PHOENIX — Living Well Homes sold The Marlowe, a 53-unit community in Phoenix, to Topp Corp. for $8.4 million. Paul Bay, Darrell Moffitt, Cliff David and Steve Gebing of Institutional Property Advisors represented the seller and procured the buyer. The Marlowe was built in 1968 and includes amenities such as a central courtyard, pool, laundry facility and assigned parking. The average unit size at the property is 552 square feet.
CASTLE ROCK, COLO. — Asset Living has taken over management of Canvas at Castle Rock, a 102-unit townhome-style community in Castle Rock, as of June 21, 2023. Canvas at Castle Rock offers one, two and three-bedroom floor plans, as well as amenities such as a pool, fitness center, outdoor exercise space and a clubhouse. According to Apartments.com, the community was built in 2023.
ANAHEIM, CALIF. — CBRE arranged the sale of a 14-unit community located at 129 S. Olive St. in Anaheim. The property sold to a private investor for $5.9 million. The community was built in 1986 on approximately 15,500 square feet and offers two-bedroom townhome-style floor plans. The property was recently renovated with new paint and replacement of the exterior wood. Dan Blackwell represented the buyer and seller, which was also not disclosed, in this transaction.
CAMPBELL AND SANTA CLARA, CALIF. — JLL Capital Markets has arranged the sale of three garden-style communities in Silicon Valley. The properties sold for approximately $70 million. Ryan Wagner, Brandon Geraldo and Matt Kroger led the team that represented the private seller and procured three separate buyers. The portfolio includes: Appletree, a 72-unit community in Campbell; Vista Point, a 68-unit property in Santa Clara and Cedartree, a 50-unit asset that is also located in Santa Clara. All properties offer one- and two-bedroom floor plans.
MIDVALE, UTAH — Peak Capital Partners has purchased Park Station from Benedict Canyon Equities for an undisclosed price. Brock Zylstra and Danny Shin of Institutional Property Advisors represented the seller and procured the buyer. Park Station is a 96-unit community in Midvale, 12 miles south of Downtown Salt Lake City. The property was constructed in 1974 and offers one- and two-bedroom floor plans. Amenities include a children’s playground, laundry facilities, and covered parking.
SAN TAN VALLEY, ARIZ. — Thompson Thrift is set to begin construction on Stella, a 308-unit community in the Phoenix suburb of San Tan Valley, this month. This will be Thompson Thrift’s sixth community in Arizona. Stella will comprise 12 two- and three-story buildings, as well as green spaces, a pool, two pickleball courts, two dog parks. Units will come in one-, two- and three-bedroom floor plans and include features such as quartz countertops, hardwood-style flooring, stainless steel appliances, internet access, ceiling fans, washers and dryers, smart thermostats and an …
COSTA MESA AND ANAHEIM, CALIF. — CBRE has arranged the sale of two communities totaling 38 units and $12.1 million in Orange County, California. The communities traded hands in a 1031 exchange. All parties involved in both transactions were private investors based in southern California. Dan Blackwell, Mike O’Neill and Andrew Boukather represented both the buyer and seller of 18 units at 1800 W. Glencrest Ave. in Anaheim for $4.8 million. The property was built in 1962 and comprises a pair of two-story buildings. The buildings recently underwent renovations including new flooring, appliances, updated …
WESTMINSTER, CALIF. — CBRE arranged the sale of Courtyard Apartments at La Pat Place, a 30-unit community in Westminster. The asset was sold to a private investor for $10 million. Dan Blackwell and Andrew Boukather represented the buyer and seller in this transaction. The buyer and seller were not disclosed. Courtyard Apartments at La Pat Place was built in 1963 and offers a mix of studio, one-, two- and three-bedroom floor plans. All 30 units were remodeled as part of the $1 million in renovations completed by the seller.
TORRRANCE, CALIF. — Intracorp Homes purchased 22501 Hawthorne Blvd., a 3.8-acre site in Torrance, from a locally based private investor for $21 million. John Read, Greg Sullivan and Trent Steeves of CBRE represented the seller. The property was historically a retail center anchored by a bowling alley called Gable House Bowl. Intracorp Homes plans to redevelop the site into a mixed-use project, which will include 17 affordable rental units as well as commercial space. Details on rent restrictions for the affordable units have not yet been disclosed.
SEATTLE — Seth Heikkila has rejoined JLL Capital Markets’ multifamily team as a Senior Director in the Seattle office. In this role, Heikkila will focus on multifamily debt advisory. Heikkila previously worked at JLL from 2010 to 2019, where he served as Vice President of multifamily investment sales and Senior Vice President of Capital Markets. Most recently, he served as a first Vice President of Capital Markets at Institutional Property Advisors.
