Western

Renter-Friendly Security Deposit Legislation Is a Sea Change for Property Managers

by Channing Hamilton September 18, 2023

— By Revital Gadish, CEO, Qira — More than a third of Americans rent their homes, according to the U.S. Census Bureau. As such, the political landscape is evolving to fit their needs. An influx of new laws and proposed legislation has ensued, aimed at increasing transparency and fairness and avoiding financial hardship for tenants. Much of the ensuing legislation is focused on security deposits. The strictest of the bills bans security deposits entirely, while others are capping the amount landlords can charge as a security deposit. So far, Texas, …

September 18, 2023

Arizona Investment Sales News Western

Institutional Property Advisors Arranges $112 Million Sale of Aiya in Gilbert, Arizona

by Channing Hamilton September 15, 2023

GILBERT, ARIZ. — Institutional Property Advisors (IPA) has arranged the sale of Aiya, a 360-unit property in Gilbert. The Wolff Co. acquired the community from Olumpus Property for $112 million. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer. Brian Eisendrath, Cameron Chalfant and Jake Vitta arranged the acquisition financing. Aiya was built in 2022 on 16 acres. Amenities include EV chargers, a pool and spa, conference room, private offices and a community kitchen. Apartments come in studio, one-, two- and three-bedroom floor plans with …

September 15, 2023

California Investment Sales News Western

MG Properties Acquires Artist Walk Apartments in Fremont, California for $89.8 Million

by Channing Hamilton September 14, 2023

FREMONT, CALIF. — MG Properties has acquired Artist Walk Apartments, a mixed-use community located in Fremont, within San Francisco’s Bay Area. The asset traded hands for $89.8 million. Artist Walk Apartments comprises 185 apartments and 30,000 square feet of ground floor retail space. The property was built in 2017. Jason Parr, Seth Siegel and Scott MacDonald of Cushman and Wakefield represented the seller, Clarion Partners. CBRE Capital Markets arranged financing for the deal through Freddie Mac.

September 14, 2023

California Development Finance News Western

UC Funds Provides $60 Million to Construct Mixed-Use Project in San Diego Suburb

by Channing Hamilton September 13, 2023

POWAY, CALIF. — UC Funds has provided a $60 million loan to develop a 72-unit community in the San Diego suburb of Poway. The property will also include 20,000 square feet of retail space. According to UC Funds, the project will serve as a focal point for the redevelopment of Poway’s downtown area. The city includes a 900-acre business park with over 500 businesses, including General Atomic Aeronautical, Sysco and GEICO.

September 13, 2023

Arizona Investment Sales News Western

Institutional Property Advisors Brokers the Sale of 140-Unit Juniper Canyon in Tucson, Arizona

by Channing Hamilton September 12, 2023

TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Juniper Canyon in Tucson. Clint Wadlund, Hamid Panahi, Art Wadlund, Steve Gebing and Cliff David represented the seller and procured the buyer. Juniper Canyon comprises 140 units and, according to Apartments.com, was built in 1985. The community offers amenities such as a clubhouse, fitness center, volleyball court, pool and picnic area. According to IPA, Juniper Canyon has seen a 97 percent average physical occupancy over the past 12 months.

September 12, 2023

Arizona Build-to-Rent Investment Sales News Western

Harvard Investment Sells Build-to-Rent Community in Phoenix for $87.9 Million

by Channing Hamilton September 8, 2023

PHOENIX — Harvard Investments has sold FirstStreet Happy Valley, a 212-unit build-to-rent community in Phoenix. Spruce Capital Group, a private family-owned investment firm, acquired the asset for $87.9 million. FirstStreet Happy Valley offers one-, two- and three-bedroom floor plans with attached and detached garages. The average size of the units is 1,904 square feet. Amenities include a dog park and washing station, a pool, spa, fitness center and clubhouse. The property was built two years ago and was 94 percent occupied at the time of sale.

September 8, 2023

Arizona Build-to-Rent Development News Western

Mark-Taylor Residential, Sunstone Two Tree Complete Build-to-Rent Complex in Surprise, Arizona

by Channing Hamilton September 8, 2023

SURPRISE, ARIZ. — Mark-Taylor Residential and Sunstone Two Tree have completed Sierra Verde, a townhome-style build-to-rent community in the Phoenix suburb of Surprise. Sierra Verde offers two- and three-bedroom homes with attached garages, gated patio entry and smart home technology. The average unit size is 1,331 square feet. Amenities include a pool and spa, a playground and a fitness center.

September 8, 2023

Colorado Development Finance News Western

JLL Brokers Financing for Kairoi Metro Center in Denver Suburb

by Channing Hamilton September 7, 2023

AURORA, COLO. — JLL Capital Markets has arranged a construction loan and advised on the joint-venture equity placement for the development of Kairoi Metro Center, a 419-unit community in the Denver suburb of Aurora. Leon McBroom, Travis Anderson and Kevin Barron represented the borrower, Kairoi Residential, in securing the six-year, floating-rate loan through a two-bank syndication. Kairoi Metro Center will feature one-, two- and three-bedroom units with an average size of 831 square feet. The property will also include two small urban parks. The project is slated to deliver in …

September 7, 2023

Arizona Development Finance News Western

JLL Arranges $62.6 Million in Construction Financing for Meritum Sonoran Desert in Phoenix

by Channing Hamilton September 7, 2023

PHOENIX — JLL Capital Markets has arranged $62.6 million in construction financing for Meritum Sonoran Desert, a garden-style development in Phoenix. Kevin MacKenzie, Brad Miner and Elle Miraglia worked on behalf of the borrower, IDM Cos., to secure the loan through a life company. Slated for completion in 2025, Meritum Sonoran Desert will comprise 348 apartments across 13 buildings. Units will come in one-, two- and three-bedroom layouts. Planned amenities include a clubhouse with a resident living room and kitchen, fitness center, a dog park and two pools.

September 7, 2023

Keybank Multifamily Affordable Housing Janette O'Brien

Affordable Housing Content Partner Features Finance Industry Content Midwest Northeast Southeast Texas Western

Fine-Tune Borrowing Strategies to Activate Multifamily Projects

by Sarah Daniels September 7, 2023

Multifamily developers and owners seeking debt financing face a gauntlet of headwinds, but deal flows confirm that good deals are still landing loans. That’s according to Janette O’Brien, head of production for multifamily lending at KeyBank. As one of the nation’s largest bank-based financial services companies, KeyBank has a full pipeline of multifamily loans in process. That puts O’Brien’s finger on the pulse of what differentiates viable deals in today’s volatile market. Multifamily & Affordable Housing Business asked O’Brien about current borrower challenges, as well as the strategies that are helping some …

September 7, 2023

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