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10761 Palma Vista Ave. in Garden Grove, California

CBRE Arranges Sale of Two Neighboring Communities in Garden Grove, California

by Channing Hamilton October 19, 2023

GARDEN GROVE, CALIF. — CBRE has arranged the sale of two communities located on the same street near Euclid Street and Katella Avenue in Garden Grove. The two properties comprise of 14 units with a combined value of $3.3 million. In the first transaction, CBRE’s Dan Blackwell and Andrew Boukather represented both the buyer and seller in the sale of an eight-unit property at 10772 Palma Vista Ave. The property was built in 1961 on a 0.2-acre site. The asset traded hands for $1.9 million. The buyer was a private …

October 19, 2023

Arizona Build-to-Rent Development News Western

Mosaic Begins Demolition of Two-Acre Site for 40-Unit Build-to-Rent Community in Phoenix

by Channing Hamilton October 19, 2023

PHOENIX — Mosaic has begun demolishing a vacant commercial lot at 2920 N 56th Street in Phoenix to develop a new build-to-rent community called 56 at Arcadia. The developer, Hawkins Development, selected Mosaic as the general contractor for the project. Mosaic is overseeing all aspects of construction, including demolition, land development, and vertical construction. 56 at Arcadia will comprise 40 townhome units on a two-acre site. Units will come in two- and three-bedroom floor plans with garages and covered patios. The community will also include amenities such as a ramada …

October 19, 2023

Investment Sales News Oregon Western

Institutional Property Advisors Brokers Sale of Sandy28 in Portland, Oregon

by Channing Hamilton October 19, 2023

PORTLAND, ORE. — Institutional Property Advisors has brokered the sale of Sandy28, a mixed-use community in Portland, Oregon’s Central Eastside. Anthony Palladino, Giovanni Napoli, Philip Assouad, Nick Ruggiero and Ryan Harmon the seller, Fairfield, the property’s developer. The buyer was not disclosed. Built in 2020, Sandy28 comprises 206 apartments and 3,300 square feet of retail space. Amenities include a rooftop lounge, fitness center, game room, co-working space, and outdoor courtyards with a dog park and pet lounge.

October 19, 2023

Content Partner Features Industry Content Leasing & Marketing Midwest Northeast Operations Southeast Technology Texas Western

Asset Living Emphasizes Occupancy, Efficiency as Market Conditions Soften

by Sarah Daniels October 19, 2023

Sensing a shift in the wind, multifamily property manager Asset Living is preparing for a bumpier leasing environment amid rising supply, slowing rent growth and overall economic uncertainty. While an adjustment, it shouldn’t come as a complete shock, says Robert Hicks, an Asset Living division president in charge of the conventional multifamily business in the western United States. Over the past handful of years, the sector has enjoyed some of the highest occupancies he has seen in his 25-year career in the industry, he points out. At the same time, …

October 19, 2023

Colorado Development Leasing & Marketing News Western

Crescent Communities Opens NOVEL White Fence Farm in Denver

by Channing Hamilton October 18, 2023

DENVER — Crescent Communities has opened NOVEL White Fence Farm, a 202-unit community at 6273 W. Jewell Ave. in Denver’s Lakewood neighborhood. Situated on the site of the former White Fence Farm restaurant, NOVEL White Fence Farm offers amenities such as a restored barn clubhouse, a fitness center, pool, outdoor kitchen, bike storage, work-from-home spaces, pet spa, dog park and a hospitality bar featuring Land of a Thousand Hills coffee. Units come in one- and two-bedroom floor plans across several three- and four-story buildings. The project team includes KTGY, CID …

October 18, 2023

Development News Utah Western

Crandall Capital to Break Ground on 320,000 SF Studio Crossing in Park City, Utah

by Channing Hamilton October 18, 2023

PARK CITY, UTAH — Crandall Capital will break ground on Studio Crossing, a 320,000-square-foot mixed-use development in Park City, in late October. Studio Crossing will offer 208 affordable housing units in studio, one-, two- and three-bedroom floor plans, as well as approximately 100 townhomes and condominiums. The community will also include retail and dining space, a public transit station, electric car ports and an e-bike share. The project will be built with low-emitting construction materials and water-wise planting. The first phase of development is slated for completion in 2025. The development …

October 18, 2023

Industry Voices Investment Sales Midwest Northeast Southeast Texas Western

The 411 on 1031s: What to Know Before Making a Tax-Deferred Swap in the Multifamily Sector

by Channing Hamilton October 16, 2023

1031 exchanges are an effective way for investors to protect their capital. They also historically have experienced strong fundamentals in the long term. Why, then, aren’t more multifamily investors taking advantage of tax-deferred swaps? Many property owners simply lack the expertise and industry connections to source acquisition opportunities that meet their objectives. This is especially true considering the tight timeframe many 1031 exchanges operate under, as these types of deals have a built-in ticking clock. Once an investor sells an asset, he or she has 45 days to identify a …

October 16, 2023

Investment Sales Nevada News Western

Avison Young Brokers $15.4 Million Sale of Madison at Green Valley in Henderson, Nevada

by Channing Hamilton October 13, 2023

HENDERSON, NEV. — Avison Young has arranged the sale of Madison at Green Valley, a community in the Las Vegas suburb of Henderson. Brisas GD LLC acquired the asset from Pacifica Henderson LLC for $15.4 million. Patrick Sauter, Art Carll-Tangora and Steve Nosrat of Avison Young’s Sauter Multifamily Group negotiated the transaction for both the buyer and seller. Constructed in 1992 on four acres, Madison at Green Valley features 88 one- and two-bedroom apartments, with an average unit size of 942 square feet.

October 13, 2023

California Finance News Western

Northmarq Arranges $142 Million Refinance of Two Properties in Orange County, California

by Channing Hamilton October 13, 2023

SANTA ANA AND YORBA LINDA, CALIF. — Northmarq has negotiated the refinancing of two properties in Orange County, Villa Del Sol and Yorba Linda Pines. Advanced Real Estate Services owns both properties. Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao of Northmarq’s Newport Beach debt and equity office arranged the combined $142 million cash-out refinance. The deal was structured on a 10-year interest only term. Northmarq secured the permanent-fixed rate loan through its Optigo status as a Freddie Mac lender. Villa Del Sol is located at 811 S Fairview St. in Santa …

October 13, 2023

California Investment Sales News Western

Marcus & Millichap Brokers $12 Million Sale of 21-Unit Building in Los Angeles

by Channing Hamilton October 10, 2023

LOS ANGELES — THG Multifamily, a Marcus & Millichap brokerage team, has negotiated the sale of 1185 Myra Avenue, a 21-unit building in the Silver Lake neighborhood of Los Angeles. Kevin Green and Joseph Grabiec of THG Multifamily represented the seller and procured the buyer in the deal. The asset traded hands for $12 million. The buyer and seller were not disclosed. The seller significantly renovated the 21-unit property, which was built in 1964.

October 10, 2023

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