GLENDALE, ARIZ. — Capital Square and Sunstone Two Tree have broken ground on Ironwood Homes at Rosefield, a new build-for-rent community in the Phoenix suburb of Glendale. The 320-unit complex will be situated on a 29-acre lot at the southeast corner of Northern Parkway and N. Sarival Avenue. The partnership acquired the lot in September. Capital Square Glendale BFR is currently raising $49 million in equity from accredited investors for the complex’s development. Ironwood Homes at Rosefield will offer 102 detached single-family homes, as well as 218 townhomes. Units will …
MESA, ARIZ. — Habitat Metro has opened ECO MESA, a 102-unit community in the southeastern Phoenix suburb of Mesa. Located at 127 W. Pepper Place in Mesa’s downtown area, ECO MESA comprises 179,227 square feet across seven stories. Units come in studio, one- and two-bedroom layouts. Amenities include a 14,000-gallon heated pool, lounge with a kitchen, game room and a water-vapor fireplace. Willmeng Construction served as general contractor for the project, which was developed on a former parking lot. CCBG Architects designed the community.
SAN FRANCISCO — Berkadia has negotiated a $67.2 million loan to refinance debt on Northpoint Apartments, a 514-unit complex in San Francisco. Andy Ahlers of Berkardia’s San Francisco office secured the permanent five-year loan through Fannie Mae. The borrower was NP Apartments LLC. Located at 2211 Stockton St., Northpoint Apartments offers units in studio, one- and two-bedroom floor plans. Amenities include two pools, a fitness center and laundry facilities.
HUNTINGTON BEACH, CALIF. — CBRE has arranged the sale of Tropicana Apartments, a 21-unit community in Huntington Beach. CBRE’s Dan Blackwell and Mike O’Neill represented the seller, a locally-based private investor, exchanging into a Delaware Statutory Trust (DST). The buyer was also based in Huntington Beach. The asset traded hands for $7.1 million. Tropicana Apartments is located on a corner block one block from the beach at 201 10th Street. The property comprises 10,096 rentable square feet across four buildings, each of which rise two stories. The gated community was built …
LOS ANGELES — CIM Real Estate Debt Solutions has provided a $47.5 million loan through a CIM-managed fund to a joint venture between MWest Holdings and BGO. The borrower will use the loan to refinance debt on The View, a 13-story building in the Koreatown neighborhood of Los Angeles. The View features 158 studio, one- and two-bedroom units in a variety of floorplans. The View was originally built in 1965. CIM Group acquired the property in August 2013 following the completion of a comprehensive renovation. MWest and BGO purchased the …
MARYSVILLE, WASH. — CBRE has negotiated $47 million in construction financing for Motto Apartments, a 228-unit property in Marysville, 35 miles north of Seattle. James Bach, Connor Lemley, Regina Wang and Griffin Walker of CBRE secured the construction-to-permanent, seven-year, fixed-rate financing with interest-only payments for the full term. The borrower is Intracorp. Intracorp Homes is developing the community. Motto Apartments will feature air-conditioned units, an outdoor pool, clubhouse, fitness center, fire pits and a fenced dog park. Construction is set to begin with the close of the financing. Completion is slated …
MESA, ARIZ. — Institutional Property Advisors, a division of Marcus & Millichap, has brokered the sale of Courtyard Towers, a 13-story residential tower in Mesa. Cliff David and Steve Gebing represented the seller and procured the buyer. Soltrust Robson purchased the asset from Okland Capital for an undisclosed price. The transaction was financed by Blueprint Capital Income REIT. Courtyard Towers was constructed in 1984 on 1.3 acres. The high-rise community currently offers 169 units. The buyer plans to renovate the community with updates to the unit finishes and amenities. After the …
LATHROP, CALIF. — JLL Capital Markets has arranged $51 million in construction takeout financing for Mossdale Landing Apartments, a garden-style community in Lathrop. A JLL Capital Markets Advisory Team led by Jeff Sause, Lillian Roos and Jalynn Borders arranged the three-year bridge loan through MF1 Capital. The borrower was Mossdale Landing Owner LLC, a company that is comprised of Rubik Built, Wright Equities and The Grupe Co. Recently completed in summer, Mossdale Landing Apartments features 204 units across 10 buildings. Units come in one-, two- and three-bedroom layouts. Amenities include …
TUCSON, ARIZ. — Sanders and Amos has begun pre-leasing Casitas Catalina in Tucson. The $50 million project offers 194 single-family rental units on a 19-acre site. Units come in one-, two- and three-bedroom floor plans with pre-installed Wi-Fi, covered parking and personalized door keys. The developer expects to complete the project in early 2024. The first move-ins are slated for December 2023. MEB Management Services will serve as the property manager.
LOS ANGELES — CIM Real Estate Debt Solutions, a subsidiary of CIM Group, has closed on a $47.5 million loan to refinance The View, a 168-unit building in the Koreatown neighborhood of Los Angeles. The borrower was a joint venture between MWest Holdings and BGO. Originally built in 1965, The View offers 168 apartments across 13 stories. Units come in studio, one- and two-bedroom layouts. CIM Group acquired the property after a comprehensive renovation in August 2013. MWest and BGO then purchased The View in December 2018.