Western

Retreat at Mountainside in Colorado Springs, Colorado
ColoradoDevelopmentNewsWestern

Hines, MBK Rental Living to Develop Retreat at Mountainside on 9.7 Acres in Colorado Springs, Colorado

by Channing Hamilton

Hines and MBK Rental Living are developing Retreat at Mountainside, a 284-unit community in the Briargate neighborhood of Colorado Springs. The property is situated on a 9.7-acre site at the intersection of Briargate Parkway and Powers Boulevard. Retreat at Mountainside offers units in one-, two- and three-bedroom floor plans ranging from 628 to 1,429 square feet in size. Amenities will include a clubhouse with a pool, co-working spaces, a fitness center and dog park. Construction on Retreat at Mountainside is currently underway and slated for completion in 2025.

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CaliforniaInvestment SalesNewsWestern

Interstate Equities Corp. Acquires Two Communities in Northern California for $41.4 Million

by Channing Hamilton

CAMPBELL AND UNION CITY, CALIF. — Interstate Equities Corp. (IEC) has acquired two properties in northern California for a total $41.4 million. Additionally, IEC plans to implement a value-add program for both properties, including renovations and safety improvements. IEC bought Appletree, a 72-unit property in Campbell, from Cambridge Management Cos. for $26.4 million. Built in 1971, Appletree is situated within the West Campbell neighborhood. The company also acquired Summerhill Place in Union City for $15 million through an off-market process. Summerhill Place was built in 1986 and offers 60 units on …

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Investment SalesNewsWashingtonWestern

Interstate Equities Corp. Acquires Augusta Glen in Lynnwood, Washington, for $28.3 Million

by Channing Hamilton

LYNNWOOD, WASH. — Interstate Equities Corp. (IEC) has acquired Augusta Glen, a 121-unit property in the northern Seattle suburb of Lynwood, for $28.3 million. IEC purchased the asset from a long-term family ownership group in an off-market transaction. Built in 1990, Augusta Glen is adjacent to Route 99 and proximate to the I-5 / I-405 intersection, the main North-South artery in the Seattle MSA. The new owner plans to renovate the community and improve safety features.

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Canyon Retreat Apartments in Colorado Springs, Colorado
ColoradoInvestment SalesNewsWestern

Capstone Brokers $1.3 Million Sale of Canyon Retreat Apartments in Colorado Springs, Colorado

by Channing Hamilton

COLORADO SPRINGS, COLO. — Capstone has negotiated the $1.3 million sale of Canyon Retreat Apartments, a 5,252-square-foot property in Colorado Springs. Adam Riddle and Conor Cavanor of Capstone brokered the deal. The seller is a long-standing client of Capstone and had owned this property since 2015. The buyer was not disclosed. Canyon Retreat Apartments comprises eight units across two buildings, located at 3737 and 3746 Red Canon Place. Units come in studio and one-bedroom floor plans. 

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Freestone on Main in Bozeman, Montana
DevelopmentFinanceMontanaNewsWestern

JLL Capital Markets Arranges $47 Million for Freestone on Main in Bozeman, Montana

by Channing Hamilton

BOZEMAN, MONT. — JLL Capital Markets has arranged the $32 million construction financing and the $15 million equity placement for the development of Freestone on Main in Bozeman. JLL worked on behalf of the sponsor, Reuter Walton, to secure the three-year, floating-rate loan through a regional bank. JLL also sourced the joint venture equity from a real estate investment manager. Mox Gunderson, Scott Loving and Adam Haydon led the JLL Capital Markets team. Freestone on Main will comprise 121 apartments in studio, one- and two-bedroom floor plans. The property will …

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Refinery at Pointe17 in Phoenix
ArizonaDevelopmentNewsWestern

Thompson Thrift to Develop 224-Unit Refinery at Pointe17 in Phoenix

by Channing Hamilton

PHOENIX — Thompson Thrift plans to develop Refinery at Pointe17, a 224-unit community to be located near the $40 billion Taiwan Semiconductor Plant in northern Phoenix. Construction is set to begin this month, with completion slated for the second half of 2025. Refinery at Pointe17 will feature 224 one-, two- and three-bedroom apartments with an average size of 1,000 square feet. Amenities will include a pool, fitness center, yoga and spin studio, bike storage, community grilling areas, pickleball courts, business center, rooftop deck, event lounge, EV chargers, dog park and pet …

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CaliforniaInvestment SalesNewsWestern

CBRE Negotiates $4.8 Million Sale of 11-Unit Community in Metro Los Angeles

by Channing Hamilton

TORRANCE, CALIF. — CBRE has brokered the $4.8 million sale of an 11-unit community in the Los Angeles suburb of Torrance. CBRE’s Dan Blackwell and Trey Mitchell represented the locally-based private exchange buyer. The seller was headquartered in Los Angeles. Constructed in 1964, the asset sits on approximately 0.2 acres in the Old Town Torrance neighborhood. The property offers one-, two- and three-bedroom units. Amenities include an on-site laundry facility. Over the past two years, the building has been updated with new plumbing and drain lines, electrical, windows, exterior paint and repairs, …

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Henri in Phoenix
ArizonaDevelopmentFinanceInvestment SalesMarket ReportsWestern

Is Phoenix Overbuilt Or Underbuilt?

by Channing Hamilton

There is one U.S. county that has largely outpaced all the rest before, during and after COVID-19. It’s Maricopa County, which includes the Phoenix metropolitan statistical area (MSA). The county was home to about 4.2 million residents in 2012. Today, that number stands at more than 5 million, per the U.S. Census Bureau. Prior to COVID-19, much of that migration was tied to job growth, notes Christian Garner, president and CEO of Avanti Residential. “Phoenix over the past 10 years has greatly diversified through industries like education, medical and technology,” …

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The Larkspur in Victor, Idaho
DevelopmentFinanceIdahoNewsWestern

NewPoint Provides $22.5 Million in Construction Financing for Workforce Housing Development in Victor, Idaho

by Channing Hamilton

VICTOR, IDAHO — NewPoint Real Estate Capital has provided $22.5 million in HUD/FHA 221(d)(4) construction-to-permanent financing for the development of The Larkspur, an 86-unit market rate workforce housing community in Victor. Plaza Equity Partners, a Miami-based real estate development company, broke ground on the project in October. The loan was originated by NewPoint’s Karen Kim, and features a 22-month construction period followed by a 40-year term. The Larkspur is a planned three-story garden-style community. The property will offer studio, one-, two- and three-bedroom floor plans. Amenities include an outdoor fire pit, barbecue …

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Residences at Durango in Durango, Colorado
Affordable HousingColoradoDevelopmentNewsWestern

TWG to Convert Hotel in Durango, Colorado, Into $35 Million Affordable Housing Community

by Channing Hamilton

DURANGO, COLO. — TWG will construct Residences at Durango, a $35 million affordable housing complex in the southwestern Colorado city of Durango. The project is an adaptive reuse of a former hotel, which is now set to be converted into 120 apartments. Units will come in studio, one- and two-bedroom floor plans, and will be affordable to tenants earning at or below 30 to 60 percent of the area median income. Amenities will include a business center, exercise facility, laundry facility, playground, picnic area and Wi-Fi connectivity in common areas. …

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