LAS VEGAS — Red Ridge Development is underway on Origin at Symphony Park, a 6-acre mixed-use project located in downtown Las Vegas. The development will feature 100,000 square feet of retail space, a 32-story residential tower, mid-rise apartment building, outdoor promenade and office space upon completion, which is scheduled for 2026. The McGarey Group, a division of the Divaris Group, will manage leasing for the retail space at the project in partnership with Paragon Commercial Group.
AURORA, COLO. — Grovewood Community Development has broken ground on Sapling Grove Apartments, a four-story, mixed-income apartment community in Aurora that is slated for completion in late 2024. Located at 10151 E. Jewell Ave., the first phase of the property will feature 81 units in a mix of one-, two- and three-bedroom floor plans, a rooftop deck and lounge, work pods, an exercise room and an onsite community resource center offering health- and wellness-focused resident programs and services. The property will also feature community spaces for resident gatherings, intergenerational lifelong learning workshops, outdoor recreation via walking trails, a fenced playground, an outdoor exercise stations and gardens. The project is being financed through 22 grant, loan and equity sources provided collectively by the City of Aurora, Arapahoe County, the Colorado Division of Housing, the Colorado Housing and Finance Authority, Impact Development Fund, the Aurora Housing Authority, National Development Council and Sugar Creek Capital. Additional funding includes a four-year grant awarded by The Colorado Health Foundation. BC Builders is serving as the project’s general contractor, and Santulan Architecture is serving as architect.
WHEAT RIDGE, COLO. — NorthPeak Commercial Advisors has arranged the sale of an apartment building located at 4097 Vance St. in Wheat Ridge. The asset traded for $7.5 million, or $312,500 per unit. The 16,500-square-foot property features 24 apartments. Kevin Calame and Matt Lewallen of NorthPeak Commercial Advisors represented the buyer and seller in the deal. The names of the buyer and seller were not released.
MODESTO, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $4.1 million sale of a retail pad building located in Modesto. Built in 2018 and situated within a Save Mart-anchored shopping center, the multi-tenant building totals 6,402 square feet. Tenants at the property include Pacific Dental Services, Mountain Mike’s Pizza and West Coast Sourdough Deli. Jeff Lefko and Bill Asher of Hanley represented the seller, Covenant Real Estate Group, in the transaction. A California-based buyer acquired the property.
LA GRANDE, ORE. — Marcus & Millichap has brokered the purchase of La Grande Strip Center, a retail asset in La Grande. A private investor acquired the property from an undisclosed seller for $1.6 million. Located at 11621 Island Ave., the 7,448-square-foot La Grande Strip Center was 67 percent occupied at the time of sale. Eric Garske of Marcus & Millichap’s Portland office represented the buyer in the deal.
New income limits for low-income and very-low-income housing in 2023 represent a mixed blessing for the industry’s providers, who gain more potential renters but face ubiquitous caps that restrain their ability to adjust rents. The U.S. Department of Housing and Urban Development (HUD) publishes the income limits annually based on changes in each housing area’s median income, and typically places caps on outlier markets to prevent wide year-to-year swings. From 2010 through 2021, about 10 percent of areas were capped each year. Also in that period, the caps predictably checked the increase in an area’s qualifying income levels to no more than double the annual percent change in national median income. HUD published national median income based on three-year-trailing American Community Survey (ACS) data that HUD adjusted forward using the Consumer Price Index (CPI). In 2022, however, HUD omitted the CPI factor and based limits on historical survey data alone, producing lower results for median incomes and a smaller percentage change to be doubled into a cap. Even so, calculated incomes rose significantly, spurring HUD to cap increases in 57 percent of areas. Industry experts had predicted HUD would add the CPI adjustment back into its calculations in 2023, resulting …
PASADENA, CALIF. — A partnership between Community Builders Group and Bridge Financial Advisors is opening Pasadena Studios, a $45 million affordable housing property in Pasadena. The six-story community will offer 180 micro-units, ranging from 245 square feet to 270 square feet. Each apartment will feature a private balcony, offering an indoor-outdoor living experience and additional square footage. The 56,000-square-foot asset features free internet service, a fitness center, laundry room, landscaped rooftop deck with seating, two grilling stations, fire features, landscaped courtyard, outdoor seating areas, lobby area seating with a kitchenette and community space, two elevators, secure entrances, security surveillance and bike storage. The project team includes Westport Construction, Natoma Architects and LCRA. WinnResidential, the property management arm of WinnCompanies, will manage the community.
LEHI, UTAH, AND HENDERSON, NEV. — Boise, Idaho-based Braintree Group has acquired three hotel properties adding a total of 330 rooms to its hospitality portfolio. Resolute Road Hospitality, a national third-party management company, will manage all three assets. The properties are the Courtyard by Marriott Lehi at Thanksgiving Point and the SpringHill Suites by Marriott Lehi at Thanksgiving Point in Lehi and the Hilton Garden Inn Las Vegas/Henderson in Henderson. Opened in 2014, the four-story, 97-room Courtyard by Marriott Lehi at Thanksgiving Point features an indoor swimming pool, hot tub, fitness center, business center and bistro. The four-story, 94-room SpringHill Suites by Marriott Thanksgiving Point, which opened in 2008, offers a complimentary breakfast, indoor pool, hot tub, fitness center, business center, meeting rooms, guest laundry and an outdoor barbecue area. Renovated in 2020, the three-story, 139-key Hilton Garden Inn Las Vegas/Henderson features an outdoor pool, business center, fitness center, meeting rooms and the Garden Grille & Bar.
LEHI, UTAH — JLL Capital Markets has arranged the sale of Mountain Point Medical Center, a Class A medical office building in Lehi. An affiliate of The Inland Real Estate Group of Cos. sold the asset to an affiliate of Heitman LLC for an undisclosed price. The three-story, 60,000-square-foot outpatient medical building is fully leased to Centura Health through its recent acquisition of Steward Health Care’s ownership interest in its Utah healthcare operations. Tenants include a variety of medical specialities, such as orthopedics, general surgery, radiology, women’s health and ENT. Mindy Berman, Matt DiCesare and Vasili Davos of JLL Medical Properties Group, along with Phil Brierley and Cole Macadaeg of JLL’s Salt Lake City office, represented the seller and procured the buyer.
FONTANA, CALIF. — CBRE has brokered the sale of an apartment property located at 8919 Mango Ave. in Fontana. A local private investor acquired the asset from an undisclosed private seller for $6.3 million. Built in 1973, the community features 25 apartments in a mix of one-, two- and three-bedroom floor plans, with an average unit size of 787 square feet. Units offer high-speed internet access, air conditioning, heating and kitchen appliances. Onsite amenities include laundry, carport and surface parking, a secure entry gate and landscaping. Eric Chen, Blake Torgerson and Hunter Wetton of CBRE represented the buyer and seller in the deal.
