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Harvest-Station-Broomfield
ColoradoInvestment SalesNewsWestern

Four Peaks Buys Denver-Area Property for $85 Million

by Lynn Peisner

BROOMFIELD, COLO. — Hamilton Zanze has sold Harvest Station in Broomfield, 17 miles north of Denver. According to the Denver Business Journal, Four Peaks Multifamily Partners bought the property, developed in 2014, for $85 million. San Francisco-based Hamilton Zanze bought the property in 2016. Situated at 11775 Wadsworth Blvd., Harvest Station features 119 one-, two- and three-bedroom units. Amenities include a resort-style pool and hot tub, grilling stations, an outdoor fireplace and TV lounge, a clubhouse with a gaming lounge, a business center, a dog park and dog wash and …

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El-Paseo
Affordable HousingInvestment SalesNew MexicoNewsOregonWestern

Guardian Buys $497 Million Post-Compliance LIHTC Portfolio, Extends Affordability

by Lynn Peisner

PORTLAND, ORE. — Portland-based multifamily operator, developer and investor Guardian has acquired a portfolio of 15 affordable housing communities in Oregon and New Mexico, each of which has reached the end of its 15-year LIHTC compliance period. Guardian will convert a portion of the portfolio’s market-rate units to be rent capped at 60 percent of area median income. The acquisition was completed in two separate phases. The first phase included two Portland-area properties totaling 310 units, acquired with capital partner AEW. The second phase included 13 properties and 2,740 units …

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The-Chester
CaliforniaDevelopmentNewsWestern

Kimko, Bozzuto to Add Residential to Historic Bay Area Shopping Center

by Lynn Peisner

DALY CITY, CALIF. — Kimco Realty (NYSE: KIM) and Bozzuto have broken ground on The Chester at Westlake, a 214-unit community located in the Westlake Shopping Center in Daly City, about 10 miles south of San Francisco. The project is part of Kimko’s strategy to incorporate residential into its retail developments. Westlake, a 40-acre, open-air center, opened in 1951 and was acquired by Kimko in 2002. Westlake Shopping Center is described as one of the earliest planned shopping centers in the United States, and neighborhoods were built around the center, …

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Shelly Peterson Smart Room Package management Multifamily quote
Content PartnerFeaturesFurniture, Fixtures & EquipmentIndustry ContentMidwestNortheastOperationsSoutheastStudent HousingTechnologyTexasWestern

Scalable Solutions for Multifamily’s Growing Package Problem

by Sarah Daniels

At too many multifamily communities today, managers spend much of their time receiving, safeguarding, retrieving and tripping over a rising tide of parcels awaiting pickup by residents. A range of cages, lockers and other systems promise to ease the package management burden, but most still require staff oversight and may not securely accommodate bulky items or seasonal surges in deliveries. “The sheer volume of packages residents are getting has increased, and that has driven a lot of frustration with package management,” says Shelly Peterson of Smart Package Room, which makes …

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Alvera-at-the-Meadows
Investment SalesNewsUtahWestern

Gelt Venture Partners Acquires 142-Unit Property in American Fork, Utah

by Lynn Peisner

AMERICAN FORK, UTAH — Gelt Venture Partners (GVP) has acquired Alvera at the Meadows in American Fork, about midway between Provo and Salt Lake City. The seller and sales price were not disclosed. The 142-unit property was developed in 2021 on about 4 acres. It features a mix of one-, two- and three-bedroom floor plans and such amenities as a pool and hot tub, a fitness center, clubhouse, package lockers and a playground. GVP is planning property upgrades during its hold. Brock Zylstra and Daniel Shin of Institutional Property Advisors represented …

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Circ-Tucson
ArizonaInvestment SalesNewsWestern

IPA Brokers Tucson Sale

by Lynn Peisner

TUCSON, ARIZ — Institutional Property Advisors (IPA) has arranged the sale of CIRC Tucson, a 368-unit property in the Casas Adobes neighborhood of Tucson. IPA’s Clint Wadlund, Hamid Panahi, Steve Gebing and Cliff David represented the seller and procured the buyer. Neither party was named. Completed in 1986 on 17 acres, CIRC Tucson is a gated, two-story, garden-style property with two pool areas, a fitness center, package lockers and electric vehicle charging stations.

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Distel-Circle
Affordable HousingCaliforniaDevelopmentNewsWestern

EAH, Santa Clara County Break Ground on Affordable Housing Development

by Lynn Peisner

LOS ALTOS, CALIF. — EAH Housing and Santa Clara County have broken ground on Distel Circle, an affordable housing community in Los Altos, about 17 miles west of San Jose. Distal Circle will offer 90 units for individuals and families earning between 30 and 80 percent of the area median income. Several units will be designated as permanent supportive housing for individuals experiencing homelessness. Completion is slated for January 2027. KTGY Architects designed the community. The project’s primary funding source is the Low-Income Housing Tax Credit (LIHTC) and state credit …

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700-Locust-Pasadena
CaliforniaInvestment SalesNewsWestern

Pasadena Property Trades for $22 Million

by Lynn Peisner

PASADENA, CALIF — CBRE has brokered the $22 million sale of ALUR Apartments, a 51-unit community located at 700 Locust St. in Pasadena. The property was acquired by ADC Real Estate Group LP, an affiliate of Amoroso Cos. CBRE’s Kamran Paydar and Kadie Presley Wilson represented the seller, a private Los Angeles-based investor. Ryan Greer, Trevor Breaux and Troy Tegeler with CBRE’s debt and structured finance division arranged acquisition financing on behalf of the buyer. Built in 1987 and renovated in 2021, ALUR consists of a mix of one- and …

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Cypress-Point
CaliforniaInvestment SalesNewsWestern

IPA Brokers $100 Million Sale of Ventura County Asset

by Lynn Peisner

VENTURA, CALIF. — Raintree Properties has acquired Cypress Point, a 268-unit property in Ventura, for $100 million. County Center LP was the seller, and Institutional Property Advisors (IPA) arranged the sale. The transaction equates to $373,134 per unit. The property has been owned by the seller, who was the original developer, since 1990. Cypress Point is situated on 14 acres and includes 28 two-story buildings, a barbecue and picnic area, a fitness center, a clubhouse and covered parking. First-floor units feature nine-foot ceilings, and second-floor units have 12-foot vaulted ceilings. …

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Arya-Apartments
DevelopmentFinanceNewsWestern

Helio Group Locks in $58 Million ReFi for Culver City Development

by Lynn Peisner

CULVER CITY, CALIF. — JLL Capital Markets has arranged a $58 million construction takeout loan for Helio Group. The loan was funded by Canyon Partners Real Estate and will be used to refinance existing debt used to develop Arya Apartments in Culver City. Arya is one of five multifamily projects Helio has developed in the greater Culver City submarket since 2018. The property features 38 studios, 36 one-bedrooms and 45 two-bedrooms, all of which feature smart-home technology. Asking rents on floor plans available as of late August range from $2,995 …

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