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317 and 321 22nd St. in Huntington Beach, California
CaliforniaInvestment SalesNewsWestern

CBRE Brokers $5.4 Million Sale of Two Fourplexes in Huntington Beach, California

by Channing Hamilton

HUNTINGTON BEACH, CALIF. — CBRE has arranged the sale of two neighboring fourplexes located at 317 and 321 22nd St. in Huntington Beach, about 20 miles southwest of Anaheim, California. The assets traded hands for a total of $5.4 million. Dan Blackwell and Mike O’Neill represented the seller, a local family trust, in the transaction.  Each two-story property comprises 4,101 rentable square feet. Both buildings offer a mix of one-, two- and three-bedroom apartments with either a patio or balcony. Additionally, each property features six single-car garages, one open-space parking …

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Ponderosa Park in Flagstaff, Arizona
ArizonaInvestment SalesNewsWestern

Institutional Property Advisors Arranges $28 Million Sale of Ponderosa Park in Flagstaff, Arizona

by Channing Hamilton

FLAGSTAFF, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has arranged the sale of Ponderosa Park in Flagstaff. Bridge Partners acquired the 120-unit property from Keller Investment Properties for $28 million.  Ponderosa Park was built in 1985. The property is located on five acres across the street from Buffalo Park, a 215-acre park with a two-mile hiking trail. The community offers amenities such as two laundry facilities, a clubhouse, fitness center and 24-hour emergency maintenance services. IPA’s Steve Gebing, Cliff David and Hamid Panahi …

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CaliforniaFinanceNewsWestern

BridgeCore Capital Provides $6.5 Million Refinancing for Property in Los Angeles

by Channing Hamilton

LOS ANGELES — BridgeCore Capital has provided a $6.5 million loan for the refinancing of an asset situated on the border of the Koreatown and MacArthur Park neighborhoods in Los Angeles. The undisclosed borrower will use the funds to refinance a matured loan and to pay outstanding property taxes. The name of the property was not disclosed. BridgeCore Capital structured the loan with a six-month prepaid interest reserve to cover the shortfall between net operating income and BridgeCore Capital’s debt service, as well as to avoid payment default by the …

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Vela on Camelback in Phoenix
ArizonaInvestment SalesNewsWestern

Pacific Development Partners Divests of Vela on Camelback in Phoenix for $72 Million

by Channing Hamilton

PHOENIX — Pacific Development Partners has completed the disposition of Vela on Camelback, a 237-unit community located in Phoenix’s Camelback Corridor neighborhood. Sherman Residential purchased the asset for $72 million. Vela on Camelback was built in 2017. The property offers 237 units. Amenities include a sky deck that overlooks the nearby Piestewa Peak and Camelback Mountain, pool and spa area with barbecue pavilion, fitness center, resident lounge with community kitchen, dog wash and fenced dog run, outdoor courtyards and package lockers. The transaction is Sherman Residential’s first acquisition in the Phoenix …

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ColoradoInvestment SalesNewsWestern

Marcus & Millichap Brokers $3.3 Million Sale of 11-Unit Property in Oceanside, California

by Channing Hamilton

OCEANSIDE, CALIF. — Marcus & Millichap has negotiated the sale of 1210 South Nevada Street, an 11-unit property in Oceanside. The building houses eight two-bedroom units and three one bedroom apartments. The community also features 11 single-car garages and 12 offsite parking spaces. Matt Vessell sold the asset to Matt Pace for $3.3 million. Adrian Grobelny and Conor Brennan of Marcus & Millichap’s San Diego Del Mar office represented the seller and procured the buyer in the deal.

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The Carter on the Park in Redmond, Washington
Investment SalesNewsWashingtonWestern

JLL Capital Markets Brokers $43.5 Million Refinancing of The Carter on the Park Near Seattle

by Channing Hamilton

REDMOND, WASH. — JLL Capital Markets has arranged a $43.5 million refinancing for The Carter on the Park, a 180-unit community in downtown Redmond, 15 miles east of Seattle. JLL worked on behalf of the borrower, Washington Holdings, to secure the loan through PGIM Real Estate. Bruce Ganong and Seth Heikkila led the JLL Capital Markets Debt Advisory team. The Carter on the Park was constructed in 2016 on a 216,220-square-foot site. The complex offers one- and two-bedroom floor plans. Amenities include a fitness center, rooftop deck, tech bar, two-story …

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FinanceNevadaNewsWestern

Greystone Monticello Closes $40.3 Million in Bridge Financing for Two Properties in Las Vegas

by Channing Hamilton

LAS VEGAS — Greystone Monticello has closed two bridge loans totaling $40.3 million for two apartment complexes in Las Vegas. The funds will be used to refinance the outstanding bridge loans and provide additional time to enhance operations, positioning the properties for a potential future sale or permanent financing. Darryl Myrose of Greystone Monticello originated the loans. The borrower and properties were not disclosed.

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Nathan Wilcox, Principal Architect, The Beck Group
Architecture & DesignDevelopmentIndustry VoicesMidwestNortheastOperationsSoutheastTexasWestern

Four Trends to Watch in Multifamily Design

by Channing Hamilton

Four significant cultural shifts are driving the evolution of multifamily design. Today, developers and architects must create spaces that serve the remote work trend, meet the demand for wellness amenities, keep up with changing sustainability and technology standards and create communities that socially engage their residents. How Hybrid Work Schedules Have Changed Design The shift to remote and hybrid work has profoundly influenced design offerings and space planning at an unprecedented pace in multifamily developments. Before the shift to full-time or partial work from home, the average size of most …

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Desert Club in Phoenix
ArizonaInvestment SalesNewsWestern

Institutional Property Advisors Brokers $187.5 Million Sale of Desert Club in Phoenix

by Channing Hamilton

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Desert Club in Phoenix. Clarion Partners sold the property to Weidner Apartment Homes for $187.5 million. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal. Desert Club was built in 2004 on 21 acres. The garden-style community offers 497 units that average 983 square feet. Apartments feature open-concept floor plans, 9-foot ceilings and arched entryways. Community amenities include a pool and spa.

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Affordable HousingCaliforniaCompany NewsDevelopmentLeasing & MarketingNewsPeople NewsWestern

EAH Housing Appoints Jennifer Wu as Chief Financial Officer

by Channing Hamilton

SAN RAFAEL, CALIF. — EAH Housing, a development and management organization based in San Rafael, has appointed Jennifer Wu to its executive leadership team as chief financial officer. In this position, Wu will drive EAH Housing’s financial sustainability and oversee the company’s efforts to create more affordable housing. Prior to joining EAH Housing, Wu served as vice president and controller for MidPen Housing. Previously, she led corporate finance and international-based accounting teams at Meta (NASDAQ: META) and Digital Realty Trust (NYSE: DLR). She received a degree in economics and business …

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