Western

Institutional Property Advisors Arranges $34.4 Million Sale of Two Properties in Des Moines, Washington

by Channing Hamilton October 3, 2023

DES MOINES, WASH. — Institutional Property Advisors has arranged the sale of two properties in Des Moines. Spinnaker Landing, a 66-unit property built in 1987, and Regatta, an 86-unit asset constructed in 1983 traded for a total of $34.4 million. Both communities feature garden-style units. Philip Assouad, Giovanni Napoli, Nicholas Ruggiero, Ryan Harmon, and Anthony Palladino represented the sellers, Spinnaker Landing Apartments LLC and Regatta Apartments LLC, and procured the buyer, a private Los Angeles-based owner.

October 3, 2023

California Development News Western

JPI Breaks Ground on 296-Unit Jefferson Monrovia in Monrovia, California

by Channing Hamilton October 2, 2023

MONROVIA, CALIF. — JPI has broken ground on Jefferson Monrovia, a five-story development in Monrovia. Jefferson Monrovia comprises 296 units in studio, one- and two-bedroom floor plans. Units will feature stainless steel appliances, gas ranges, patios and balconies, quartz countertops and in-unit washers and dryers. Amenities include a co-working lounge, clubroom, fitness center, game room, rooftop deck, pool and spa. First occupancy for Jefferson Monrovia is slated for early 2025. The development team also includes TCA Architects as the architect, PBA Engineering as structural engineer and Fuscoe Engineering Inc. as …

October 2, 2023

Arizona Development Investment Sales News Western

Newcastle Properties Sells Acacia Creek Village in Scottsdale, Arizona for $100 Million Redevelopment

by Channing Hamilton September 29, 2023

SCOTTSDALE, ARIZ. — Newcastle Properties has sold Acacia Creek Village, a shopping center in Scottsdale, to an affiliate of the Trammel Crow Co. for $15 million. The purchaser plans to demolish the existing shopping center to construct a $100 million mixed-use project. The new property will include 215 residential units on 4.2 acres of land. A development timeline for the planned project has not been disclosed.

September 29, 2023

Arizona Development News Western

Sunstone Two Tree to Develop Three BTR Communities in Arizona for $195 Million

by Channing Hamilton September 28, 2023

PHOENIX, GLENDALE AND TOLLESON, ARIZ. — Sunstone Two Tree, a vertically integrated operator and developer based in Westlake Village, California, plans to develop three build-to-rent (BTR) communities in Arizona. Altogether, the three developments are slated to cost $195 million to construct and will add 551 single-family rental units to metro Phoenix. Sunstone Two Tree acquired a 29-acre lot at the southeast corner of Northern Pkwy. and N. Sarival Ave. in Glendale. The company will develop a 320-unit project on the site in partnership with Richmond, Virginia-based Capital Square. The community will include 102 …

September 28, 2023

Affordable Housing Development Investment Sales New Mexico News Western

CPP Acquires Two Affordable Communities in Albuquerque, New Mexico for $22.8 Million

by Channing Hamilton September 27, 2023

ALBUQUERQUE, N.M. — Community Preservation Partners (CPP) has acquired Mountain View II and III, two affordable properties that share a contiguous block in Albuquerque, for $22.8 million. CPP will renovate the two garden-style communities and operate the assets as one development called Mountain View Apartments. The seller was not disclosed. Mountain View II was built in 1967 and Mountain View III was built in 1968. In total, Mountain View Apartments offers 241 units across multiple two-story buildings and townhouses. Units come in studio, one-, two- and three-bedroom floor plans. Amenities …

September 27, 2023

Affordable Housing California Development Finance News Western

KeyBank Provides $71.8 Million in Construction Financing for Affordable Housing Project in Greenfield, California

by Channing Hamilton September 26, 2023

GREENFIELD, CALIF. — KeyBank Community Development Lending and Investment (CDLI) and KeyBanc Capital Markets have provided a $71.8 million financing package for the construction of the first phase of Greenfield Commons in Greenfield. EAH Housing Inc. is developing the project. KeyBank CDLI provided a $15.9 million taxable construction loan to collateralize a Fannie Mae forward MBS Tax-Exempt Bond (MTEB) public bond offering and $55.4 million tax-exempt direct purchase loan to bridge California Accelerator program funds. KeyBanc Capital Markets purchased $55.4 million of 501(c)(3) bonds and provided a floating-to-fix interest rate swap …

September 26, 2023

8447-8449 W. Dakota Ave. in Lakewood, Colorado

Colorado Investment Sales News Western

Pinnacle Brokers $2.1 Million Acquisition of Apartment Building in Lakewood, Colorado

by Channing Hamilton September 22, 2023

LAKEWOOD, COLO. — Pinnacle Real Estate Advisors has arranged the purchase of a building located at 8447-8449 W. Dakota Ave. in Lakewood. The eight-unit property traded hands for $2.1 million in an all-cash transaction. Josh Newell, Connor Knutson and Jake Waxter of Pinnacle Real Estate Advisors represented the undisclosed buyer in the deal. The name of the seller was also not released.

September 22, 2023

California Development Finance News Western

JLL Arranges $42.7 Million to Construct Elements Apartments in Santa Maria, California

by Channing Hamilton September 22, 2023

SANTA MARIA, CALIF. — JLL Capital Markets has arranged $42.7 million in construction take-out financing for Elements Apartments in Santa Maria. JLL represented the borrower, The Vernon Group, to secure a senior loan through Limekiln Real Estate Investment Management. Matt Stewart, Alex Olson, Chad Morgan and Jacob Michael led the debt advisory team. Construction on Elements Apartments began in summer 2021, and the 167-unit community was 80 percent complete when the loan closed. The complex comprises six buildings. The project is slated for completion by January 2024.

September 22, 2023

Arizona Investment Sales News Western

Greenlight Communities Sells Cabana Happy Valley in Phoenix for $79.2 Million

by Channing Hamilton September 21, 2023

PHOENIX — Greenlight Communities has sold Cabana Happy Valley, a 292-unit community in Phoenix, to Ideal Capital Group for $79.2 million. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer. Cabana Happy Valley was built in 2023 on nine acres. Amenities include a two-story leasing office and clubhouse, fitness center, lounge, coworking space, pool, EV charging stations, bike storage, mail room and covered parking.

September 21, 2023

Finance Investment Sales News Washington Western

Institutional Property Advisors Brokers $32.4 Sale of Trellis in Federal Way, Washington

by Channing Hamilton September 21, 2023

FEDERAL WAY, WASH. — Institutional Property Advisors (IPA) has arranged the sale and financing of Trellis, a 111-unit property in Federal Way. An investment fund sponsored by Prime Residential acquired the asset from CEP Multifamily for $32.4 million. Trellis was built in 1985 on 8.6 acres. The community offers 33 one- and two-story duplexes and fourplexes. Units come in two- and three-bedroom floor plans with an average size of 1,000 square feet. IPA’s Ryan Harmon, Giovanni Napoli, Philip Assouad, and Nicholas Ruggiero represented the seller and procured the buyer. Brian Eisendrath, …

September 21, 2023

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