Western

CBRE Arranges $37 Million Sale of Clarendon Park in Phoenix

by Channing Hamilton July 25, 2023

PHOENIX — CBRE has arranged the sale of Clarendon Park, a 138-unit community in Phoenix. WhiteHaven, a Phoenix-based private equity firm, purchased the property for $37 million. Matt Pesch, Austin Groen, Jeff Seaman and Bryson Fricke represented the seller. Anthony Valenzuela of CBRE Phoenix Debt & Structure Finance arranged the deal’s financing. Clarendon Park offers a one- and two-bedroom apartments. Community amenities include a recently renovated fitness center, remodeled clubhouse and leasing center, pool area, new package lockers and a dog park.

July 25, 2023

Colorado Finance Investment Sales News People News Western

Avanti Residential Appoints Richard Bennion as Managing Director

by Channing Hamilton July 24, 2023

DENVER — Avanti Residential has selected Richard Bennion as Managing Director. In this role, Bennion will be responsible for strategic growth and institutional capital relationships. Bennion most recently worked at PEF Advisors, where he led the capital formation of a $100 million fund focused on affordable housing and was a member of the company’s senior leadership team and investment committee. Prior to joining PEF Advisors, he worked at Carmel Partners. Bennion received a Bachelor of Science in Manufacturing Engineering from Brigham Young University and an MBA from Harvard Business School.

July 24, 2023

Affordable Housing Finance News Oregon Western

Keybank Provides $20.4 Million in Financing for Affordable Housing Community in Salem, Oregon

by Channing Hamilton July 24, 2023

SALEM, ORE. — Hampstead Development Partners (Hampstead) has received $20.4 million in financing for the acquisition and renovation of Salem Manor, a 64-unit affordable community in Salem. KeyBank Community Development Lending and Investment (CDLI) provided a $4 million construction loan and $6.3 million in Low-Income Housing Tax Credit, as well as arranged $10.1 million in permanent financing through Freddie Mac. John Paul Vachon, Matthew Haas and Hector Zuniga of KeyBank CDLI structured the financing. Salem Manor is subsidized by a Section 8 Housing Assistant Payment contract and is affordable to households earning at …

July 24, 2023

The Paseos at Montclair in Montclair, California

California Finance Investment Sales News Western

Archway Equities Acquires Inland Empire Community for $150 Million

by Channing Hamilton July 24, 2023

MONTCLAIR, CALIF. — Archway Equities has acquired The Paseos at Montclair, a 385-unit community in the Inland Empire city of Montclair, for $150 million. Pacific Urban Investors’ Structured Finance Group provided preferred equity to facilitate the transaction. The Paseos at Montclair was built in 2014. The garden-style community offers studio, one-, two- and three-bedroom units. Amenities include two pools with spas and cabanas, a fitness center, yoga room, children’s entertainment suite, conference center and entertainment lounge.

July 24, 2023

Soltra at SanTan Village in Gilbert, Arizona

Arizona Investment Sales News Western

CBRE Brokers $140 Million Sale of Soltra at SanTan Village in Phoenix Suburb

by Channing Hamilton July 21, 2023

GILBERT, ARIZ. — The Premiere Residential has acquired Soltra at SanTan Village, a 380-unit community in the southeast Phoenix suburb of Gilbert, from Leon Multifamily for $140 million. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented the seller. Soltra at SanTan Village was built in 2021 at 1690 South San Tan Village Pkwy. Units come in studio, one- and two-bedroom layouts. Amenities include a clubhouse with an entertainment table, fitness center and pool with a swim-up hospitality bar and cabanas.

July 21, 2023

Investment Sales News Oregon Western

Waterton Acquires 177-Unit The Parker in Portland, Oregon

by Channing Hamilton July 20, 2023

PORTLAND, ORE. — Waterton has acquired The Parker, a 177-unit community in Portland. The Parker rises six stories in the Pearl District, one mile north of Downtown Portland. The community offers one- and two-bedroom apartments, as well as amenities including an outdoor courtyard with grilling stations, a fitness center, a dog wash station, bike storage and a community room with a kitchen and business center. Waterton plans to renovate units with new backsplashes and flooring, lighting and plumbing fixtures, cabinets, shades and mirrors.

July 20, 2023

Arizona Investment Sales News Western

ABI Multifamily Brokers $2.2 Million Sale of Community in Phoenix

by Channing Hamilton July 20, 2023

PHOENIX — ABI Multifamily has brokered the $2.2 million sale of an eight-unit property at 4229 North 17th St. in Phoenix. The buyer and seller are based in Arizona. Mitchell Drake, Dallin Hammond and Carson Griesemer represented the seller in this transaction. The property was originally built in 1982 and was renovated in 2020. Interior renovations include contemporary cabinets, stainless-steel appliances, vinyl flooring, floating bathroom vanities and more. Units come in two-bedroom layouts. Exterior renovations include a dog run, community patio grill and picnic area. 4229 North 17th St. is …

July 20, 2023

California Finance News Western

JLL Arranges $11.8 Million Financing for Affordable Housing Community in Los Angeles

by Channing Hamilton July 19, 2023

LOS ANGELES — JLL Capital Markets has arranged $11.8 million in forward permanent financing for Third Thyme, a 104-unit affordable community in Los Angeles. Anson Snyder led the team that secured the 15-year, fixed-rate Freddie Mac loan on behalf of the borrower, West Hollywood Community Housing Corp. The loan will be serviced by JLL Real Estate Capital. Third Thyme is located at 1441 W. 3rd St. on a 14,866-square-foot site. The property will utilize 9 percent Low-Income Housing Tax Credit and public funds. Income restrictions were not disclosed.

July 19, 2023

Arizona Development Finance News Western

StarPoint Properties Secures $52 Million to Develop Dobson Station in Mesa, Arizona

by Channing Hamilton July 19, 2023

MESA, ARIZ. — StarPoint Properties has procured $52 million for the construction of Dobson Station, a 245-unit community in Mesa. Jeff Sause, Wyatt Strahan and Elle Miraglia of JLL Capital Markets arranged the construction financing for the project through a debt fund. Dobston Station will rise four stories and offer studio, one- and two-bedroom units. Amenities will include a fitness center, clubhouse, coworking facility and community kitchen. On-site parking will include a mix of tuck-under and grade-level parking. Development is slated for completion in 2024.

July 19, 2023

921-927 S. Trident St. in Anaheim, California

California Investment Sales News Western

CBRE Brokers $4.3 Million Sale of a 12-Unit Property in Anaheim, California

by Channing Hamilton July 18, 2023

ANAHEIM, CALIF. — CBRE has arranged the sale of a 12-unit property at 921-927 S. Trident St. in Anaheim. The property traded hands between two private investors in a 1031 exchange. Dan Blackwell, Andrew Boukather and Sean Farag represented the buyer in the transaction. The property was constructed in 1962 and comprises two buildings on a 0.4-acre site. Units come in two- and three-bedroom layouts. Units were recently renovated with new baseboards and blinds, updated showers, plank flooring and new cabinets and countertops.

July 18, 2023

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