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Henri in Phoenix
ArizonaDevelopmentFinanceInvestment SalesMarket ReportsWestern

Is Phoenix Overbuilt Or Underbuilt?

by Channing Hamilton

There is one U.S. county that has largely outpaced all the rest before, during and after COVID-19. It’s Maricopa County, which includes the Phoenix metropolitan statistical area (MSA). The county was home to about 4.2 million residents in 2012. Today, that number stands at more than 5 million, per the U.S. Census Bureau. Prior to COVID-19, much of that migration was tied to job growth, notes Christian Garner, president and CEO of Avanti Residential. “Phoenix over the past 10 years has greatly diversified through industries like education, medical and technology,” …

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The Larkspur in Victor, Idaho
DevelopmentFinanceIdahoNewsWestern

NewPoint Provides $22.5 Million in Construction Financing for Workforce Housing Development in Victor, Idaho

by Channing Hamilton

VICTOR, IDAHO — NewPoint Real Estate Capital has provided $22.5 million in HUD/FHA 221(d)(4) construction-to-permanent financing for the development of The Larkspur, an 86-unit market rate workforce housing community in Victor. Plaza Equity Partners, a Miami-based real estate development company, broke ground on the project in October. The loan was originated by NewPoint’s Karen Kim, and features a 22-month construction period followed by a 40-year term. The Larkspur is a planned three-story garden-style community. The property will offer studio, one-, two- and three-bedroom floor plans. Amenities include an outdoor fire pit, barbecue …

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Residences at Durango in Durango, Colorado
Affordable HousingColoradoDevelopmentNewsWestern

TWG to Convert Hotel in Durango, Colorado, Into $35 Million Affordable Housing Community

by Channing Hamilton

DURANGO, COLO. — TWG will construct Residences at Durango, a $35 million affordable housing complex in the southwestern Colorado city of Durango. The project is an adaptive reuse of a former hotel, which is now set to be converted into 120 apartments. Units will come in studio, one- and two-bedroom floor plans, and will be affordable to tenants earning at or below 30 to 60 percent of the area median income. Amenities will include a business center, exercise facility, laundry facility, playground, picnic area and Wi-Fi connectivity in common areas. …

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Summerset Village in Los Angeles
CaliforniaInvestment SalesNewsWestern

IPA Arranges $106.6 Million Sale of 280-Unit Summerset Village in Los Angeles

by Channing Hamilton

LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Summerset Village in the Chatsworth neighborhood of Los Angeles. An institutional buyer purchased the asset from an undisclosed seller for $106.6 million. Kevin Green, Joseph Grabiec and Gregory Harris of IPA represented the seller and procured the buyer. Summerset Village was built in 1986. The community comprises 280 apartments across 39 two-story buildings. Select units feature fireplaces, patios and direct access garages. Amenities include two pools, two hot tubs, a beach volleyball …

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The Perch PDX in Portland
Investment SalesNewsOregonWestern

JLL Capital Markets Brokers Sale of 141-Unit The Perch PDX in Portland

by Channing Hamilton

PORTLAND — JLL Capital Markets has negotiated the sale of The Perch PDX, a 141-unit complex in the northern Portland neighborhood of Overlook. JLL represented the seller, Fairfield, and procured the buyer, Green Leaf Capital Partners. Ira Virden, Carrie Kahn and Frank Solorzano led the JLL Capital Markets Investment Sales and Advisory team. The Perch PDX was built in 2020 at 5325 N. Interstate Ave. The property features studio, one- and two-bedroom units with an average size of 648 square feet. Units feature stainless steel appliances, quartz countertops, vinyl plank flooring …

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11821 Stuart Drive in Garden Grove, California
CaliforniaInvestment SalesNewsWestern

CBRE Arranges $2.9 Million Sale of 10-Unit Community in Garden Grove, California

by Channing Hamilton

GARDEN GROVE, CALIF. — CBRE has negotiated the $2.9 million sale of a 10-unit property in Garden Grove. The building was constructed in 1958 on a 0.3-acre lot at 11821 Stuart Drive. The unit mix consists of three one-bedroom and seven two-bedroom units across two stories. Amenities include a pool, on-site laundry facilities and garage parking. The community was recently renovated with new exterior paint, a new sprinkler system, updated gas lines and new garage doors. CBRE’s Dan Blackwell and Andrew Boukather represented the seller and buyer, both private investors …

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ColoradoInvestment SalesNewsWestern

MG Properties Purchases 4400 Syracuse Apartments in Denver

by Channing Hamilton

DENVER — MG Properties has acquired 4400 Syracuse Apartments has acquired 4400 Syracuse Apartments from Morgan Group and LaSalle Investment Management for an undisclosed price. 4400 Syracuse Apartments offers 316 units in Denver’s Denver Tech Center/Southeast Business Corridor. Jordan Robbins and Alex Possick of JLL Capital Markets represented the sellers in the deal. Financing for the transaction was provided by Freddie Mac and arranged by Charles Halladay, Rick Salinas, Brandon Smith and Annie Rice of JLL Capital Markets.

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The Ventana Luxury Apartments in Los Angeles
CaliforniaFinanceNewsWestern

Barings Real Estate Secures $115 Million Loan for The Ventana Luxury Apartments in Los Angeles

by Channing Hamilton

LOS ANGELES — Barings Real Estate has secured $115 million in financing for The Ventana Luxury Apartments, a 405-unit complex within the master-planned community of Playa Vista in Los Angeles. Chris Drew, Annie Rose, Brandon Smith and Gyasi Edmondson of JLL Capital Markets Debt Advisory secured the cash-neutral, five-year loan on behalf of the borrower. The financing features full-term interest-only payments. The use of the funds was not disclosed. The Ventana Luxury Apartments was built in two phases in 2007. The community offers studio, one-, two- and three-bedroom units with an …

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CaliforniaFinanceNewsWestern

Greystone Provides $15 Million in Financing for University Village in Hayward, California

by Channing Hamilton

HAYWARD, CALIF. — Greystone has provided a $15 million Fannie Mae Delegated Underwriting & Servicing loan to refinance University Village, a 68-unit in Hayward. The garden-style community was constructed in 1964. University Village offers one- and two-bedroom units and on-site parking, laundry facilities and a fitness center. Tim Thompson originated the financing on behalf of WSB University Village LLC. The loan features a 10-year term with five years of interest-only payments. In addition to refinancing, the loan will enable the borrower to continue with ongoing property maintenance.

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NOVEL Daybreak in South Jordan, Utah
DevelopmentLeasing & MarketingNewsUtahWestern

Crescent Communities Opens NOVEL Daybreak in Salt Lake City Suburb

by Channing Hamilton

SOUTH JORDAN, UTAH — Crescent Communities has opened NOVEL Daybreak, a 400-unit community in the Salt Lake City suburb of South Jordan. MAA provided construction financing for the project’s development, while Kier Construction acted as the general contractor. Craine Architecture and CID Design Group designed the complex. NOVEL Daybreak is located 10678 S. Lake Run Road in South Jordan’s Daybreak community. The property features a mix of studio, one- and two-bedroom apartments with quartz countertops, stainless steel sinks and kitchen islands with pendant lighting. Amenities include a coffee lounge, fitness …

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