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Dwell Apartments, a white two-story multifamily building with bright orange accents.

Avanti Residential Sells Dwell Apartment Homes in Scottsdale, Arizona, for $41.6 Million

by Channing Hamilton February 15, 2023

SCOTTSDALE, ARIZ. — Avanti Residential has sold Dwell Apartment Homes in Scottsdale to 29th Street Capital for $41.6 million. Steve Gebing and Cliff David with Institutional Property Advisors (IPA) represented Avanti Residential in the transaction. Dwell Apartment Homes was built in two phases in 1963 and 1975. The community offers 193 studio, one- and two-bedroom units, as well as amenities such as three pools, a fitness center, a clubhouse and a courtyard with a barbeque area. The new owners plan to renovate 78 percent of the units.

February 15, 2023

A facade rendering of Diamond College Park, a new affordable community south of Atlanta

Affordable Housing Development Georgia News Southeast

Tapestry Development Group, Swinerton Break Ground on Affordable Project Near Atlanta

by Lynn Peisner February 14, 2023

COLLEGE PARK, GA. — Tapestry Development Group, along with construction partner Swinerton, has broken ground on Diamond College Park, about 10 miles south of Atlanta. The 60-unit, 79,000-square-foot property will include 26 one-bedroom and 34 two-bedroom units. Ten apartments will rent at market rates, 22 of the units will be capped at 50 percent of area median income (AMI), and the remaining 28 units will rent to tenants earning 60 percent or less of AMI. Good Places, which is an Atlanta-based development firm that focuses on adaptive-reuse affordable housing, is …

February 14, 2023

A 3D render of Canyon Ridge, a light brown and dark gray mid-rise building.

Development Finance Idaho News Western

Hawkins Cos. Secures $56 Million for Canyon Ridge in Boise, Idaho

by Channing Hamilton February 13, 2023

BOISE, IDAHO — Hawkins Cos. will develop Canyon Ridge in Boise. Cushman & Wakefield has arranged $56 million in construction financing for the 287-unit project. Construction is expected to be complete in May 2025, with pre-leasing beginning in spring 2024. Dave Karson, Chris Moyer, Paul Roeter and Meredith Donova of Cushman & Wakefield represented Hawkins Cos. in the transaction. The lender was Sunwest Bank. Canyon Ridge will comprise five mid-rise buildings. Amenities will include a pool, dog park, two playgrounds, coworking spaces, a fitness center and a clubhouse. Hawkins Cos. …

February 13, 2023

Development New York News Northeast

Canyon Partners, Tavros Holdings and Charney Companies Form Joint Venture to Develop 224-unit Brooklyn Property

by Kari Lloyd February 10, 2023

NEW YORK CITY — Canyon Partners Real Estate LLC, Tavros Holdings and Charney Companies have created a joint venture to develop 585 Union Street, a 224-unit project in the Gowanus neighborhood of Brooklyn. Located in a qualified opportunity zone, the project will be capitalized with $57.7 million of equity and a $107 million senior construction loan from Pacific Western Bank. 585 Union Street will offer a mix of studio, one-, two- and three-bedroom units along with parking, a fitness center and a rooftop pool among other amenities. Twenty-five percent of available …

February 10, 2023

Rendering of the upcoming affordable housing project HTG is developing in Bradenton, Florida

Affordable Housing Development Florida News Southeast

HTG Developing $34 Million Affordable Community in Bradenton, Florida

by Lynn Peisner February 10, 2023

BRADENTON, FLA. — Housing Trust Group (HTG) is developing Riverview6, a $34 million affordable housing property in Bradenton, about 45 miles south of Tampa, Florida. The project, which is estimated to open by the middle of next year, will include 80 units reserved for residents earning at or below 70 percent of area median income (AMI). These rent restrictions equate to a range of $486 to $1,571 per month. Funding sources for Riverview6 include 9 percent Low-Income Housing Tax Credit equity syndicated through Raymond James; a construction loan through Fifth …

February 10, 2023

A 3D render of Sync on Canoga, a light brown and white, five-story multifamily building.

Affordable Housing California Development News Western

Alliant Strategic Development Breaks Ground on Four Affordable Housing Projects in Los Angeles

by Channing Hamilton February 9, 2023

CANOGA PARK, VAN NUYS, NORTH HOLLYWOOD, CALIF. — Alliant Strategic Development has broken ground on four affordable housing properties in the San Fernando Valley area of Los Angeles. The properties, which include 727 total units, are Sync on Canoga, comprising 220 one-bedroom units in Canoga Park; Pendant on Topanga, consisting of 149 studios, one- and two-bedroom units also in Canoga Park; Vose, which will include 332 studio, one- and two-bedroom units in Van Nuys; and Cadence at Noho, consisting of 26 one- and two-bedroom units in North Hollywood. Of the …

February 9, 2023

Rendering of future mixed-use project at Brightline site in Miami

Berkadia Development Florida News Southeast

Berkadia Arranges $39.5 Million Sale of Miami TOD Site

by Lynn Peisner February 8, 2023

MIAMI — A joint venture consisting of The John Buck Co., Florida Value Partners, BH Group and PEBB Enterprises has acquired a development site in Miami for $39.5 million. Berkadia arranged the sale. The property is entitled for the development of 301 residential units, 244,000 square feet of office space and approximately 7,000 square feet of retail. The 1-acre site, referred to as Miami Station, is located across from the Miami Central Brightline station. The Brightline is a rail system that runs between Miami and Orlando. Senior Managing Directors Jaret …

February 8, 2023

A 3D render of 710 Broadway, a rounded contemporary-style building.

California Development News Western

Related California Breaks Ground on $385 Million Redevelopment in Santa Monica, California

by Channing Hamilton February 7, 2023

SANTA MONICA, CALIF. — Related California is redeveloping a former Vons grocery store site into a mixed-use project in Santa Monica. The project, called 710 Broadway, will include 280 residential units, 84 of which will be reserved for residents earning at or below 30, 50 and 80 percent of the area median income (AMI). The developer did not release the project cost, but Related California recently obtained $385 million in construction financing, according to the Los Angeles Business Journal. The project will also include approximately 99,000 square feet of ground-floor commercial …

February 7, 2023

A rendering of Card Sound Key Apartments

Development Florida News Southeast

Coral Rock Development Will Break Ground in 2024 on Workforce Project Near Miami

by Lynn Peisner February 6, 2023

FLORIDA CITY, FLA. — Coral Rock Development Group will break ground in 2024 on Card Sound Key Apartments in Florida City, approximately 40 miles south of Miami. Card Sound Key Apartments will be comprised of 342 units in one-, two- and three-bedroom layouts. The developer says 20 percent of the units will be workforce housing, reserved for renters earning 100 percent or less of the area median income (AMI). Amenities will include an outdoor workout circuit called Vita Course, a pool, barbecue area, two-story clubhouse, dog park, playground and a …

February 6, 2023

Exterior of the recently sold LC by CLG apartment building

California Investment Sales News Western

CBRE Arranges $46.5 Million Sale of LC by CLG in Los Angeles

by Lynn Peisner February 1, 2023

LOS ANGELES — California Landmark Group has sold LC by CLG to a private partnership formed by Santa Barbara, California-based Harrison Yale Hurst and Richard Rosin of H&R Investments. CBRE’s Dean Zander and Stewart Weston arranged the sale and represented the seller, a developer known for its CLG-branded properties. The asset sold for $46.5 million. LC by CLG is adjacent to Paramount Studios and located in the Larchmont Village neighborhood. The 84-unit community includes amenities such as a rooftop deck with a pool, barbecues, fire pits, seating areas and views …

February 1, 2023

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