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Maunakea in Honolulu
Affordable HousingHawaiiInvestment SalesNewsWestern

Public-Private Partnerships Acquires 379-Unit Affordable Housing Community in Honolulu

by Channing Hamilton

HONOLULU — A public-private partnership consisting of Standard Communities, Stanford Carr Development, the State of Hawaii, the U.S. Department of Housing and Urban Development, the City of Honolulu and the Hawaii Housing Finance & Development Corp. has acquired Maunakea, a 379-unit affordable community in Honolulu. According to Standard Communities, this is the largest FHA deal and largest Project-Based Section 8 transaction in Hawaii state history. The deal extends the affordability of all units at the property for 20 years. Maunakea was built in 1977 and renovated in 2000. Units come …

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An unnamed community developed by Milhaus and Banyan Residential in Phoenix
ArizonaDevelopmentFinanceNewsWestern

Milhaus, Banyan Residential Break Ground on $117 Million Community in Phoenix

by Channing Hamilton

PHOENIX — Milhaus and Banyan Residential have broken ground on a $117 million development on the southwest corner of 48th St. and Washington St. in Phoenix. The first phase of the 515-unit community is slated for completion in the fourth quarter of 2025. Units will come in studio, one-, two- and three-bedroom layouts. Amenities will include two clubhouses, pools, a fitness center, green spaces and a dog park. UMB provided a $63.3 million construction loan for the project, with syndication by First Merchants and Academy Bank.

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The Helm in San Diego
Affordable HousingCaliforniaDevelopmentNewsWestern

Affirmed Housing Completes 77-Unit Mixed-Income The Helm in San Diego

by Channing Hamilton

SAN DIEGO — Affirmed Housing has finished developing The Helm, a mixed-income community in San Diego’s Cortez Hill neighborhood. The Helm offers 77 studio units and one two-bedroom manager apartment across seven stories. Of the total unit count, 32 are affordable to tenants earning 30 percent of the area median income (AMI), four to those earning 60 percent AMI and the remaining 41 are for households earning 80 percent AMI. The 30 percent AMI studios receive project-based vouchers, which are issued by the San Diego Housing Commission. The property also includes …

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Aquino in San Jose, California
CaliforniaCompany NewsFinanceNewsWestern

Urban Catalyst Launches New Fund to Develop 272-Unit Project in San Jose, California

by Channing Hamilton

SAN JOSE, CALIF. — Urban Catalyst has launched a new fund, UC Multifamily Equity I LLC (UCME), focused on the development of a 272-unit building in San Jose. The property, called Aquino, will offer studio, one-, two-, and three-bedroom apartments. Amenities will include private co-working offices, a bar and lounge, a fitness center with a yoga studio, a dog run and a courtyard. Urban Catalyst has structured UCME as a real estate operating company, which allows it to accept funding from qualified retirement accounts such as IRAs and 401(k) plans.

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Casa Verde in San Diego
CaliforniaDevelopmentFinanceNewsWestern

JLL Arranges $28 Million in Financing for Casa Verde in San Diego

by Channing Hamilton

SAN DIEGO — JLL Capital Markets has arranged $28 million in construction take-out financing for Casa Verde, a 94-unit community in San Diego’s North Park neighborhood. Olga Walsh and Jack Wood of JLL led the team that secured the non-recourse floating-rate bridge loan on behalf of the borrower, Champion Real Estate Investments. The new loan retired a high-leverage construction loan, covered transaction costs and carry reserves, and provided significant cash out to the sponsor while allowing sufficient time for stabilization in anticipation of permanent financing. Casa Verde offers studio and one-bedroom …

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Avilla Palomino in Glendale, Ariz.
ArizonaBuild-to-RentDevelopmentNewsWestern

NexMetro Communities, Mosaic Break Ground on Build-to-Rent Community in Glendale, Arizona

by Channing Hamilton

GLENDALE, ARIZ. — NexMetro Communities has broken ground on Avilla Palomino, a 197-unit build-to-rent community in the Phoenix suburb of Glendale. Mosaic is the general contractor for the development. Avilla Palomino will offer duplex and single-family detached units across an 18-acre site. Units will come in one-, two- and three-bedroom floor plans. Amenities include a pool with a spa, shaded pavilion, barbeque areas and a dog park with a dog wash station. A construction timeline for the project was not disclosed.

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ArizonaInvestment SalesNewsWestern

Olympus Property Acquires 111-Unit Trailside Apartments in Flagstaff, Arizona

by Channing Hamilton

FLAGSTAFF, ARIZ. — Olympus Property has acquired Trailside Apartments, a 111-unit community in Flagstaff, for an undisclosed price. Trailside Apartments was built in 2020 and was built by Chason Affinity Cos. Units come in studio, one- and two-bedroom floor plans, ranging from 463 to 951 square feet in size. Amenities at Trailside Apartments include a clubhouse, business center, fitness center, steam room and an outdoor fireplace. The property is located less than a mile away from Northern Arizona University, the largest employer in the region.

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CaliforniaInvestment SalesNewsPeople NewsWestern

Northmarq Adds Joel Cukier and Noah Kenoyer to Los Angeles Commercial Investment Sales Team

by Channing Hamilton

LOS ANGELES — Northmarq has hired Joel Cukier as senior vice president to the company’s commercial investment sales team in Los Angeles. Cukier began his career in luxury high-rise management and development in New York. Most recently, he spent seven years working with a national firm focused on corporate real estate advisory. Cukier is joined by Noah Kenoyer, who joins the team as an associate. The commercial investment sales team will focus on net lease real estate and corporate sale leaseback advisory.

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Radiate Apartments in Redmond, Washington
Investment SalesNewsWashingtonWestern

JLL Brokers $125 Million Sale of Radiate Apartments in Redmond, Washington

by Channing Hamilton

REDMOND, WASH. — JLL Capital Markets has arranged the sale of Radiate Apartments, a 360-unit luxury community in the eastern Seattle suburb of Redmond. Jackson Square Properties acquired the asset from Fairfield Residential for $125 million. David Young, Corey Marx, Ira Virden, Chris Ross, Jordan Louie, Michael Lyford and Reed Curtis led the JLL investment sales and advisory team that represented the seller and procured the buyer. Radiate Apartments was built in 2021. The community offers 360 apartments in studio, one- and two-bedroom floor plans. Units feature full-size washers and dryers, …

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ArizonaDevelopmentNewsWestern

Mill Creek Residential Breaks Ground on Modera Rio Salado in Tempe, Arizona

by Channing Hamilton

TEMPE, ARIZ. — Mill Creek Residential has broken ground on Modera Rio Salado in the Tempe neighborhood of Tempe Town Lake. Located at 835 W. Rio Salado Pkwy., Modera Rio Salado will offer 319 apartments in one-, two- and three-bedroom layouts. The property also includes 14,000 square feet of interior amenity space, including a pool deck, fitness center, lobby with a fireplace lounge area, bar, resident lounge, clubroom and co-working spaces. The community will also feature an outdoor dog run and a combined pet and bicycle wash facility, as well as …

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