Western

Stonemeadow Farms in Bothell, Washington

JLL Capital Markets Arranges $93.1 Million Sale of Stonemeadow Farms in Suburban Seattle

by Channing Hamilton October 24, 2024

BOTHELL, WASH. — JLL Capital Markets has arranged the sale of Stonemeadow Farms, a 280-unit community located at 23028 27th Ave. SE in Bothell, roughly 20 miles northeast of Seattle. LaSalle Investment Management sold the property for $93.1 million. David Young, Corey Marx and Chris Ross led the JLL Capital Market’s investment and sales advisory team representing the seller. The buyer was not disclosed. Stonemeadow Farms was constructed in 1999. The garden-style community consists of 20 buildings on a 29.1-acre site. Amenities include a fitness center, clubhouse with a kitchen …

October 24, 2024

California Company News Investment Sales News Operations People News Western

Colliers Appoints Christian Prelle as Executive Vice President, Head of Office Agency

by Channing Hamilton October 23, 2024

SAN JOSE, CALIF. — Colliers has appointed Christian Prelle as executive vice president and head of office agency at the firm’s San Francisco Bay Area brokerage. In this role, Prelle will expand Colliers’ office agency practice and lead strategic initiatives to enhance the company’s market position in the Bay Area. Prior to joining Colliers, Prelle served as executive managing director at Newmark, where he led the Palo Alto office for 6 years and oversaw roughly 55 brokers and staff.

October 23, 2024

Investment Sales News Washington Western

Northmarq Brokers $13.1 Million Sale of Aldercrest Apartments in Seattle

by Channing Hamilton October 23, 2024

SEATTLE — Northmarq has arranged the sale of Aldercrest Apartments, a 47-unit community located at 303 10th Ave. in Seattle’s First Hill district. An entity doing business as 303 10th Ave LLC purchased the property for $13.1 million. Tyler Smith, Steve Fischer, Joe Kinkopf, Brendan Greenheck, Taylor Wymna and Matt Johnson of Northmarq’s Seattle Multifamily Investment Sales team represented the undisclosed seller in the deal. Aldercrest Apartments was built in 1999. The property offers studio, one- and two-bedroom floor plans. Apartments feature nine-foot ceilings, bay windows and in-unit washers and …

October 23, 2024

Multifamily TheGuarantors Eben MacNeille

Affordable Housing Content Partner Features Industry Content Leasing & Marketing Midwest Northeast Operations Southeast Student Housing Texas Western

Renter Profiles Are Changing – How Multifamily Operators Can Minimize the Risks of Rent Default and More

by Sarah Daniels October 23, 2024

Despite the persistent housing shortage, landlords are having a more difficult time qualifying potential residents, especially non-traditional applicants who don’t check the usual boxes for credit and employment history. Renters are also facing bigger hurdles for income, credit and up-front deposits. “It has become increasingly expensive and challenging to rent an apartment in the United States,” says Eben MacNeille, senior director of sales at TheGuarantors. The New York-based financial technology company serves the multifamily industry by providing lease guarantees, security deposit replacements and renters insurance and compliance solutions. Today’s renter …

October 23, 2024

California Investment Sales News Western

CBRE Negotiates $5.6 Million Sale of 15-Unit Hamilton Cove in Costa Mesa, California

by Channing Hamilton October 21, 2024

COSTA MESA, CALIF. — CBRE has arranged the sale of Hamilton Cove, a 15-unit community located at 560 Hamilton Street in Costa Mesa, roughly 17 miles south of Anaheim. The asset traded hands for $5.6 million. Dan Blackwell, Mike O’Neill and Jack O’Connor of CBRE Multifamily SoCal Team represented the buyer and the seller in the deal. Both parties were based in Newport Beach and repeat clients of CBRE. The sale marks the team’s eighth transaction in Costa Mesa in the past year. Built in 1964, Hamilton Cove comprises 9,372 …

October 21, 2024

Affordable Housing Industry Voices Leasing & Marketing Midwest Northeast Operations Southeast Texas Western

Technology Clears Operational Roadblocks for Affordable Housing Managers

by Channing Hamilton October 21, 2024

There is an urgent need for more affordable housing in the United States. For every 100 extremely low-income renter households, there are just 36 affordable units available for rent, according to a March 2024 report from the National Low Income Housing Coalition (NLIHC). Despite widespread attention on this issue — including at the state and federal levels — the supply shortage has continued. Municipalities across the United States continue to struggle to address symptoms of the affordable housing crisis, such as homelessness and rising housing costs. The NLIHC reports that there is …

October 21, 2024

California Investment Sales News Western

Institutional Property Advisors Negotiates $92.5 Million Sale of The Lofts at Noho Commons in Los Angeles

by Channing Hamilton October 17, 2024

LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Lofts at Noho Commons, a 292-unit community located in the NoHo Arts District of Los Angeles. The GPI Cos., an investment and development firm based in Los Angeles, acquired the asset from a joint venture partnership for $92.5 million. Joseph Grabiec, Kevin Green and Gregory Harris of IPA represented the seller and procured the buyer in the deal. Lofts at NoHo Commons was built in 2006. The unit mix includes 237 …

October 17, 2024

Samo Collection in Santa Monica, California

Affordable Housing California Investment Sales News Western

Gortikov Capital Purchases 399-Unit Affordable Housing Portfolio in Santa Monica, California for $120 Million

by Channing Hamilton October 15, 2024

SANTA MONICA, CALIF. — Locally based brokerage and advisory firm Gortikov Capital has purchased Samo Collection, a portfolio of affordable housing communities in Santa Monica, for $120 million. The portfolio comprises 399 units across 11 buildings. The properties were constructed between 1997 and 2009. Samo Collection offers studio, one-, two- and three-bedroom apartments with stainless steel appliances, hardwood-style flooring and central heating and air conditioning. The name of the seller was not released.

October 15, 2024

3926 Franklin Ave. in Fullerton, California

California Investment Sales News Western

CBRE Negotiates $2.7 Million Sale of 10-Unit Property in Fullerton, California

by Channing Hamilton October 14, 2024

FULLERTON, CALIF. — CBRE has arranged the sale of a 10-unit building located at 3926 Franklin Ave. in Fullerton, just north of Anaheim, California. The asset traded hands for $2.7 million in an off-market transaction. Built in 1985, the two-story building comprises 7,410 square feet and offers exclusively two-bedroom units. The property also includes 17 parking spaces, including 12 garage spaces, as well as an on-site laundry facility. Dan Blackwell of CBRE, along with Andrew Boukather, who is now with MBI Equity Partners, represented the Los Angeles County-based buyer in the …

October 14, 2024

Investment Sales News Washington Western

TMR Investments Purchases 182-Unit The Village at Union Mills in Lacey, Washington

by Channing Hamilton October 11, 2024

LACEY, WASH. — TMR Investments has acquired The Village at Union Mills, a 182-unit community located at 8146 Sweetbrier Lane SE in Lacey, roughly five miles east of Olympia, Washington. The seller was not disclosed. The buyer plans to invest $4.1 million to execute a value-add strategy for the property. Planned renovations include updates to the fitness center, clubhouse and outdoor amenity spaces, as well as the addition of electric vehicle charging stations. Each apartment will also receive new stainless steel appliances, stone countertops and contemporary lighting and hardware.

October 11, 2024

Newer Posts

Older Posts