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The Highlands in Torrance, California
CaliforniaInvestment SalesNewsWestern

CBRE Brokers $71.5 Million Sale of 121-Unit The Highlands in Torrance, California

by Channing Hamilton

TORRANCE, CALIF. — CBRE has arranged the sale of The Highlands, a 121-unit community in the Los Angeles suburb of Torrance. Koto Estates Co. Ltd., an investor based in Japan, purchased the asset from Santa Barbara, California-based Ocean Ten LLC for $71.5 million. Priscilla Nee and Yasuyuki Kojima represented the buyer in the deal. Located at 25935 Rolling Hills Road, The Highlands is situated adjacent to the Rolling Hills and Palos Verdes neighborhoods. Units come in studio, one-, two- and three-bedroom floor plans, according to the property website. Community amenities include an …

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CaliforniaInvestment SalesNewsWestern

CBRE Brokers Sale of 118-Unit EVIVA Midtown in Sacramento, California

by Channing Hamilton

SACRAMENTO, CALIF. — CBRE has arranged the sale of EVIVA Midtown, a 118-unit property located at 1531 N. St. in Sacramento. Sequoia Equities and Coit Financial sold the asset to CONAM, an affiliate entity of The CONAM Group’s Fund IV, for an undisclosed price. Marc Ross and Hasina Ahmadi of CBRE represented the sellers in the deal. EVIVA Midtown offers studio, one- and two-bedroom floor plans. Apartments feature floor-to-ceiling windows, in-unit washers and dryers and stainless steel appliances. Amenities include a fitness center, community lounge, fire pit and outdoor courtyard. The property …

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The Schoolhouse District in Woodinville, Washington
Investment SalesNewsWashingtonWestern

JLL Capital Markets Arranges $77 Million Refinancing for The Schoolhouse District in Seattle Suburb

by Channing Hamilton

WOODINVILLE, WASH. — JLL Capital Markets has arranged a $77 million refinancing for The Schoolhouse District, a 264-unit mixed-use complex in downtown Woodinville, a northern suburb of Seattle. JLL represented the borrowers, MainStreet Property Group and HAL Real Estate, in securing the fixed-rate loan through AXA IM Alts. Seth Heikkila and Steve Petrie led the JLL Capital Market Debt Advisory team. The Schoolhouse District was built in 2021 on a 3.1-acre site. The community offers units in studio, one-, two- and three-bedroom floor plans. Amenities include a fitness center, work-from-home spaces, grocery delivery …

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Porch + Park in Redmond, Washington
FinanceNewsWashingtonWestern

MainStreet Property Group Secures $32.6 Million Refinancing for Porch + Park in Redmond, Washington

by Channing Hamilton

REDMOND, WASH. — MainStreet Property Group has obtained a $32.6 million loan for the refinancing of Porch + Park, a 106-unit property located at 16050 Cleveland St. in downtown Redmond, an eastern suburb of Seattle. Seth Heikkila and Steve Petrie of JLL Capital Markets arranged the floating-rate loan through First Citizens Bank. Porch + Park was built in 2022. The community offers studio, one-, two- and three-bedroom floor plans. Amenities include a rooftop deck and a gym with row machines, yoga spaces and a boxing area. The property also includes 9,178 …

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SKY Sammamish in Sammamish, Washington
Investment SalesNewsWashingtonWestern

Security Properties Acquires SKY Sammamish in Metro Seattle for $70.3 Million

by Channing Hamilton

SAMMAMISH, WASH. — Security Properties has acquired SKY Sammamish, a 159-unit asset located in the Seattle suburb of Sammamish, for $70.3 million. According to the property website, SKY Sammamish offers one-, two- and three-bedroom apartment units. Amenities include a lounge, fitness center and sport court featuring basketball and pickleball courts, ping pong tables and a tabletop shuffleboard. The community was built in 2018 as a phase of the Sammamish Town Center, a mixed-use development that will serve as the new town center for the city. SKY Sammamish is currently the only …

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Bill Ketcham, The Mogharebi Group
DevelopmentFinanceInvestment SalesLeasing & MarketingMarket ReportsNevadaWestern

Development Boom has Turned Nevada into a Renter’s Market

by Channing Hamilton

The Nevada multifamily market, which is primarily made up of Reno and Las Vegas, faced significant challenges in 2023, particularly due to rising interest rates and a slowdown in sales volume.  Rents declined by approximately 8 percent since their peak in the fourth quarter of 2021. Despite these setbacks, investors remain attracted to multifamily properties in Nevada, buoyed by the state’s favorable economic indicators and potential for long-term returns.  However, supply constraints and rising construction costs pose ongoing challenges that could impact future market growth. Nonetheless, the Nevada multifamily market …

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ArizonaInvestment SalesNewsWestern

Cushman & Wakefield | PICOR Brokers Sale of 23-Unit Portfolio in Tucson, Arizona

by Channing Hamilton

TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of a 23-unit portfolio in Tucson. Plowden/Martin Properties LLC purchased the assets from Welsey James Krajicek Family Revocable Trust for $2.1 million. The portfolio consists of Pima Apartments at 4238-4246 E. Pima St. and Lee Apartments at 4223-4245 E. Lee St. Allan Mendelsberg and C. Joey Martinez of Cushman & Wakefield | PICOR represented the buyer and seller in the deal.

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9108 Palm Street in Bellflower, California
CaliforniaInvestment SalesNewsWestern

CBRE Arranges $2 Million Sale of Eight-Unit Property in Bellflower, California

by Channing Hamilton

BELLFLOWER, CALIF. — CBRE has arranged the sale of an eight-unit property located in the southeast Los Angeles suburb of Bellflower. Located at 9108 Palm St., the 7,619-square-foot property was constructed in 1960. The new ownership plans to renovate the community. The asset traded hands for $2 million. Dan Blackwell and Sean Farag of CBRE represented the private 1031 exchange buyer in the deal. The seller was based in Los Angeles County.

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CaliforniaInvestment SalesNewsPeople NewsWestern

Newmark Hires Erik Anderson as Senior Managing Director Specializing in Investment Sales

by Channing Hamilton

SAN DIEGO — Newmark has hired Erik Anderson to the role of Senior Managing Director. In this position, Anderson will specialize in multifamily investment sales for private clients and middle-market investors throughout Southern California. He will be based out of Newmark’s San Diego office. Prior to joining Newmark, Anderson held senior positions at Northmarq and CBRE. He has served on the Developing Leaders board for NAIOP San Diego and is a member of the Urban Land Institute and the National Multifamily Housing Council.

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The Amble in Steamboat Springs, Colorado
ColoradoDevelopmentFinanceNewsWestern

JLL Capital Markets Arranges $72.4 Million Construction Loan for The Amble in Steamboat Springs, Colorado

by Channing Hamilton

STEAMBOAT SPRINGS, COLO. — JLL Capital Markets has arranged a $72.4 million construction loan for The Amble, a 42-unit project to be situated at the base of Steamboat Springs Ski Resort in Steamboat Springs. JLL worked on behalf of the borrower, East West Partners, to secure the financing through a regional bank.Leon McBroom, Mark Erland and Kevin Barron led the JLL Capital Markets Debt Advisory team. The Amble is located on a 1.6-acre site at 2300 Mount Warner Cir. The building will rise five stories. The property will feature 6,500 square feet …

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