Western

Marcus & Millichap Brokers $76 Million Sale of Vista Ridge Apartments in Reno, Nevada

by Channing Hamilton July 13, 2023

RENO, NEV. — Arthur Vista Ridge has sold Vista Ridge Apartments, a 324-unit asset in Reno, to Tilden Properties and IDEAL Capital Group for $76 million. Kenneth Blomsterberg, Ryan Rife and Daniel Winrod of Marcus & Millichap represented the seller and procured the buyer. Vista Ridge Apartments was built in 1996 on 19 acres. The community offers one-, two- and three-bedroom apartments. Units feature vaulted ceilings, and washers and dryers. Amenities include a fitness center, business center, pool and tennis and basketball courts.

July 13, 2023

California Development Finance News Western

JLL Arranges Equity for 200-Unit Axis @ Davis in Davis, California

by Channing Hamilton July 13, 2023

DAVIS, CALIF. — JLL Capital Markets has arranged joint venture equity for the construction of Axis @ Davis, a 200-unit community in Davis. Axis @ Davis will comprise five residential buildings, as well as 1,500 square feet of ground floor retail space. Units will come in one-, two- and three-bedroom layouts. Amenities will include a top-floor lounge, pool with a spa, pet park, package room, game room and study rooms with a coffee bar and private offices. Axis @ Davis will be located one mile from the University of California, Davis …

July 13, 2023

Investment Sales News Washington Western

CEP Multifamily Acquires Regal Ridge in Spokane, Washington for $21.5 Million

by Channing Hamilton July 12, 2023

SPOKANE, WASH. — CEP Multifamily purchased Regal Ridge, a 97-unit asset in Spokane’s South Hill neighborhood, from Cooper Street Capital for $21.5 million. Ryan Harmon, Nicholas Ruggiero, Philip Assouad and Giovanni Napoli of Institutional Property Advisors represented the seller and procured the buyer. Regal Ridge was built in 1994 on 4.5 acres. The community offers two- and three-bedroom apartments with features such as washers and dryers, hardwood floors, and private patios or balconies. Amenities include a pool, playground and package room.

July 12, 2023

California Investment Sales News Western

CBRE Arranges $5.5 Million Sale of Three Properties in Orange County, California

by Channing Hamilton July 12, 2023

ORANGE, SANTA ANA AND SAN CLEMENTE, CALIF. — CBRE brokered the sales of three fourplexes in Orange County, California, for a total $5.5 million. Dan Blackwell and Amanda Fielder represented the sellers and procured the buyers in all three transactions. CBRE brokered the sale of 609 S. Cypress St. in Orange for $1.8 million. The buyer was a private investor based in Orange County. The seller was an out-of-state private investor. The property was built in 1966 and offers three two-bedroom units and one three-bedroom unit. Blackwell and Fielder also represented …

July 12, 2023

Arizona Build-to-Rent Development Finance News Western

Empire Group Secures $88.5 Million to Construct BTR Community in Phoenix

by Channing Hamilton July 12, 2023

PHOENIX — Empire Group has secured a $88.5 million construction loan to develop Village at Bronco Trail, a build-to-rent (BTR) community in Phoenix. Kyle McDonough and George Maravilla of Tower Capital arranged the financing. Village at Bronco Trail will comprise 354 units on a 30-acre site. Each unit will feature a private yard, a kitchen with quartz countertops, stainless steel appliances, full-size washers and dryers, and smart-home features. Amenities include detached garages, a dog park, grilling area, resort-style pool, clubhouse and common area open spaces. Empire Group expects to deliver the …

July 12, 2023

California Investment Sales News Western

Kidder Mathews Arranges $3.6 Million Sale of Los Angeles Property

by Channing Hamilton July 11, 2023

LOS ANGELES — Kidder Matthews brokered the $3.6 million sale of a property at 4737 Kester Ave. in the Los Angeles neighborhood of Sherman Oaks. Michael Monempour and David Saghian represented the seller, a private investor. The property offers eight units across a 8,600-square-foot site. The community was built in 2014. According to Apartments.com, 4737 Kester Ave. rises three stories and is elevator-serviced. Units come in one-, two- and three-bedroom floor plans.

July 11, 2023

Arizona Investment Sales News Western

Reliant Group Management Acquires Phoenix Manor Apartments in Phoenix

by Channing Hamilton July 11, 2023

PHOENIX — An affiliate of Reliant Group Management has purchased Phoenix Manor, a 405-unit property in Phoenix. Phoenix manor comprises 38 apartment buildings, a 16,750-square-foot clubhouse with a leasing center, 6,750-square-foot auditorium, 4,200-square-foot maintenance shop, two pools, two lagoons, three pavilions, a dog park, putting green and four shuffleboard courts. The property offers studio, one- and two-bedroom floor plans. Cindy Cooke, Brad Cooke, Chris Roach and Matt Roach of Colliers represented the seller, Phoenix Manor LLC.

July 11, 2023

Ralston Gardens Apartments in Arvada, Colorado

Affordable Housing Colorado Development Finance News Western

KeyBank Arranges $117.7 Million in Financing for Two Affordable Projects in Denver

by Channing Hamilton July 11, 2023

DENVER AND ARVADA, COLO. — KeyBank Community Development Lending and Investment has arranged $117.7 million in financing to Brinshore Development and Mile High Affordable Housing for the construction of two properties in Colorado. Kortney Brown, Stephen Sparks and Robbie Lynn of KeyBank Community Lending and Investment structured the financing. Sam Adams of KeyBanc Capital Markets Public Finance Group provided the bond underwriting. KeyBank arranged $56.9 million for the development of Ralston Gardens Apartments, an 102-unit affordable community in the Denver suburb of Arvada. KeyBank secured a $26.7 construction loan, a $14 million …

July 11, 2023

Court Court Apartments in Concord, California

Affordable Housing California Investment Sales News Western

Eden Housing Purchases Two Communities in Concord, California for $37.3 Million

by Channing Hamilton July 10, 2023

CONCORD, CALIF. — Eden Housing acquired a two-property portfolio in Concord for $37.3 million. Located at 1770 Adelaide St., Sunset Pines is a 69-unit community with amenities such as a pool and a clubhouse. Coral Court Apartments is located at 1491 Detroit Ave. and offers 47 units, as well as a fitness center. Keith Manson, Zachary Greenwood and Mac Watson of CBRE represented the undisclosed seller in a Naturally Occurring Affordable Housing transaction. Eden Housing will convert the portfolio into affordable housing. Eden Housing used $6 million in equity from the City of Concord …

July 10, 2023

Investment Sales News Washington Western

CEP Multifamily Acquires Regal Ridge in Spokane, Washington for $21.5 Million

by Channing Hamilton July 10, 2023

SPOKANE, WASH. — CEP Multifamily has acquired Regal Ridge, a 97-unit, garden-style community in Spokane’s South Hill neighborhood. Ryan Harmon, Nicholas Ruggeiro, Giovanni Napoli and Philip Assouad of Institutional Property Advisors brokered the deal. The property traded for $21.5 million. According to Apartments.com, Regal Ridge was built in 1997 and offers two- or three-bedroom units. Amenities include a pool, clubhouse, playground, and recycling services.

July 10, 2023

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