Western

Asset Living Emphasizes Occupancy, Efficiency as Market Conditions Soften

by Sarah Daniels October 19, 2023

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, …

October 19, 2023

Colorado Development Leasing & Marketing News Western

Crescent Communities Opens NOVEL White Fence Farm in Denver

by Channing Hamilton October 18, 2023

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 …

October 18, 2023

Development News Utah Western

Crandall Capital to Break Ground on 320,000 SF Studio Crossing in Park City, Utah

by Channing Hamilton October 18, 2023

PARK CITY, UTAH — Crandall Capital will break ground on Studio Crossing, a 320,000-square-foot mixed-use development in Park City, in late October. Studio Crossing will offer 208 affordable housing units in studio, one-, two- and three-bedroom floor plans, as well as approximately 100 townhomes and condominiums. The community will also include retail and dining space, a public transit station, electric car ports and an e-bike share. The project will be built with low-emitting construction materials and water-wise planting. The first phase of development is slated for completion in 2025. The development …

October 18, 2023

Industry Voices Investment Sales Midwest Northeast Southeast Texas Western

The 411 on 1031s: What to Know Before Making a Tax-Deferred Swap in the Multifamily Sector

by Channing Hamilton October 16, 2023

1031 exchanges are an effective way for investors to protect their capital. They also historically have experienced strong fundamentals in the long term. Why, then, aren’t more multifamily investors taking advantage of tax-deferred swaps? Many property owners simply lack the expertise and industry connections to source acquisition opportunities that meet their objectives. This is especially true considering the tight timeframe many 1031 exchanges operate under, as these types of deals have a built-in ticking clock. Once an investor sells an asset, he or she has 45 days to identify a …

October 16, 2023

Investment Sales Nevada News Western

Avison Young Brokers $15.4 Million Sale of Madison at Green Valley in Henderson, Nevada

by Channing Hamilton October 13, 2023

HENDERSON, NEV. — Avison Young has arranged the sale of Madison at Green Valley, a community in the Las Vegas suburb of Henderson. Brisas GD LLC acquired the asset from Pacifica Henderson LLC for $15.4 million. Patrick Sauter, Art Carll-Tangora and Steve Nosrat of Avison Young’s Sauter Multifamily Group negotiated the transaction for both the buyer and seller. Constructed in 1992 on four acres, Madison at Green Valley features 88 one- and two-bedroom apartments, with an average unit size of 942 square feet.

October 13, 2023

California Finance News Western

Northmarq Arranges $142 Million Refinance of Two Properties in Orange County, California

by Channing Hamilton October 13, 2023

SANTA ANA AND YORBA LINDA, CALIF. — Northmarq has negotiated the refinancing of two properties in Orange County, Villa Del Sol and Yorba Linda Pines. Advanced Real Estate Services owns both properties. Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao of Northmarq’s Newport Beach debt and equity office arranged the combined $142 million cash-out refinance. The deal was structured on a 10-year interest only term. Northmarq secured the permanent-fixed rate loan through its Optigo status as a Freddie Mac lender. Villa Del Sol is located at 811 S Fairview St. in Santa …

October 13, 2023

California Investment Sales News Western

Marcus & Millichap Brokers $12 Million Sale of 21-Unit Building in Los Angeles

by Channing Hamilton October 10, 2023

LOS ANGELES — THG Multifamily, a Marcus & Millichap brokerage team, has negotiated the sale of 1185 Myra Avenue, a 21-unit building in the Silver Lake neighborhood of Los Angeles. Kevin Green and Joseph Grabiec of THG Multifamily represented the seller and procured the buyer in the deal. The asset traded hands for $12 million. The buyer and seller were not disclosed. The seller significantly renovated the 21-unit property, which was built in 1964.

October 10, 2023

A property at 1071 & 1075 Junipero Ave. in Long Beach, California

California Investment Sales News Western

CBRE Arranges $7.1 Million Sale of Two Communities in Long Beach, California

by Channing Hamilton October 10, 2023

LONG BEACH, CALIF. — CBRE has arranged the sale of two communities totaling 23 units for in Long Beach. The assets sold for a total $7.1 million to two separate buyers. In the first deal, CBRE’s Dan Blackwell and Trey Mitchell represented the seller in the disposition of a seven-unit property at 122 E. 55th Street in North Long Beach. A private investor based in Long Beach acquired the property from an Orange County-based repeat client of CBRE for $2.3 million. The property was built in 1962 on0.2 acres. The two-story, 5,755-square-foot building …

October 10, 2023

Ironwood Homes at River Run in Avondale, Arizona

Arizona Build-to-Rent Development News Western

Mark Taylor Opens Ironwood Homes at River Run BTR Project in Avondale, Arizona

by Channing Hamilton October 10, 2023

AVONDALE, ARIZ. — Mark-Taylor Residential has opened Ironwood Homes at River Run, a 103-unit build-to-rent development in the Phoenix suburb of Avondale. Developed by Sunstone Two Tree, Ironwood Homes at River Run offers units in three- and four-bedroom floor plans. Units feature private side yards, personal two-car garages and smart technology packages. Amenities include a pool spa, fitness center, outdoor kitchen, gated entry and a playground.

October 10, 2023

Development News Oregon Western

Home Forward Opens First Phase of Dekum Court Apartments in Portland, Oregon

by Channing Hamilton October 9, 2023

PORTLAND, ORE. — Home Forward has opened the first phase of Dekum Court Apartments, a redevelopment project in Portland. Dekum Court originally comprised 40 units and was built in 1972. Home Forward will rebuild the 40 apartments, as well as add 147 new units. At full build-out, Dekum Court will offer 187 units. The first phase of the redevelopment is now complete, and the second phase will be completed in summer of 2025.

October 9, 2023

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