RENO, NEV. — Newmark has provided a $33.5 million Fannie Mae loan for the refinancing of Ascent on Steamboat, a 204-unit community in Reno that is owned by Elan Multifamily Investments. Newmark’s Lowell Takahashi and Vince Punzi originated the five-year, fixed rate loan. Located at 3300 Skyline Blvd. in Reno’s Old Southwest neighborhood, Ascent on Steamboat comprises one- and two-bedroom units and a pool, fitness center and clubhouse.
LAS VEGAS — Agora Realty has completed construction of Hylo Park South, a 90,750-square-foot grocery-anchored retail center located in North Las Vegas. The property will serve as the central gathering place for Hylo Park, a 73-acre master-planned community that is currently under development. Cardenas Markets anchors the 11-acre center, which was delivered 95 percent leased. Tenants include Ross Dress for Less, Starbucks Coffee, Chipotle Mexican Grill, In-N-Out Burger, PDS Health, AT&T, The UPS Store, Chase Bank, Allstate, Sourdough & Co. and Tesla.
TUSTIN, CALIF. — USA Properties Fund, in partnership with Irvine Co., has broken ground on Terracina at Tustin Legacy, a 338-unit affordable housing community located southeast of Anaheim in Tustin. The community sits within a 1,600-acre master-planned development that is a redevelopment of a former Marine Corps Air Station. Terracina at Tustin Legacy will feature two four-level buildings at 2265 Airship Ave. and 16055 Compass Ave., each featuring one-, two- and three-bedroom apartments, as well as a clubhouse, pool and parking garage. Completion is slated for the second quarter of 2029.
MESA, ARIZ. — Garrett Cos. has completed construction of Emblem Mesa, a 248-unit multifamily project located at 1340 S. 48th St. in Mesa’s East Valley submarket. Situated on 14.3 acres, the garden-style development features 13 two- and three-story residential buildings with detached garages and covered parking distributed throughout the site. Designed by Ware Malcomb, the property’s one-, two- and three-bedroom apartments range between 793 square feet and 1,359 square feet with open-concept layouts, private outdoor spaces and kitchens with stainless steel appliances, quartz countertops, wood-style flooring and oversized closets. Community amenities include a resort-style pool, fitness center and a clubhouse.
GOLDEN, COLO. — Monarch Investment & Management Group has sold Fox Hill Apartments, a 153-unit garden-style multifamily community located west of Denver in Golden. Sierra Parkway Communities acquired the asset for $32 million. Jordan Robbins, Wick Kirby, Alex Possick and Seth Gallman of JLL Capital Markets represented the seller, which had owned the asset for nearly 30 years, in the deal. Located at 17611 W. 16th Ave., Fox Hill Apartments was 95 percent occupied at the time of sale. Built in 1972, the property offers a value-add opportunity with the ability to renovate 100 percent of the unit interiors.
GILBERT, ARIZ. — Grocer Safeway has opened a 64,000-square-foot store at The Gilmore, a 35-acre mixed-use development by Thompson Thrift that is located in the Phoenix suburb of Gilbert. Safeway will anchor the $225 million project, which is set to feature 300 luxury apartments, a hotel and roughly 200,000 square feet of boutique shopping, dining and public gathering spaces. Additional retail and restaurant tenants will include Better Buzz Coffee, Handel’s Ice Cream, Jersey Mike’s, Nook Kitchen, Over Easy, EDO Japan, Rebel Wine Lounge, Phantom Fox Brewery, Outcast Doughnuts, Level 1 Arcade Bar, Sweathouz and Honey Go Nails. Retail spaces at The Gilmore are expected to begin opening in late 2026, while residential move-ins and the overall project rollout will stretch into early 2027.
SUMNER, WASH. — Mesa West Capital has provided Timberlane Partners with a $52 million short-term, first-mortgage loan to refinance Sumner Mill Apartments in Sumner, approximately 30 miles south of Seattle. Joshua Westerberg led the Mesa West Capital team that originated the loan. Jake Roberts of BWE’s Los Angeles office arranged the financing. Delivered in 2024 by the sponsor, Sumner Mill Apartments features 162 garden-style studio, one- and two-bedroom apartments spread across 3.8 acres at 5816 162nd Ave. E. Community amenities include an outdoor pool, fitness center, resident clubhouse with full kitchen, conference room, package room, dog park, picnic area, EV-enabled parking spaces and rooftop solar panels.
PHOENIX — Marcus & Millichap has brokered the sale of a 984-unit Extra Space Storage facility in Phoenix. Located at 6316 N. 7th St., the gated-access property features fully climate-controlled units, drive-in loading areas, multiple elevators, onsite management office, 24/7 video surveillance and an interior concrete drive aisle with roll-up doors. The property was built in 2021. Adam Schlosser, Jordan Farrer and Charles “Chico” LeClaire of the LeClaire-Schlosser Group of Marcus & Millichap, in association with Ryan Sarbinoff, Marcus & Millichap’s Arizona broker of record, represented the seller in the transaction.
LAS VEGAS — Multifamily investment firm CONAM, through a discretionary fund, has acquired the 232-unit Alicante Apartments Homes in Las Vegas’ Spring Valley submarket. Terms of the transaction were not released. Built in 2001 on 11.2 acres, Alicante features one-, two- and three-bedroom apartments across two-story, garden-style buildings. All units feature luxury vinyl plank flooring, quartz countertops, stainless steel appliances and full-size in-unit washers and dryers. Community amenities include a pool, spa, fitness center with yoga and spin studios, clubhouse, billiards room, dog park, playground, package lockers and gated access.
SAN BERNARDINO, CALIF. — Commercial mortgage banking firm PSRS has arranged a $11.2 million loan for the refinancing of a nine-story office building in San Bernardino. At the time of financing, the 126,000-square-foot property was 89 percent leased to tenants such as the Internal Revenue Service (IRS) and the City of San Bernardino. Jacob Lee and Nathan Toomey of PSRS arranged the loan, which was structured with a five-year term, a 25-year amortization schedule and a dedicated reserve for capital expenditures. The direct lender and borrower were not disclosed.
