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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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The-Boxer-Forest-Grove
Investment SalesNewsOregonWestern

IPA Arranges $14.7M Sale in Forest Grove, Oregon

by Lynn Peisner

FOREST GROVE, ORE. — Hillsboro, Oregon-based Bender Equities has sold The Boxer, a 99-unit community in Forest Grove, about 27 miles west of Portland, Oregon, for $14.7 million. The buyer was Tam Ridge Partners from San Francisco. Institutional Property Advisors (IPA)’s Anthony Palladino, Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero and David Tabata, Marcus & Millichap’s broker of record in Oregon, represented the seller. The Boxer is a nine-building property, developed in the 1960s and renovated in 2019, with a playground, laundry facilities, a lounge with a kitchen, fireplace, …

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Union-Street-San-Francisco
CaliforniaInvestment SalesNewsWestern

Marcus & Millichap Brokers $6.3M Russian Hill Portfolio Sale in San Francisco

by Lynn Peisner

SAN FRANCISCO — Marcus & Millichap has arranged the sale of two multifamily properties at 1159-1169 and 1067-1071 Union St. in San Francisco’s Russian Hill neighborhood. The properties sold for a combined $6.3 million after approximately 50 years under the same family ownership. Philip Batlin, Clinton Textor, Sam Runco and Jordan Tong, investment specialists in Marcus & Millichap’s San Francisco office, marketed the properties on behalf of the seller and procured the buyer, locally based Ballast. Built in 1925, the 9,123-square-foot property at 1159-1169 Union St. consists of six two-bedroom, …

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Altezza-Westchester
BerkadiaCaliforniaInvestment SalesNewsWestern

Berkadia Arranges $6.8M Sale in Westchester Submarket of Los Angeles

by Lynn Peisner

LOS ANGELES — Berkadia has arranged the $6.8 million sale of Altezza, a 16-unit property in the Westchester neighborhood of Los Angeles. Steffan Braunlich of Berkadia El Segundo led the transaction on behalf of the seller, Revere Investments of Rolling Hills Estates, California. The buyer was Edud Investments based out of Corona, California. The deal closed on Sept. 21. Located at 6925 Kittyhawk Ave., the property was built in 1993 and features 16 two-bedroom, two-bathroom apartments, including upper-level, two-story loft layouts. The property also includes in-unit stackable washers and dryers, …

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First-Street-Manor-San-Jose
CaliforniaInvestment SalesNewsWestern

Marcus & Millichap Brokers $9.1M Silicon Valley Trade

by Lynn Peisner

SAN JOSE, CALIF. — Marcus & Millichap’s Levin Johnston brokerage team has arranged the sale of First Street Manor, a 39-unit community in San Jose. Adam Levin, Robert Johnston and Cole Simpson represented the seller and procured the buyer in the $9.1 million transaction. Neither party to the transaction was named. The property, built in 1948, comprises studio, one- and two-bedroom floor plans. The 18,305-square-foot property sits on a 0.87-acre parcel one block west of the Japantown/Ayer light rail station at 523 North 2nd St. with service throughout the Silicon …

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Griffis-Union-Station-Denver
ColoradoFinanceNewsWestern

Griffis Residential Obtains $86.1M Refinancing for Denver Asset

by Lynn Peisner

DENVER — JLL Capital Markets has arranged an $86.1 million refinancing loan for Griffis Union Station, a 400-unit property owned by Greenwood Village, Colorado-based multifamily investment company Griffis Residential. Completed in 2010, Griffis Union Station is located at 2905 Inca St. in downtown Denver, stands five stories tall and offers one- and two-bedroom units and such amenities as a fitness center, resort-style pool, clubhouse, lounge, business center, grilling stations, game room, dog park and pet washing station. JLL’s team was led by Eric Tupler, Kevin Barron and Jake Martin.

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University-Gardens-Riverside
CaliforniaInvestment SalesNewsWestern

Kidder Mathews Brokers $21.8M, Two-Property Inland Empire Sale

by Lynn Peisner

RIVERSIDE, CALIF. — Kidder Mathews has arranged the $21.8 million sale of two adjacent properties totaling 113 units in Riverside. Neither buyer nor seller was identified. The transaction included University Gardens, a 25-unit property at 1480 Seventh St., and Normandy Apartments, an 88-unit complex at 3681–3725 Cranford Ave. comprising two side-by-side, 44-unit buildings. Both properties feature pools. Jon Mitchell, based at Kidder Mathews’ Orange County office, represented the seller.

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Sunsweet-Morgan-Hill
CaliforniaInvestment SalesNewsWestern

Keech Properties Buys Silicon Valley’s Sunsweet Apartments for $45M

by Lynn Peisner

MORGAN HILL, CALIF. — Redwood City, California-based Keech Properties has acquired Sunsweet Apartments in Morgan Hill, about 10 miles south of San Jose, California, for $45 million. According to The Mercury News, the seller was Republic Urban Properties, a San Jose-based developer represented in the deal by Northmarq’s Walnut Creek Investment Sales team led by Anthony Pappageorge and Zach LeBeouf. Built in 2020, Sunsweet Apartments is situated on a 1.9-acre site. A resort-style pool, fitness center, clubhouse, electric vehicle charging stations and multiple outdoor gathering spaces complement the 87 studios, …

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The-Summit-Avon
Affordable HousingColoradoDevelopmentNewsWestern

Grand Peak Breaks Ground on Mixed-Income Community in Avon, Colorado

by Lynn Peisner

AVON, COLO. — Denver-based developer Grand Peak, in partnership with Silverton Holdings, a Braselton, Georgia-based developer specializing in hospitality projects, has broken ground on The Summit, a 164-unit community in Avon, approximately 106 miles west of Denver and about 10 miles west of Vail, Colorado. Civitas Capital Group provided an undisclosed sum of construction financing for the project, which will include 16 workforce housing units reserved for tenants earning no more than 100 percent of area median income. Amenities will include a fitness center, game room, dedicated ski and gear …

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