Western

Elmonica Station in Beaverton, Oregon
Affordable HousingDevelopmentNewsOregonWestern

Developers Break Ground on Affordable Elmonica Station Project in Metro Portland

by Channing Hamilton

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 …

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Nimbus in Everett, Washington
Investment SalesNewsWashingtonWestern

CEP Multifamily Buys Nimbus in Everett, Washington, for $49 Million

by Channing Hamilton

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.

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735 St. Clair in Portland, Oregon
FinanceNewsOregonWestern

Fairfield Receives $26.4 Million Loan for Refinancing of Asset in Portland

by Channing Hamilton

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 …

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Steve Nosrat
Investment SalesNevadaNewsPeople NewsWestern

Mogharebi Group Hires Steve Nosrat to Las Vegas Investment Sales Team

by Lynn Peisner

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.

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Table Rock in Flagstaff, Arizona
ArizonaInvestment SalesNewsWestern

Investors Capital Group Buys Table Rock in Flagstaff, Arizona, for $25.9 Million

by Channing Hamilton

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.

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CaliforniaFinanceNewsWestern

Bell Partners Receives $73 Million Loan for Refinancing of Property in Inglewood, California

by Channing Hamilton

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 …

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Marquis at Desert Ridge in Phoenix
ArizonaInvestment SalesNewsWestern

IMT Capital Acquires 370-Unit Marquis at Desert Ridge in Phoenix

by Channing Hamilton

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 …

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Silver King Leadville in Leadville, Colorado
Affordable HousingColoradoFinanceNewsWestern

Cloudland Capital, Blue Hour Housing Secure Financing for Workforce Housing Asset in Leadville, Colorado

by Channing Hamilton

LEADVILLE, COLO. — Cloudland Capital and Blue Hour Housing have received $5 million in financing for Silver King Leadville, a 56-unit workforce housing community in Leadville, about 100 miles west of Denver. William Haass of JLL Capital Markets arranged the five-year, fixed-rate loan through a Colorado-based credit union. Located at 2020 North Poplar St., Silver King Leadville offers 47 studios, eight one-bedroom units and one two-bedroom apartment. The average unit size is 375 square feet. Income restrictions for the community were not disclosed. Originally a 66-key hotel, the property was converted …

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Mark Bridge, executive vice president and senior director, Matthews Real Estate Investment Services
CaliforniaInvestment SalesNewsWestern

Matthews Hires Mark Bridge as Executive Vice President, Senior Director

by Channing Hamilton

IRVINE, CALIF. — Matthews Real Estate Investment Services has appointed Mark Bridge as executive vice president and senior director. Based in Matthews’s Orange County office in Irvine, Bridge will specialize in the acquisition and disposition of multifamily properties throughout Southern California. He will focus on communities with 20 to 100 units. Prior to joining Matthews, Bridge served as a managing director at Cushman & Wakefield. He previously spent 17 years at Marcus & Millichap.

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Stella Apartments in San Diego
CaliforniaDevelopmentFinanceNewsWestern

Murfey Cos. Secures $46.5 Million Construction Loan for Stella Apartments in San Diego

by Channing Hamilton

SAN DIEGO — Murfey Cos. has received $46.5 million in construction financing for Stella Apartments in San Diego’s North Park neighborhood. Aldon Cole, Bryan Clark and Bharat Madan of JLL Capital Markets’ Debt Advisory arranged a three-year floating-rate loan through Buchanan Mortgage Holdings, an affiliate of Buchanan Street Partners, for the borrower. Located at 3104 El Cajon Blvd., Stella Apartments will consist of 149 apartments across nine stories. Units will come in studio, one- and two-bedroom layouts. Planned amenities include a rooftop terrace, community gym, outdoor amenity space and lobby. …

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