RIALTO, CALIF. — National CORE has opened Metro View Apartments, an affordable housing community located at 164 W. Bonnie View Drive in Rialto, 56 miles east of Los Angeles. The property is affordable to households earning between 30 to 60 percent of the area median income, according to National CORE’s website. Metro View Apartments comprises 55 units, including one manager’s unit. Apartments come in one-, two- and three-bedroom layouts. Amenities include a community center, computer center, pool, outdoor play area, recreation areas and an outdoor area for teens. Financing sources …
— By Kathleen Milisky of Utility Revenue Services (URS) — Every developer knows all too well the headaches that can arise from utilities while building or managing a community. Time lost to issues such as power outages, delayed inspections and miscommunication can add unnecessary costs to any project. Smart utilities management is an effective way to stay ahead of problems before they start. Owners have the option of turning responsibility for the utilities over to an expert before they even pull a construction trailer onto the development site. It can …
DENVER — PlattPointe Capital has arranged a $4.3 million construction loan through a private debt fund to facilitate the development of a 13-unit build-to-rent community in the Sloan’s Lake submarket of Denver. The community will offer townhome-style units in two-bedroom layouts. Units will average 930 square feet in size. According to PlattPointe Capital, the project has taken approximately three years to become fully entitled and receive its permit-ready status. The developer was not disclosed.
LONG BEACH, CALIF. — CBRE has arranged the sale of an eight-unit property located at 2203 E. Bermuda Street in Long Beach. A private investor purchased the asset for $2.7 million. Dan Blackwell, Trey Mitchell and Jack O’Connor of CBRE represented the all-cash, non-exchange buyer based in Los Angeles County. The seller was also based in Los Angeles County. The property was built in 1985 on a 5,962-square-foot lot. The building offers two-bedroom, townhome-style units with patios or balconies. The property features remote-controlled garage parking, secured entry and a shared …
AIRWAY HEIGHTS, WASH. — Kidder Mathews has brokered the sale of The Autumn Leaf Furnished Apartments, a 24-unit community located at 12911 W. 13th Ave. in the Spokane suburb of Airway Heights. The property was originally built in 2017. Max Frame of the Simon and Anderson team at Kidder Mathews represented the undisclosed seller in the deal. The buyer was also not disclosed. The asset traded hands for $3.6 million.
LAKEWOOD, COLO. — Brixton Capital has acquired The Windsor, a 352-unit community in the Denver suburb of Lakewood, from TA Realty for $124.2 million. Brixton Capital plans to rebrand the asset as Brixton Townhomes at Bear Creek. The buyer will also renovate the community with updates to unit interiors and common area amenities. Brixton Capital and TA Realty were both self-represented in the transaction. The Windsor is situated on 29 acres at 8152 W. Eastman Place. The property comprises 392,000 square feet of leasable space across 53 buildings. The Windsor …
CHICAGO — Core Spaces plans to expand its build-to-rent brand, Oxenfree. The Chicago-based developer currently has a pipeline of approximately 4,000 units under development in markets such as Dallas-Fort Worth, Denver, Nashville, Austin, Charlotte and Florida’s Gulf Coast. The company plans to begin leasing at its first two communities — Oxenfree at WeHo in Nashville, Tennessee, and Oxenfree at Princeton in Princeton, Texas — in March, with the first units slated to deliver by April. Oxenfree at WeHo is located in Nashville’s Wedgewood-Houston neighborhood. The asset offers 96 townhome units …
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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Heightened Demand for Affordable Rental Housing Sets Tone for 2024 Investment Opportunities
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 …
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.