Western

A 3D render of the clubhouse interior at Town Deer Commons in Phoenix.

Related Group Approaching Completion of Town Deer Valley in Phoenix

by Channing Hamilton May 3, 2023

PHOENIX — Related Group is developing Town Deer Valley, a 388-unit community in Phoenix. The complex has been developed in five turnover phases on a 20-acre site. A completion date for Town Deer Valley has not been disclosed. However, the project’s general contractor, locally based construction management firm GCON Inc., estimates that it is currently 80 percent complete with the overall development. Town Deer Valley totals 442,000 square feet across 19 buildings designed by Todd & Associates Architects. Community amenities include two pools, cabanas, golf putting green, a pet spa, a …

May 3, 2023

Arizona Development News Western

Opus Group Opens Melody on Main in Mesa

by Lynn Peisner May 2, 2023

MESA, ARIZ. — The Opus Group has begun leasing the multifamily component of Melody on Main in Mesa. The mixed-use project includes 335 units consisting of studios, one-, two- and three-bedroom apartments. Amenities include a resort-style pool, a 24-hour fitness center, a yoga studio, bocce ball court and a dog park and spa. Melody on Main also includes 20,000 square feet of retail space. Two of five buildings in the community are now open. Melody on Main is scheduled to be fully complete in March 2024. Griffin Capital Co. was …

May 2, 2023

One of six properties sold in LA county in May 2023

California Investment Sales News Western

Los Angeles 155-Unit Portfolio Sells for $53.6 Million

by Lynn Peisner May 2, 2023

LOS ANGELES — JLL Capital Markets has arranged three separate transactions for the sale of six assets in Los Angeles County totaling $53.6 million. Five properties are located in the San Fernando Valley and one is in West Los Angeles. JLL worked on behalf of the seller, a corporate fiduciary acting on behalf of an LLC. There were three buyers whose identities were not disclosed. All three buyers assumed existing debt on the assets. The JLL Capital Markets investment sales and advisory team representing the seller was led by Managing …

May 2, 2023

A rendering of Estrella, a 96-unit complex in San Marcos.

Affordable Housing California Development News Western

Affirmed Housing Breaks Ground on Estrella Affordable Housing Development Near San Diego

by Channing Hamilton May 1, 2023

SAN MARCOS, CALIF. — Affirmed Housing has begun construction on Estrella, an affordable housing development in the northern San Diego suburb of San Marcos. Affirmed Housing’s partners on the project include the City of San Marcos, the County of San Diego, WNC, Banner Bank, DAHLIN Group Architecture Planning, Masson and Associates and form/work Landscape Architecture. A development timeline for the project was not disclosed. Estrella will offer 96 one-, two- and three-bedroom units across four buildings for households earning between 30 and 80 percent of the area median income. The …

May 1, 2023

California Development Investment Sales News Western

The Mogharebi Group Arranges $21.5 Million Sale of New Asset in San Bernardino

by Lynn Peisner April 28, 2023

SAN BERNARDINO, CALIF. — The Mogharebi Group (TMG) has arranged the $21.5 million sale of Loma Villas, a newly constructed, 70-unit community in the Inland Empire city of San Bernardino. Loma Villas features a mix of studio, one- and two-bedroom floor plans that include enclosed patios or balconies. Amenities include a pool and spa, a fitness center, dog park and grilling and picnic areas. TMG’s Alex Mogharebi, Otto Ozen and Bryan LaBar represented the seller, a regional owner and developer. The buyer is a Southern California-based private investor.

April 28, 2023

Investment Sales News Washington Western

Barcelo Homes Sells Newly Completed Tacoma Asset for $35.4 Million

by Lynn Peisner April 27, 2023

TACOMA, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Caesars Luxury Apartments in Tacoma. The 131-unit asset sold for $35.4 million. The seller, Barcelo Homes, completed development of the project earlier this year. IPA’s Nick Ruggiero, Philip Assouad, Giovani Napoli, Ryan Harmon and Anthony Palladino represented the seller. Kathryn Dobler of Tacoma-based Dobler Management represented the buyer, RGPD LLC. The property offers a mix of studios, “urban” one-bedrooms, traditional one-bedrooms and two-bedroom units. An urban one-bedroom is a unit type that …

April 27, 2023

Affordable Housing Colorado Development News Western

BWE Arranges $43 Million Loan for Affordable Project in Aurora, Colorado

by Lynn Peisner April 21, 2023

AURORA, COLO. — Bellwether Enterprise Real Estate Capital (BWE) has arranged a $43 million loan for the construction of 15 Sable Apartments, an affordable housing development in Aurora. The total project cost is $56 million. Anthea Martin, senior vice president in BWE’s Denver office, originated the loan through a private placement on behalf of the borrowers, DBG Properties and Featherstone Development. Completion is slated for March 2025. The 154-unit property will contain a mix of one-, two- and three-bedroom floor plans. Units will be reserved for families earning at or …

April 21, 2023

Colorado Investment Sales News Western

MG Properties Buys Colorado Townhome-Style Property for $67.2 Million

by Lynn Peisner April 20, 2023

CASTLE ROCK, COLO. — Continental Properties has sold Springs at Castle Rock to MG Properties, which has rebranded the property Ridge at Castle Rock. The community is located in Castle Rock, which is approximately 35 miles south of Denver. Walker & Dunlop’s Dan Woodward, David Potarf, Matt Barnett and Jake Young represented the seller and arranged a $67.2 million Fannie Mae loan for MG Properties. The 204-unit, townhome-style property was 96 percent occupied when the deal closed on April 13. Units are made up of studios, one-, two- and three-bedroom …

April 20, 2023

Affordable Housing California Development News Western

Ensemble Investments, USA Properties, Pinyon Group Break Ground on $81.2 Million Affordable Housing Project in Santa Clara

by Lynn Peisner April 19, 2023

SANTA CLARA, CALIF. — Ensemble Investments, USA Properties and The Pinyon Group have broken ground on an $81.2 million affordable housing development in the Tasman East neighborhood of Santa Clara. The eight-story Mainline North will include 151 units in studios to three-bedroom floor plans. Rent restrictions on the units were not released. The property will include 5,000 square feet of retail and restaurant space as well as a fitness center, flex rooms and outdoor space. USA Properties and The Pinyon Group structured a public-private partnership that includes financing by Bank …

April 19, 2023

Colorado Development News Western

Narrate Cos. Breaks Ground on Frameline in Denver

by Lynn Peisner April 19, 2023

DENVER — Narrate Cos., along with OZ Architecture and general contractor MCP Group, has broken ground on Frameline, a 78-unit development near the Hale neighborhood in Denver. The 100,665-square-foot Frameline will feature a mix of one- and two-bedroom units and amenities that include a dog spa, a fitness center and a community room with an outdoor living space. Design details include a living green wall and elevated gardens. Additional members of the project team include Dig Studio, TRIO, Fortis Structural, ILC Lighting, MDP Engineers and Group 14. The project is …

April 19, 2023

Newer Posts

Older Posts