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Pasadena Studios in Pasadena, California
Affordable HousingCaliforniaDevelopmentNewsWestern

Community Builders Group, Bridge Financial Advisors to Open $45 Million Pasadena Studios in Pasadena, California

by Channing Hamilton

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 …

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Regatta at Sloan's Lake in Denver
ColoradoLeasing & MarketingNewsOperationsUtahWestern

Asset Living Takes Over Management of Two Communities in Colorado and Utah

by Channing Hamilton

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. …

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Affordable HousingCaliforniaDevelopmentNewsWestern

Affirmed Housing Completes 100-Unit Affordable Housing Community in San Marcos, California

by Channing Hamilton

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 …

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Kristi Nootens, managing director and co-head at CP Capital US
Industry VoicesMidwestNortheastOperationsPeople NewsSoutheastTexasWestern

Q&A with Kristi Nootens: Women Can Break Down Barriers in the Industry

by Channing Hamilton

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 …

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Renaissance Court in Pasadena, California
CaliforniaFinanceNewsWestern

PSRS Arranges $9.6 Million Refinance of Renaissance Court in Pasadena, California

by Channing Hamilton

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.

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224 S. Oak St. in Newport Beach, California
CaliforniaInvestment SalesNewsWestern

CBRE Arranges $1.6 Million Sale of Fourplex in Orange, California

by Channing Hamilton

ORANGE, CALIF. — CBRE arranged the $1.6 million sale of a four-unit community located at 224 S. Oak St. in Orange. Dan Blackwell, Sean Farag and Amanda Fielder represented the Orange County-based 1031 exchange seller in the sale of the asset. The fourplex was built in 1957 on a 10,809-square-foot site. The property offers one- and two-bedroom units, as well as four garage parking spaces and four tandem spaces.

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Clarendon Park in Phoenix
ArizonaInvestment SalesNewsWestern

CBRE Arranges $37 Million Sale of Clarendon Park in Phoenix

by Channing Hamilton

PHOENIX — CBRE has arranged the sale of Clarendon Park, a 138-unit community in Phoenix. WhiteHaven, a Phoenix-based private equity firm, purchased the property for $37 million. Matt Pesch, Austin Groen, Jeff Seaman and Bryson Fricke represented the seller. Anthony Valenzuela of CBRE Phoenix Debt & Structure Finance arranged the deal’s financing. Clarendon Park offers a one- and two-bedroom apartments. Community amenities include a recently renovated fitness center, remodeled clubhouse and leasing center, pool area, new package lockers and a dog park.

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ColoradoFinanceInvestment SalesNewsPeople NewsWestern

Avanti Residential Appoints Richard Bennion as Managing Director

by Channing Hamilton

DENVER — Avanti Residential has selected Richard Bennion as Managing Director. In this role, Bennion will be responsible for strategic growth and institutional capital relationships. Bennion most recently worked at PEF Advisors, where he led the capital formation of a $100 million fund focused on affordable housing and was a member of the company’s senior leadership team and investment committee. Prior to joining PEF Advisors, he worked at Carmel Partners. Bennion received a Bachelor of Science in Manufacturing Engineering from Brigham Young University and an MBA from Harvard Business School.

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Salem Manor in Salem, Oregon
Affordable HousingFinanceNewsOregonWestern

Keybank Provides $20.4 Million in Financing for Affordable Housing Community in Salem, Oregon

by Channing Hamilton

SALEM, ORE. — Hampstead Development Partners (Hampstead) has received $20.4 million in financing for the acquisition and renovation of Salem Manor, a 64-unit affordable community in Salem. KeyBank Community Development Lending and Investment (CDLI) provided a $4 million construction loan and $6.3 million in Low-Income Housing Tax Credit, as well as arranged $10.1 million in permanent financing through Freddie Mac. John Paul Vachon, Matthew Haas and Hector Zuniga of KeyBank CDLI structured the financing. Salem Manor is subsidized by a Section 8 Housing Assistant Payment contract and is affordable to households earning at …

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The Paseos at Montclair in Montclair, California
CaliforniaFinanceInvestment SalesNewsWestern

Archway Equities Acquires Inland Empire Community for $150 Million

by Channing Hamilton

MONTCLAIR, CALIF. — Archway Equities has acquired The Paseos at Montclair, a 385-unit community in the Inland Empire city of Montclair, for $150 million. Pacific Urban Investors’ Structured Finance Group provided preferred equity to facilitate the transaction. The Paseos at Montclair was built in 2014. The garden-style community offers studio, one-, two- and three-bedroom units. Amenities include two pools with spas and cabanas, a fitness center, yoga room, children’s entertainment suite, conference center and entertainment lounge.

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