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A 3D render of 32nd and Eliot Apartments, a white and black contemporary style building.
Affordable HousingColoradoDevelopmentMarket ReportsWestern

Developers Navigate Denver’s Increasingly Complex Market 

by Channing Hamilton

We know Denver’s housing story as it relates to the pandemic: The metro’s high quality of life, access to outdoor amenities and lower prices than other Western mainstays (California) drove demand sky-high for the past three years. With that came an increase in prices — as it always does.  The average rent for an apartment in metro Denver was $1,838 in the fourth quarter of 2022, according to research firm Apartment Insights. This is actually a slight decrease from the thirdquarter average of $1,870 per month. Andrew Hamrick, general counsel …

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A 3D render of Overland and Ayres, a gray and white contemporary style building.
CaliforniaDevelopmentFinanceNewsWestern

JLL Arranges $84 Million for GPI’s Overland and Ayers Project in Los Angeles

by Channing Hamilton

LOS ANGELES — JLL Capital Markets has arranged an $84 million, floating-rate construction loan through Citizens Financial Group for an affiliate of GPI Cos. Los Angeles-based GPI is building Overland and Ayres, a 201-unit project in West Los Angeles. The six-story building will contain 56 studios, 97 one-bedroom units, 39 two-bedroom units and nine townhomes. Overland and Ayers will be complete in 2024. The JLL team was led by Kevin Mackenzie, Greg Brown, Jeff Sause, Sam Godfrey and Charlie Vorsheck.

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A 3D render of the ONE at Mountain Vista, a predominantly white multifamily complex with gray and brown accents.
ArizonaDevelopmentNewsWestern

Talos Holdings Breaks Ground on $85.3 Million Development in Mesa, Arizona

by Channing Hamilton

MESA, ARIZ. — Scottsdale, Arizona-based Talos Holdings has broken ground on The ONE at Mountain Vista in Mesa, Arizona, which is 19 miles east of Phoenix. Northmarq’s debt and team of Brandon Harrington and Tyler Woodard secured $85.3 million in construction financing for the development, including a $59.2 million senior construction loan from a life insurance company and $26 million of preferred equity from a real estate private equity firm. The combined senior construction loan and preferred equity is 80 percent loan-to-cost. The ONE at Mountain Vista is expected to …

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A building which is part of Arches Apartments. It is white with orange accents.
ArizonaInvestment SalesNewsWestern

Storm Properties Acquires The Arches Apartments in Glendale, Arizona for $33.5 Million

by Channing Hamilton

GLENDALE, ARIZ. — Torrance, California-based Storm Properties Inc. has acquired The Arches Apartments in the Phoenix suburb of Glendale for $33.5 million. The Arches is a 200-unit, garden-style community that was developed in 1985. Trevor Koskovich, Jesse Hudson, Ryan Boyle and Logan Baca of Northmarq’s investment sales team brokered the transaction on behalf of the seller, an affiliate of Phoenix-based Western Wealth Capital doing business as WWC XL VII. Northmarq’s debt and equity team of Brandon Harrington, Christopher Gitibin, Tyler Woodard, Bryan Mummaw and Bryan Liu arranged a five-year, fixed-rate …

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Fox Meadows Apartments, a gray multifamily community with several buildings.
Affordable HousingColoradoInvestment SalesNewsWestern

Olive Bark Acquires Fox Meadows Apartments in Fort Collins, Colorado, for $36.8 Million

by Channing Hamilton

FORT COLLINS, COLO. — Lakewood, Colorado-based Olive Bark has acquired Fox Meadows Apartments for $36.8 million. Fox Meadows Apartments is a 138-unit partial LIHTC community in Fort Collins, which is 45 miles north of Boulder, Colorado. Sixty-three units are set aside for households earning at or below 60 percent of the area median income. The property was built in 2001. Colliers Multifamily Advisory Group’s Bill Morkes and Craig Stack represented the seller and procured the buyer, a private local developer. The transaction included a fully amortizing, fixed-rate HUD loan assumption.

