LYNNWOOD, WASH. — Institutional Property Advisors has arranged the sale of Augusta Glen, a 121-unit community in the Seattle suburb of Lynwood. Interstate Equities Corp. acquired the asset from APIC Inc. for $28.3 million. Augusta Glen was built in 1991 on 6.8 acres. The community offers one-, two- and three-bedroom units averaging 925 square feet in size. Amenities include a fitness center and a seasonal outdoor pool.
Sometimes Las Vegas’ reputation precedes it — and that can be a good or bad attribute. “Everyone remembers 2008,” says Taylor Sims, executive director of the Multifamily Advisory Group at Cushman & Wakefield. Home prices in Las Vegas plunged by 60 percent during the Great Recession, nearly twice the national rate, according to news affiliate KTNV. The University of Nevada, Las Vegas (UNLV) notes the unemployment rate peaked at 14.5 percent in October 2010. Like Sims, Michael Albanese, a multifamily specialist at NAI Vegas, knows the rest of the world …
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 …
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.
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 …
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.
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 …
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.
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.
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.