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Aquino in San Jose, California
CaliforniaCompany NewsFinanceNewsWestern

Urban Catalyst Launches New Fund to Develop 272-Unit Project in San Jose, California

by Channing Hamilton

SAN JOSE, CALIF. — Urban Catalyst has launched a new fund, UC Multifamily Equity I LLC (UCME), focused on the development of a 272-unit building in San Jose. The property, called Aquino, will offer studio, one-, two-, and three-bedroom apartments. Amenities will include private co-working offices, a bar and lounge, a fitness center with a yoga studio, a dog run and a courtyard. Urban Catalyst has structured UCME as a real estate operating company, which allows it to accept funding from qualified retirement accounts such as IRAs and 401(k) plans.

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Casa Verde in San Diego
CaliforniaDevelopmentFinanceNewsWestern

JLL Arranges $28 Million in Financing for Casa Verde in San Diego

by Channing Hamilton

SAN DIEGO — JLL Capital Markets has arranged $28 million in construction take-out financing for Casa Verde, a 94-unit community in San Diego’s North Park neighborhood. Olga Walsh and Jack Wood of JLL led the team that secured the non-recourse floating-rate bridge loan on behalf of the borrower, Champion Real Estate Investments. The new loan retired a high-leverage construction loan, covered transaction costs and carry reserves, and provided significant cash out to the sponsor while allowing sufficient time for stabilization in anticipation of permanent financing. Casa Verde offers studio and one-bedroom …

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Avilla Palomino in Glendale, Ariz.
ArizonaBuild-to-RentDevelopmentNewsWestern

NexMetro Communities, Mosaic Break Ground on Build-to-Rent Community in Glendale, Arizona

by Channing Hamilton

GLENDALE, ARIZ. — NexMetro Communities has broken ground on Avilla Palomino, a 197-unit build-to-rent community in the Phoenix suburb of Glendale. Mosaic is the general contractor for the development. Avilla Palomino will offer duplex and single-family detached units across an 18-acre site. Units will come in one-, two- and three-bedroom floor plans. Amenities include a pool with a spa, shaded pavilion, barbeque areas and a dog park with a dog wash station. A construction timeline for the project was not disclosed.

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ArizonaInvestment SalesNewsWestern

Olympus Property Acquires 111-Unit Trailside Apartments in Flagstaff, Arizona

by Channing Hamilton

FLAGSTAFF, ARIZ. — Olympus Property has acquired Trailside Apartments, a 111-unit community in Flagstaff, for an undisclosed price. Trailside Apartments was built in 2020 and was built by Chason Affinity Cos. Units come in studio, one- and two-bedroom floor plans, ranging from 463 to 951 square feet in size. Amenities at Trailside Apartments include a clubhouse, business center, fitness center, steam room and an outdoor fireplace. The property is located less than a mile away from Northern Arizona University, the largest employer in the region.

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CaliforniaInvestment SalesNewsPeople NewsWestern

Northmarq Adds Joel Cukier and Noah Kenoyer to Los Angeles Commercial Investment Sales Team

by Channing Hamilton

LOS ANGELES — Northmarq has hired Joel Cukier as senior vice president to the company’s commercial investment sales team in Los Angeles. Cukier began his career in luxury high-rise management and development in New York. Most recently, he spent seven years working with a national firm focused on corporate real estate advisory. Cukier is joined by Noah Kenoyer, who joins the team as an associate. The commercial investment sales team will focus on net lease real estate and corporate sale leaseback advisory.

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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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