a 4,028-square-foot lot, the property comprises four one-bedroom units. Each apartment is separately metered for gas and electricity and comes with one designated parking space. The community also features a laundry area with coin-operated …
COSTA MESA, CALIF. — CBRE has arranged the sale of a six-unit property located at 2666 Orange Ave. in the Eastside neighborhood of Costa Mesa. The asset traded hands for $3.2 million. The community was built in phases in 1954, 1956 and 1965. The property comprises five buildings totaling 4,500 square feet on a 0.4-acre lot. The unit mix includes three detached two-bedroom bungalows, a pair of two-bedroom duplex units and one single-family detached residence. Dan Blackwell and Mike O’Neill represented both the buyer and the seller in the transaction. …
SAN DIEGO, CALIF. — Affirmed Housing and the Metropolitan Transit System (MTS) have completed ShoreLINE, a $62.6 million affordable, transit-oriented housing development in San Diego. The property is located at the Grantville Transit Center on Alvarado Canyon Road. ShoreLINE comprises 126 apartments in studio, one-, two- and three-bedroom floor plans. The property is affordable to households earning between 30 and 60 percent of the area median income. Amenities include laundry facilities, bike storage, parking, a computer lab, courtyard, outdoor gardens, a playground, barbeque station and a community room with gathering …
— By John Williams, president, CIO and COO of Avanath Capital Management It’s no secret that the dire shortage of affordable housing is an ongoing issue throughout the nation. The National Multifamily Housing Council reported in 2022 that the United States would need to build 4.3 million new apartments by 2035 to meet demand. The report also stated that the nation’s number of affordable housing units declined by 4.7 million from 2015 to 2020. Unfortunately, there is no one-size-fits-all solution to the problem. Both local and federal governments are taking …
PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale and financing of Citra, a 72-unit property in Phoenix. Apartment Ventures acquired the community from Investors Capital Group. Citra was built in 2005 and offers two-bedroom apartments. The average unit size is 1,068 square feet. Amenities include covered parking, a fitness center and a pool with a spa. IPA’s Steve Gebing and Cliff David, in conjunction with Paul Bay, Darrell Moffitt and Adam Saylor of Marcus & Millichap, represented the seller and procured the …
VANCOUVER, WASH. — A real estate fund managed by Kennedy Wilson has partnered with Haseko Corp. to purchase two communities in Vancouver for $90 million. The two properties — The Farmstead and Villas at 28th Street — total 350 units altogether. Both communities feature amenities such as gated access, fitness centers, dog parks, a pickleball court, pet wash stations, green spaces and walking trails. According to Apartments.com, The Farmstead offers one-, two- and three-bedroom layouts. Villas at 28th Street offers studio, one- and two-bedroom floor plans.