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The pool at Spice Creek, surrounded by black metal fending and brown and gray low-rise buildings with black roofing.
Investment SalesNewsTexas

Harbor Group International Acquires 828-Unit Portfolio in San Antonio

by Channing Hamilton

SAN ANTONIO — Harbor Group International has acquired a three-property portfolio totaling 828 units in San Antonio from Texas-based Multifamily Acquisition Advisors and Irvine, California-based Blackhawk Property Holdings. The sale was brokered by Newmark, with Senior Managing Director Matt Michelson representing the sellers. Executive Managing Directors Henry Stimler, William Weber and Matt Mense, Senior Managing Director Ari Schwartzbard and Vice President Daniel Sarsfield arranged a loan on behalf of HGI through Freddie Mac. The assets sold for an undisclosed price. The portfolio includes three garden-style properties: Spice Creek, The Clara …

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Orchard at Hilltop, a three-building multifamily building atop a hill.
Affordable HousingCaliforniaDevelopmentNewsWestern

Affirmed Housing Completes $54.9 Million Mixed-Use Development in San Diego

by Channing Hamilton

SAN DIEGO — Affirmed Housing has opened The Orchard at Hilltop, a mixed-use urban infill development in San Diego’s Chollas View neighborhood. The total cost for the development of the project was approximately $54.9 million. The development was financed in part with HOME Investments Partnerships Grant funds provided to the City of San Diego by the U.S. Department of Housing and Urban Development. Additional financing was provided by Civic Communities, Boston Financial, Boston Capital Finance, Western Alliance Bank, the San Diego Housing Commission, the City of San Diego, the California …

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

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

by Channing Hamilton

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.

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

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

by Lynn Peisner

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 …

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

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

by Channing Hamilton

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. …

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585 Union Street
DevelopmentNew YorkNewsNortheast

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

by Kari Lloyd

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 …

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

HTG Developing $34 Million Affordable Community in Bradenton, Florida

by Lynn Peisner

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 …

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

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

by Channing Hamilton

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 …

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

Berkadia Arranges $39.5 Million Sale of Miami TOD Site

by Lynn Peisner

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 …

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

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

by Channing Hamilton

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 …

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