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Trilogy Real Estate Group Acquires Azalea Apartments in Tampa, Florida for $85.8 Million

by Channing Hamilton July 25, 2023

TAMPA, FLA. — Trilogy Real Estate Group has purchased Azalea Apartments, a 289-unit community currently under construction in the Tampa neighborhood of Brandon, for $85.8 million. ZOM Living sold the asset to Trilogy Real Estate Group and will continue to manage its construction through completion. The property is in a qualified opportunity zone and benefits from the provisions of the 2017 Tax Cuts and Jobs Act. Azalea Apartments will offer one-, two- and three-bedroom apartments, with the first move-ins expected to begin this quarter. Each unit includes energy-efficient, stainless steel …

July 25, 2023

The Paseos at Montclair in Montclair, California

California Finance Investment Sales News Western

Archway Equities Acquires Inland Empire Community for $150 Million

by Channing Hamilton July 24, 2023

MONTCLAIR, CALIF. — Archway Equities has acquired The Paseos at Montclair, a 385-unit community in the Inland Empire city of Montclair, for $150 million. Pacific Urban Investors’ Structured Finance Group provided preferred equity to facilitate the transaction. The Paseos at Montclair was built in 2014. The garden-style community offers studio, one-, two- and three-bedroom units. Amenities include two pools with spas and cabanas, a fitness center, yoga room, children’s entertainment suite, conference center and entertainment lounge.

July 24, 2023

Soltra at SanTan Village in Gilbert, Arizona

Arizona Investment Sales News Western

CBRE Brokers $140 Million Sale of Soltra at SanTan Village in Phoenix Suburb

by Channing Hamilton July 21, 2023

GILBERT, ARIZ. — The Premiere Residential has acquired Soltra at SanTan Village, a 380-unit community in the southeast Phoenix suburb of Gilbert, from Leon Multifamily for $140 million. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented the seller. Soltra at SanTan Village was built in 2021 at 1690 South San Tan Village Pkwy. Units come in studio, one- and two-bedroom layouts. Amenities include a clubhouse with an entertainment table, fitness center and pool with a swim-up hospitality bar and cabanas.

July 21, 2023

Venetian Apartments in Fort Myers, Florida

Berkadia Finance Florida News Southeast

Berkadia Arranges $217 Million Recapitalization for Three-Property Portfolio in Central Florida

by Channing Hamilton July 20, 2023

ORLANDO AND FORT MYERS, FLA. — Berkadia has arranged $217 million in debt and equity financing for the recapitalization of a portfolio in Orlando and Fort Myers. Mitch Sinberg, Brad Williamson, Scott Wadler and Matthew Robbins of Berkadia South Florida arranged the financing on behalf of the borrower, a joint venture between JSB Capital Group and BLD Group. Freddie Mac provided a $185.4 million, fixed-rate loan with a 10-year term at a 60 percent loan-to-value. Related Fund Management provided $31.8 million in preferred equity. The portfolio comprises 1,139 units across …

July 20, 2023

Arizona Development Finance News Western

StarPoint Properties Secures $52 Million to Develop Dobson Station in Mesa, Arizona

by Channing Hamilton July 19, 2023

MESA, ARIZ. — StarPoint Properties has procured $52 million for the construction of Dobson Station, a 245-unit community in Mesa. Jeff Sause, Wyatt Strahan and Elle Miraglia of JLL Capital Markets arranged the construction financing for the project through a debt fund. Dobston Station will rise four stories and offer studio, one- and two-bedroom units. Amenities will include a fitness center, clubhouse, coworking facility and community kitchen. On-site parking will include a mix of tuck-under and grade-level parking. Development is slated for completion in 2024.

July 19, 2023

California Finance News Western

Greystone, Affinius Arrange $172 Million Refinancing for Rise Koreatown in Los Angeles

by Channing Hamilton July 18, 2023

LOS ANGELES — Greystone Commercial Capitaland Affinius Capital have brokered a $135 million mortgage loan for the refinance of Rise Koreatown, a high-rise community in Los Angeles’ Koreatown neighborhood. Greystone and Affinius Capital arranged a syndicated funding, which originates institutional structured commercial mortgage loans including subordinate debt for all major property types. The property was built in February 2023 by Rescore Property Group, a private REIT and affiliate of Encore Capital Management. Rise Koreatown comprises 363 units and 47,417 square feet of retail space on a 2.3-acre site.

July 18, 2023

Staci Court Apartments in Redlands, California

California Investment Sales News Western

Marcus & Millichap Brokers $53.4 Million Sale of Three Properties in Southern California

by Channing Hamilton July 17, 2023

RIALTO, CORONA AND REDLANDS, CALIF. — Marcus & Millichap has arranged the $53.4 million sale of a three-property multifamily portfolio in the Inland Empire region of Southern California. Alexander Garcia and Bill Roblero represented the buyer, Clear Capital LLC. The portfolio includes: Rialto Breeze Apartments, a 98-unit asset in Rialto; Parkview Manor Apartments, a 76-unit property in Corona; and 60-unit Staci Court Apartments in Redlands. Rialto Breeze Apartments was built in 1985 on five acres. The community includes amenities such as a pool and laundry facilities. Parkview Manor Apartments was …

July 17, 2023

The unnamed redevelopment of the Landers, Frary & Clark plant in New Britain, Connecticut

Affordable Housing Connecticut Development Finance News Northeast

WinnDevelopment Breaks Ground on $85 Million Adaptive Reuse Project in New Britain, Connecticut

by Channing Hamilton July 14, 2023

NEW BRITAIN, CONN. — WinnDevelopment has broken ground on a $85 million project to convert a historic manufacturing complex in New Britain into a 154-unit community. Keith Construction is the general contractor. JCJ Architecture is the architect. Collective Design Associates and Langan Engineering and Environmental Services are providing engineering services. Bank of America provided a construction loan and more than half of the project’s funding through its investment in the low-income housing and historic tax credits generated by the development. The Connecticut Department of Housing provided $4 million in funding …

July 14, 2023

Development Finance Florida News Southeast

Fisher Brothers Breaks Ground on $117.5 Million Mixed-Use Development in Miami

by Channing Hamilton July 13, 2023

MIAMI — Fisher Brothers has broken ground on Wynhouse Miami, a 308-unit mixed-use development located in the Wynwood neighborhood of Miami. JP Morgan Chase and affiliates of Canyon Partners provided $117.5 million for the project. Suffolk Construction is building the community. Other members of the development team include Rockwell Group, Nichols Architects and ID & Design International. Wynhouse Miami will offer units in studio, one- and two-bedroom layouts. Amenities will include a fitness center, green space, co-working and entertainment lounges, an expo kitchen, a rooftop pool and outdoor entertainment space. The property …

July 13, 2023

Arizona Build-to-Rent Development Finance News Western

Empire Group Secures $88.5 Million to Construct BTR Community in Phoenix

by Channing Hamilton July 12, 2023

PHOENIX — Empire Group has secured a $88.5 million construction loan to develop Village at Bronco Trail, a build-to-rent (BTR) community in Phoenix. Kyle McDonough and George Maravilla of Tower Capital arranged the financing. Village at Bronco Trail will comprise 354 units on a 30-acre site. Each unit will feature a private yard, a kitchen with quartz countertops, stainless steel appliances, full-size washers and dryers, and smart-home features. Amenities include detached garages, a dog park, grilling area, resort-style pool, clubhouse and common area open spaces. Empire Group expects to deliver the …

July 12, 2023

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