West
MARKET SNAPSHOT: With Unemployment Still High, Sacramento Sees Uptick in Vacancy
While metros across the Golden State are seeing a somewhat brighter future on the horizon, the city of Sacramento continues to lag behind in some key fundamentals.
Carmel Partners and KTGY Group Begin Construction on Sustainable Community
Carmel Partners of San Francisco has announced that it has started construction on Carmel Loft House, a mixed-use development in Sunnyvale, Calif. The community will be a sustainable, urban infill development.
Champion Buys Burbank Apartments for $15.6M
Champion Real Estate Cos. has acquired Villa 600, a 62-unit apartment building at 600 E. Olive Ave. in Burbank for nearly $15.6 million. The asset was built by architect August Bacchetta in 1973 and was owned by the original builder’s family until the recent sale.
Anaheim Luxury Apartment Community Opens for Leasing
Vivere Apartments, a 92-unit apartment community in Anaheim, Calif., has opened for preview leasing.
TODAY’S DEALS: Mckinley Completes Third Ann Arbor Apartment Acquisition for 2012
McKinley purchases 120-unit community in Ann Arbor, Mich., and now owns more than 5,400 units in the region; and Johnson Capital arranges sub-4 percent, $14 million, refinance loans from bank that beat agency terms.
Advenir Acquires $49.1M Denver Community
Advenir, a multifamily real estate investment company, has acquired a 420-unit community in Denver for $49.1 million. The seller was Carmel Partners, who purchased and renovated the property in 2005.
Raymond James Tax Credit Funds Continues West Coast Expansion with New Office in Portland, Ore
Raymond James Tax Credit Funds (RJTCF), a national syndicator of affordable housing, announced the opening of a new office in Portland, Ore., with the hiring of Dan Wendle as vice president, director of acquisitions.
Partnership to Develop High-Rise in Portland’s Pearl District
Wood Partners, a national developer specializing in multifamily properties, and the locally based Hoyt Street Properties have inked a deal to develop a 250-unit high-rise tower in downtown Portland’s Pearl District.
Stratford Partners Acquires Award-Winning Colo. Community
Stratford Partners Real Estate, a Del Mar, Calif.-based private investment company, recently acquired an award-winning multifamily community in Lafayette, Colo., for $36.1 million.
Western National Buys Corona Apartments for $42M
Western National Realty Advisors, an affiliate of Western National Group, has acquired Parcwood Apartments, a 312-unit apartment complex in Corona in Riverside County, near the border with Orange County. The company paid $42.2 million for the property.