West
Inland Empire Multifamily Report – Winter 2019
Multifamily property sales totaled $1.4 billion in 2018 and are expected to spike this year, following the rejection of Proposition 10.
Long Beach Property Sells for $72M
Berkadia arranged the disposition of The Landing at Long Beach on behalf of the seller. The new owners plan to invest $28,000 per unit for upgrades.
The Answer to the Bay Area’s Affordable Housing Crisis
Enterprise Community Partners’ Rich Gross and Kaiser Permanente’s Bechara Choucair talk about their joint projects. The two companies launched a $100 million loan fund to create and preserve multifamily rentals.
Waypoint Residential Expands Development Pipeline
The company has six multifamily properties totaling more than $325 million in development or leasing stages—including two new brands—in the Northeast and West.
SoCal Asset Sells for $20M
The 98-unit Villa Capri in Escondido benefited from an acquisition loan originated by Aetna Life Insurance Co. IPA represented the seller and procured the buyer.
Madison Residential Acquires Seattle Community
Opus Bank provided the buyer with more than $12 million in financing for the nearly $16 million acquisition. The 77-unit asset last changed hands in 2014 for $7.6 million.
Las Vegas Upscale Community Makes Debut
A joint venture subsidiary of TCI and Southern Properties Capital unveiled Abode at Red Rock, a 308-unit Class A apartment community in the Spring Valley area.
FPA Multifamily Trades Seattle-Area Asset for $71M
The transaction marks the buyer’s second acquisition in the Federal Way submarket in the past 12 months, bringing the firm’s Seattle-area portfolio to more than 600 units.
NM Community Receives $25M Refi
NorthMarq arranged the financing through its in-house Fannie Mae platform for the 370-unit apartment community, located just a few miles from the Texas border.
Investcorp Acquires $330M Multifamily Portfolio
The eight communities encompass some 2,500 Class B units across the Southeast and Southwest.