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Chase-Knolls-Sherman-Oaks
CaliforniaInvestment SalesNewsNortheastWashington, D.C.Western

JRK Buys Two Assets for $315 Million

by Lynn Peisner

LOS ANGELES — JRK Property Holdings has acquired Chase Knolls in Sherman Oaks, California, and WestEnd25 in Washington, D.C., for $315 million. The assets were purchased with two separate funds, one of which targets assets developed before 1989. Chase Knolls was built in 1949. The other fund focuses on assets built after 1990 with value-add potential. WestEnd25 was built in 2009. Chase Knolls, which sold for approximately $129 million, is located on a 14-acre site that encompasses approximately two city blocks in Los Angeles’ San Fernando Valley. The property includes …

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Connecticut-Portfolio-FPA
ConnecticutInvestment SalesNewsNortheast

IPA Arranges $121 Million Connecticut Portfolio Sale

by Lynn Peisner

NEW HAVEN, CONN. — Institutional Property Advisors (IPA) has arranged the sale of the Central & Southeast Connecticut Portfolio, which consists of four-properties totaling 693 units. Sun Equity Partners sold the portfolio to FPA Multifamily for $121 million. IPA’s Victor Nolletti, Eric Pentore and Wes Klockner represented the seller and procured the buyer. The assets include the 208-unit New Cambridge, built in 1969 and located in Bristol; the 180-unit Silvertree, constructed in 1976 in Wallingford; the 205-unit Peppertree, built in 1975 in Groton; and Huntington Ridge in Norwich, which was …

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Link-at-Boca
DevelopmentFloridaNewsSoutheast

13th Floor Investments to Build Boca Raton TOD with 340 Units

by Lynn Peisner

BOCA RATON — South Florida-based developer 13th Floor Investments will develop Link at Boca, a multifamily transit-oriented development adjacent to the Boca Raton Tri-Rail station. The Tri-Rail is a commuter train that serves the Greater Miami and Palm Beach areas. The developer will complete construction by summer 2027. Link at Boca will consist of eight stories containing 340 market-rate and workforce apartments as well as 24,000 square feet of retail. Rent restrictions on the workforce units were not disclosed. Comras Co. is leading retail leasing. The project is a public-private …

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Astria_Tempe
ArizonaDevelopmentInvestment SalesNewsWestern

Trinitas, Mitsui Fudosan Close on Land for Tower Near ASU

by Lynn Peisner

TEMPE, ARIZ. — Trinitas Ventures and Mitsui Fudosan America have closed on the land sale for Astria Tempe, a 27-story mixed-use tower near Arizona State University. Construction is slated for completion in summer 2027. This is Trinitas’ first collaboration with Mitsui Fudosan America, which is the U.S. division of publicly traded Japanese real estate company Mitsui Fudosan Co. Layton Construction Co. will serve as general contractor, and Niles Bolton Associates is the architect. BMO Bank is the lender on the project. TSB Capital Advisors arranged equity for the development. Development …

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TerraLane-at-Hudson
ArizonaBuild-to-RentDevelopmentInvestment SalesNewsWestern

TerraLane Buys Land, Breaks Ground on Phoenix Project

by Lynn Peisner

QUEEN CREEK, ARIZ. — TerraLane Communities, the build-to-rent (BTR) division of residential investment firm IHP Capital Partners, has acquired 22 acres in Queen Creek, about 44 miles southeast of Phoenix, for the development of TerraLane at Hudson Station. TerraLane is partnering with general contractor, Hancock Builders, in the construction of TerraLane at Hudson Station. This will be the sixth residential development the two firms are completing together. Mark-Taylor Residential will oversee leasing and property management. Financing for the project is being provided by 400 Capital Management and Western Alliance Bank. …

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2900-Terrace
DevelopmentFinanceFloridaInvestment SalesNewsSoutheast

Oak Row Equities Breaks Ground on $210.5 Million Miami Tower

by Lynn Peisner

MIAMI — Oak Row Equities has secured $210.5 million in construction financing for 2900 Terrace, a 324-unit high-rise in the Edgewater neighborhood of Miami. The financing package includes a $142.5 million senior loan from Bank OZK and a $68 million mezzanine loan from Canyon Partners Real Estate LLC. JLL arranged both loans for Oak Row Equities. Construction has begun with completion slated for the fourth quarter of 2027. Units at 2900 Terrace, designed by architecture firm Arquitectonica, will be offered in one-, two- and three-bedroom floor plans. The tower’s amenity …

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Village-at-Legacy
Affordable HousingDevelopmentFinanceGeorgiaNewsSoutheast

Decatur Housing, PAHI Complete First Phase of $49 Million Ground-Up Affordable Housing Development

by Lynn Peisner

DECATUR, GA. — The Housing Authority of the City of Decatur (Decatur Housing) and nonprofit developer partner Preserving Affordable Housing Inc. (PAHI) completed Phase I and broke ground on Phase II of Village at Legacy on June 18. Once completed, the two-phase development will offer 132 one-, two- and three-bedroom residences across two phases and in a variety of floor plans including townhomes and apartments. The first 66 units in Phase I are being delivered under a $20.4 million construction contract with total project costs reaching $27.9 million. The second …

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Sugarmont-Apts
Investment SalesNewsUtahWestern

Centerspace Completes first Utah Acquisition with $149 Million Salt Lake Asset

by Lynn Peisner

SALT LAKE CITY — Publicly traded REIT Centerspace has acquired Sugarmont Apartments in Salt Lake City for $149 million. This marks Centerspace’s first owned asset in Utah. Northmarq’s Salt Lake City multifamily investment sales team, led by Mark Jensen, Rawley Nielsen and Darren Nielsen, arranged the sale and represented Centerspace. The seller was Cottonwood Communities, a publicly registered, non-listed REIT headquartered in Salt Lake City. Cottonwood was retained by Centerspace to manage the property. Built in 2021, Sugarmont Apartments features 341 units in a mix of studios, one-, two- and …

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Bakersfield-Apartments
CaliforniaDevelopmentFinanceNewsWestern

BWE Arranges $61 Million Construction Loan for Presidio Capital Partners’ Bakersfield Project

by Lynn Peisner

BAKERSFIELD, CALIF. — BWE has arranged $61 million for Presidio Capital Partners to develop the first phase of Park Center at Seven Oaks in Bakersfield. Tom Turnage, senior vice president, and Alex Gregoire, vice president, both in BWE’s Irvine office, originated the four-year, floating-rate, interest-only construction loan with a 12-month extension from a super-regional bank. Park Center at Seven Oaks will include a total of 520 units when fully complete. Phase I will include 352 units. This initial phase will feature 17 residential buildings as well as a leasing office, …

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The-Danforth-Seattle
Investment SalesNewsWashingtonWestern

Kennedy Wilson JV Acquires Seattle High-Rise for $173 Million

by Lynn Peisner

SEATTLE — Kennedy Wilson has partnered with Japan-based companies Kenedix and Hulic Co. to acquire The Danforth in Seattle for $173 million. A Whole Foods is the sole ground-floor retail tenant in the 265-unit community. Vanbarton Group, which has owned the asset since 2019, was the seller. Beverly Hills, California-based Kennedy Wilson has a 10 percent interest in the deal and invested $6.6 million of equity in the venture. Kennedy Wilson also will serve as asset manager for the partnership, receiving an undisclosed fee for that service. The Danforth is …

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