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Institutional Property Advisors Brokers $64 Million Sale of The Livano Deer Valley in Phoenix

by Channing Hamilton June 13, 2024

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Livano Deer Valley, 242-unit community in Phoenix. The Praedium Group acquired the property from LIV Development for $64 million. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer. The Livano Deer Valley was completed in 2023. Amenities include a clubhouse, centralized courtyard with a pool and spa with sundeck. Units feature nine-foot ceilings, stainless-steel appliances, walk-in closets and full-size washers and dryers. The average unit size is 821 …

June 13, 2024

Development News Texas

Texas Rangers, Cordish Top Out 300-Unit One Rangers Way Apartments Near Dallas

by Channing Hamilton June 12, 2024

ARLINGTON, TEXAS — Major League Baseball team the Texas Rangers and The Cordish Cos. have topped out One Rangers Way, a 300-unit project in the western Dallas suburb of Arlington. One Rangers Way is the multifamily component of Cordish’s Arlington Entertainment District. The devleopment site is situated less than a mile from Globe Life Field, the home ballpark of the Rangers. The community will offer studio, one- and two-bedroom units. Each of the community’s 52 floor plans are named after Rangers players or significant events, including the team’s 2023 World …

June 12, 2024

HōM Flats at 24 East in Holland, Michigan

Affordable Housing Development Michigan Midwest News

Magnus Capital Partners Breaks Ground on $60 Million Workforce Housing Development in Holland, Michigan

by Channing Hamilton June 11, 2024

HOLLAND, MICH. — Magnus Capital Partners has begun development on HōM Flats at 24 East, a $60 million workforce housing project in Holland, 28.7 miles west of Grand Rapids, Michigan. Once completed, the complex will comprise 202 apartments across eight acres. HōM Flats at 24 East will offer one-, two- and three-bedroom units with full-size washers and dryers and secured key fob access. The property will also feature 13,000 square feet of retail space, including an on-site childcare center and suites for locally owned businesses. Planned amenities include pickleball courts, a …

June 11, 2024

Finance News North Carolina Southeast

BWE Negotiates $35.9 Million Refinancing for Accent Southrail in Charlotte, North Carolina

by Channing Hamilton June 7, 2024

CHARLOTTE, N.C. — BWE has brokered a $35.9 million loan for the refinancing of Accent Southrail, a 304-unit community located at 6026 Station Crossing Ave. in Charlotte’s Lower South End district. Alan Tapie, Thomas Wiedeman, Brad Walker and Hanley Long of BWE arranged the three-year, fixed-rate loan through a life company lender. The financing features flexible prepayment options. Westplan Investors was the borrower. Accent Southrail was built in 2021. The project offers one-, two- and three-bedroom floor plans. Amenities include a gym, pool with loungers and Orbit daybeds, clubroom with …

June 7, 2024

Serena Vista Apartments in Fountain Valley, California

California Finance News Western

Northmarq Provides $60 Million Refinancing for Two Properties in Orange County, California

by Channing Hamilton June 6, 2024

FOUNTAIN VALLEY AND SANTA ANA, CALIF. — Northmarq has provided $60 million in loans to facilitate the refinancing of two communities in Orange County. Northmarq provided $40 million for the refinancing of Serena Vista Apartments, which was built in Fountain Valley in 1970. The company also provided $20 million for Villa del Sur in Santa Ana, which was constructed in 1969. The two properties total 284 units in one- and two-bedroom floor plans. Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao of Northmarq’s Debt + Equity team in Newport Beach …

June 6, 2024

California Finance News Western

Gortikov Capital Arranges $101 Million Refinancing for The Clarendon in Los Angeles

by Channing Hamilton June 5, 2024

LOS ANGELES — Santa Monica-based Gortikov Capital has negotiated a $101 million loan for the refinancing of The Clarendon, a 335-unit property in the Woodland Hills neighborhood of Los Angeles. Bryan Gortikov of Gortikov Capital led the capital markets team that secured the two-year, floating-rate senior bridge loan through a U.S.-based debt fund. The borrower was AMCAL Housing, a developer headquartered in Agoura Hills, California. The Clarendon was built in 2020. The community offers studio, one-, two-, three-bedroom floor plans. Apartments feature in-unit washers/dryers, Nest-controlled central cooling and heating, keyless entry …

June 5, 2024

California Investment Sales News Western

Institutional Property Advisors Brokers $62 Million Sale of AVA North Hollywood in Los Angeles

by Channing Hamilton June 4, 2024

LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of AVA North Hollywood, a 156-unit community in the NoHo Arts District of Los Angeles. Prime Residential acquired the property from AvalonBay Communities Inc. for $62.1 million. Kevin Green, Joseph Grabiec and Gregory Harris of IPA represented the seller and procured the buyer in the deal. AVA North Hollywood was constructed in 2015. Amenities include a pool and spa, clubroom, sky deck, leasing office, movement studio, cybercafé and business center. The property also …

June 4, 2024

The Arcadian in Fort Lauderdale, Florida

Affordable Housing Development Finance Florida News Southeast

Centennial Bank Provides $84.4 Million Construction Loan for Affordable Housing Project in Fort Lauderdale, Florida

by Channing Hamilton June 3, 2024

FORT LAUDERDALE, FLA. — Centennial Bank has provided an $84.4 million loan to facilitate the construction of The Arcadian, an affordable housing development located in the Sistrunk District of Fort Lauderdale. Sunshine Shipyard LLC, an affiliated company of a joint venture between Fuse Group and Boca Paila LLC, was the borrower and developer. Situated at 640 NW 7th Avenue, The Arcadian will comprise 478 apartments. The property also includes 15,000 square feet of ground-floor retail and a 212,000-square-foot parking garage. Units will be available to households earning between 100 and …

June 3, 2024

California Development News Western

CEDARst Cos., Bridge Investment Group Break Ground on $112 Million Flats Arts District in Las Vegas

by Channing Hamilton May 31, 2024

LAS VEGAS — A joint venture consisting of CEDARst Cos. and Bridge Investment Group has broken ground on Flats Arts District, a $112 million project located at 123 W. Imperial Ave in Las Vegas. The development will comprise 311 apartments across 2.2 acres. Units will come in studio, one-, two- and three-bedroom layouts. Construction is expected to take about 24 months, with the first units slated to deliver around mid-year 2026. Flats Arts District will offer community amenities such as a fitness center, spa facilities with water circuitry and saunas, …

May 31, 2024

Finance Georgia Investment Sales News Southeast

CBRE Arranges $45.9 Million Acquisition Financing for The Preston Near Atlanta

by Channing Hamilton May 29, 2024

MCDONOUGH, GA. — CBRE has negotiated $45.9 million in acquisition financing for The Preston, a 334-unit community located at 100 Preston Creek Drive in the southeast Atlanta suburb of McDonough. The borrower, ARC Multifamily, purchased the asset for $52.4 million. CBRE originated a $34.2 million senior Fannie Mae loan and arranged an $11.7 million preferred equity investment from Related Fund Management on behalf of ARC Multifamily. Blake Cohen and Charlie Clark of CBRE Capital Markets’ Debt & Structured Finance team in Atlanta arranged the financing. The Preston was built in …

May 29, 2024

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