Western

Villas-de-la-Montana
ArizonaFinanceNewsWestern

GDL Secures $22.6 Million ReFi for Tucson Asset

by Lynn Peisner

TUCSON, ARIZ. — GDL Asset Management has secured a $22.6 million loan, arranged by JLL Capital Markets, to refinance existing debt on Villas de la Montana in Tucson. The 332-unit community was built in 1988 and features a mix of studios and one-, two- and three-bedroom floor plans. Since acquiring the asset in 2021, GDL has completed renovations across the property, including new cabinetry, plumbing fixtures, hardware, countertops and flooring in the units. The owner also has completed exterior upgrades to common and pool areas, landscaping, signage and parking lots. …

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Affordable HousingArizonaDevelopmentNewsWestern

Dominium Acquires Land for LIHTC Development in Metro Phoenix

by Lynn Peisner

SURPRISE, ARIZ. — Dominium has closed on land in Surprise, a Phoenix suburb about 22 miles northwest of downtown. The developer is planning to build Allasso Ranch on the site. The project will comprise 304 affordable homes supported by low-income housing tax credits. While specific area-median-income caps were not disclosed, the developer says a three-bedroom unit will rent for $1,597 per month, and a four-bedroom will rent for $1,770. According to RentCafe, average monthly asking rents for a three-bedroom in Surprise are about $2,054. Amenities will include a leasing center, …

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VillaDelMar-Colliers
CaliforniaInvestment SalesNewsWestern

Colliers Arranges Sale in Marina del Ray

by Lynn Peisner

LOS ANGELES — Colliers has arranged the sale of Villa Del Mar, a 198-unit waterfront community in the Marina del Rey neighborhood of Los Angeles. Colliers Vice Chair Kitty Wallace represented both the seller, original developer, Villa Del Mar Properties, and long-time operator, Far West Management, and a private buyer. Villa Del Mar is situated on approximately 5 acres with 1,500 linear feet of marina frontage and is one of 16 communities along the Marina del Ray harbor. The property was developed in 1972. Villa Del Mar properties has invested …

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East-17th-Place-Costa-Mesa
CaliforniaInvestment SalesNewsWestern

CBRE Arranges $9.6 Million Deal in Orange County, California,

by Lynn Peisner

COSTA MESA, CALIF. — CBRE has arranged a $9.6 million trade of a 22-unit property in Costa Mesa between two undisclosed parties. The asset is located at 313 and 325 East 17th Place in the Eastside neighborhood of Costa Mesa. The property has not been on the market for about 25 years. CBRE’s Dan Blackwell and Mike O’Neill represented the buyer, a private investor based in Fountain Valley, California. The seller was a private investor from Orange County, California. Built in 1961, the property comprises six one-bedroom units and 16 …

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Arbello-San-Mateo-CA
CaliforniaDevelopmentFinanceNewsWestern

Martin Group, JPF Land $61 Million Construction Loan for Bay Area Project

by Lynn Peisner

SAN MATEO, CALIF. — IPA Capital Markets has arranged a $61 million loan for The Martin Group and JPF Capital, which are developing Arbello in San Mateo 19 miles south of San Francisco. The mixed-use project, located at 477 9th Ave., will include 120 apartments and 29,000 square feet of office space. According to Martin Group’s website, residential amenities will feature coworking space, a fitness center, a clubhouse, a central courtyard, a rooftop deck, bicycle storage and a dog park. Units will be offered as studios or as one- or two-bedroom …

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Briggs-Village
Investment SalesNewsWashingtonWestern

IPA Arranges Sale in Olympia, Washington

by Lynn Peisner

OLYMPIA, WASH. — Nearon Enterprises has acquired Briggs Village from Glencrest Group. The 72-unit property is located with the 137-acre Briggs Village master-planned community in Olympia that includes retail, office and residential uses. The sales price was not publicly disclosed. Institutional Property Advisor’s Ryan Harmon, Philip Assouad, Giovanni Napoli, Nick Ruggiero and Anthony Palladino represented Nearon in the deal. Constructed in 2019, Briggs Village is three miles south of the Washington State Capitol campus and is connected to walking trails and six lakes.

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ArizonaBuild-to-RentDevelopmentNewsWestern

NexMetro Opens Its 22nd Phoenix BTR Project

by Lynn Peisner

PHOENIX — NexMetro has opened Avilla Vista Norte in Phoenix. The 191-unit build-to-rent community is NexMetro’s 22nd development in metro Phoenix, with four additional projects currently under construction in the area.  Avilla Vista Norte offers one-, two- and three-bedroom detached, single-level homes with private backyards and front porches. Amenities at the gated community include storage units, covered parking areas, an electric-vehicle charging station, a resort-style pool and spa, outdoor kitchen and lounge areas, a dog park and dog-washing station, walking paths and open spaces. The community does not place breed …

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Brandi-Campbell-Wood
Affordable HousingArchitecture & DesignCaliforniaDevelopmentIndustry Voices

ADUs in Multifamily Development Are an Old Idea with New Potential

by Lynn Peisner

By Brandi Campbell Wood Forward-thinking multifamily developers are rediscovering a housing type that predates modern zoning: accessory dwelling units (ADUs). An ADU is defined as a smaller, independent residential unit located on the same lot as a detached single-family home, according to the American Planning Association, a nonprofit organization that supports the field of urban and regional planning. What was once commonplace in early 20th-century developments — garden cottages, cluster housing and secondary units within larger properties — is experiencing a renaissance driven by new policy opportunities and compelling financial …

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wellington-apartment-homes
Investment SalesNewsWashingtonWestern

MLG Capital Completes First Acquisition in Washington State

by Lynn Peisner

SILVERDALE, WASH. — MLG Capital, a real estate investor based out of Brookfield, Wisconsin, has acquired Wellington Apartment Homes in Silverdale, about 35 miles west of Seattle. The transaction marks the buyer’s first acquisition in Washington state. The 240-unit, garden-style property offers a heated pool, a clubhouse, a fitness center and a dog park. During its hold period, MLG is planning interior and exterior renovations, including installing stainless steel appliances, granite countertops and other upgraded features in all units, as well as curb appeal and amenity improvements. MLG bought the …

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Manteca-Golf-and-Tennis-Villas
CaliforniaInvestment SalesNewsWestern

Marcus & Millichap Closes $15.6 Million Sale in California’s Central Valley

by Lynn Peisner

MANTECA, CALIF. — Marcus & Millichap has arranged the sale of Manteca Golf & Tennis Villas, a 56-unit property in Manteca, a city between Modesto and Stockton, California, and about 76 miles west of San Francisco. The property sold for $15.6 million. Stephen Jackson and Joe Owens, both senior directors with Marcus & Millichap, represented the seller. Neither party to the transaction was identified. Completed in 1985, Manteca Golf & Tennis, which is adjacent to a golf course, has a pool, laundry facilities and a tennis court. Units feature washer …

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