Property Type

Birge & Held Begins Pre-Leasing for 216-Unit Affordable Housing Community in Indianapolis

by Kristin Harlow August 4, 2023

INDIANAPOLIS — Locally based Birge & Held has begun pre-leasing for its newest community, West Village of Avondale Meadows in Indianapolis. Located at 4115 Meadows Drive, the affordable housing community features 216 units across six buildings. Units are reserved for residents earning annual incomes between $40,620 and $67,320. Amenities include a clubhouse with a community room, exercise room, TVs and billiards. Birge & Held received Low Income Housing Tax Credit funding from HUD through the Indiana Housing and Community Development Authority. Strategic Capital Partners also served as a key partner in the development.

August 4, 2023

Leasing Activity Midwest Minnesota Retail

Three New Tenants to Open at Eden Prairie Center in Suburban Twin Cities

by Kristin Harlow August 4, 2023

EDEN PRAIRIE, MINN. — Three new tenants are set to open at Eden Prairie Center, a 1.4 million-square-foot shopping center in the Twin Cities suburb of Eden Prairie. Let’s Roar, which sells activewear and gold-plated jewelry, occupies 650 square feet and opened Aug. 1. The company sources its jewelry from Cebu, an island in the Philippines where the store’s owner was born and raised before moving to Minnesota. Influenced by the owner’s seven years of military service in both the U.S. Army and Air Force, Let’s Roar donates 10 percent of sales to Protect Our Defenders, a charitable organization that supports and advocates on behalf of military sexual assault survivors. First opened in 2009 by a father-son duo, High Score is relocating to Eden Prairie Center and will occupy 5,045 square feet on the upper level. High Score sells video games and vintage collectibles. At the front of the store is the newest gaming technology while toward the back are vintage systems, games, toys and collectibles organized by decade dating back to the 1970s. High Score follows a buy-sell-trade model, allowing customers to bring games, toys and systems for appraisal in exchange for cash, store credit or High Score merchandise. …

August 4, 2023

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers $1.1M Sale of Apartment Building in Minneapolis

by Kristin Harlow August 4, 2023

MINNEAPOLIS — Marcus & Millichap has brokered the sale of a 12-unit apartment building located at 519 10th Ave. SE in Minneapolis for $1.1 million. Constructed in 1966, 519 Apartments is situated in the Saint Anthony Main/Marcy-Homes neighborhood near the University of Minnesota Twin Cities campus. Abe Roberts and Michael Jacobs of Marcus & Millichap represented the buyer and seller, both of which were undisclosed.

August 4, 2023

Affordable Housing California Development Loans Multifamily Western

KeyBank Provides $46.4M in Financing for Affordable Housing Project in Los Angeles

by Amy Works August 4, 2023

LOS ANGELES — KeyBank Community Development Lending and Investment (CDLI) has provided $46.4 million in financing for the construction of 2111 Firestone, a supportive housing property located in unincorporated Florence-Graham in the Watts neighborhood of Los Angeles. The Prime Co., a giving-focused, vertically integrated multifamily development firm, is the sponsor of the project. KeyBank CDLI provided $19.7 million in federal and state Low Income Housing Tax Credit (LIHTC) equity, a $21.4 million construction loan and a $5.3 million permanent loan to finance the development. Located at 2111 Firestone Ave., the six-story residential complex will feature 85 one- and two-bedroom apartments designed to serve families and individuals exiting homelessness. Forty-two of the units will be designated for individuals exiting homelessness and earning no more than 30 percent of the area median income (AMI) and 41 apartments will be restricted to households earning no more than 50 percent of AMI. Additionally, the property will feature two manager units. The project team includes Prime, Domus Development and Kingdom Development. KeyBanc Capital Markets Group also sold $20.7 million of tax-exempt bonds through a public offering, the proceeds of which will be used to support financing the project. Housing Works will provide supportive services for residents …

August 4, 2023

Acquisitions Colorado Multifamily Western

Trion Properties Buys Multifamily Property in Aurora, Colorado for $41.1M

by Amy Works August 4, 2023

AURORA, COLO. — Trion Properties has purchased Trailpoint on Highline, an apartment community located at 10756 E. Virginia Ave. in Aurora, for $41.1 million, or $209,000 per unit. The name of the seller was not released. Built in 1984, Trailpoint on Highline features 198 one- and two-bedroom apartments ranging from 630 to 830 square feet. The units feature wood-style plank flooring, washer and dryer hookups, wood-burning fireplaces, walk-in closets, private balconies and central heating and air conditioning. Onsite amenities include two heated swimming pools with sundecks, 24-hour laundry facilities and property management.

