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MARKET SNAPSHOT: Tech Industry Shores up San Francisco’s Prime Market Status
The San Francisco Bay Area remains one of the hottest multifamily markets in the country, with employment in the technology sector serving as a boon for the city’s overall economic climate.
TODAY’S DEALS: Berkeley Point Arranges $28.179M Construction Loan for TDK
Berkeley Point Capital LLC recently facilitated a $28.2M Federal Housing Administration (FHA) insured loan at an interest rate of 2.89 percent; and Alliant Capital closes on a $2.4M acquisition loan.
Vitus Group Plans Renovation on Six Affordable Communities
Vitus Group, an affordable housing development company, announced that it plans to renovate six apartment communities across four counties in Washington.
SoCal Apartments and Marina Trade for $43.9M
Archstone recently bought Bay Club Apartments and Marina for $43.9 million from Decron Properties Corp. Located in Marina Del Rey, Calif., the Bay Club includes 205 residential units, 207 boat slips and 11 end ties.
Ground Broken on New Workforce Housing in Brea, Calif.
Construction is underway on Birch Hills Apartment Homes, the newest workforce housing community to come to Brea, Calif.
Mercy Housing Northwest Develops a 52-Unit Affordable Housing Community in Seattle
Mercy Housing Northwest has developed affordable housing in Seattle for the first time with the Columbia City Station Apartments, a 52-unit transit-oriented development.
TownCentre in Brentwood Changes Hands for $19M
Ridge Capital Investors LLC has acquired TownCentre Commons Apartments, a 137-unit apartment property in Brentwood for about $19.6 million.
Sunroad Begins Two San Diego Apartment Communities
Sunroad Enterprises has broken ground on two new apartment buildings in San Diego, the Sunroad Centrum Apartment Buildings at Lightwave Avenue and Spectrum Center Boulevard.
Lancaster, Calif., Portfolio Acquired by MG Properties Group
A four-property, 1,190-unit Lancaster, Calif., apartment portfolio has been acquired by San Diego-based MG Properties Group (MGPG) for a sale price of $91.75 million, with MGPG representing itself in the transaction.
New Workforce Apartments Planned for Half-acre Seattle Site
A half-acre site at 12th Ave. and East Yesler Way in Seattle is to be home to a new 120-unit multifamily community featuring workforce apartments.