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Sangre De Cristo Apartments in Santa Fe, New Mexico
Affordable HousingDevelopmentInvestment SalesNew MexicoNewsWestern

CPP Acquires Two Affordable Communities in Santa Fe, New Mexico, for $41.8 Million

by Channing Hamilton

SANTA FE, N.M. — Community Preservation Partners (CPP) has acquired two affordable housing developments in Santa Fe, Sangre De Cristo Apartments and Santa Fe Apartments, for $41.8 million. The developer also plans to invest a further $51.9 million to renovate both properties. Once renovated, the two communities will be restricted to households earning below 60 percent of the area median income and will continue to benefit from project-based rental assistance. Santa Fe Apartments is located at 255 Camino Alire. The property features 64 units and was built in 1968. Sangre …

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ArizonaDevelopmentLeasing & MarketingNewsWestern

MEB Management Services Begins Leasing The Aster at Mountain Vista Near Phoenix

by Channing Hamilton

MESA, ARIZ. — MEB Management Services has begun leasing The Aster at Mountain Vista in Mesa, just east of Phoenix. The Aster at Mountain Vista comprises seven residential buildings on 8.5 acres. The community features a mix of 80 one-, 66 two- and 10 three-bedroom units for a total of 156 apartments. Each unit comes with smart thermostats, internet connectivity and stainless steel appliances. Amenities include a pool and spa, green spaces, covered parking, a dog park and community clubhouse.

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525 Catalina in Laguna Beach, California
CaliforniaInvestment SalesNewsWestern

CBRE Negotiates $3.1 Million Sale of 8-Unit Community in Laguna Beach, California

by Channing Hamilton

LAGUNA BEACH, CALIF. — CBRE has arranged the sale of a property at 525 Catalina in Laguna Beach. The eight-unit asset traded hands for $3.1 million. CBRE’s Dan Blackwell and Mike O’Neill represented the seller, a private investor headquartered in Orange County. The buyer was also a private Orange County-based investor. Built in 1957, the property rises two stories on a 0.14-acre site. All apartments come in studio floor plans. Amenities include a community deck, gated entry, storage lockers and five carport spaces.

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CaliforniaDevelopmentNewsWestern

Cityview Completes 123-Unit The Parker in West Los Angeles

by Channing Hamilton

LOS ANGELES — Cityview has completed The Parker in the Pico-Robertson community of West Los Angeles. The project comprises 123 units and 4,000 square feet of retail space. Apartments come in studio, one- and two-bedroom floor plans. Of the total unit count, 13 are affordable, though income restrictions for these units were not disclosed. Amenities include a rooftop pool, open-air cinema, fitness center, co-working spaces and a dog park. The project team included WPIC Construction, AC Martin, Nadia Geller Design and Labib Funk + Associates.

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Seventh and James Apartments in Seattle, Washington
Investment SalesNewsWashingtonWestern

Kidder Mathews Brokers $26.9 Million Sale of Seventh & James Apartments in Seattle

by Channing Hamilton

SEATTLE — Kidder Mathews has brokered the sale of Seventh and James Apartments in Seattle’s First Hill neighborhood. Dylan Simon, Matt Laird and JD Fuller of Kidder Mathews’ Simon Anderson team represented the seller and sourced the buyer in the transaction. An institutional owner sold the asset to an undisclosed buyer for $26.9 million. Seventh and James Apartments features 96 units. The five-story, podium-style building was built in 1992 at 600 7th Ave.

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10761 Palma Vista Ave. in Garden Grove, California
CaliforniaInvestment SalesNewsWestern

CBRE Arranges Sale of Two Neighboring Communities in Garden Grove, California

by Channing Hamilton

GARDEN GROVE, CALIF. — CBRE has arranged the sale of two communities located on the same street near Euclid Street and Katella Avenue in Garden Grove. The two properties comprise of 14 units with a combined value of $3.3 million. In the first transaction, CBRE’s Dan Blackwell and Andrew Boukather represented both the buyer and seller in the sale of an eight-unit property at 10772 Palma Vista Ave. The property was built in 1961 on a 0.2-acre site. The asset traded hands for $1.9 million. The buyer was a private …

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ArizonaBuild-to-RentDevelopmentNewsWestern

Mosaic Begins Demolition of Two-Acre Site for 40-Unit Build-to-Rent Community in Phoenix

by Channing Hamilton

PHOENIX — Mosaic has begun demolishing a vacant commercial lot at 2920 N 56th Street in Phoenix to develop a new build-to-rent community called 56 at Arcadia. The developer, Hawkins Development, selected Mosaic as the general contractor for the project. Mosaic is overseeing all aspects of construction, including demolition, land development, and vertical construction. 56 at Arcadia will comprise 40 townhome units on a two-acre site. Units will come in two- and three-bedroom floor plans with garages and covered patios. The community will also include amenities such as a ramada …

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Sandy28 in Portland, Oregon
Investment SalesNewsOregonWestern

Institutional Property Advisors Brokers Sale of Sandy28 in Portland, Oregon

by Channing Hamilton

PORTLAND, ORE. — Institutional Property Advisors has brokered the sale of Sandy28, a mixed-use community in Portland, Oregon’s Central Eastside. Anthony Palladino, Giovanni Napoli, Philip Assouad, Nick Ruggiero and Ryan Harmon the seller, Fairfield, the property’s developer. The buyer was not disclosed. Built in 2020, Sandy28 comprises 206 apartments and 3,300 square feet of retail space. Amenities include a rooftop lounge, fitness center, game room, co-working space, and outdoor courtyards with a dog park and pet lounge.

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Robert Hicks Occupancy Asset Living
Content PartnerFeaturesIndustry ContentLeasing & MarketingMidwestNortheastOperationsSoutheastTechnologyTexasWestern

Asset Living Emphasizes Occupancy, Efficiency as Market Conditions Soften

by Sarah Daniels

Sensing a shift in the wind, multifamily property manager Asset Living is preparing for a bumpier leasing environment amid rising supply, slowing rent growth and overall economic uncertainty. While an adjustment, it shouldn’t come as a complete shock, says Robert Hicks, an Asset Living division president in charge of the conventional multifamily business in the western United States. Over the past handful of years, the sector has enjoyed some of the highest occupancies he has seen in his 25-year career in the industry, he points out. At the same time, …

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NOVEL White Fence Farm in Denver
ColoradoDevelopmentLeasing & MarketingNewsWestern

Crescent Communities Opens NOVEL White Fence Farm in Denver

by Channing Hamilton

DENVER — Crescent Communities has opened NOVEL White Fence Farm, a 202-unit community at 6273 W. Jewell Ave. in Denver’s Lakewood neighborhood. Situated on the site of the former White Fence Farm restaurant, NOVEL White Fence Farm offers amenities such as a restored barn clubhouse, a fitness center, pool, outdoor kitchen, bike storage, work-from-home spaces, pet spa, dog park and a hospitality bar featuring Land of a Thousand Hills coffee. Units come in one- and two-bedroom floor plans across several three- and four-story buildings. The project team includes KTGY, CID …

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