BOTHELL, WASH. — Conversion Logix, an Bothell-based digital marketing company focused on multifamily, senior living and student housing, has hired CJ Edmonds to the role of chief revenue officer. Edmonds brings more than 25 years of experience in software-as-a-service company management and more than thirteen years of experience in real estate marketing and technology services to the company.
LOS ANGELES, CALIF. — Cityview and Stockbridge have broken ground on Apollo, a 265-unit development in Los Angeles’ South Bay area. Two long-term lenders of Cityview, City National Bank and Banc of California provided construction financing for the project. Apartments at Apollo will come in studio, one- and two-bedroom floor plans. Planned amenities include a pool, co-working center, fitness center, courtyards, entertainment lounge, and a community room with a kitchen for community-hosted cooking classes. Apollo is slated for completion in 2025.
SAN JOSE, CALIF. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $62 million in acquisition financing for DUO Apartments, a 301-unit asset in San Jose. The loan features a 10-year, interest-only term and is fixed at 5.4 percent. DUO Apartments was built in 2020 on a 4.6-acre site, 11 miles from San Jose’s downtown area. IPA’s Brian Eisendrath, Cameron Chalfant and Jake Vitta originated the financing on behalf of the undisclosed borrower. Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni brokered the sale of the leasehold interest.
— By Revital Gadish, CEO, Qira — More than a third of Americans rent their homes, according to the U.S. Census Bureau. As such, the political landscape is evolving to fit their needs. An influx of new laws and proposed legislation has ensued, aimed at increasing transparency and fairness and avoiding financial hardship for tenants. Much of the ensuing legislation is focused on security deposits. The strictest of the bills bans security deposits entirely, while others are capping the amount landlords can charge as a security deposit. So far, Texas, …
GILBERT, ARIZ. — Institutional Property Advisors (IPA) has arranged the sale of Aiya, a 360-unit property in Gilbert. The Wolff Co. acquired the community from Olumpus Property for $112 million. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer. Brian Eisendrath, Cameron Chalfant and Jake Vitta arranged the acquisition financing. Aiya was built in 2022 on 16 acres. Amenities include EV chargers, a pool and spa, conference room, private offices and a community kitchen. Apartments come in studio, one-, two- and three-bedroom floor plans with …
FREMONT, CALIF. — MG Properties has acquired Artist Walk Apartments, a mixed-use community located in Fremont, within San Francisco’s Bay Area. The asset traded hands for $89.8 million. Artist Walk Apartments comprises 185 apartments and 30,000 square feet of ground floor retail space. The property was built in 2017. Jason Parr, Seth Siegel and Scott MacDonald of Cushman and Wakefield represented the seller, Clarion Partners. CBRE Capital Markets arranged financing for the deal through Freddie Mac.
POWAY, CALIF. — UC Funds has provided a $60 million loan to develop a 72-unit community in the San Diego suburb of Poway. The property will also include 20,000 square feet of retail space. According to UC Funds, the project will serve as a focal point for the redevelopment of Poway’s downtown area. The city includes a 900-acre business park with over 500 businesses, including General Atomic Aeronautical, Sysco and GEICO.
TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Juniper Canyon in Tucson. Clint Wadlund, Hamid Panahi, Art Wadlund, Steve Gebing and Cliff David represented the seller and procured the buyer. Juniper Canyon comprises 140 units and, according to Apartments.com, was built in 1985. The community offers amenities such as a clubhouse, fitness center, volleyball court, pool and picnic area. According to IPA, Juniper Canyon has seen a 97 percent average physical occupancy over the past 12 months.
PHOENIX — Harvard Investments has sold FirstStreet Happy Valley, a 212-unit build-to-rent community in Phoenix. Spruce Capital Group, a private family-owned investment firm, acquired the asset for $87.9 million. FirstStreet Happy Valley offers one-, two- and three-bedroom floor plans with attached and detached garages. The average size of the units is 1,904 square feet. Amenities include a dog park and washing station, a pool, spa, fitness center and clubhouse. The property was built two years ago and was 94 percent occupied at the time of sale.
SURPRISE, ARIZ. — Mark-Taylor Residential and Sunstone Two Tree have completed Sierra Verde, a townhome-style build-to-rent community in the Phoenix suburb of Surprise. Sierra Verde offers two- and three-bedroom homes with attached garages, gated patio entry and smart home technology. The average unit size is 1,331 square feet. Amenities include a pool and spa, a playground and a fitness center.