GREAT FALLS, MT. — Community Preservation Partners (CPP), an affordable housing rehabilitation company, has acquired two developments in Great Falls: Sunshine Village and Broadview Manor East & West. CPP, in partnership with The Hampstead Cos., acquired the communities for $10.6 million. The development team plans to conduct $12.8 million in renovations for the two projects. The properties will remain affordable to households earning 50 percent and 60 percent of the area median income until 2074. Sunshine Village is a 72-unit senior’s community. The three-story building was built in 1979. Sunshine …
COSTA MESA, CALIF. — CBRE brokered the sale of a mixed-use property at 2027-29 Harbor Blvd. in Costa Mesa. A local private investor acquired the asset for $3.2 million. Dan Blackwell and Mike O’Neill represented the seller, a private Orange County, California-based partnership. The asset offers 12 rental units across three buildings, as well as a 1,942-square-foot commercial building occupied by an auto trim business. Units come in studio, one- and two-bedroom floor plans. The first building was built in 1949, with subsequent building additions made in 1952, 1954 and 1962.
LOS ANGELES — KeyBank Community Development Lending and Investment (CDLI) has provided $46.4 million in financing for the construction of 2111 Firestone, an affordable community in the Watts neighborhood of Los Angeles. KeyBank CDLI provided $19.7 million in federal and state Low Income Housing Tax Credit equity, a $21.4 million construction loan and a $5.3 million permanent loan to finance the project. Kortney Brown and Ted Witt structured the financing. Sam Adams of KeyBanc Capital Markets Public Finance Group provided the bond underwriting. 2111 Firestone comprises 85 apartments across six …
GOODYEAR, ARIZ. — Institutional Property Advisors (IPA) has arranged the sale of Cabana Encanto, a 286-unit asset in Goodyear. A partnership between Sunrise Multifamily and Ascent Equity Group acquired the property from Greenlight Communities for $61 million. Steve Gebing and Cliff David represented the seller and procured the buyer. Cabana Encanto was built in 2022 on an 8.8-acre site. Amenities include a clubhouse with social and co-working spaces, pool, barbecue grilling stations, an event lawn, and green spaces.
DENVER — NorthPeak Commercial Advisors arranged the $1.6 million sale of a property at 4101-4115 E Martin Luther King Blvd. in Denver. Hunter Schaefer and Jack Sherman represented the buyer and the seller. Neither the buyer nor seller were disclosed. The property comprises 7 units across 6,176 square feet.
PASADENA, CALIF. — A partnership comprising Community Builders Group and Bridge Financial Advisors plan to open Pasadena Studios this August. Pasadena Studios is an affordable housing community that rises six stories in the Los Angeles suburb of Pasadena. The building offers 180 small studio apartments called micro-units. Units are affordable to households earning less than $53,000 annually. Amenities include Wi-Fi connectivity, fitness center, laundry facilities, rooftop deck, a kitchenette and bike storage. The total cost of the project was $45 million. The development team broke ground on Pasadena Studios in …
DENVER AND WEST JORDAN, UTAH — Asset Living has been awarded management of two communities: Regatta at Sloan’s Lake and Momentum. Regatta at Sloan’s Lake is located in Denver and offers 369 units in studio, one- and two-bedroom layouts. Units feature stainless steel appliances, wood-style floors and walk-in closets. Amenities include a dog park with a pet wash station, clubhouse with a game room and a pool. Momentum is a high-rise development in West Jordan. The community was built in 2023. Units come in studio, one- and two-bedroom floor plans. …
SAN MARCOS, CALIF. — Affirmed Housing has completed Alora, an affordable housing community in San Marcos’s Richmar neighborhood. The development team for the project also included DAHLIN Group Architecture Planning, BNBuilders, Masson & Associates, Monica Mroz Landscape Architect and Compass for Affordable Housing. The City of San Marcos, County of San Diego, WNC and Chase provided financing for the development. Alora comprises 100 units across four residential buildings, as well as a community center and 171 parking spaces. Apartments come in one-, two- and three-bedroom floor plans, and are affordable …
Kristi Nootens, managing director and co-head at CP Capital US, a real estate manager specializing in multifamily investments, sat down with Multifamily Affordable Housing Business (MAHB) to discuss the role of women in the industry and how the market may develop as we progress into the second half of 2023. On Women in Real Estate MAHB: Tell us about yourself and your journey. Nootens: My journey to commercial real estate started in large part because both of my parents worked in the industry. My dad was a mechanical engineer who spent a lot …
PASADENA, CALIF. — PSRS has arranged the $9.6 million refinance of Renaissance Court, a mixed-use community in Pasadena. Renaissance Court offers 41 units, including one- and two-bedroom apartments and two-bedroom townhomes. The property also includes nine ground-level retail units. Kostas Kavayiotidis arranged the non-recourse loan through a life insurance company. The loan features a 10-year term and 30-year amortization.