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Hangar at Thunderbird in Glendale, Arizona
ArizonaInvestment SalesNewsWestern

IPA Brokers $69 Million Sale of Hangar at Thunderbird in Glendale, Arizona

by Channing Hamilton

GLENDALE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of and financing for Hangar at Thunderbird, a 266-unit community in Glendale. Decron Properties purchased the asset from P.B. Bell for $69 million. Hangar at Thunderbird was completed in 2023. Community amenities include a pool, spa, outdoor game patio and community playground with evening lighting. Apartments feature nine-foot ceilings, vinyl plank flooring, laundry closets with full-size washers and dryers, closets with build-in shelving, and patios or balconies with exterior storage. Steve Gebing and Cliff …

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Ray Phoenix in Phoenix
ArizonaDevelopmentNewsWestern

Ray, VeLa Development Break Ground on 401-Unit Tower in Phoenix

by Channing Hamilton

PHOENIX — Ray and VeLa Development Partners have broken ground on Ray Phoenix, a 26-story residential tower located within the Roosevelt Row Arts District in Phoenix. Ray Phoenix will offer 401 apartments. The unit mix includes 193 studios, 116 one-bedrooms and 92 two-bedroom residences. The building will total 523,000 square feet. Planned amenities include a fitness center and yoga studio, pool, communal kitchen, lounge with a theater, fireplace lounge, dog wash stations, gardens and workspaces. The property will also offer more than 4,500 square feet of ground-level retail space. Ray …

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CaliforniaDevelopmentNewsWestern

CIM Group Opens 69-Unit The Jayne in Los Angeles

by Channing Hamilton

LOS ANGELES — CIM Group has opened The Jayne, a six-story building located at 2555 S. Mansfield Ave. in Los Angeles’ West Adams neighborhood. The Jayne offers 69 units, with six units set aside as affordable. Income restrictions for the affordable units were not disclosed. Units come in studio and one-bedroom floor plans. Community amenities include outdoor gathering spaces, a fitness center, bike racks, storage and Amazon package lockers. The property also includes 5,453 square feet of ground-floor retail space. 

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ArizonaInvestment SalesNewsWestern

Air Estates Purchases Flores Apartments in Tucson, Arizona, for $1.3 Million

by Channing Hamilton

TUCSON, ARIZ. — Air Estates LLC has acquired Flores Apartments, a 20-unit community in Tucson, from 225 W Flores LLC and Colonia Properties TIC I LLC. Flores Apartments is located at 225-255 W. Flores Street. The investment property traded hands for $1.3 million. Allan Mendelsburg and C. Joey Martinez of Cushman & Wakefield | PICOR represented the seller in the transaction.

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Ranch at Moorpark in Moorpark, California
CaliforniaInvestment SalesNewsWestern

Decron Properties Sells Ranch at Moorpark in California to AEW Capital for $133.2 Million

by Channing Hamilton

MOORPARK, CALIF. — Decron Properties has sold Ranch at Moorpark, a 376-unit property in Moorpark, approximately 50 miles west of Los Angeles. AEW Capital Management acquired the asset for $133.2 million. Ranch at Moorpark is situated at 51 Majestic Court. Amenities include a fitness center, yoga and spin studio, clubhouse with chef’s kitchen, children’s play area, dog park, pool, poolside barbecue and dining areas, fire pits and seating areas.

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ArizonaBuild-to-RentDevelopmentNewsWestern

Trilogy Investment Co., Pinnacle Partners Breaks Ground on Build-to-Rent Project in Phoenix Suburb

by Channing Hamilton

AVONDALE, ARIZ. — Trilogy Investment Co. and Pinnacle Partners have begun horizontal construction at Rêve at Avondale Station, a build-to-rent development in the Phoenix suburb of Avondale. The community will comprise 107 units on a 15-acre site. Residences will come in two- and three-bedroom floor plans and will include smart home technology packages. Planned amenities include a clubhouse, pool and dog park. The community will also include sustainability features such as solar panels. Rêve at Avondale Station is Trilogy Investment Co.’s third project in the Avondale area and its fifth …

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FinanceNewsOregonWestern

Gantry Arranges $40.5 Million Permanent Loan for 264-Unit Community in Albany, Oregon

by Channing Hamilton

ALBANY, ORE. — Gantry has brokered a $40.5 million permanent loan to retire construction financing for a 264-unit complex in Albany. Blake Hering and Crischell Bacarro of Gantry’s Portland and Los Angeles offices represented the borrower in the transaction. The five-year, interest-only agency loan was provided by Fannie Mae through Walker & Dunlop with a fixed rate. The borrower was a private real estate investor. The community consists of 23 buildings on a 17-acre site. Apartments come in one-, two- and three-bedroom floor plans. Amenities include a sports court, playground, …

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Ebtide in Costa Mesa, California
CaliforniaInvestment SalesNewsWestern

CBRE Arranges $5.8 Million Sale of 12-Unit Ebtide in Costa Mesa, California

by Channing Hamilton

COSTA MESA, CALIF. — CBRE has arranged the $5.8 million sale of Ebtide, a 12-unit property in Costa Mesa. Dan Blackwell, Mike O’Neill and Jack O’Connor of CBRE represented both the buyer and the seller in the non-exchange deal. The buyer was a private investor based in Newport Beach, California. The seller is based in Nashville, Tennessee. Ebtide was built in 1960 and renovated in 2022. The property is situated on a 0.3-acre lot at 1993 Church Street. Ebtide comprises 7,632 square feet across two buildings. Units come in one-bedroom layouts …

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CaliforniaInvestment SalesNewsWestern

Marcus & Millichap Arranges $1.7 Million Sale of Building in Los Angeles

by Channing Hamilton

LOS ANGELES — Rick Raymundo and Ben Savoy of Marcus & Millichap has brokered the sale of a six-unit building at 6645 Farmdale Ave. in the North Hollywood neighborhood of Los Angeles. The asset traded hands for $1.7 million. Raymundo and Savoy represented the undisclosed buyer and undisclosed seller in the deal.

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Palazzo West in Los Angeles
ColoradoInvestment SalesNew YorkNewsNortheastWestern

Blackstone to Acquire AIR Communities for $10 Billion, Take Company Private

by Channing Hamilton

NEW YORK CITY AND DENVER — Blackstone (NYSE: BX) has agreed to acquire Denver-based multifamily REIT AIR Communities (NYSE: AIRC) for $10 billion in an all-cash transaction. The deal, which is expected to close during the third quarter, will take AIR Communities private. Under the terms of the deal, Blackstone will assume all of the REIT’s outstanding debt. Formerly known as Apartment Income REIT Corp., AIR Communities owns 76 communities totaling approximately 27,000 apartments. The properties are spread across 10 states and Washington D.C., but are concentrated in coastal markets …

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