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Cobalt Apartments in Los Angeles
CaliforniaInvestment SalesNewsWestern

Institutional Property Advisors Brokers Sale of Cobalt Apartments in Los Angeles

by Channing Hamilton

LOS ANGELES — Institutional Property Advisors (IPA) has brokered the sale of Cobalt Apartments, a 135-unit community in the West Los Angeles-Culver City area of Los Angeles. IPA’s Kevin Green, Grabiec and Gregory Harris represented the seller, Greystar, and procured the buyer, Helio Group. Cobalt Apartments was built in 2019. Community amenities include a clubroom, fitness center, pool and spa, two open-air lounges, gated covered parking and bike storage. The average unit size is 854 square feet.

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Affordable Housing Demand Berkadia Marge Novak quote
Affordable HousingBerkadiaBerkadia FeatureContent PartnerDevelopmentFeaturesIndustry ContentInvestment SalesMidwestNortheastSoutheastTexasWestern

Heightened Demand for Affordable Rental Housing Sets Tone for 2024 Investment Opportunities

by Sarah Daniels

Multifamily & Affordable Housing Business sat down with Marge Novak, senior vice president and head of Capital Markets at Berkadia, for a question-and-answer discussion about the current state of the affordable housing market and the challenges likely to influence 2024. Multifamily & Affordable Housing Business: How is the affordable housing market faring in the current economic conditions? Novak: With increased inflation and interest rates, home prices hit all-time highs, making them less affordable than at the height of the 2006 housing bubble. While buyers waited for prices to fall, sellers …

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Chroma Apartment Homes in Los Angeles
CaliforniaDevelopmentNewsWestern

Fairfield Delivers 275-Unit Chroma Apartment Homes in Los Angeles

by Channing Hamilton

LOS ANGELES — Fairfield has completed the development of Chroma Apartment Homes, a 275-unit community in the Los Angeles neighborhood of Canoga Park. Located at 6709 Independence Ave. #100, Chroma Apartment Homes offers units in studio, one- and two-bedroom layouts. Amenities include a rooftop lounge, pool and spa, courtyards, a fitness center, co-working lounge, pet park and pet wash station.

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BerkadiaFinanceInvestment SalesNewsWashingtonWestern

Berkadia Arranges $21.5 Million to Acquire Duo Apartments in University Place, Washington

by Channing Hamilton

UNIVERSITY PLACE, WASH. — Berkadia has negotiated $21.5 million in financing for the purchase of The Duo Apartments, a 104-unit complex in the Tacoma, Washington suburb of University Place. The Duo Apartments offers studio, one- and two-bedroom floor plans ranging from 472 square feet to 989 square feet in size. Amenities include a recreation room, fitness center, outdoor patio/barbecue area, off-street parking and for-rent garages. Bayview provided the $21.5 million, five-year, fixed-rate loan with flexible prepayment terms. Michael Manolides and Robert Doxsee of Berkadia Seattle, along with Michael Basinski and Brad …

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Marina Square in Bremerton, Washington
FinanceNewsWashingtonWestern

JLL Arranges $79 Million Refinancing for Marina Square in Bremerton, Washington

by Channing Hamilton

BREMERTON, WASH. — JLL Capital Markets has brokered $79 million to refinance Marina Square, a 270-unit community in Bremerton, 16 miles across the Puget Sound from Seattle. JLL worked on behalf of the borrower, Sound West Group, to secure the five-year, floating-rate loan through TPG Real Estate Credit. Seth Heikkila, Tom Wilson and Steve Petrie led the JLL Capital Markets Debt Advisory team. Marina Square offers studio, one- and two-bedroom units. Amenities include a roof deck with water views, a clubroom with indoor and outdoor space, public plaza, kayak launch …

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ColoradoInvestment SalesNewsWestern

Harbor Group International Acquires Two-Property Portfolio in Colorado for $132.5 Million 

by Channing Hamilton

DENVER AND CASTLE ROCK, COLO. — Affiliates of Harbor Group International has acquired a portfolio in Colorado for $132.5 million. The portfolio consists of two recently-constructed properties, Ladora Modern and Prospector Modern. Both communities were completed in December 2023 and offer amenities such as pools, fitness centers, and dog parks. Ladora Modern is a 196-unit community in Denver. Units come in two- and three-bedroom floor plans and average 1,000 square feet in size. The property was 85 percent occupied at the time of sale. Prospector Modern is a 238-unit property …

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Affordable HousingCaliforniaDevelopmentFinanceLouisianaNewsSoutheastWestern

American South Fund Management Closes $174 Million Affordable Housing Fund

by Channing Hamilton

LOS ANGELES AND SHREVEPORT, LA. — American South Fund Management (ASFM), a joint venture between SDS Capital Group and Vintage Realty, has closed its second real estate fund with $174 million in equity commitments. SDS Capital Group is a Los Angeles-based impact fund manager. Vintage Realty is a property developer and manager that is headquartered in Shreveport, Louisiana. ASFM’s fund will provide preferred equity and equity financing for affordable housing projects in Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas. The fund includes a $50 …

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Pulse Millenia in Chula Vista, California
CaliforniaInvestment SalesNewsWestern

JLL Capital Markets Arranges $116 Million Sale of Pulse Millenia in San Diego Suburb

by Channing Hamilton

CHULA VISTA, CALIF. — JLL Capital Markets has arranged the $116 million sale of — and $71.8 million in acquisition financing for — Pulse Millenia, a 273-unit community in the San Diego suburb of Chula Vista. JLL represented the seller, Northwestern Mutual, in the deal. JLL also worked on behalf of the new owner to secure a seven-year, fixed-rate loan through Freddie Mac Multifamily. Built in 2016, Pulse Millenia was the first community to be constructed as part of the $4 billion Millenia, a master planned development in Chula Vista’s …

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CaliforniaDevelopmentNewsWestern

JPI Breaks Ground on Jefferson Inglewood in Los Angeles Suburb

by Channing Hamilton

INGLEWOOD, CALIF. — JPI has broken ground on Jefferson Inglewood, a 222-unit development in the Los Angeles suburb of Inglewood. The community will rise eight stories and offer studio, one- and two-bedroom floor plans. The project utilizes the City of Inglewood’s Transit Oriented Development plan and design guidelines. TCA Architects was the architect. Englekirk Engineering provided structural engineering services. Kimley Horn Associates Engineering provided civil engineering. First occupancies at the property are slated for early 2026.

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Legado at the Met in Santa Ana, California
CaliforniaDevelopmentFinanceNewsWestern

Gantry Arranges $128 Million Construction-to-Permanent Financing for Legado at the Met in Santa Ana, California

by Channing Hamilton

SANTA ANA, CALIF. — Gantry Inc. has negotiated $128 million in construction-to-permanent financing through three separate lenders for the development of Legado at the Met in Santa Ana, less than 10 miles southeast of Anaheim. The borrower was Legado Cos. Legado at the Met will comprise 258 market-rate apartments. The development will be situated at 200 E. First American Way. According to the City of Santa Ana’s government website, the community will rise six stories. Units will come in studio, one, two and three-bedroom layouts ranging from approximately 612 to …

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