COSTA MESA, CALIF. — CBRE has brokered the sale of a 12-unit multifamily property at 1993 Church Street in the Eastside neighborhood of Costa Mesa. The property also features two approved Accessory Dwelling Units. The community traded hands for $5.8 million. The buyer and seller were not disclosed.
COSTA MESA, CALIF. — CBRE has negotiated the sale of a property located at 122 Magnolia Street in the Eastside neighborhood of Costa Mesa. Dan Blackwell and Mike O’Neill brokered the deal. The non-exchange buyer was based in Orange County, while the seller was a private investor headquartered in Newport Beach, California. Built in 1961 on a 4,028-square-foot lot, the property comprises four one-bedroom units. Each apartment is separately metered for gas and electricity and comes with one designated parking space. The community also features a laundry area with coin-operated …
COSTA MESA, CALIF. — CBRE has arranged the sale of a six-unit property located at 2666 Orange Ave. in the Eastside neighborhood of Costa Mesa. The asset traded hands for $3.2 million. The community was built in phases in 1954, 1956 and 1965. The property comprises five buildings totaling 4,500 square feet on a 0.4-acre lot. The unit mix includes three detached two-bedroom bungalows, a pair of two-bedroom duplex units and one single-family detached residence. Dan Blackwell and Mike O’Neill represented both the buyer and the seller in the transaction. …
SAN DIEGO, CALIF. — Affirmed Housing and the Metropolitan Transit System (MTS) have completed ShoreLINE, a $62.6 million affordable, transit-oriented housing development in San Diego. The property is located at the Grantville Transit Center on Alvarado Canyon Road. ShoreLINE comprises 126 apartments in studio, one-, two- and three-bedroom floor plans. The property is affordable to households earning between 30 and 60 percent of the area median income. Amenities include laundry facilities, bike storage, parking, a computer lab, courtyard, outdoor gardens, a playground, barbeque station and a community room with gathering …
— By John Williams, president, CIO and COO of Avanath Capital Management It’s no secret that the dire shortage of affordable housing is an ongoing issue throughout the nation. The National Multifamily Housing Council reported in 2022 that the United States would need to build 4.3 million new apartments by 2035 to meet demand. The report also stated that the nation’s number of affordable housing units declined by 4.7 million from 2015 to 2020. Unfortunately, there is no one-size-fits-all solution to the problem. Both local and federal governments are taking …
PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale and financing of Citra, a 72-unit property in Phoenix. Apartment Ventures acquired the community from Investors Capital Group. Citra was built in 2005 and offers two-bedroom apartments. The average unit size is 1,068 square feet. Amenities include covered parking, a fitness center and a pool with a spa. IPA’s Steve Gebing and Cliff David, in conjunction with Paul Bay, Darrell Moffitt and Adam Saylor of Marcus & Millichap, represented the seller and procured the …
VANCOUVER, WASH. — A real estate fund managed by Kennedy Wilson has partnered with Haseko Corp. to purchase two communities in Vancouver for $90 million. The two properties — The Farmstead and Villas at 28th Street — total 350 units altogether. Both communities feature amenities such as gated access, fitness centers, dog parks, a pickleball court, pet wash stations, green spaces and walking trails. According to Apartments.com, The Farmstead offers one-, two- and three-bedroom layouts. Villas at 28th Street offers studio, one- and two-bedroom floor plans.
RENTON, WASH. — New York Life Real Estate Investors (NYLREI) has divested of 2000 Lake Washington, a 186-unit community located at 1300 N. 20th Street in the southeast Seattle suburb of Renton. The asset traded hands for $53.2 million. 2000 Lake Washington was built in 1986 and renovated in 2016. The property offers one- and two-bedroom apartments that average 706 square feet. Units feature in-unit washers/dryers and a balcony or patio. Community amenities include a fitness center, dog park, business center, clubhouse, outdoor pool, sauna and electric vehicle chargers. Eli Hanacek, …
WEST VALLEY CITY, UTAH — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale and financing of Crossroads Apartments, a 240-unit asset in the Salt Lake City suburb of West Valley City. Crossroads Apartments was constructed in 1986 on more than 10 acres. The property offers one- and two-bedroom apartments with walk-in closets, storage rooms and a patio or balcony. Community amenities include a pool, children’s playground, basketball and tennis courts, picnic area and clubhouse. IPA’s Brock Zylstra and Danny Shin represented the seller, The …
SANTA ANA, CALIF. — CBRE has arranged the $1.2 million sale of a 0.3-acre development site located at 1212 East 4th Street, near downtown Santa Ana. A 15-unit complex called 4G Lofts will be built on the site. Once completed, the community will feature studio, one- and two-bedroom units. One apartment will be designated as affordable. Income restrictions for this unit were not disclosed. The property will also feature 17 parking spaces. Michelle Jefcoat and Dan Blackwell of CBRE represented the seller, an Orange County, California-based private investor, in the …