Western

Orchard at Hilltop, a three-building multifamily building atop a hill.
Affordable HousingCaliforniaDevelopmentNewsWestern

Affirmed Housing Completes $54.9 Million Mixed-Use Development in San Diego

by Channing Hamilton

SAN DIEGO — Affirmed Housing has opened The Orchard at Hilltop, a mixed-use urban infill development in San Diego’s Chollas View neighborhood. The total cost for the development of the project was approximately $54.9 million. The development was financed in part with HOME Investments Partnerships Grant funds provided to the City of San Diego by the U.S. Department of Housing and Urban Development. Additional financing was provided by Civic Communities, Boston Financial, Boston Capital Finance, Western Alliance Bank, the San Diego Housing Commission, the City of San Diego, the California …

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Dwell Apartments, a white two-story multifamily building with bright orange accents.
ArizonaInvestment SalesNewsWestern

Avanti Residential Sells Dwell Apartment Homes in Scottsdale, Arizona, for $41.6 Million

by Channing Hamilton

SCOTTSDALE, ARIZ. — Avanti Residential has sold Dwell Apartment Homes in Scottsdale to 29th Street Capital for $41.6 million. Steve Gebing and Cliff David with Institutional Property Advisors (IPA) represented Avanti Residential in the transaction. Dwell Apartment Homes was built in two phases in 1963 and 1975. The community offers 193 studio, one- and two-bedroom units, as well as amenities such as three pools, a fitness center, a clubhouse and a courtyard with a barbeque area. The new owners plan to renovate 78 percent of the units.

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The pool area of Eden Apartments in Tempe
ArizonaInvestment SalesNewsWestern

IPA Brokers $26.5 Million Sale of Eden Apartments in Tempe, Arizona

by Lynn Peisner

TEMPE, ARIZ. — Institutional Property Advisors (IPA) has arranged the $26.5 million sale of Eden Apartments, a 112-unit community in Tempe. IPA Executive Managing Directors Cliff David and Steve Gebing represented the seller, Living Well Homes, and procured the buyer, Rise48 Equity. IPA Capital Markets’ Brian Eisendrath, Cameron Chalfant and their team arranged acquisition financing. Eden Apartments comprises eight buildings that rise two stories and are situated on five acres. Amenities include a pool, fitness center, a laundry facility, picnic area and courtyard. Individual units have a balcony or private patio.

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A 3D render of Canyon Ridge, a light brown and dark gray mid-rise building.
DevelopmentFinanceIdahoNewsWestern

Hawkins Cos. Secures $56 Million for Canyon Ridge in Boise, Idaho

by Channing Hamilton

BOISE, IDAHO — Hawkins Cos. will develop Canyon Ridge in Boise. Cushman & Wakefield has arranged $56 million in construction financing for the 287-unit project. Construction is expected to be complete in May 2025, with pre-leasing beginning in spring 2024. Dave Karson, Chris Moyer, Paul Roeter and Meredith Donova of Cushman & Wakefield represented Hawkins Cos. in the transaction. The lender was Sunwest Bank.  Canyon Ridge will comprise five mid-rise buildings. Amenities will include a pool, dog park, two playgrounds, coworking spaces, a fitness center and a clubhouse. Hawkins Cos. …

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Broadstone Sky, a blue and gray multifamily building with yellow accents built into a hill.
Investment SalesNewsWashingtonWestern

Green Leaf Capital Partners Acquires Broadstone Sky in Seattle

by Channing Hamilton

SEATTLE — Green Leaf Capital Partners has acquired Broadstone Sky in Seattle for an undisclosed amount. JLL Capital Markets arranged the sale and represented the undisclosed seller. The asset has 151 units in one- and two-bedroom floor plans and was built in 2016. Amenities include a 24-hour fitness center, a rooftop deck, a lounge, two outdoor barbecue areas and an on-site coffee and wine shop. JLL’s Investment Sales and Advisory Team included Senior Managing Directors David Young and Corey Marx, Senior Directors Chris Ross and Jordan Louie and Director Michael …

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A 3D render of Sync on Canoga, a light brown and white, five-story multifamily building.
Affordable HousingCaliforniaDevelopmentNewsWestern

Alliant Strategic Development Breaks Ground on Four Affordable Housing Projects in Los Angeles

by Channing Hamilton

CANOGA PARK, VAN NUYS, NORTH HOLLYWOOD, CALIF. — Alliant Strategic Development has broken ground on four affordable housing properties in the San Fernando Valley area of Los Angeles. The properties, which include 727 total units, are Sync on Canoga, comprising 220 one-bedroom units in Canoga Park; Pendant on Topanga, consisting of 149 studios, one- and two-bedroom units also in Canoga Park; Vose, which will include 332 studio, one- and two-bedroom units in Van Nuys; and Cadence at Noho, consisting of 26 one- and two-bedroom units in North Hollywood. Of the …

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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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