Western

Sahuarita Mission, a light brown hacienda style multifamily complex with red roofing.
Affordable HousingArizonaInvestment SalesWestern

Northmarq Brokers $8.8 Million Sale of Community in Green Valley, Arizona

by Channing Hamilton

GREEN VALLEY, ARIZ. — FSO Capital Partners has sold Sahuarita Mission in Green Valley to WNC Apartment Ventures for $8.8 million. Northmarq arranged the sale. The 52-unit property was developed as affordable housing in 2000. Today, five units are leasing at affordable rates, reserved for renters earning at or below 50 to 60 percent of area median income (AMI). These rent restrictions are in place until July 2030. WNC Apartment Ventures is an affordable housing real estate investment firm based in Cypress, California. Sahuarita Mission is located approximately 25 miles …

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Company NewsNewsWestern

AIMCO Names Dary Stone Chairman of the Board

by Lynn Peisner

DENVER — Apartment Investment and Management Co. (AIMCO), a publicly traded real estate investment trust (REIT) that trades on the New York Stock Exchange under the symbol AIV, has named R. Dary Stone chairman of the board. Stone was first appointed to Aimco’s board in December 2020, serving under various leadership roles. Stone has led several real estate companies throughout his career, including as president and chief operating officer of Cousins Properties. He continues to serve on Cousins Properties’ board as chairman of the nominating and governance committee. His current …

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A 3D render of 710 Broadway, a rounded contemporary-style building.
CaliforniaDevelopmentNewsWestern

Related California Breaks Ground on $385 Million Redevelopment in Santa Monica, California

by Channing Hamilton

SANTA MONICA, CALIF. — Related California is redeveloping a former Vons grocery store site into a mixed-use project in Santa Monica. The project, called 710 Broadway, will include 280 residential units, 84 of which will be reserved for residents earning at or below 30, 50 and 80 percent of the area median income (AMI). The developer did not release the project cost, but Related California recently obtained $385 million in construction financing, according to the Los Angeles Business Journal. The project will also include approximately 99,000 square feet of ground-floor commercial …

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South Hills Apartments, a gray apartment complex with black roofing and brick chimneys, behind a swimming pool.
CaliforniaInvestment SalesNewsWestern

IPA Brokers $38.3 Million Sale of South Hills in West Covina, California

by Channing Hamilton

WEST COVINA, CALIF. — Institutional Property Advisors (IPA) has arranged the sale of South Hills Apartments, an 85-unit property in West Covina for $38.3 million. The seller was NextGen Properties Group, which 1031 exchanged the proceeds to buy Alivia Apartments in Whittier, California. HFH Ltd, also a 1031 exchange investor, was the buyer.  IPA’s Kevin Green, Joseph Grabiec and Greg Harris as well as Marcus & Millichap’s Tyler Leeson, Mathew Kipp and Nick Kazemi represented the seller and secured the buyer. South Hills Apartments was built in 1966 on approximately …

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CaliforniaInvestment SalesNewsWestern

CMCT Acquires Three Apartment Buildings in California

by Channing Hamilton

LOS ANGELES AND OAKLAND, CALIF. — Creative Media & Community Trust Corp., a Dallas-based real estate investment trust operated by affiliates of CIM Group, has acquired three apartment assets in California. The properties are Parkview Apartments, a 75-unit community in the Echo Park neighborhood of Los Angeles and the 288-unit Eleven Fifty Clay and the 33-unit Channel House both located in Oakland. The acquisition cost was not disclosed.

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Company NewsNewsWashingtonWestern

Capstone Cos. Opens Seattle Office

by Channing Hamilton

SEATTLE — Capstone Cos. has opened a multifamily brokerage office in Seattle and hired Evan McLeod and Chris Hardman to lead the team. McLeod and Hardman, whose respective titles are managing director and director, join Capstone from Seattle-based investment sales firm CPX. Prior to CPX, both McLeod and Hardman worked for Marcus & Millichap. Capstone says it will announce additional new office openings in 2023. Last year, the firm opened offices in Salt Lake City, Indianapolis and Huntsville, Alabama.

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Exterior of the recently sold LC by CLG apartment building
CaliforniaInvestment SalesNewsWestern

CBRE Arranges $46.5 Million Sale of LC by CLG in Los Angeles

by Lynn Peisner

LOS ANGELES — California Landmark Group has sold LC by CLG to a private partnership formed by Santa Barbara, California-based Harrison Yale Hurst and Richard Rosin of H&R Investments. CBRE’s Dean Zander and Stewart Weston arranged the sale and represented the seller, a developer known for its CLG-branded properties. The asset sold for $46.5 million. LC by CLG is adjacent to Paramount Studios and located in the Larchmont Village neighborhood. The 84-unit community includes amenities such as a rooftop deck with a pool, barbecues, fire pits, seating areas and views …

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A 3D render of Atlas Mesa, a four-story multifamily building off a main road. The building is yellow, brown and gray.
ArizonaDevelopmentNewsWestern

TDC, PCCP Will Develop 394-Unit Atlas Project Near Phoenix

by Channing Hamilton

MESA, ARIZ. — A joint venture between Los Angeles-based real estate investment management company PCCP and Houston-based The Dinerstein Cos. (TDC) will break ground in July on Atlas Mesa, located about 27 miles east of Phoenix. Completion is scheduled for late 2025. Project costs were not disclosed. According to PCCP and TDC, the property will be LEED certified. Atlas Mesa will offer 394 units in studio, one-, two- and three-bedroom floor plans ranging from 562 to 1,394 square feet. The development site is situated on 9.83 acres. When complete, the …

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A 3D render of Atlas Longmont, a four-story multifamily building in shades of brown.
ColoradoDevelopmentNewsWestern

Dinerstein Cos. Plans 371-Unit Atlas Longmont Multifamily Community in Longmont, Colorado

by Channing Hamilton

LONGMONT, COLO. — The Dinerstein Cos. has unveiled its plans to develop Atlas Longmont, an apartment property located at 301 First Ave. in Longmont. Situated on 12 acres, Atlas Longmont will feature 371 studio, one-, two- and three-bedroom apartments ranging from 541 square feet to 1,411 square feet. The 300,000-square-foot property will consist of 10 three-story buildings, one four-story residential building and a two-story leasing and amenity building. Community amenities will include an outdoor pool, multiple spas, a clubhouse, roof deck and coworking space. An affiliate of The Dinerstein Cos. …

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Alivia Apartments' skimming pool, a small pool surrounded by plants, palm trees and buildings.
CaliforniaInvestment SalesNewsWestern

Fairfield Carmenita Sells Alivia Apartments in Whittier, California for $49.6M

by Channing Hamilton

WHITTIER, CALIF. — Fairfield Carmenita LP has completed the disposition of Alivia Apartments, a multifamily community in Whittier, to NexGen Properties Group for $49.6 million, or $387,695 per unit. Completed in 2022, Alivia Apartments features seven residential buildings comprising 68 one-bed/one-bath units and 60 two-bed/two-bath units. All units offer stainless steel appliances, washers/dryers, kitchen islands with storage, and wood-style plank flooring. Community amenities include a resort-style pool and spa, fitness center, social lounge, dog park and outdoor fire lounge. Kevin Green, Joseph Grabiec and Greg Harris of Institutional Property Advisors, …

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