August 4, 2023

Acquisitions Arizona Build-to-Rent Single-Family Rental Western

CBRE Facilitates $27.2M Sale of Build-to-Rent Residential Community in Phoenix

by Amy Works August 4, 2023

PHOENIX — CBRE has arranged the sale of Proximity Baseline, a build-to-rent residential property located at 1700 E. Baseline Road in Phoenix. Avenue North sold the asset to CVG Properties for $27.2 million. The buyer plans to rename the asset The Linq @ South Mountain. The Linq @ South Mountain features 80 detached and duplex single-family residences in one-, two- or three-bedroom floor plans. The units offer 10- to 14-foot ceilings, stainless steel appliances, vinyl flooring and smart home technology. Additionally, each unit has a private backyard with a patio. Griffen Tymins, Sean Cunningham, Asher Gunter, Matt Pesch and Austin Groen of CBRE represented the seller in the off-market deal.

August 4, 2023

Acquisitions California Net Lease Retail Western

SRS Brokers $6.9M Sale of Superior Grocers-Anchored Property in Buena Park, California

by Amy Works August 4, 2023

BUENA PARK, CALIF. — SRS Real Estate Partners has arranged the sale of a single-tenant retail property located at 6931 La Palma Ave. in Buena Park. An undisclosed partnership sold the asset to a private, non-1031 investor for $6.9 million. Both the buyer and seller are based in Southern California. Matthew Mousavi and Patrick Luther of SRS’ National Net Lease Group represented the buyer and seller in the transaction. Superior Grocers occupies the 34,199-square-foot property, which was built in 1996 on 1.7 acres. There are seven years remaining on the tenant’s corporate-guaranteed triple-net lease.

August 4, 2023

Development Features Mixed-Use Western Feature Archive

The Future of Urban Real Estate Is Mixed-Use, 24/7, Outdoors

by Jeff Shaw August 4, 2023

— By Bob Lisauskas, Principal, RDC in Long Beach, Calif. — Daily patterns of life have been turned upside down since 2020. Three years since the disruption of quarantine living, it’s becoming clear what was temporary and what has been permanently changed. The good news: our cities have the potential to come back healthier than ever. Cities are resilient places and are finding ways to adapt and transform. Building owners, municipalities, architects and other stakeholders are actively collaborating on ways to repair the city fabric. While some of these companies and individuals have fled to the suburbs, many are more committed than ever to preserve urban living. This is often because they love the city where they own their property, and are personally motivated to breathe life into the area. Another wrinkle driving urban transformation is the housing crisis. It’s an urgent reality that we need more housing at every price point in our urban centers. This is something that’s of paramount concern, particularly in California, as rents and property values rise. These, along with other trends and market disruptors, are pushing cities toward a primarily mixed-use future in which new developments serve the entire 24-hour cycle: living, working, shopping …

August 4, 2023

Affordable Housing Development Loans Multifamily New York Northeast Seniors Housing Top Stories

State of New York to Provide $406M in Financing to Build Five Affordable Housing Developments

by John Nelson August 4, 2023

ALBANY, N.Y. — New York Gov. Kathy Hochul has announced that the State of New York will provide $406 million in financing to deliver approximately 800 new affordable housing units across the state. The financing will be awarded through bonds and subsidies. The New York Division of Homes and Community Renewal (HCR) is providing the financing for the five developments, which comprises $286 million in tax-exempt housing bonds and $120 million in subsidies. The awarded projects are as follows: Income restrictions for these five developments were not disclosed. “Addressing New York’s housing crisis requires a comprehensive and holistic approach,” says Hochul. “That’s why we’re working overtime to face the crisis head-on by spurring the development of a variety of housing options that meet the needs of New Yorkers from all walks of life, from seniors to families to young adults.” Hochul’s statement came during the ribbon-cutting ceremony celebrating the completed renovations at The New Amsterdam Apartments, a 116-unit affordable seniors housing community at 26 Wall St. in Amsterdam. The property is restricted to tenants earning at or below 80 percent of the area median income (AMI) and with at least one household member age 55 or older. Funded by the …

August 4, 2023

Market Reports Multifamily Oregon Western Western Market Reports

Portland’s Housing Rollercoaster: The Impact of Protests, Pandemic and Population Loss

by Jeff Shaw August 4, 2023

— By Daniel Natsch, Senior Managing Director and Partner, Ethos Commercial Advisors — Portland made it onto the national scene even before the last economic cycle. It’s a charming and relatively inexpensive West Coast market that boasts a great culinary scene, never-ending outdoor activities and its own sense of weirdness. It’s no wonder that Portland’s ticket to the “big time” came by way of population growth throughout the 2010s, spurred by young, highly educated professionals. Alongside that growth came the need for more housing. Institutional capital took note and began targeting Portland for investment. The development boom of the 2010s eventually began to slow. Portland’s multifamily industry took another blow when Inclusionary Zoning legislation was passed. To beat affordable requirements, developers grandfathered as many projects as possible, creating a huge wave of entitled properties. Many of these projects would see their way through permitting, and the pre-inclusionary housing moniker became more valuable to investors. At the time, it appeared that significant in-migration would offset the significant deliveries stacking up in the pipeline. Then came 2020. Downtown Portland became a ghost town as employees stayed home amid the pandemic. It was quiet until large crowds took to the streets to speak …

August 4, 2023

Newer Posts

Older Posts