Western

Caesars Luxury Apartments exterior
Investment SalesNewsWashingtonWestern

Barcelo Homes Sells Newly Completed Tacoma Asset for $35.4 Million

by Lynn Peisner

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 …

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15 Sable in Aurora
Affordable HousingColoradoDevelopmentNewsWestern

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

by Lynn Peisner

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 …

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Springs at Castle Rock
ColoradoInvestment SalesNewsWestern

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

by Lynn Peisner

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 …

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Mainline North in Santa Clara
Affordable HousingCaliforniaDevelopmentNewsWestern

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

by Lynn Peisner

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 …

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Frameline in Denver
ColoradoDevelopmentNewsWestern

Narrate Cos. Breaks Ground on Frameline in Denver

by Lynn Peisner

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 …

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Modera Reserve in Scottsdale
ArizonaDevelopmentNewsWestern

Mill Creek Breaks Ground on Modera Reserve in Scottsdale

by Lynn Peisner

SCOTTSDALE, ARIZ. — Mill Creek Residential has broken ground on Modera Reserve, a 360-unit community in the Kierland neighborhood of North Scottsdale. The project is Mill Creek’s second in Arizona. First move-ins are estimated for spring 2025. Modera Reserve will offer studio, one-, two- and three-bedroom floor plans, averaging 938 square feet in size. The property is designed around three courtyards and 10,000 square feet of interior amenity space, which will include a fitness center, digital package room, coworking spaces, a resident lounge and a clubroom with a pool table. …

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Northbrook Apartments in Fresno
CaliforniaInvestment SalesNewsWestern

The Mogharebi Group Arranges Sale of Northbrook Apartments in Fresno

by Lynn Peisner

FRESNO, CALIF. — The Mogharebi Group (TMG) has arranged the $11.4 million sale of Northbrook Apartments in Fresno. Robin Kane, Brendan Kane and Gordon Larkin of TMG’s Fresno office represented the Monterey, California-based owner/developer in the transaction. Offered on the market for the first time in about 24 years, the 92-unit asset was acquired by a family office based in the Central Valley area of California. Northbrook Apartments were built in 1972 on about six acres. The asset is a single-story, garden-style apartment community with a mix of one- and …

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Rendering of Revival on Platte in Denver
ColoradoDevelopmentNewsWestern

Mortenson and Pinnacle Partners Break Ground on Denver Project

by Lynn Peisner

DENVER — Mortenson and Pinnacle Partners have broken ground on Revival on Platte, an Opportunity Zone project in Denver’s Sun Valley neighborhood. Completion of the 200-unit, eight-story building is estimated to be next year. The project is adjacent to the South Platte River. It will include one- and two-bedroom apartments and two levels of parking. Residents also will have access to eight electric cars via a third-party app. Amenities include a fitness center, a business center and a rooftop amenity deck. The structure will be built with Mortenson’s prefabricated interior …

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Scout off Sunset, a Spanish colonial-style multifamily building in Hollywood.
CaliforniaInvestment SalesNewsWestern

Phoenix Group Acquires Scout Off Sunset in Hollywood

by Channing Hamilton

LOS ANGELES — London-based Phoenix Group has acquired Scout off Sunset, a 136-unit property in the central Los Angeles neighborhood of Hollywood. Built in 1989, Scout off Sunset rises three stories and offers amenities such as a swimming pool, fitness center, laundry facilities and two levels of underground parking. Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the deal. IPA’s Kevin Green, Joseph Grabiec and Gregory Harris represented the seller, an undisclosed institutional asset manager, and procured the buyer.

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Spring Apartments, a white apartment complex with green and red accents around a pool.
ArizonaInvestment SalesNewsWestern

Rise48 Equity Acquires Spring Apartments in Phoenix For $42 Million

by Channing Hamilton

PHOENIX — Rise48 Equity has acquired Spring Apartments from an undisclosed seller for $42 million. Spring Apartments is a 186-unit complex in Phoenix. According to Apartments.com, the community was built in 1984 and offers one- and two-bedroom floor plans.  Rise48 Equity — which is an equity and a property management firm based in Scottsdale, Arizona — will rebrand the asset as “Rise Desert Cove.” The company plans to spend $5 million renovating the property. Unit upgrades include quartz countertops, updated lighting fixtures and stainless steel appliances. Rise48 Equity additionally plans to repaint …

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