Western

River-Lofts
Investment SalesNewsOregonWestern

IPA Arranges $15.9 Million Sale of Suburban Portland Asset

by Lynn Peisner

TUALATIN, ORE. — Institutional Property Advisors (IPA) has arranged the $15.9 million sale of River Lofts, a 74-unit property in Tualatin, about 12 miles south of downtown Portland, Oregon. Next Wave Investors was the seller. The buyer was FPA Multifamily. River Lofts, which was developed in 1974, has been renovated by Next Wave as well as other previous owners. Anthondy  Palladino and Georgie Christensen-Riley of Marcus & Millichap and IPA’s Philip Assouad, Giovanni Napoli, Nick Ruggiero and Ryan Harmon represented the seller and procured the buyer.

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Opus in Los Angeles
CaliforniaDevelopmentFinanceNewsWestern

BWE Secures $220 Million Refinancing for Luxury Apartments in Los Angeles’ Koreatown

by Lynn Peisner

LOS ANGELES — BWE has arranged $220 million in loans for locally based Jamison Properties to refinance construction debt on Opus, a 428-unit high-rise in Los Angeles’ Koreatown neighborhood. Jamison broke ground on Opus in 2022 and opened the property, which consists of two towers, in 2024. Opus is managed by Greystar. Monthly rental rates range from $3,630 to $4,945, according to Apartments.com. The property was 90 percent leased at the time of the loan closing. BWE’s Max Sauerman, senior vice president, and Tyler Shebeck, vice president in BWE’s Los …

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Sunridge
Build-to-RentCaliforniaDevelopmentNewsWestern

Tricon Residential Opens $60 Million Sacramento-Area BTR Project

by Lynn Peisner

RANCHO CORDOVA, CALIF. — Tricon Residential, a subsidiary of global investment firm Blackstone Real Estate, has completed and opened Tricon Sunridge, a built-to-rent (BTR) community in Rancho Cordova, 14 miles east of Sacramento, California. Blackstone Real Estate invested approximately $60 million to develop the community. Project partners included Sares Regis and Signature Homes. The 114-unit homes are offered as three- or four-bedroom floor plans and feature solar panels, fenced-in backyards and electric-vehicle charging outlets within two-car garages.

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The-Cleveland
ArizonaBuild-to-RentDevelopmentNewsWestern

Porter Kyle Opens Metro Phoenix BTR Project

by Lynn Peisner

GOODYEAR, ARIZ. — Scottsdale, Arizona-based builder and developer Porter Kyle has completed development of The Cleveland, a build-to-rent (BTR) asset in Goodyear, which is in Phoenix’s West Valley. The 100-unit, townhome style property is Porter Kyle’s eighth BTR townhome community. Porter Kyle also is developing The Wayne, another BTR property, in Chandler, Arizona. The developer broke ground on that project in March. The Cleveland offers a resort-style pool, a fitness center, electric-vehicle charging stations in residents’ own garages, a playground, a walking and biking path, outdoor kitchen and barbecue area, …

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Cienega-Heights
Affordable HousingCaliforniaDevelopmentNewsWestern

Mid-Pen Completes Second Phase Of Affordable Development In Santa Cruz County

by Lynn Peisner

WATSONVILLE, CALIF. — MidPen Housing opened Cienega Heights, an 80-unit affordable housing property in Watsonville, on May 23. Watsonville is about 50 miles south of San Jose. Thirty-nine of the 80 units were designed to serve farmworkers. Watsonville is situated in the Pajaro Valley, where several farms grow crops such as fruits, vegetables and flowers. The units are reserved for residents earning 30 to 60 percent of area median income, or approximately $38,040 to $108,660 per year, depending on household size. Cienega Heights is the second phase of a three-phase …

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Union-at-Pacific-Highway
Affordable HousingDevelopmentNewsOregonWestern

The Annex Group Opens $56 Million Affordable Community in Corvallis

by Lynn Peisner

CORVALLIS, ORE. — The Annex Group has opened Union at Pacific Highway, an affordable housing community in Corvallis. Construction of the 174-unit community began in January 2023. Units, offered in one-, two- and three-bedroom floor plans, are reserved for individuals and households earning up to 60 percent of area median income. The property is 99 percent leased. Project partners included Oregon Housing and Community Services; the City of Corvallis; the Linn-Benton Housing Authority; Avenue5 Residential for property management; Structure Development Advisors as the LIHTC consultant; KTGY for architecture; and DEVCO …

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Heritage-Park-NOVEL
ArizonaDevelopmentNewsWestern

Creation, Crescent Break Ground on 10-Acre Mixed Use Heritage Park in Gilbert, Arizona

by Lynn Peisner

GILBERT, ARIZ. — Co-developers Creation and Crescent Communities have broken ground on Heritage Park, a 10-acre mixed-use development in Gilbert. The site is at the northern end of Gilbert’s Heritage District, a walkable downtown area that has been in various stages of development and redevelopment since 1989. Heritage Park will be a mix of restaurants, retail, multifamily and a town square. It will take up one city block at the intersection of Gilbert Road and Juniper Avenue. The initial phase includes approximately 47,000 square feet of retail and restaurants; NOVEL …

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Urbana in Seattle
Investment SalesNewsWashingtonWestern

Equity Residential Sells Seattle Asset to Carmel Partners

by Lynn Peisner

SEATTLE — Institutional Property Advisors (IPA) has arranged the sale of and financing for Urbana, a 289-unit, seven-story asset with 29,884 square feet of street-level retail in Seattle. IPA’s Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino represented the seller, Equity Residential and procured the buyer, Carmel Partners. The sales price was not disclosed, but local media reported it traded for approximately $121 million. Built in 2014, the LEED Gold-certified Urbana has two rooftop decks, a resident lounge with a theater, a dog run and pet spa, …

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Grandview in Escondido
CaliforniaInvestment SalesNewsWestern

Newmark Arranges Sale of Grandview in Escondido, California

by Lynn Peisner

ESCONDIDO, CALIF. — La Caze Development has sold Grandview Escondido, a 13,421-square-foot, 15-unit property located at 1316 E. Grand Avenue in Escondido, which is 30 miles north of San Diego. The sales price was $7.2 million, and the buyer was identified as a local high-net-worth individual, who was represented by Andy Brikho of Brik Home Loans. Newmark arranged the sale, with Senior Managing Director Erik Anderson and Associate Tanner Harris representing La Caze in the deal. Grandview Escondido was developed in 2023 and was fully occupied at the time of …

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Zaterra
ArizonaInvestment SalesNewsWestern

IPA Arranges $137.5 Million Metro Phoenix Sale

by Lynn Peisner

CHANDLER, ARIZ. — Institutional Property Advisors (IPA) has arranged the sale of Zaterra, a 392-unit property in Chandler. The asset traded for $137.5 million, or $350,765 per unit. Completed in 2023 on 22 acres, Zaterra is a two- and three-story, garden-style property with an average unit size of 1,043 square feet. Amenities include two pools, a suite with a large conference room and individual workspaces, 24-hour fitness center and a yoga lawn. The sellers were entities doing business as PB Bell and PCCP, LLC. The buyer was not identified.

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