PARKER AND LAFAYETTE, COLO. — Bell Partners has acquired Bell Parker and Bell Lafayette, two assets located in the Denver metropolitan area. The company purchased the assets in separate transactions on behalf of its Bell Value-Add Fund VIII for a total of $185.8 million. Completed in 2002, Bell Parker is a 360-unit garden-style property located at 16950 Carlson Drive in Parker, roughly 25 miles southeast of downtown Denver. Bell Partners purchased the asset from Starwood Real Estate Income Trust for $103.3 million. JLL acted as the broker. Built in 2016, …
UPLAND, CALIF. — MJW Investments has acquired Coventry Square Apartments, a 92-unit community located in Upland, approximately 25 miles west of San Bernardino, California. MJW purchased the asset from an undisclosed seller in an off-market transaction. The sales price was also not disclosed. Built in 1980, Coventry Square Apartments consists of 46 buildings on 9.3 acres. The asset features two-bedroom apartments that average 1,178 square feet. Residents have access to amenities such as a pool, landscaped courtyards and on-site parking.
WEST SACRAMENTO, CALIF. — A partnership between The Bascom Group LLC and Oaktree Capital Management LP has acquired The Strand, a 408-unit property in West Sacramento. The garden-style asset traded for $126 million. The identity of the seller was not disclosed. The Strand was built in 2021 by MBK Rental Living. The property consists of 39 three-story buildings offering a mix of one-, two- and three-bedroom apartments. The average unit size is 885 square feet. Amenities include two pools with cabanas, a clubhouse, fire pits and gas grills, a spa …
BEAVERTON, ORE. — REACH Community Development and Mercy Housing Northwest have broken ground on Elmonica Station, a $51.8 million affordable housing project in Beaverton, eight miles west of Portland. The community will consist of 81 units for households earning at or below 60 percent of the area median income (AMI) or 30 percent AMI. Elmonica Station will feature a mix of studio, one-, two-, and three-bedroom apartments. Planned amenities include community rooms, outdoor play and gardening spaces, laundry rooms on all residential floors and a food pantry. The project is located at the …
EVERETT, WASH. — CEP Multifamily has purchased Nimbus, a 165-unit property located at 2701 Rockefeller Ave. in Everett, approximately 30 miles north of Seattle. David Young, Corey Marx and Chris Ross of JLL Capital Markets represented the seller, Trent Development, in the deal. The eight-story complex traded hands for $49 million. Completed in 2022, Nimbus offers a mix of studio, one- and two-bedroom units. Amenities include a coworking lobby, fitness room, arcade, entertainment kitchen and rooftop lounge.
PORTLAND, ORE. — Fairfield has secured a $26.4 million loan for the refinancing of 735 St. Clair, a 24-story building in Portland’s Goose Hollow neighborhood. The building consists of 212 apartments in studio, one- and two-bedroom layouts. Units range from 650 square feet to roughly 1,000 square feet. Joe Giordani, Scott Botsford, Brendan Golding, Alvin Cao and Stuart Oswald of Northmarq’s Newport Beach, California, and Seattle Debt + Equity teams arranged the permanent fixed-rate refinance loan through Northmarq’s direct Freddie Mac lender partnership. The loan features a five-year fixed term with …
LAS VEGAS — Steve Nosrat has joined The Mogharebi Group’s multifamily investment sales team as senior vice president in the firm’s Las Vegas office. The Mogharebi Group is headquartered in Costa Mesa, California. Nosrat’s prior commercial brokerage experience includes working with private capital, institutional transactions and new development. He comes to The Mogharebi Group from Avison Young, Las Vegas, where he was a principal. Previously, he was senior vice president at NAI Las Vegas.
FLAGSTAFF, ARIZ. — Investors Capital Group has purchased Table Rock, a 100-unit property in Flagstaff, from Aultas for $25.9 million. Built in 1998, Table Rock is a garden-style community that offers two- and three-bedroom floor plans. The average unit size is 1,032 square feet. Amenities include a clubhouse and fitness center. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer.
INGLEWOOD, CALIF. — Bell Partners has received a $73 million loan for the refinancing of Bell South Bay, a 264-unit community located at 11622 Aviation Blvd. in Inglewood, about 13 miles southwest of Los Angeles. Justin Nelson and Craig West of Walker & Dunlop’s Capital Markets and Multifamily Finance teams arranged the bridge loan. The financing was provided by accounts managed by KKR. Built on 3.05 acres in 2016, Bell South Bay consists of 264 apartments. Units come in studio, one- and two-bedroom layouts. Amenities include a fitness center and …
PHOENIX — IMT Capital, together with its affiliated property management company IMT Residential, has acquired Marquis at Desert Ridge, a 370-unit property in the Desert Ridge neighborhood of Phoenix. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented the seller, a national investor and operator, in the deal. Built in 2014, Marquis at Desert Ridge offers one- and two-bedroom units. Amenities include a pool and spa area with a sundeck lounge and cabanas, outdoor kitchen and grill stations, fitness center, clubhouse with entertainment kitchen, billiard room and business center. The new …