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Pool-Exterior_Bungalows-at-San-Tan-Village
ArizonaBuild-to-RentInvestment SalesNewsWestern

Cavan Cos. Sells Gilbert, Arizona, BTR Project to AEW for $66 Million

by Lynn Peisner

GILBERT, ARIZ. — Cavan Cos. has sold The Bungalows at San Tan Village, a 159-unit build-to-rent (BTR) community in Gilbert to AEW Capital Management. The sales price was $66 million. Cavan Cos. began construction of the property in 2021 and completed it in 2024. The Bungalows at San Tan Village was 97 percent occupied at the time of closing. The community offers a mix of one-, two- and three-bedroom single-story homes, each featuring private backyards and smart home systems. Amenities include a resort-style lap pool and a hot tub, a …

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Chase-Knolls-Sherman-Oaks
CaliforniaInvestment SalesNewsNortheastWashington, D.C.Western

JRK Buys Two Assets for $315 Million

by Lynn Peisner

LOS ANGELES — JRK Property Holdings has acquired Chase Knolls in Sherman Oaks, California, and WestEnd25 in Washington, D.C., for $315 million. The assets were purchased with two separate funds, one of which targets assets developed before 1989. Chase Knolls was built in 1949. The other fund focuses on assets built after 1990 with value-add potential. WestEnd25 was built in 2009. Chase Knolls, which sold for approximately $129 million, is located on a 14-acre site that encompasses approximately two city blocks in Los Angeles’ San Fernando Valley. The property includes …

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LaAvenida-Apartments
Affordable HousingCaliforniaDevelopmentFeaturesFinanceWestern

Specialized Financial Institutions Help Affordable Housing Developers Get Shovels in the Ground  

by Lynn Peisner

By Noni Ramos Across the country, affordable housing is facing intensifying headwinds. From Oakland to Omaha, developers are navigating rising construction costs, protracted approval processes and a funding landscape that rarely aligns with the urgency or complexity of the work. Public subsidies — while essential — are often insufficient to bring projects across the finish line. These conditions are particularly acute in high-cost regions, but they are playing out in communities of every size and type. In the face of these challenges, community development financial institutions (CDFIs) are stepping up. …

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Astria_Tempe
ArizonaDevelopmentInvestment SalesNewsWestern

Trinitas, Mitsui Fudosan Close on Land for Tower Near ASU

by Lynn Peisner

TEMPE, ARIZ. — Trinitas Ventures and Mitsui Fudosan America have closed on the land sale for Astria Tempe, a 27-story mixed-use tower near Arizona State University. Construction is slated for completion in summer 2027. This is Trinitas’ first collaboration with Mitsui Fudosan America, which is the U.S. division of publicly traded Japanese real estate company Mitsui Fudosan Co. Layton Construction Co. will serve as general contractor, and Niles Bolton Associates is the architect. BMO Bank is the lender on the project. TSB Capital Advisors arranged equity for the development. Development …

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TerraLane-at-Hudson
ArizonaBuild-to-RentDevelopmentInvestment SalesNewsWestern

TerraLane Buys Land, Breaks Ground on Phoenix Project

by Lynn Peisner

QUEEN CREEK, ARIZ. — TerraLane Communities, the build-to-rent (BTR) division of residential investment firm IHP Capital Partners, has acquired 22 acres in Queen Creek, about 44 miles southeast of Phoenix, for the development of TerraLane at Hudson Station. TerraLane is partnering with general contractor, Hancock Builders, in the construction of TerraLane at Hudson Station. This will be the sixth residential development the two firms are completing together. Mark-Taylor Residential will oversee leasing and property management. Financing for the project is being provided by 400 Capital Management and Western Alliance Bank. …

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Hillcrest-Apartments
CaliforniaDevelopmentFinanceNewsWestern

Affinius Capital Provides $54.7 Million of Preferred Equity to Build Thousand Oaks Project

by Lynn Peisner

THOUSAND OAKS, CALIF. — Affinius Capital has provided $54.7 million of preferred equity for the ground-up development of Hillcrest Apartments, a project The Latigo Group is developing in Thousand Oaks. The four-story property will feature ground-floor retail and 333 units in a mix of one-, two- and three-bedroom floor plans. Latigo estimates the project will be complete by the first quarter of 2028. Amenities include a rooftop terrace, pool, fitness center, coworking spaces, multi-sport simulator and a wellness center with a sauna and cold plunge. Financing was arranged by Bercut …

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Sugarmont-Apts
Investment SalesNewsUtahWestern

Centerspace Completes first Utah Acquisition with $149 Million Salt Lake Asset

by Lynn Peisner

SALT LAKE CITY — Publicly traded REIT Centerspace has acquired Sugarmont Apartments in Salt Lake City for $149 million. This marks Centerspace’s first owned asset in Utah. Northmarq’s Salt Lake City multifamily investment sales team, led by Mark Jensen, Rawley Nielsen and Darren Nielsen, arranged the sale and represented Centerspace. The seller was Cottonwood Communities, a publicly registered, non-listed REIT headquartered in Salt Lake City. Cottonwood was retained by Centerspace to manage the property. Built in 2021, Sugarmont Apartments features 341 units in a mix of studios, one-, two- and …

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Bakersfield-Apartments
CaliforniaDevelopmentFinanceNewsWestern

BWE Arranges $61 Million Construction Loan for Presidio Capital Partners’ Bakersfield Project

by Lynn Peisner

BAKERSFIELD, CALIF. — BWE has arranged $61 million for Presidio Capital Partners to develop the first phase of Park Center at Seven Oaks in Bakersfield. Tom Turnage, senior vice president, and Alex Gregoire, vice president, both in BWE’s Irvine office, originated the four-year, floating-rate, interest-only construction loan with a 12-month extension from a super-regional bank. Park Center at Seven Oaks will include a total of 520 units when fully complete. Phase I will include 352 units. This initial phase will feature 17 residential buildings as well as a leasing office, …

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Core-Arvada
Build-to-RentColoradoDevelopmentLeasing & MarketingNewsWestern

Core Opens Leasing at Denver-Area Asset

by Lynn Peisner

ARVADA, COLO. — Core Spaces is now leasing at Oxenfree Clear Creek, the Chicago-based developer’s build-to-rent asset in Arvada, 11 miles west of Denver. The project includes 116 multi-level townhomes in three- or four-bedroom floor plans. According to Apartments.com, monthly asking rents range from $4,190 to $4,715. Oxenfree Clear Creek features an amenity “fieldhouse,” which includes a fitness center and sauna, sport court and coworking spaces and an additional 22,700 square feet of outdoor amenities including grilling stations, dining and entertainment areas, a playground and greenspace.

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CBRE_Yorktown
CaliforniaInvestment SalesNewsWestern

CBRE Arranges Huntington Beach Sale

by Lynn Peisner

HUNTINGTON BEACH, CALIF. — CBRE has arranged the $7.4 million sale of the 18-unit Yorktown Apartments in Huntington Beach. CBRE’s Dan Blackwell and Mike O’Neill represented the Newport Beach-based private seller, who was in a 1031 exchange, and the all-cash private buyer, also from Newport Beach. According to CBRE, Yorktown hasn’t traded hands for 30 years. The property comprises one studio and 17 two-bedroom units across two buildings constructed in 1973 and 1974. The 0.7-acre site includes a community courtyard, picnic area and private patios or balconies in select units, …

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