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Los Robles Apartments in Thousand Oaks, California
CaliforniaInvestment SalesNewsWestern

Institutional Property Advisors Brokers $171.3 Million Sale of Two Properties in Thousand Oaks, California

by Channing Hamilton

THOUSAND OAKS, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of a two-property, 399-unit portfolio in Thousand Oaks. FPA Multifamily purchased the assets from Decron Properties for $171.3 million. IPA’s Kevin Green, Joseph Grabiec and Gregory Harris represented the seller and procured the buyer. The properties included in the portfolio are Los Robles Apartments and The Retreat at Thousand Oaks. Los Robles Apartments is a 32-building property that offers studio, one- and two-bedroom apartments. Units average 882 square feet in size. Amenities …

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CaliforniaDevelopmentNewsWestern

Caribou Industries to Build Mixed-Use Development in Downtown Santa Ana, California

by Channing Hamilton

SANTA ANA, CALIF. — Caribou Industries has pulled $5.6 million in building permits and executed a disposition and development agreement with the City of Santa Ana to build 3rd & Broadway Promenade, a mixed-use development in downtown Santa Ana. Caribou Industries plans to begin construction in the second quarter of 2024. Gensler is serving as architect. Plans for 3rd & Broadway Promenade call for a 16-story high-rise community, which will offer studio, one- and two-bedroom units and 198 secured homeowner garages. The project will also include a 10-story hotel, an event …

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Margo at The Society in San Diego
CaliforniaInvestment SalesNewsWestern

Decron Properties Acquires Margo at The Society in San Diego for $125.5 Million

by Channing Hamilton

SAN DIEGO — Decron Properties has purchased Margo at The Society, a 240-unit property located at 201 Del Sol Drive in San Diego, for $125.5 million. The seller was not disclosed. The acquisition was completed through a 1031 exchange. Decron Properties sold two assets in Thousand Oaks, California — Los Robles Apartments for $102.5 million and Retreat at Thousand Oaks for $69 million — and reinvested a portion of those funds into Margo at The Society.  Margo at The Society comprises 240 apartments in one-, two- and three-bedroom layouts. Units …

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Cuvee in Glendale, Arizona
ArizonaInvestment SalesNewsWestern

Fore Property Co. Sells 310-Unit Cuvee in Glendale, Arizona for $86 Million

by Channing Hamilton

GLENDALE, ARIZ. — Fore Property Co. has sold Cuvee, a 310-unit complex in Glendale, to Pillar Communities for $86 million. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented the seller in the deal. Cuvee was built in 2023 at 7200 N. 91st Ave. The property comprises 310 units and offers amenities such as two pools, a fitness center, clubhouse with TV lounges, game room, coffee bar and business center.

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An unnamed affordable housing community in Oakland, California
Affordable HousingCaliforniaDevelopmentNewsWestern

Resources for Community Development to Break Ground on Affordable Housing Community in Oakland, California

by Channing Hamilton

OAKLAND, CALIF. — Resources for Community Development (RCD) plans to develop a six-story affordable housing community in Oakland. The complex will offer 77 units, as well as a community room, courtyard with a play structure, leasing offices and ground-floor retail space. Units will be affordable to households earning between 20 and 50 percent of the area median income. On-site supportive services will be available to formerly homeless residents. RCD expects to receive a building permit for the project in late 2023. Construction will begin in the first quarter of 2024. …

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Bear Valley Park Apartments in Denver
ColoradoInvestment SalesNewsWestern

MG Properties Acquires Bear Valley Park Apartments in Denver for $76 Million

by Channing Hamilton

DENVER — MG Properties has purchased Bear Valley Park Apartments, a garden-style community in Denver, from Jackson Square Properties for $76 million. Bear Valley Park Apartments offers units in one- and two-bedroom layouts. Amenities include a pool, fire pit, package lockers, private parking lot with available garages, resident lounge, fitness center and spa. Jordan Robbins and Alex Possick of JLL Capital Markets represented the seller in the deal. Charles Halladay, Rick Salinas, Brandon Smith and Annie Rice of JLL Capital Markets arranged acquisition financing through Fannie Mae on behalf of …

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The Valencia Apartments in Phoenix
ArizonaFinanceNewsWestern

JLL Capital Markets Arranges $10.7 Million to Refinance The Valencia Apartments in Phoenix

by Channing Hamilton

PHOENIX — JLL Capital Markets has arranged a $10.7 million loan to refinance of The Valencia Apartments, a garden-style community in Phoenix. The borrower was CALCAP Advisors. Built in 1983, The Valencia Apartments offers 127 units across two stories. The property was recently renovated with updates to unit fixtures, hardware, exteriors and common areas. Amenities include two pools, a sundeck and covered parking. JLL worked on behalf of the borrower to secure the fixed-rate, five-year Fannie Mae loan. Brad Miner, Elle Miraglia and Frank Choumas led the JLL Capital Markets Debt …

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ArizonaDevelopmentNewsWestern

Capital Square, Sunstone Two Tree Begin Constructing $49 Million Build-to-Rent Complex Near Phoenix

by Channing Hamilton

GLENDALE, ARIZ. — Capital Square and Sunstone Two Tree have broken ground on Ironwood Homes at Rosefield, a new build-for-rent community in the Phoenix suburb of Glendale. The 320-unit complex will be situated on a 29-acre lot at the southeast corner of Northern Parkway and N. Sarival Avenue. The partnership acquired the lot in September. Capital Square Glendale BFR is currently raising $49 million in equity from accredited investors for the complex’s development. Ironwood Homes at Rosefield will offer 102 detached single-family homes, as well as 218 townhomes. Units will …

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ECO MESA in Mesa, Arizona
ArizonaDevelopmentNewsWestern

Habitat Metro Opens 102-Unit ECO MESA in Phoenix Suburb

by Channing Hamilton

MESA, ARIZ. — Habitat Metro has opened ECO MESA, a 102-unit community in the southeastern Phoenix suburb of Mesa. Located at 127 W. Pepper Place in Mesa’s downtown area, ECO MESA comprises 179,227 square feet across seven stories. Units come in studio, one- and two-bedroom layouts. Amenities include a 14,000-gallon heated pool, lounge with a kitchen, game room and a water-vapor fireplace. Willmeng Construction served as general contractor for the project, which was developed on a former parking lot. CCBG Architects designed the community.

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BerkadiaCaliforniaFinanceNewsWestern

Berkadia Arranges $67.2 Million to Refinance Northpoint Apartments in San Francisco

by Channing Hamilton

SAN FRANCISCO — Berkadia has negotiated a $67.2 million loan to refinance debt on Northpoint Apartments, a 514-unit complex in San Francisco. Andy Ahlers of Berkardia’s San Francisco office secured the permanent five-year loan through Fannie Mae. The borrower was NP Apartments LLC. Located at 2211 Stockton St., Northpoint Apartments offers units in studio, one- and two-bedroom floor plans. Amenities include two pools, a fitness center and laundry facilities.

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