West
AMCAL Receives Over $16 Million in CTCAC Funding
Agoura Hills, Calif.–The California Tax Credit Allocation Committee was awarded nearly $16.3 million to AMCAL Multi-Housing Inc., a builder of affordable and low-income housing. The funding was provided to help build three new communities across California.
MARKET SNAPSHOT: Shadow Inventory Continues to Trouble Tucson Market
Tucson, Ariz.–The majority of Tucson investment activity is likely to involve distressed assets for the balance of 2011, according to Marcus & Millichap.
When, and How, Lehman’s Holdings Could Dispose of Archstone
Englewood, Colo.–Recent reports indicate that Lehman Brothers, Barclays and Bank of America will be pushing forward on plans to either sell or list Archstone, which Lehman purchased for $22 billion in 2007.
LA’s Warner Center to Welcome Wood’s New Luxury Apartment Community
Los Angeles–Mid-August will witness the start of construction on the new $75 million Warner Park luxury apartment community, to be built on a four-plus-acre site recently acquired by Wood Partners in Warner Center, within the Woodland Hills district of Los Angeles.
Pietra Apartments in Phoenix Goes Green with New Solar Array
Phoenix–Westplan Investors and Wood Partners, owners of Pietra Apartments in Phoenix, are taking advantage of the powerful rays of sunlight that beam down on the city year-round with the recently installed 47,000-watt solar array at the 237-unit luxury multifamily property.
San Diego’s Riverwalk Apartments: A Creek Runs through It
Affirmed Housing Group has helped turn a dilapidated area along a trash-strewn creek bed in San Diego into the new 50-unit, affordable Riverwalk Apartments community.
MARKET SNAPSHOT: Value-Add Opportunities Abound in Denver
Denver–Attracted to the in-migration and job growth, Advenir recently entered the greater Denver marketplace with its acquisition of the 220-unit Briarglen Apartments in Colorado Springs.
SF Affordable Co-op Apartments Finish Major Renovation
San Francisco–The three-year renovation of the 211-unit Martin Luther King-Marcus Garvey Square Cooperative Apartments in San Francisco’s Fillmore District has been completed.
TODAY’S DEALS: CB Richard Ellis Brokers $40.5M Multi-Housing Sale to Home Properties
CB Richard Ellis completes the sale of The Commons at Haynes Farm in Shrewsbury, Mass., and NorthMarq arranges a $33.5 million mortgage on behalf of Prometheus Real Estate Group.
AMCAL to Debut First LEED Silver Affordable Housing Project
Panorama City, Calif.–AMCAL Multi-Housing Inc. is taking its commitment to a new level with the Los Angeles-area Montecito Terraces senior workforce housing project.