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Bolsa-Pacific-Westminster
Affordable HousingCaliforniaDevelopmentNewsWestern

Shopoff, AO Break Ground on California Mall Redevelopment that Includes 2,250 Units

by Lynn Peisner

WESTMINSTER, CALIF. — Shopoff Realty Investments and architecture firm AO have broken ground on Bolsa Pacific at Westminster. Developed by Shopoff Realty Investments, the new 83.3-acre mixed-use project will replace the vacant Westminster Mall in Westminster, located in western Orange County, about 12 miles east of Long Beach, California. Bolsa Pacific will include approximately 2,250 residential units, 220,000 square feet of retail, a 120-key hotel and more than 15 acres of publicly accessible open space. AO designed the residential component of the project, which comprises five multifamily buildings on the south …

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Allure-at-Edinburgh-Chesapeake
Investment SalesNewsSoutheastVirginia

Berkadia Arranges Sale of Allure at Edinburgh in Chesapeake, Virginia

by Lynn Peisner

CHESAPEAKE, VA. — Berkadia has arranged the sale of Allure at Edinburgh, a 280-unit property in Chesapeake. Drew White, Carter Wood, Matt Straughan and Cole Carns of Berkadia Richmond led the transaction on behalf of the seller, Virginia Beach-based Venture Realty Group. Passco Cos. of Irvine, California, acquired the property for an undisclosed price in a transaction that closed on April 30. Arlington Properties will assume control of property management at Allure at Edinburgh. Located at 249 Allure Lane, the project was developed in two phases in 2024 and 2025. …

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FinanceNewsNortheastWashington, D.C.

Meridian Arranges $50M Refinancing for Lanston Views in D.C.

by Lynn Peisner

WASHINGTON, D.C. — Meridian Capital Group has arranged a $50 million loan through NewBridge Lending for Langston Views, a 671-unit community in Washington, D.C. The borrower is Chicago-based Clear Investment Group, which acquired the property from foreclosure in 2024 and has since completed renovations to units, amenities and building systems. Langston Views was constructed in 1966 and consists of two 12-story residential towers and multiple garden-style buildings.

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Belle-Oaks-Ohio
DevelopmentFinanceMidwestNewsOhio

DealPoint Merrill Secures $55M for First Phase of Mall Redevelopment in Metro Cleveland

by Lynn Peisner

RICHMOND HEIGHTS, OHIO — DealPoint Merrill has secured a $55 million construction loan for Phase I of Belle Oaks Marketplace in Richmond Heights, about 14 miles east of Cleveland. The Walker & Dunlop Capital Markets Real Estate Finance team led by Ryan Parker arranged a floating-rate, interest-only construction loan provided by Genesis Capital. The financing will be used for construction of Phase I of DealPoint Merrill’s redevelopment of the former Richmond Town Square Mall. This first phase includes 181 multifamily units across two buildings. Upon full completion, Belle Oaks Marketplace …

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Rye-SoBo-Denver
ColoradoFinanceNewsWestern

JLL Arranges Refinancing for Price Brothers’ Rye SoBo in Denver

by Lynn Peisner

DENVER — JLL has arranged a floating-rate loan for Price Brothers to refinance Rye SoBo, a 353-unit property in Denver. The amount of the loan was not disclosed. RyeSoBo, located at 290 W. Alameda Ave. in the South Broadway area of Denver, was developed in 2021 and includes studios, one- and two-bedroom units and amenities such as a rooftop lounge with mountain and downtown views, a two-story fitness center, a two-story coworking lounge with conference rooms, a pool with a hot tub, a beer garden with outdoor games, a pet …

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Inscription-West-Palm
Company NewsFinanceInvestment SalesNews

ECI Group, ApexOne Launch $500M Value-Add Fund

by Lynn Peisner

ATLANTA — Atlanta-based ECI Group and Houston-based ApexOne Investment Partners have formed a joint venture and a fund to acquire, redevelop and manage multifamily assets throughout the Sun Belt. ApexOne-ECI Multifamily Fund VI will seek total equity capitalization of $500 million. ECI and ApexOne have agreed to co-invest a combined total of approximately $100 million. New York City-based Almanac Realty Investors has committed $350 million. Fund acquisition criteria include existing assets rather than ground-up developments with an emphasis on newer-vintage communities and traditional assets, including workforce housing, all with investment …

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Westermark-Sugar-Land
DevelopmentFinanceNewsTexas

Elm Real Estate Group Secures Construction Financing for The Westermark in Sugar Land, Texas

by Lynn Peisner

SUGAR LAND, TEXAS — Patterson Real Estate Advisory Group has arranged a construction loan for The Westermark, a 165-unit project in the southwestern Houston suburb of Sugar Land. The Westermark will consist of two five-story buildings containing studio, one-, two- and three-bedroom units. Amenities will include a pool, fitness center, resident lounge and coworking space. Wintrust Commercial Real Estate provided the loan to the developer, Elm Real Estate Group, which is an affiliate of Indianapolis-based KCG Cos. Neither a construction timeline nor the loan amount was disclosed.

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El-Dorado-Apartments-Belmont
CaliforniaInvestment SalesNewsWestern

El Dorado Apartments in Bay Area Trades for $20.2M

by Lynn Peisner

BELMONT, CALIF. — Marcus & Millichap has arranged the sale of El Dorado Apartments in Belmont, approximately 22 miles south of San Francisco. The 39-unit community traded between two undisclosed parties for the sum of $20.2 million, or $518,910 per unit. Marcus & Millichap’s Robert Johnston, Adam Levin and Arman Sadigh led the transaction. Constructed in 1962, El Dorado Apartments is comprised of a mix of one- and two-bedroom units. Amenities include a fitness center and private, covered parking.

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Corsica-Euclid-Phoenix
ArizonaBuild-to-RentDevelopmentNewsWestern

Rockefeller Group Opens First of Two Phoenix BTR Projects

by Lynn Peisner

PHOENIX — Rockefeller Group’s Corsica Villas at 20th Street in South Phoenix is now complete, and residents have begun moving in. A sister community, Corsica Villas at Euclid & 7 Street, is expected to open later this summer. The two gated communities include 152 two-story townhomes. Corsica Villas at Euclid & 7th Street will offer 84 residences, including three-bedroom townhomes with covered reserved parking spaces, and two-bedroom carriage-style units with attached one-car garages. Residents at both communities will have access to amenities such as a heated pool and a hot …

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FinanceFloridaNewsSoutheast

Trevato Development Group Lands $78 Million Refinancing for Jacksonville Development

by Lynn Peisner

JACKSONVILLE, FLA. — Trevato Development Group has refinanced The Station at San Marco, a 345-unit project in the San Marco neighborhood of Jacksonville. An undisclosed insurance company funded the $78 million loan to take out construction debt. The property was completed in 2024 and is located at 1230 Hendricks Ave. Trevato is a sister company to Jacksonville-based multifamily developer Block One Ventures.

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