Western

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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A white single-family home with black accents.
Build-to-RentIndustry VoicesMidwestNortheastSoutheastTexasWestern

Why Build-to-Rent is a Win-Win Situation for Renters, Investors

by Channing Hamilton

— By Adam Wolfson, CEO and CIO, Wolfson Development Co. — The nation’s decades-long housing shortage and the recent rise of the build-to-rent (BTR) sector are inextricably linked. Although some may debate that one is caused by the other — or at least made worse —  the important point is that the BTR industry was born out of the housing crisis. The socioeconomic implication of homebuying versus renting may inspire an interesting debate, but it’s not germane to the essential fact that the United States does not have enough housing to …

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A 3D render of Eastrail Flats, a modern rustic style multifamily building.
DevelopmentFinanceNewsWashingtonWestern

IPA Arranges $173 Million in Financing for Three Mixed-Use Projects in Suburban Seattle

by Channing Hamilton

WOODINVILLE, REDMOND AND MOUNTLAKE TERRACE, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged $173 million in construction and permanent financing for three mixed-use projects in suburban Seattle. Raymond Allen and Seth Heikkila of IPA’s Seattle office represented the borrowers in the transaction. The lender was not disclosed. IPA arranged $66.2 million in construction financing for Eastrail Flats, a five-story mixed-use asset in the northern Seattle suburb of Woodinville. The five-year loan features a 31-month interest-only (IO) period, a 30-year amortization and 55 percent loan-to-cost …

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Exterior of Haven Warner Center in L.A.
CaliforniaInvestment SalesNewsWestern

IPA Arranges $54 Million Sale of Haven Warner Center in L.A.

by Lynn Peisner

LOS ANGELES — IPA has arranged the sale of Haven Warner Center, a 205-unit community in the Warner Center master-planned neighborhood in Los Angeles. The property sold for $54 million. IPA’s Gregory Harris represented the seller, a private multifamily investment firm, and procured the buyer, LA Apartments. Haven Warner Center was built in 1985 and includes a mix of 50 studios, 80 one-bedroom units and 75 two-bedroom apartments. Renovated units have stainless-steel appliances, vinyl plank flooring and upgraded plumbing and electrical fixtures. Amenities include a swimming pool and spa, a …

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Rendering of CIM Group's upcoming mixed-use project in L.A.
Affordable HousingCaliforniaDevelopmentNewsWestern

CIM Group Buys Land from Los Angeles Church for Mixed-Use Project

by Lynn Peisner

LOS ANGELES — CIM Group has acquired an approximately 1.3-acre property at 3045 Crenshaw Blvd. in Los Angeles. The site is entitled for a mixed-use development consisting of 168 apartment units, of which 17 will be affordable, and 40,000 square feet of ground-floor retail. New development at the site will replace the vacant, former West Angeles Church of God in Christ, whose congregation has moved to a new location. CIM Group Principal Shaul Kuba and Bishop Charles E. Blake Sr. have negotiated a series of acquisitions of church-owned properties over …

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