Western

Harper-Portfolio-LA
CaliforniaInvestment SalesNewsWestern

Marcus & Millichap Arranges $25.3 Million Los Angeles Portfolio Sale

by Lynn Peisner

LOS ANGELES — Marcus & Millichap has arranged the $25.3 million sale of a seven-property, 275-unit portfolio in Los Angeles. The seller, a private unnamed group, has been assembling and managing the portfolio for the past 25 years. The portfolio is comprised of a mix of 1920s-era brick apartment buildings and an infill land site, concentrated in the Koreatown and Westlake neighborhoods. “The portfolio was experiencing challenges, including tenant delinquencies, aging building systems, deferred maintenance and litigation,” said Neema Ahadian in a prepared statement. Ahadian is senior managing director of …

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The-Postmark_CoStar
Investment SalesNewsWashingtonWestern

Kidder Mathews Arranges Seattle Portfolio Trade

by Lynn Peisner

SHORELINE, WASH. — The Simon Anderson multifamily team at Kidder Mathews has arranged a disposition and acquisition in the Seattle area. The buyer and seller was identified as John Stephanus, who is the president of Seattle-based Epic Asset Management. The four assets sold were Swiss Gables Apartments in Kent, Washington, 18 miles south of Seattle and Charbern Apartments, Stockbridge Apartments and Carolina Court Apartments, all of which are located around the Seattle metro. This portfolio totaled 215 units. The proceeds were used to acquire The Poshmark in Shoreline, 11 miles …

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CaliforniaHawaiiNewsWestern

Douglas Emmett Secures $1 Billion Refinancing

by Lynn Peisner

SANTA MONICA, CALIF. — Douglas Emmett (NYSE:DEI), a Santa Monica-based REIT with an office and multifamily portfolio, has secured approximately $1 billion in Fannie Mae loans to refinance nine properties, totaling 3,099 units across California and Hawaii. Walker & Dunlop arranged the financing. Through the transaction, debt on The Landmark Residences, formerly known as Barrington Plaza, in Los Angeles has been repaid.

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Salida_del_Sol
Affordable HousingCaliforniaDevelopmentNewsWestern

San Juan Capistrano City Hall Redevelopment Includes 50 Affordable Housing Units

by Lynn Peisner

SAN JUAN CAPISTRANO — Jamboree Housing Corp. has completed and opened Salida del Sol in San Juan Capistrano. According to Jamboree, a nonprofit, California-based affordable housing developer, the project is the first in the nation to combine affordable housing with a city hall. Located on a 2-acre portion of San Juan Capistrano’s existing city hall site, the 50-unit Salida del Sol is designed around a large open courtyard with a 45,593-square-foot residential building. Forty 557-square-foot units are designated for formerly unhoused individuals and veterans earning up to 30 percent of …

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El-Paseo
Affordable HousingInvestment SalesNew MexicoNewsOregonWestern

Guardian Buys $497 Million Post-Compliance LIHTC Portfolio, Extends Affordability

by Lynn Peisner

PORTLAND, ORE. — Portland-based multifamily operator, developer and investor Guardian has acquired a portfolio of 15 affordable housing communities in Oregon and New Mexico, each of which has reached the end of its 15-year LIHTC compliance period. Guardian will convert a portion of the portfolio’s market-rate units to be rent capped at 60 percent of area median income. The acquisition was completed in two separate phases. The first phase included two Portland-area properties totaling 310 units, acquired with capital partner AEW. The second phase included 13 properties and 2,740 units …

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Park-Tower
ArizonaInvestment SalesNewsWashingtonWestern

TruAmerica Acquires Park Tower in Metro Phoenix

by Lynn Peisner

CHANDLER ARIZ. — Los Angeles-based investment firm TruAmerica has acquired Park Tower in the Phoenix suburb of Chandler. The community is comprised of 180 garden-style units built in 1986 and 77 townhomes built in 2017. TruAmerica is planning to execute a value-add strategy with renovations and a rebranding, changing the name to Parklane Commons. Chris Canter, Brad Goff and Brett Polachek of Newmark along with Dan Cheyne of Berkadia brokered the off-market transaction, and Mitch Clarfield, Meghan Varga and Garrett Swanky of Newmark arranging the financing. The seller and sales …

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Harvest-Station-Broomfield
ColoradoInvestment SalesNewsWestern

Four Peaks Buys Denver-Area Property for $85 Million

by Lynn Peisner

BROOMFIELD, COLO. — Hamilton Zanze has sold Harvest Station in Broomfield, 17 miles north of Denver. According to the Denver Business Journal, Four Peaks Multifamily Partners bought the property, developed in 2014, for $85 million. San Francisco-based Hamilton Zanze bought the property in 2016. Situated at 11775 Wadsworth Blvd., Harvest Station features 119 one-, two- and three-bedroom units. Amenities include a resort-style pool and hot tub, grilling stations, an outdoor fireplace and TV lounge, a clubhouse with a gaming lounge, a business center, a dog park and dog wash and …

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North-and-Valley
Affordable HousingDevelopmentNevadaNewsWestern

The NRP Group Developing Affordable Community in North Las Vegas

by Lynn Peisner

NORTH LAS VEGAS, NEV. — The NRP Group has broken ground on North & Valley, an affordable housing development in North Las Vegas. Completion is slated for April 2027. The community will offer 105 units reserved for tenants earning between 50 and 60 percent of the area median income. According to the City of North Las Vegas, residents’ average yearly income is $75,459. The development site spans five acres and will comprise two four-story buildings with a mix of one-, two- and three-bedroom residences. Amenities will include a resort-style pool, …

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The-Chester
CaliforniaDevelopmentNewsWestern

Kimko, Bozzuto to Add Residential to Historic Bay Area Shopping Center

by Lynn Peisner

DALY CITY, CALIF. — Kimco Realty (NYSE: KIM) and Bozzuto have broken ground on The Chester at Westlake, a 214-unit community located in the Westlake Shopping Center in Daly City, about 10 miles south of San Francisco. The project is part of Kimko’s strategy to incorporate residential into its retail developments. Westlake, a 40-acre, open-air center, opened in 1951 and was acquired by Kimko in 2002. Westlake Shopping Center is described as one of the earliest planned shopping centers in the United States, and neighborhoods were built around the center, …

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Shelly Peterson Smart Room Package management Multifamily quote
Content PartnerFeaturesFurniture, Fixtures & EquipmentIndustry ContentMidwestNortheastOperationsSoutheastStudent HousingTechnologyTexasWestern

Scalable Solutions for Multifamily’s Growing Package Problem

by Sarah Daniels

At too many multifamily communities today, managers spend much of their time receiving, safeguarding, retrieving and tripping over a rising tide of parcels awaiting pickup by residents. A range of cages, lockers and other systems promise to ease the package management burden, but most still require staff oversight and may not securely accommodate bulky items or seasonal surges in deliveries. “The sheer volume of packages residents are getting has increased, and that has driven a lot of frustration with package management,” says Shelly Peterson of Smart Package Room, which makes …

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