Western

The Phoenix in Oakland, California
Affordable HousingCaliforniaDevelopmentNewsWestern

East Bay Asian Local Development, Abode Housing Development Break Ground on Affordable Housing Development in Oakland, California

by Channing Hamilton

OAKLAND, CALIF. — East Bay Asian Local Development and Abode Housing Development have broken ground on The Phoenix, a 101-unit affordable housing development in Oakland. The project will develop a former industrial manufacturing site into a 44,179-square-foot residential building and a 7,300-square-foot community building with amenities such as a computer lab, community rooms, bike storage and social service offices. Units will come in studio-, one- and two-bedroom floor plans. Half of the units will be reserved for formerly unhoused individuals earning between 15 and 30 percent of the area median …

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Kahului Civic Center Mixed-Use Complex in Kahului, Hawaii
Affordable HousingDevelopmentHawaiiNewsWestern

EAH Housing Selected to Develop $193 Million Kahului Civic Center Mixed-Use Complex in Kahului, Hawaii

by Channing Hamilton

KAHULUI, HAWAII — The Hawaii Housing Finance and Development Corp. (HHFDC) has selected EAH Housing to develop the Kahului Civic Center Mixed-Use Complex in Kahului, on the island of Maui. The property will include a transit hub, civic center and 303 units of affordable housing. The Kahului Civic Center Mixed-Use Complex will be constructed in phases as part of a public-private partnership. EAH Housing will coordinate the development of the civic center with the State of Hawaii Department of Accounting and General Services, the transit hub with the County of …

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The Fitzgerald in Denver
ColoradoFinanceNewsWestern

JLL Capital Markets Arranges $99 Million Refinancing for The Fitzgerald in Denver

by Channing Hamilton

DENVER — JLL Capital Markets has arranged a $99 million refinancing for The Fitzgerald, a 282-unit property in Denver’s LoDo neighborhood. Charles Halladay, Jordan Angel, Andy Scott, Rob Bova and Ethan Habecker of JLL Capital Markets Debt Advisory secured the floating-rate, three-year loan through Otera Capital. The borrower was Greystar.  Built at 1840 Market St. in 2022, The Fitzgerald rises 11 stories and offers studio, one- and two-bedroom units. Units feature stainless steel appliances, quartz countertops, wood-style furniture and an average size of 963 square feet. Amenities include an indoor/outdoor …

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Intrigue Apartments in Las Vegas
CaliforniaFinanceInvestment SalesNewsWestern

NewPoint Provides $17.5 Million in Acquisition Financing for Intrigue Apartments in Las Vegas

by Channing Hamilton

LAS VEGAS — NewPoint Real Estate Capital has provided $17.5 million in Fannie Mae DUS financing for the acquisition of Intrigue Apartments, a 193-unit workforce housing community in Las Vegas. David Bleiweiss originated the loan, which featured a seven-year term with four years of interest only followed by a 30-year amortization schedule. NewPoint provided the loan through Fannie Mae’s Sponsor-Dedicated Workforce (SDW) program. Through the SDW program, borrowers receive lower interest rates and streamlined underwriting by agreeing to keep a minimum of 20 percent of units affordable at 80 percent …

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Affordable HousingArizonaDevelopmentNewsWestern

Greenlight Communities Breaks Ground on 159-Unit Project in Phoenix

by Channing Hamilton

PHOENIX — Greenlight Communities has broken ground on a 159-unit affordable housing community located at 33455 N. North Valley Parkway in Phoenix. The project will offer 59 studios, 66 one-bedroom units and 34 two-bedroom units. The property will feature three courtyards with various amenities. With the community situated between charter schools, Greenlight Communities plans to support the local education system by offering housing options to families seeking high-quality education for their children. The project is set to begin leasing in October 2024. Income restrictions were not disclosed.

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419 W. 4th Ave. in Escondido, California
CaliforniaInvestment SalesNewsWestern

CBRE Negotiates $1.4 Million Sale of Property Near Historic Downtown Escondido, California

by Channing Hamilton

ESCONDIDO, CALIF. — CBRE has brokered the sale of a property at 419 W. 4th Ave. in Escondido. Dan Blackwell and Amanda fielder represented the San Diego-based seller in a 1031 exchange. The buyer was based in Orange County, California. Built in 1981, the building rises two stories on 0.17 acres near Escondido’s historic downtown area. The community consists of three one-bedroom units, two two-bedroom units and an on-site laundry facility. The property underwent exterior renovations, including a new roof, earlier this year.

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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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