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Radiate Apartments in Redmond, Washington
Investment SalesNewsWashingtonWestern

JLL Brokers $125 Million Sale of Radiate Apartments in Redmond, Washington

by Channing Hamilton

REDMOND, WASH. — JLL Capital Markets has arranged the sale of Radiate Apartments, a 360-unit luxury community in the eastern Seattle suburb of Redmond. Jackson Square Properties acquired the asset from Fairfield Residential for $125 million. David Young, Corey Marx, Ira Virden, Chris Ross, Jordan Louie, Michael Lyford and Reed Curtis led the JLL investment sales and advisory team that represented the seller and procured the buyer. Radiate Apartments was built in 2021. The community offers 360 apartments in studio, one- and two-bedroom floor plans. Units feature full-size washers and dryers, …

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ArizonaDevelopmentNewsWestern

Mill Creek Residential Breaks Ground on Modera Rio Salado in Tempe, Arizona

by Channing Hamilton

TEMPE, ARIZ. — Mill Creek Residential has broken ground on Modera Rio Salado in the Tempe neighborhood of Tempe Town Lake. Located at 835 W. Rio Salado Pkwy., Modera Rio Salado will offer 319 apartments in one-, two- and three-bedroom layouts. The property also includes 14,000 square feet of interior amenity space, including a pool deck, fitness center, lobby with a fireplace lounge area, bar, resident lounge, clubroom and co-working spaces. The community will also feature an outdoor dog run and a combined pet and bicycle wash facility, as well as …

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WildHorse Creek in Chesterfield, Missouri
DevelopmentFinanceIndustry VoicesMidwestNortheastOperationsSoutheastTexasWestern

Five Hurdles General Contractors Face in Today’s Dynamic Multifamily Arena

by Channing Hamilton

— By Erick Hartzell, project director, Brinkmann Constructors — As the housing market generated uncertainty in a pandemic-driven economy, many individuals gravitated toward the stability and convenience of multifamily housing communities. Amid the rising demand, shifting consumer priorities urged developers and contractors to refocus on this subsector, allowing multifamily construction to boom.  Regardless of the steady influx of multifamily developments, demand remains prominent. As contractors work to meet the demand, there are several significant challenges to be aware of, including a lack of qualified labor, a rise in material prices, …

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CaliforniaDevelopmentFinanceNewsWestern

JLL Capital Markets Brokers $16.7 Million in Construction Financing for The Hobart in Los Angeles

by Channing Hamilton

LOS ANGELES — JLL Capital Markets arranged the $16.7 million construction take-out financing for The Hobart, a 39-unit community in the Los Angeles neighborhood of Koreatown. Chris Collins and Brad Vansant represented the borrower, Jannone Development, to secure the two-year, floating-rate loan. The Hobart was built in 2023. The building rises six stories at 3050 W. 11th St. Units come in one-, two- and three-bedroom floor plans.

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CaliforniaDevelopmentFinanceInvestment SalesNewsWestern

PACT Capital Arranges $362 Million for Acquisition of 1600-Acre Community Near San Francisco

by Channing Hamilton

SAN JOAQUIN COUNTY, CALIF. — PACT Capital has arranged a $362 million acquisition land loan for a 1,600-acre property in San Joaquin County, about 60 miles from San Francisco. Originally planned in the 1990s, the site is entitled for 5,500 residential units, as well as 263 acres of entitled multifamily, mixed-use, industrial and commercial space. The buyer was a private family office in Northern California. The acquisition financing was provided through a real estate investment banking syndicate. PACT Capital’s advisory team was led by Adam Mortanian, Tyler Shegerian, Connor Haubursin …

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Affordable HousingDevelopmentNewsOregonWestern

Mill Creek Residential Begins Developing Modera Woodstock in Portland, Oregon

by Channing Hamilton

PORTLAND, ORE. — Mill Creek Residential has begun the construction of Modera Woodstock, a mixed-use property in Portland. Located at 4804 SE Woodstock Blvd., the community will feature 194 apartments and 6,500 square feet of ground-floor retail space. Units will come in studio, one-, two- and four-bedroom floor plans. Five units will be affordable, but income restrictions for these units were not disclosed. Amenities include a clubhouse, courtyard, rooftop deck with grilling area and fire pit, game room, theater, coffee bar, pet spa and a fitness studio. Tenants will also have …

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Affordable HousingDevelopmentInvestment SalesMontanaNewsSeniors HousingWestern

Community Preservation Partners Acquires Two Affordable Communities in Great Falls, Montana, for $10.6 Million

by Channing Hamilton

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 …

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2027-29 Harbor Blvd. in Costa Mesa, Calif.
CaliforniaInvestment SalesNewsWestern

CBRE Arranges $3.2 Million Sale of Mixed-Use Property in Costa Mesa, California

by Channing Hamilton

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. 

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2111 Firestone in Los Angeles
CaliforniaDevelopmentFinanceNewsWestern

KeyBank Provides $46.4 Million to Build Affordable Community in Los Angeles

by Channing Hamilton

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 …

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Cabana Encanto in Goodyear, Arizona
ArizonaInvestment SalesNewsWestern

IPA Brokers $61 Million Sale of Cabana Encanto in Goodyear, Arizona

by Channing Hamilton

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.

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