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Seattle Draws Investors While Supply Pressures Ease

by Lynn Peisner

By Frank Hornung and Sergey Klimov When Microsoft moved to the Seattle area in 1979, joining well-established Pacific Northwest companies such as Boeing (aerospace) and Weyerhaeuser (timberland), it set off an enduring tech boom. Fifteen years later, when Jeff Bezos was starting his online bookstore that eventually became Amazon, he chose Seattle for its abundance of tech talent. Today, Microsoft and Amazon together employ almost 100,000 people, Zillow and Expedia are both headquartered in the metro area, and Google, Meta, Apple and Oracle all have major outposts there. This critical …

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Ira-D-Hall-Sunnyvale
Affordable HousingCaliforniaDevelopmentNewsWestern

MidPen Housing Completes Ira D. Hall Square in Silicon Valley

by Lynn Peisner

SUNNYVALE, CALIF. — MidPen Housing has completed and opened Ira D. Hall Square in Sunnyvale. The 176-unit property comprises studios, one-, two- and three-bedroom units that are reserved for residents earning up to 30 to 70 percent of area median income, which is approximately $43,170 to $100,730 for a one-person household. Ira D. Hall Square is adjacent to the Lawrence Caltrain Station and is the first development built under the city’s Lawrence Station Area Plan, which calls for a mixed-use district around the transit hub. MidPen Property Management manages the …

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One-South-Market-San-Jose
CaliforniaInvestment SalesNewsWestern

Kennedy Wilson and Partners Acquire 312-Unit San Jose Community for $176M

by Lynn Peisner

SAN JOSE, CALIF. — Kennedy Wilson has partnered with two Japanese investment firms to acquire One South Market, a 312-unit community in downtown San Jose, for $176 million. The investment partners are Tokyo-based real estate company Hulic Co. Ltd. and Fuyo General Lease (USA) Inc., the U.S. subsidiary of Japanese financial services company Fuyo General Lease Co. Ltd. The acquisition marks Beverly Hills, California-based Kennedy Wilson’s fifth joint venture with Hulic and its first with Fuyo. Locally based Lakevision Capital was the seller. Built in 2015, One South Market is …

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The-Grad-Student-Housing-San-Jose
CaliforniaInvestment SalesNewsStudent HousingWestern

IPA Arranges $204.8M Trade of Silicon Valley Student Housing High-Rise

by Lynn Peisner

SAN JOSE, CALIF. — Institutional Property Advisors (IPA) has brokered the sale of The Grad San Jose, a 260-unit, 1,035-bed purpose-built student housing high-rise half a mile south of San Jose State University. AMCAL, Swenson and Tikehau Capital sold the property to a joint venture between Coastal Ridge Real Estate and Brookfield for approximately $204.8 million. The Grad was 100 percent leased at the time of the sale. Completed in 2020, The Grad offers furnished one- to four-bedroom floor plans, most with private bedrooms and private bathrooms, along with kitchens …

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Highland-Ave-National-City
CaliforniaDevelopmentNewsWestern

National City Investment Group Breaks Ground on Market View in Metro San Diego

by Lynn Peisner

NATIONAL CITY, CALIF. — The National City Investment Group has broken ground on Market View, a 120-unit community situated on a former parking lot at 303 Highland Ave. in National City, seven miles south of San Diego. RDC is the architect, and R.D. Olson Construction is the general contractor. The property will consist of studios and one- and two-bedroom floor plans along with a rooftop deck with ocean views, coworking space and an outdoor yoga deck. Completion is slated for the first quarter of 2028.

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Junction-at-Rockledge-Florida
ArizonaFinanceFloridaGeorgiaNewsSoutheastWestern

Thompson Thrift Secures $463M Construction Takeout Loan for Eight New Sun Belt Properties

by Lynn Peisner

TERRE HAUTE, IND. — JLL has arranged $463 million in bridge financing for an eight-property portfolio owned by Terre Haute-based Thompson Thrift. Barings provided the floating-rate construction takeout loan for the newly completed properties, comprising 2,412 units, in Florida, Georgia and Arizona. The loan retired existing construction loans across all properties, which were completed throughout 2025 and 2026 in seven metro areas. Each property features amenities such as 24-hour fitness centers, resort-style pools, resident social hubs with coffee bars, pickleball courts, dog parks with pet spas, business centers and outdoor …

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The-Dylan-Hercules
Affordable HousingCaliforniaFinanceInvestment SalesNewsWestern

Interstate Equities Buys Bay Area’s The Dylan for $83.5M

by Lynn Peisner

HERCULES, CALIF. — Hercules Development Partners has sold The Dylan in Hercules, 24 miles north of San Francisco, to Interstate Equities Corp. for $83.5 million. JLL arranged the sale on behalf of the seller as well as a $54.3 million Freddie Mac acquisition loan for Los Altos, California-based Interstate Equities. Completed in 2022, The Dylan is a five-story community comprising 217 market-rate units and 15 affordable units. Rent restrictions were not disclosed. The property features studios, one- and two-bedrooms and a lounge with a community kitchen; a sports lounge with …

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The-Groves-Kent
Investment SalesNewsWashingtonWestern

RISE Properties Sells 366-Unit The Groves in Seattle Metro Area for $72M

by Lynn Peisner

KENT, WASH. — RISE Properties has sold The Groves Apartments (366 units) in Kent to FPA Multifamily for $72 million. Institutional Property Advisors’ Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero and Anthony Palladino represented the seller, which acquired the asset in 2019. During its hold, RISE renovated about 68 percent of the units and upgraded amenities and common areas. The property, which has been rebranded as ReNew Meridian, is about 30 miles south of Seattle and includes two- and three-story residential buildings and a clubhouse across 20 acres. It …

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The-Astor-Phoenix
ArizonaInvestment SalesNewsWestern

IPA Brokers $47.8M Sale in Phoenix

by Lynn Peisner

PHOENIX — Institutional Property Advisors (IPA) has arranged the sale of The Astor at Osborn, a 191-unit mid-rise community in Phoenix. The asset traded between two unnamed parties for the sum of $47.8 million. Completed in 2019, The Astor at Osborn has garage parking, a resort-style pool, fitness center, club room and outdoor grilling stations. Floor plans are available as studios, one-, two- and three-bedroom units, which feature stainless steel appliances and 10-foot ceilings. IPA’s Steve Gebing and Cliff David represented the seller and procured the buyer.

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Sagecliff-Reno
BerkadiaInvestment SalesNevadaNewsWestern

Kennedy Wilson Sells Sagecliff in Nevada for $54.8M

by Lynn Peisner

RENO, NEV. — Berkadia has arranged the $54.8 million sale of Sagecliff in Reno. Beverly Hills, California-based Kennedy Wilson was the seller, and Korda Group, a California-based family office, was the buyer, according to CoStar. Sagecliff (220 units) was built in 1997 and features a mix of one- and two-bedroom units averaging 941 square feet. The property’s amenity package includes a pool and hot tub, fitness center, clubhouse and detached garages. Kennedy Wilson invested approximately $2 million in capital improvements during its hold period, which began in 2021. Updates included …

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