TUCSON, ARIZ — Institutional Property Advisors (IPA) has arranged the sale of CIRC Tucson, a 368-unit property in the Casas Adobes neighborhood of Tucson. IPA’s Clint Wadlund, Hamid Panahi, Steve Gebing and Cliff David represented the seller and procured the buyer. Neither party was named. Completed in 1986 on 17 acres, CIRC Tucson is a gated, two-story, garden-style property with two pool areas, a fitness center, package lockers and electric vehicle charging stations.
LOS ALTOS, CALIF. — EAH Housing and Santa Clara County have broken ground on Distel Circle, an affordable housing community in Los Altos, about 17 miles west of San Jose. Distal Circle will offer 90 units for individuals and families earning between 30 and 80 percent of the area median income. Several units will be designated as permanent supportive housing for individuals experiencing homelessness. Completion is slated for January 2027. KTGY Architects designed the community. The project’s primary funding source is the Low-Income Housing Tax Credit (LIHTC) and state credit …
PASADENA, CALIF — CBRE has brokered the $22 million sale of ALUR Apartments, a 51-unit community located at 700 Locust St. in Pasadena. The property was acquired by ADC Real Estate Group LP, an affiliate of Amoroso Cos. CBRE’s Kamran Paydar and Kadie Presley Wilson represented the seller, a private Los Angeles-based investor. Ryan Greer, Trevor Breaux and Troy Tegeler with CBRE’s debt and structured finance division arranged acquisition financing on behalf of the buyer. Built in 1987 and renovated in 2021, ALUR consists of a mix of one- and …
VENTURA, CALIF. — Raintree Properties has acquired Cypress Point, a 268-unit property in Ventura, for $100 million. County Center LP was the seller, and Institutional Property Advisors (IPA) arranged the sale. The transaction equates to $373,134 per unit. The property has been owned by the seller, who was the original developer, since 1990. Cypress Point is situated on 14 acres and includes 28 two-story buildings, a barbecue and picnic area, a fitness center, a clubhouse and covered parking. First-floor units feature nine-foot ceilings, and second-floor units have 12-foot vaulted ceilings. …
CULVER CITY, CALIF. — JLL Capital Markets has arranged a $58 million construction takeout loan for Helio Group. The loan was funded by Canyon Partners Real Estate and will be used to refinance existing debt used to develop Arya Apartments in Culver City. Arya is one of five multifamily projects Helio has developed in the greater Culver City submarket since 2018. The property features 38 studios, 36 one-bedrooms and 45 two-bedrooms, all of which feature smart-home technology. Asking rents on floor plans available as of late August range from $2,995 …
CULVER CITY, CALIF. — Affinius Capital has provided a $92 million construction loan for the development of Aston Residences in Culver City, 10 miles west of Los Angeles. Helio Group, a Los Angeles-based developer, estimates completion by the first quarter of 2028. The eight-story building will include 190 units and 5,200 square feet of ground-floor retail. Most of the units (160) will be one-bedrooms, and the remaining 30 are two-bedrooms. Amenities include a fitness center, clubroom, indoor pickleball court, hot and cold plunge pools, bicycle parking and an outdoor kitchen. …
REDMOND, WASH. — AvalonBay (NYSE: AVB) has sold Archstone Redmond Lakeview Apartments, a 166-unit community in Redmond, 15 miles west of Seattle to TruAmerica. CBRE arranged the $63.3 million sale. Archstone Redmond Lakeview Apartments was built in 1987 on the Lake Sammamish waterfront. The property has one- and two-bedroom units with private patios, walk-in closets and fireplaces. It also has direct access to a private dock with 45 income-generating boat slips. Community amenities include a renovated clubhouse, fitness center, canoe parking, a pet area and an outdoor deck with views …
DENVER — Evergreen Real Estate Group has closed on land and secured 9 percent Low-Income Housing Tax Credits through the Colorado Housing and Finance Authority for the development of The Ford Apartments, a six-story, 60-unit community in Denver’s Baker neighborhood. Monthly rents will be income-capped at 30 to 80 percent of area median income. Evergreen expects to break ground on the project in early 2026 and to complete it in fall of 2027. Located at 155 W. 5th Ave., the site is situated adjacent to the Denver Health hospital campus. …
COLORADO SPRINGS, COLO. — Dwight Capital has arranged a $48.3 million loan for Ryan Dunn of Dunn & Associates and Taylor Turano of Denver Land Co. Dunn and Turano will use the HUD loan to refinance an existing mortgage on Plaza at Pikes Peak, a 215-unit property in Colorado Springs. The refinancing qualified for a reduced Green Mortgage Insurance Premium (MIP), which offers a reduction in mortgage insurance premiums for new and existing multifamily properties if they meet various green energy benchmarks. Plaza at Pikes Peak has received a silver …
PORTLAND, ORE. — JLL Capital Markets has arranged a $169.7 million, three-year bridge loan provided by TPG Real Estate Credit, the real estate finance arm of alternative asset management firm TPG. The borrowers are a joint venture between Alamo Manhattan and Diamond Realty Investments, and the funds will be put toward debt on Willamette Tower and The Olivia in Portland’s South Waterfront submarket. Willamette Tower, built in 2024, is a high-rise community that includes 340 units and 3,777 square feet of commercial space. The tower is currently 94 percent leased. …
