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NOVEL-Norterra-Phoenix
ArizonaDevelopmentNewsWestern

Crescent Communities Closes on Land for NOVEL Norterra in Northern Phoenix

by Lynn Peisner

PHOENIX — Crescent Communities has acquired land and begun construction of NOVEL Norterra, a four-story property on an 8.5-acre site in northern Phoenix. The 248-unit development is part of the 600-acre Norterra mixed-use neighborhood. Amenities include a clubhouse, 1,822-square-foot pool and hot tub area with cabanas and fire features, a pickleball court, dog park, outdoor cooking, dining and gathering areas as well as pedestrian pathways. Development partners include NEC Capital Solutions Limited, Sumitomo Mitsui Trust Panasonic Finance Co., additional Japanese investment and UMB Financial Corp. First move-ins are estimated to …

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The-Cedars-Castro-Valley
BerkadiaCaliforniaInvestment SalesNewsWestern

Berkadia Arranges $35.6M Bay Area Trade

by Lynn Peisner

CASTRO VALLEY, CALIF. — Felson Cos. has sold a two-property, 135-unit portfolio in Castro Valley to Prime Residential for approximately $35.6 million. Jason Parr, Scott MacDonald and John Hansen of Berkadia San Francisco arranged the sale on behalf of Hayward, California-based Felson, the original developer and longtime owner of both communities. Clay Akiwenzie and Hank Workman also with Berkadia San Francisco arranged a seven-year fixed-rate Freddie Mac loan with full-term interest only on behalf of San Francisco-based Prime Residential. Located approximately 27 miles east of San Francisco, the neighboring properties …

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Palm-Court-Los-Angeles
CaliforniaInvestment SalesNewsWestern

Prime Residential Buys Palm Court in Los Angeles for $51.3M

by Lynn Peisner

LOS ANGELES — San Francisco-based Prime Residential has acquired Palm Court Apartments in the Miracle Mile neighborhood of Los Angeles for approximately $51.3 million. The seller was a private investor. The 132-unit property was built in 1988 and consists of one-, two- and three-bedroom floor plans as well as a heated pool and a hot tub, fitness center, a rooftop deck and laundry facilities on each floor. Marcus & Millichap represented both parties. Jeff Louks, Gayle Factor and Elliot Sabag represented the seller while Matt Ziegler, Louks, Factor and Sabag …

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The-Flat-Los-Angeles
CaliforniaInvestment SalesNewsWestern

IPA Brokers Sale of The Flat in Los Angeles

by Lynn Peisner

LOS ANGELES — Institutional Property Advisors (IPA) has arranged the sale of The Flat, a 205-unit property in the City West neighborhood of Los Angeles. Kevin Green, Joseph Grabiec and Gregory Harris of IPA represented the undisclosed seller and procured the buyer, locally based Winstar Properties. The Flat was built in 1968 and features a controlled-access entry system, a resident lounge, upgraded laundry rooms, new windows and a package receiving system.

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Castlewood-Buena-Park
CaliforniaInvestment SalesNewsWestern

The Bascom Group Buys Castlewood Park in Buena Park, California, for $53.2M

by Lynn Peisner

BUENA PARK, CALIF. — The Bascom Group has acquired Castlewood Park Apartments in Buena Park for $53.2 million. Brian Eisendrath, Cameron Chalfant, Jesse Zarouk and Jake Vitta of IPA arranged acquisition financing through Brightspire Capital. IPA’s Kevin Green and Joe Grabiec represented the unnamed seller. AMC will provide property management services for the community, while contractor SD-Cap will oversee the planned property renovations. The property was built in 1963. About 60 percent of the units, offered as two-, three- and four-bedrooms, have private yards. Irvine, California-based Bascom plans to renovate …

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The-Jewell-Denver
ColoradoInvestment SalesNewsWestern

Marcus & Millichap Brokers Sale of The Jewell in Denver

by Lynn Peisner

DENVER — Jason Hornik and Greg Parker with Marcus & Millichap’s Denver office have brokered the sale of The Jewell at 4470 E. Jewell Ave. in Denver. A New York-based investor was the seller, and a California-based buyer bought the asset, which was built in 1968. The 93-unit property was 55 percent occupied at the time of the sale. The property was renovated prior to the sale.

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Maren-McCabe-TRC
Affordable HousingCaliforniaIndustry VoicesOperationsSustainable/LEED

Five Benefits Of Energy Upgrades in Affordable Housing

by Lynn Peisner

For people who live in, own or manage affordable housing, energy efficiency can offer significant benefits beyond energy savings. Research from the U.S. Dept. of Energy (DOE) shows that owners of affordable housing properties struggle to sustain truly affordable rental housing for low-income families because they are often faced with high energy bills and maintenance costs. This disparity impacts residents, too. According to the DOE’s Low-Income Energy Affordability Data (LEAD) Tool, the average percentage of income spent on energy costs for low-income households is three times higher than for non-low-income …

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The-Collins-at-Union-Park-Fort-Collins
ColoradoDevelopmentFinanceNewsWestern

Concord Summit Capital Arranges $115.5M Construction Loan for Colorado Development

by Lynn Peisner

FORT COLLINS, COLO. — Concord Summit Capital has arranged a $115.5 million construction loan for Collins at Union Park, a 457-unit community in Fort Collins. The borrower/developer is Livmark Communities, a division of Landmark Homes, which has broken ground on the project. Amenities will include a clubhouse, pool, golf simulator, playground, parks, trails and gathering spaces. Units will be offered as apartments, townhomes and carriage houses. Completion is slated for 2028.

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Alexan-Lower-Greenville-Dallas
ColoradoFinanceNewsTexasVirginiaWestern

CBRE Arranges $380.2M Refinancing Loan for Crow Holdings

by Lynn Peisner

DALLAS — Crow Holdings has obtained a $380.2 million refinancing loan for a five-property portfolio totaling 1,549 units in Texas, Colorado and Virginia. Each was developed by Trammell Crow Residential in partnership with Crow Holdings. CBRE’s Dallas-based Andy Scott, Michael Cosby, Kris Lowe, Tom Burns and Bo Beidleman arranged the financing through AllianceBernstein. The assets include Alexan Lower Greenville in Dallas, Alexan Braker Pointe and Alexan Waterloo in Austin, Texas, Alexan Julian in Denver and Alexan Florence in Alexandria, Virginia. Trammell Crow Co. is owned by CBRE. Crow Holdings is …

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El-Camino-Real-San-Carlos
Affordable HousingCaliforniaDevelopmentNewsWestern

SummerHill, KTGY Break Ground on 11 El Camino Real in San Carlos, California

by Lynn Peisner

SAN CARLOS, CALIF. — SummerHill Apartment Communities, with architect KTGY, has broken ground 11 El Camino Real, situated on 2.2 acres in San Carlos, 23 miles south of San Francisco. The project includes 251 units, in studio through three-bedroom floor plans, and 38 affordable units, reserved for a variety of income levels. Amenities feature a pool, hot tub, landscaped courtyards, clubroom, fitness center, leasing office, resident lounge, bike room and mail room. The community is within about 1 mile of two Caltrain stations with commuter service throughout the Bay Area. …

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