Western

Alliance Residential Opens 264-Unit Broadstone Edition in Irvine, California

by Channing Hamilton March 1, 2024

IRVINE, CALIF. — Alliance Residential has opened Broadstone Edition, a 264-unit property in Irvine. The five-story community offers studio to three-bedroom units. Of the total unit count, 22 have been set aside for very-low-income households and 14 for moderate-income households. Details regarding income restrictions were not disclosed. Amenities include a pool, karaoke lounge, 2,000-square-foot rooftop deck with a social lounge and fire pits, 2,000-square-foot gym and studio, bicycle parking and a courtyard barbecue area. KTGY designed the community. Hendy was the interior designer. Fuscoe Engineering was the civil engineer. MJS …

March 1, 2024

Investment Sales Nevada News Western

Tower 16 Capital Partners Acquires The Deco at Victorian Square in Reno, Nevada, for $43 Million

by Channing Hamilton March 1, 2024

RENO, NEV. — Tower 16 Capital Partners has acquired The Deco at Victorian Square, a 209-unit community in Reno, for $43 million. Jonathan Merhaut of Eastdil Secured represented the undisclosed seller in the deal. Lee Redmond and Greg Stampley of Eastdil arranged debt financing for the buyer. The Deco at Victorian Square was built in 2021. The community offers studio, one- and two-bedroom floor plans averaging 731 square feet in size. The new owner plans to implement nearly $1 million in upgrades, including modernized common areas, fitness center upgrades and landscaping …

March 1, 2024

Colorado Investment Sales News Western

JLL Capital Markets Adds Wick Kirby to Denver Institutional Multifamily Team

by Channing Hamilton February 29, 2024

DENVER — JLL Capital Markets has added Managing Director Wick Kirby to the firm’s Denver institutional multifamily team. In this role, Kirby will oversee multifamily investment sales advisory transactions throughout the Denver metropolitan area. He will work alongside Jordan Robbins and Alex Possick and will report to the Denver capital markets office heads, Senior Manging Directors Peter Merrion and Leon McBroom. Kirby previously served out of JLL’s Chicago office for 15 years. He received a bachelor’s degree from University of Wisconsin-Madison and a master’s degree from DePaul University. He is also …

February 29, 2024

Oakview Apartment Homes and The Biltmore at Thousand Oaks in Ventura County, California

California Investment Sales News Western

Institutional Property Advisors Brokers $153 Million Sale of Two-Property Portfolio in Ventura County, California

by Channing Hamilton February 29, 2024

WESTLAKE VILLAGE AND THOUSAND OAKS, CALIF. — Institutional Property Advisors (IPA) has brokered the sale of a two-property, 409-unit portfolio in California’s Ventura County. FPA Multifamily acquired the portfolio for $153 million. KevinGreen, Joseph Grabiec and Gregory Harris of IPA represented the seller, a private multifamily investor, and procured the buyer. The two properties included in the portfolio are Oakview Apartment Homes, a 242-unit asset in Westlake Village, and The Biltmore at Thousand Oaks, a 167-unit complex in Thousand Oaks. The properties were built in 1970 and 1965, respectively.

February 29, 2024

Arizona Investment Sales News Western

Cushman & Wakefield | PICOR Brokers $6.1 Million Sale of Wasko Modern Apartments in Tucson, Arizona

by Channing Hamilton February 27, 2024

TUCSON, ARIZ. — Cushman & Wakefield | PICOR has negotiated the sale of Wasko Modern Apartments, a community located at 2302 E. Fort Lowell Road in Tucson. Wasko Modern LLC sold the asset to 2302 East Fort Lowell Owner LLC to $6.1 million. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented both parties in the deal. The investment property comprises 38 units across 30,280 square feet.

February 27, 2024

Affordable Housing California Development News Western

Community Housing Opportunities Corp. Opens $36 Million Affordable Housing Project in Palm Springs, California

by Channing Hamilton February 27, 2024

PALM SPRINGS, CALIF. — Community Housing Opportunities Corp. has opened Monarch Apartment Homes, a 60-unit affordable housing complex in Palm Springs. The $36 million development is situated on a 3.6-acre site. Monarch Apartment Homes is affordable to tenants earning between 30 and 60 percent of the area median income. Amenities include a splash pad, barbeque areas, in-unit laundry facilities, a community room and walking paths. The project was designed by Maria Song, AIA, LEED & AP.

February 27, 2024

California Development News Seniors Housing Western

Kennedy Wilson Nears Completion of 32-Acre Anacapa Canyon in Camarillo, California

by Channing Hamilton February 26, 2024

CAMARILLO, CALIF. — Kennedy Wilson is nearing completion of Anacapa Canyon, a 32-acre master-planned development in the southern California city of Camarillo. Anacapa Canyon will comprise 310 market-rate units, as well as 170 income-restricted units for senior citizens. The affordable seniors housing units are fully preleased to qualified renters. Anacapa Canyon will also feature 109 for-sale, single-family homes. Planned amenities include multiple pools and spas, a community garden, game room, event lounge, fitness center, dog parks and green spaces. The first move-ins are underway. The project is slated to complete …

February 26, 2024

California Finance News Western

Cronheim Arranges $56 Million in Permanent Financing for Three-Property Portfolio in Los Angeles

by Channing Hamilton February 26, 2024

LOS ANGELES — Cronheim Mortgage has arranged $56 million in permanent financing for a three-property portfolio in Los Angeles. Andrew Stewart and Allison Villamagna of Cronheim secured the financing on behalf of the borrower, 4SITE Real Estate. Cronheim arranged $37 million, $10.9 million and $8.1 million in financing for the properties, respectively. The portfolio includes Barranca Los Angeles, 4Mica Apartments and Arroyo Los Angeles. Barranca Los Angeles totals 200 apartment units and offers amenities such as a pool, spa, gym, yoga studio, workspaces, outdoor garden terrace and BBQ area. 4Mica …

February 26, 2024

Arizona Build-to-Rent Investment Sales News Western

Inland Real Estate Acquisitions Brokers Sale of 190-Unit Build-to-Rent Community Near Phoenix

by Channing Hamilton February 23, 2024

GLENDALE, ARIZ. — Inland Real Estate Acquisitions LLC has negotiated the sale of Onyx at Westgate, a 190-unit build-to-rent property in the Phoenix suburb of Glendale. Mark Cosenza of Inland Real Estate Acquisitions arranged the deal on behalf of an Inland affiliate, with assistance from and David Neboyskey and associate counsel. Onyx at Westgate was developed in 2022 and consists of 58 one-bedroom, 85 two-bedroom and 47 three-bedroom units. Each one-story home features 10-foot ceilings, wood plank-style flooring and smart home technology packages. Amenities include a pool and spa, green …

February 23, 2024

California Investment Sales News Western

Marcus & Millichap Brokers $79 Million Sale of Chateau de Ville in Anaheim, California

by Channing Hamilton February 22, 2024

ANAHEIM, CALIF. — Marcus & Millichap has arranged the sale of Chateau de Ville, a 254-unit community in Anaheim. The asset traded hands for $79 million. Chateau de Ville was built in 1970 on a 9-acre site. The controlled-access property comprises 21 buildings and offers one- and two-bedroom floor plans. Amenities include a pool, clubhouse and fitness center. Tyler Leeson and Matt Kipp of Marcus & Millichap’s Orange County office represented the seller, a long-term partnership, and procured the buyer, a private investor.

February 22, 2024

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