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Allez Apartments in Redmond, Washington
FinanceNewsWashingtonWestern

Pine Forest Properties Secures $30 Million Refinancing for Allez Apartments in Redmond, Washington

by Channing Hamilton

REDMOND, WASH. — Pine Forest Properties has received a $30 million loan for the refinancing of Allez Apartments, a 148-unit community located in downtown Redmond. Seth Heikkila and Steve Petrie of JLL Capital Market’s Debt Advisory team arranged the 10-year, fixed-rate loan through PGIM Real Estate. Located at 8397 158th Ave. NE, Allez Apartments offers studio, one- and two-bedroom floor plans. The community participates in Redmond’s ARCH program, designating 12 units as affordable housing at 80 percent of area median income. Amenities include a fitness center, resident lounge, outdoor patio with …

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Sonder Fields in Happy Valley, Oregon
Investment SalesNewsOregonWestern

Cobalt Sells Sonder Fields in Suburban Portland, Oregon, for $58.2 Million

by Channing Hamilton

HAPPY VALLEY, ORE. — Cobalt has completed the disposition of Sonder Fields, a 180-unit community located at 14798 SE Parklane Drive in Happy Valley, roughly nine miles southeast of Portland, Oregon. An undisclosed buyer purchased the asset for $58.2 million. Sonder Fields was built in 2023. Spanning 10 acres, the community includes one-, two- and three-bedroom units with an average size of 972 square feet. Amenities include a pool with hot tub, fitness center, dog park, clubhouse lounge, barbeque picnic areas and coworking spaces. Ira Virden, Carrie Kahn and Frank …

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Parkside Apartments in Redmond, Washington
Investment SalesNewsWashingtonWestern

Lakevision Capital Acquires Parkside Apartments in Seattle Suburb for $286 Million

by Channing Hamilton

REDMOND, WASH. — Lakevision Capital has purchased Parkside Apartments, a 664-unit community located at 15551 NE Turing St. in Redmond, roughly 15 miles east of Seattle. A Texas-based group of investors, previously associated with Lincoln Property Co. Residential and Daiwa House Texas, sold the property for $286 million. Built in 2021, Parkside Apartments spans four buildings on a 4.5-acre site. Apartments come in studio, one- and two-bedroom floor plans. Residents have access to amenities such as two rooftop decks, fitness center, a pet wash station, entertaining suite and game lounge. …

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Tanglewood @ Davis in Davis, California
CaliforniaFinanceNewsWestern

Dwight Capital Provides $59.9 Million Refinancing for 216-Unit Complex in Davis, California

by Channing Hamilton

DAVIS, CALIF. — Dwight Capital has closed a $59.9 million HUD 223(f) loan for the refinancing of Tanglewood @ Davis, a garden-style community located in Davis, 15 miles west of Sacramento, California. The funds will be used to retire existing debt, cover closing costs, complete necessary repairs and establish a replacement reserve account for future capital improvements. Elliot Hart of Dwight Capital originated the financing. The borrower was not disclosed. Tanglewood @ Davis is situated on a 14.3-acre site. The complex offers 216 one-, two-, and three-bedroom apartment units across 30 …

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Oaks at Georgetown in Georgetown, Texas
Affordable HousingArizonaCaliforniaColoradoInvestment SalesNew YorkNewsNortheastTexasWestern

Standard Communities Purchases $1 Billion Affordable Housing Portfolio Across Four States

by Channing Hamilton

LOS ANGELES AND NEW YORK CITY — Standard Communities has acquired a portfolio of 60 affordable housing communities totaling roughly 6,000 units for $1 billion. The portfolio consists of traditional multifamily and seniors housing assets in Texas, Arizona, Colorado and California. The undisclosed seller developed many of the properties in roughly 2002. Standard states that it will invest more than $30 million in capital improvements and deferred maintenance across the portfolio. According to the company, no tenants will be displaced during renovations. Standard says negotiations with multiple government agencies, including HUD, Fannie Mae, Freddie …

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Willowbrook Crossing in Westminster, Colorado
ColoradoInvestment SalesNewsWestern

Pinnacle Real Estate Advisors Brokers $13.5 Million Sale of Willowbrook Crossing in Westminster, Colorado

by Channing Hamilton

WESTMINSTER, COLO. — Pinnacle Real Estate Advisors has negotiated the sale of Willowbrook Crossing, a 95-unit community in Westminster. Willowbrook Crossing features 95 apartments in studio and one-bedroom layouts. The community traded for $13.5 million. Josh Newell and Jake Waxter of The Newell Team at Pinnacle Real Estate Advisors represented the undisclosed seller and the undisclosed buyer in the deal.

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Monte Alban Apartments in San Jose, California
Affordable HousingCaliforniaFinanceNewsWestern

JLL Capital Markets Arranges $30.2 Million Refinancing for Affordable Housing Community in San Jose, California

by Channing Hamilton

SAN JOSE, CALIF. — JLL Capital Markets has arranged a $30.2 million loan for the refinancing of Monte Alban Apartments, a 192-unit affordable housing complex located at 1324 Santee Drive in San Jose. Monte Alban Apartments was built in 1970 and renovated in 2006. The garden-style asset consists of 192 apartments across 12 buildings. Units come in one-, two-, three- and four-bedroom layouts. Amenities include a community room, laundry facilities, an exercise room, basketball court, two pools and two playgrounds. The community was fully occupied at the time of sale and provides …

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15741 Blaine Ave. in Bellflower, California
CaliforniaInvestment SalesNewsWestern

CBRE Arranges $5.6 Million Sale of 32-Unit Property in Bellflower, California

by Channing Hamilton

BELLFLOWER, CALIF. — CBRE has arranged the sale of a 32-unit property located at 15741 Blaine Ave. in Bellflower, located approximately 20 miles south of Los Angeles. The asset traded hands for $5.6 million, or $175,000 per unit. Built in 1955, the property is located on a 0.71-acre lot near the intersection of Blaine Avenue and Alondra Boulevard. The asset comprises 16,128 square feet of rentable space on a 0.71-acre lot. The gated community offers 31 one-bedroom units and a manager’s two-bedroom unit, as well as 32 parking spaces. Dan …

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888 Fourth St. Apartments in Santa Rosa, California
CaliforniaInvestment SalesNewsWestern

Interstate Equities Acquires 108-Unit Property in Santa Rosa, California for $38 Million

by Channing Hamilton

SANTA ROSA, CALIF. — Interstate Equities Corp. has purchased 888 Fourth St. Apartments, a 108-unit asset located in downtown Santa Rosa, from a private individual for $38 million. The community was roughly 50 percent occupied at the time of sale. The Interstate Equities investment team and Philip Saglimbeni of Institutional Property Advisors handled the all-cash transaction.

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Seaside Apartments in Santa Cruz, California
Affordable HousingCaliforniaInvestment SalesNewsWestern

Marcus & Millichap Brokers $45 Million Sale of Affordable Housing Community in Santa Cruz, California

by Channing Hamilton

SANTA CRUZ, CALIF. — Marcus & Millichap has arranged the sale of Seaside Apartments, an 84-unit affordable housing community in Santa Cruz. The asset traded hands for $45 million. Seaside Apartments was developed in 1983. The property includes five two-story residential buildings, as well as one single-story office and amenities building. Amenities include a children’s playground, barbecue and picnic area, laundry facilities and carports. The unit mix includes 16 one-bedroom residences that are 626 square feet, 52 two-bedroom apartments that are 626 square feet and 16 three-bedroom townhouse units that …

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