Western

Harvard Investment Sells Build-to-Rent Community in Phoenix for $87.9 Million

by Channing Hamilton September 8, 2023

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.

September 8, 2023

Arizona Build-to-Rent Development News Western

Mark-Taylor Residential, Sunstone Two Tree Complete Build-to-Rent Complex in Surprise, Arizona

by Channing Hamilton September 8, 2023

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.

September 8, 2023

Colorado Development Finance News Western

JLL Brokers Financing for Kairoi Metro Center in Denver Suburb

by Channing Hamilton September 7, 2023

AURORA, COLO. — JLL Capital Markets has arranged a construction loan and advised on the joint-venture equity placement for the development of Kairoi Metro Center, a 419-unit community in the Denver suburb of Aurora. Leon McBroom, Travis Anderson and Kevin Barron represented the borrower, Kairoi Residential, in securing the six-year, floating-rate loan through a two-bank syndication. Kairoi Metro Center will feature one-, two- and three-bedroom units with an average size of 831 square feet. The property will also include two small urban parks. The project is slated to deliver in …

September 7, 2023

Arizona Development Finance News Western

JLL Arranges $62.6 Million in Construction Financing for Meritum Sonoran Desert in Phoenix

by Channing Hamilton September 7, 2023

PHOENIX — JLL Capital Markets has arranged $62.6 million in construction financing for Meritum Sonoran Desert, a garden-style development in Phoenix. Kevin MacKenzie, Brad Miner and Elle Miraglia worked on behalf of the borrower, IDM Cos., to secure the loan through a life company. Slated for completion in 2025, Meritum Sonoran Desert will comprise 348 apartments across 13 buildings. Units will come in one-, two- and three-bedroom layouts. Planned amenities include a clubhouse with a resident living room and kitchen, fitness center, a dog park and two pools.

September 7, 2023

Keybank Multifamily Affordable Housing Janette O'Brien

Affordable Housing Content Partner Features Finance Industry Content Midwest Northeast Southeast Texas Western

Fine-Tune Borrowing Strategies to Activate Multifamily Projects

by Sarah Daniels September 7, 2023

Multifamily developers and owners seeking debt financing face a gauntlet of headwinds, but deal flows confirm that good deals are still landing loans. That’s according to Janette O’Brien, head of production for multifamily lending at KeyBank. As one of the nation’s largest bank-based financial services companies, KeyBank has a full pipeline of multifamily loans in process. That puts O’Brien’s finger on the pulse of what differentiates viable deals in today’s volatile market. Multifamily & Affordable Housing Business asked O’Brien about current borrower challenges, as well as the strategies that are helping some …

September 7, 2023

A development project by Milhaus and Banyan Residential in Phoenix

Arizona Development Finance News Western

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

by Channing Hamilton September 6, 2023

PHOENIX — Milhaus and Banyan Residential have begun constructing the first phase of a 515-unit community in Phoenix. UMB, with syndication by First Merchants and Academy Bank, provided a $63.3 million construction loan for the project. The community will feature studio, one-, two- and three-bedroom units ranging in size from 415 to 1,392 square feet. Amenities will include two clubhouses, pools, a fitness center, green spaces and a dog park. Phase one is expected to deliver in the fourth quarter of 2025, with a total development cost of $117 million.

September 6, 2023

Arizona Investment Sales News Western

Orion Investment Real Estate Brokers $87.8 Million Sale of Aerie Happy Valley in Phoenix

by Channing Hamilton September 6, 2023

PHOENIX — Orion Investment Real Estate has arranged the sale of Aerie Happy Valley in Phoenix. The buyer and seller were not disclosed, but the asset traded hands for $87.8 million. Aerie Happy Valley comprises 214 apartments in a mix of 55 one-bedroom, 101 two-bedroom and 58 three-bedroom units. Linda Fritz-Salazar and Angelessa Ritchie of Orion Investment Real Estate brokered the transaction.

September 6, 2023

Colorado Investment Sales News Western

Newmark Brokers $1.4 Million Sale of The Meadows at Castle Rock in Castle Rock, Colorado

by Channing Hamilton September 1, 2023

CASTLE ROCK, COLO. — Newmark has arranged the sale of The Meadows at Castle Rock in Castle Rock. Limelight Mob II acquired the asset from Castle Rock Development Co. for $1.4 million. Hook and Cathy Mcdermott of Newmark represented Limelight Mob II, while Connolly Capital represented Castle Rock. The Meadows at Castle Rock includes 98,881 square feet of land.

September 1, 2023

Berkadia California Investment Sales News Western

Berkadia Arranges Sale of 348-Unit Broadstone Cavorain Laguna Niguel, California

by Channing Hamilton September 1, 2023

LAGUNA NIGUEL, CALIF. — Berkadia Institutional Solutions has brokered the sale of Broadstone Cavora in Laguna Niguel. A California-based investor acquired the property for an undisclosed price. Derrek Ostrzyzek, Rachel Parsons and Tom Moran of Berkadia Irvine, Calif., represented the undisclosed seller in the deal. Broadstone Cavora offers 348 apartments with walk-in closets, private patios and in-unit washers and dryers. Amenities include a resident clubhouse, pool, fitness center, rooftop sun terrace, game room and leisure lawn.

September 1, 2023

Arizona Development Leasing & Marketing News Western

Raintree Investment Corp. Opens Willow 38 in Phoenix’s Arcadia Neighborhood

by Channing Hamilton August 30, 2023

PHOENIX — Raintree Investment Corp. has opened Willow 38, a townhome-style community in the Arcadia neighborhood of Phoenix. The property offers 48 units in three- and four-bedroom layouts. Units come with smart home technology packages, including smart thermostats and stoves, Ring doorbell cameras, leak detection and touchless door locks. Other features include garages pre-wired for EV charger capability, fenced backyards and walk-in closets. MEB Management Services is the manager for Willow 38.

August 30, 2023

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