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A rendering of Mainline North, an eight-story blue and white contemporary style building.
CaliforniaDevelopmentNewsWestern

USA Properties, Pinyon Group Begin Construction on $81.2 Million Affordable Building in Santa Clara, California

by Channing Hamilton

SANTA CLARA, CALIF. — USA Properties Fund and The Pinyon Group have begun construction on Mainline North, an affordable community in Santa Clara, four miles from San Jose, California. The $81.2 million project is the result of a public-private partnership including Bank of America, California Housing Finance Agency, the City of Santa Clara, Google, Housing Trust Silicon Valley, Ensemble Real Estate Investments and Related. Mainline North will include 151 studio, one- and two-bedroom units for tenants earning at or below 30 percent of the area median income (AMI). Construction on …

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Sunshine Villas, a yellow and brown multifamily building. The property is designated with a digitally-drawn yellow line.
CaliforniaInvestment SalesNewsWestern

Northmarq Brokers Sale of 61-Unit Portfolio Near San Diego

by Channing Hamilton

EL CAJON, CALIF. — Northmarq has brokered the sale of a three-property, 61-unit portfolio in El Cajon, which is 15 miles northeast of San Diego. Northmarq’s investment sales team arranged the sale on behalf of the seller, El Cajon Investor 1 & 2. The portfolio includes: Sunshine Manor, a 19-unit property that was constructed in 1977; Sunshine Villas, a 19-unit, two-story building that was built in 1978; and East Winds, a gated community with 23 units. Erik Anderson, vice president of investment sales at Northmarq’s San Diego office, arranged the …

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Mountain Park's cabana and pool area, with the white multifamily building behind it.
ArizonaInvestment SalesNewsWestern

LaSalle Investment Management Buys Mountain Park in Phoenix

by Channing Hamilton

PHOENIX — Sares Regis Group has sold Mountain Park, a 240-unit community in Ahwatukee Foothills, which is about 20 miles south of Phoenix. The buyer was LaSalle Investment Management. Institutional Property Advisors (IPA) brokered the sale, with IPA Executive Managing Directors Cliff David and Steve Gebing representing the seller and procuring the buyer. Mountain Park was sold under Newport Beach, California-based Sares Regis Group’s Multifamily Value-Add Fund III, which is equity focused on Class B properties in the Western states, primarily in Southern California, Seattle, Portland, Oregon, and Phoenix. Built …

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Range at Reunion, a three-story multifamily building. The first floor is brick, the second and third are beige siding.
ColoradoInvestment SalesNewsWestern

SouthWestern Property Corp. Sells 180-Unit Community in Denver Suburb for $65 Million

by Channing Hamilton

COMMERCE CITY, COLO. — SouthWestern Property Corp. has sold Range at Reunion in Commerce City, which is 7 miles northeast of downtown Denver, for $65 million. Walker & Dunlop arranged the sale on behalf of the seller and the private buyer in a 1031 exchange. Brokers Dan Woodward, Dave Potarf, Matt Barnett and Jake Young comprised the investment sales team. The 180-unit Range at Reunion was developed in 2022. Amenities include a fitness center, clubhouse, business center, conference room, pool and dog park.

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Affordable HousingArizonaDevelopmentNewsWestern

Roers Cos. Secures $90 Million to Develop Affordable Housing Community near Phoenix, Arizona

by Channing Hamilton

BUCKEYE, ARIZ. — Roers Cos. has secured financing for the development of Solana Villas, an affordable housing community in Buckeye, approximately 37 miles west of Phoenix. Funding for the project was provided by Merchants Capital and Merchants Bank of Indiana (MBI). Merchants Capital secured $90 in financing for the property, including a $33 million MBI tax-exempt construction loan, a $24 million construction loan and a $31.5 million Freddie Mac loan. Additionally, MBI provided a 4 percent LIHTC equity investment of $27.8 million. Solana Villas will sit on approximately 10.7 acres …

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