LOS ANGELES — Rick Raymundo and Ben Savoy of Marcus & Millichap has brokered the sale of a six-unit apartment building, located at 6645 Farmdale Ave. in the North Hollywood neighborhood of Los Angeles. The asset traded for $1.7 million, or $283,333 per unit. Raymundo and Savoy represented the undisclosed buyer and undisclosed seller in the deal.
LONG BEACH, CALIF. — California State University, Long Beach (CSULB) has broken ground on La Playa Residence Hall, a 108,000-square-foot student housing project in Long Beach, located on the coast south of Los Angeles. Designed by Perkins&Will, the project is part of the State of California’s Higher Education Student Housing Grant Program, which aims to increase below-rate rental options for students living on campus. La Playa Residence Hall will add 424 beds to CSULB’s Hillside Housing village. The $115 million project will consist of three five-story buildings each surrounded by outdoor amenities, including patios, dining areas, a welcome plaza and central lawn. Upon completion, the community will offer a mix of single- and double-occupancy student rooms with lounges, study areas and maintenance facilities on every floor. Each building will feature a kitchen on the ground floor, three apartments for staff or faculty, a 2,000-square-foot multipurpose room and music practice rooms. Additionally, the residence hall will feature two dedicated offices that will expand the University’s Counseling and Psychological Services program to provide support for students in need. Completion is slated for summer 2026, with first occupancy for students for 2026 fall semester.
SAN DIEGO — Wells Fargo’s Community Lending and Investment (CLI) group has provided a total of $57.9 million in financing for construction of La Sabila, an affordable housing community for seniors in San Diego. The borrower is Wakeland. CLI provided a $30.5 million construction loan and $27.4 million equity investment. The project will consist of 85 residential units reserved for low-income residents over age 55. Further details were not disclosed. Timothy McCann, Terence Cordero and Jessica Gonzalez of CLI arranged the financing.
CERES, CALIF. — Marcus & Millichap has arranged the sale of The Vineyard, an apartment property in Ceres, a suburb of Modesto. The asset traded for $32.6 million, or $153,774 per unit. Jon Mimms of Marcus & Millichap’s Fresno office represented the undisclosed seller and undisclosed buyer in the deal. Built in 1979, The Vineyard features 212 apartments, averaging 671 square feet, with open floor plans, large kitchen pantries and central heating and air conditioning. Community amenities include two swimming pools, five laundry rooms, covered parking, pathways and a walking and jogging trail.
GILBERT, ARIZ. — Berkadia has arranged the sale and financing of Cambria, a garden-style multifamily community in Gilbert, southeast of Phoenix. Utah-based Bridge Investment Group Holdings sold the asset to a California-based private investor for an undisclosed price. Mark Forrester, Ric Holway, Dan Cheyne and Andrew Curtis of Berkadia Phoenix represented the seller in the transaction. Vincent Punzi and Lowell Takahashi of Berkadia Irvine, Calif., secured $31.5 million in permanent acquisition financing on behalf of the buyer. Cambria features 174 apartments, averaging 1,022 square feet per unit, with direct-access attached garages, nine-foot ceilings, side-by-side washers/dryers and a full slate of amenities.
PEORIA, ARIZ. — NAI Horizon has brokered the purchase of an industrial building located at 10857 N. 9th Ave. in Peoria, a suburb northwest of Phoenix. Glez C Properties LLC acquired the asset from Chris Finn for $9.5 million. The buyer plans to expand its construction and asphalt company, Gonzalez Asphalt, into the 81,060-square-foot, Class B warehouse facility, which was built in 2005. Jeffrey Garza Walker and Art Verdugo of NAI Horizon represented the buyer, while Gary Cornish of Newmark and Geoffrey Turbow of CBRE represented the seller in the deal. Eric Nutt of Commonwealth Title also helped facilitate the transaction.
PHOENIX — Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC) has announced plans to build a third semiconductor plant on its TSMC Arizona campus in North Phoenix. In connection with the announcement, the U.S. Department of Commerce has entered into a preliminary memorandum of terms (PMT) with the Taiwanese company to provide $6.6 billion in direct funding through the CHIPS and Science Act. The PMT also allows for the federal government to provide TSMC with up to $5 billion in loans. The company plans to apply for U.S. Treasury Department Investment Tax Credits of up to 25 percent of the qualified capital expenditure at TSMC Arizona. Additionally, $50 million of the CHIPS funding at TSMC Arizona will be used in the training and development of the local workforce, according to a statement issued by President Joe Biden. The third factory will increase TSMC’s investment at the Arizona manufacturing site to more than $65 billion. TSMC is making the site the largest foreign direct investment in Arizona history and the largest foreign direct investments in a greenfield project in U.S. history. The company estimates that the three facilities will employ roughly 6,000 direct high-tech jobs, 20,000 construction jobs and tens of thousands of …
— By Benjamin Galles, senior vice president, CBRE — The outlook for the Reno multifamily market in 2024 is similar to how the year panned out in 2023. There is significant interest in Reno from investors across asset types, earning us a ranking on Business Insider’s list of the top 15 hottest real estate markets for the next decade. Northern Nevada’s continued job growth has piqued investors’ interest in owning multifamily properties within the state. This growth will continue as existing companies expand their presence in the market, proving their commitment to the city and people of Northern Nevada. The current elevated construction costs and construction loan costs could pose a roadblock to developers meeting the anticipated demand in the next 12 to 24 months. That being said, there are currently 4,700 apartment units under construction in the market. This will likely be absorbed by people moving into Reno from outside the region. Unlike other markets we’ve seen across the country, very few loans in our region have maturities over the next 12 months. This means seller motivation in Reno remains low to moderate when it comes to offloading properties. The lack of debt events where owners will be pressed into a …
LOS GATOS, CALIF. — Marcus & Millichap has brokered the sale of a retail property, located at 52 N. Santa Cruz Ave. in Los Gatos, just south of San Jose. The asset traded for $4.5 million. Built in 1985, the 4,401-square-foot property is fully occupied and offers six commercial spaces. Yuri Sergunin and J.J. Taughinbaugh of Marcus & Millichap’s Palo Alto office represented the undisclosed seller and procured the undisclosed buyer in the deal.
TUCSON, ARIZ. — Subto Fund LLC has purchased Coronado Vistas, a multifamily property in Tucson, from Bellevue 21 LLC for $1.8 million. Located at 4424 E. Bellevue St., the community features 21 apartments. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented the buyer and seller in the transaction.
