$19M in Financing Obtained for Reserves at 700 Acquisition

Florida real estate investors Robert Blau and Adam Jacobson obtained $18.5 million in financing to acquire the 180-unit Reserves at 700 in Big Springs, TX. Hunt Real Estate Capital provided the conventional Fannie Mae five-year term loan, amortizing over 30 years, with a 36-month yield maintenance period, followed by 21 months of 1% prepay and

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Gerding Edlen Selected for OMSI Development in PDX

Portland, OR-based Gerding Edlen was selected by the Oregon Museum of Science and Industry (OMSI) to develop an 18-acre riverfront campus in Portland. The investment and development firm will work with the OMSI team to craft a long-term vision for the central east side property that is envisioned as an Innovation Quadrant. The plan for

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Historic Hogg Palace Lofts Sells to Austin Buyer

Kline Properties of Austin, TX acquired the eight-story, mixed-use Hogg Palace Lofts, located in downtown Houston. Randall Davis Co., the seller, ended its close to 25-year hold on the property with the disposition. Located at 401 Louisiana St., Hogg Palace Lofts offers 79 residential units, along with retail and office space. The building opened in

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RedHill Claims Federal Way, WA MF for $72M

The MIRO at Dash Point Apartments, a 386-unit multifamily garden-style property in Federal Way, WA, traded hands for $71.5 million. San Diego-based RedHill Realty Investors acquired the asset from San Francisco-based FPA MultiFamily. Located at 31004 19th Place SW, the property features one, two and three-bedroom floorplans with hardwood floors, dishwashers, carports, personal balconies or

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Trion Properties Launches Another Multifamily Opportunity Fund

Los Angeles-based Trion Properties launched Trion Multifamily Opportunity Fund II, LLC, its second investment fund vehicle. The fund, which will target $50 million in equity to deliver $150 million in buying power, will invest in the acquisition, improvement, and repositioning of undervalued multifamily assets in high-growth, supply-constrained markets along the West Coast. The firm plans

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Portland MXU Apartment Asset Trades Hands

The Wilmore, a five-story mixed-use apartment building that houses 75 units in Portland, OR’s North Williams neighborhood, has been sold. Built in 2016, the complex contains 50,720 square feet of residential living space and 5,760 square feet of retail. MSL Vancouver Oregon Investments acquired the property, for a reported $28 million. CBRE’s Phil Oester, Joe

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Kennedy Wilson Acquires 222-Unit MF in SLC for $49M

Beverly Hills-based Kennedy Wilson acquired Alpine Meadows, a 222-unit apartment community in the Salt Lake City region, for $49 million. The low-density, garden style, two-story walk-up apartment community is located 15 miles from downtown Salt Lake City in Sandy, UT. Kennedy Wilson invested $20 million of equity in Alpine Meadows, with a corresponding 10-year, $29 million loan at 4.28%.

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Tower 16 Lands Las Vegas MF, Plans Renovation

Carlsbad, CA-based Tower 16 Capital Partners, in a joint venture with Henley USA, acquired Evergreen Apartments, a 314-unit, multifamily project in Las Vegas for $29.5 million. The asset was sold by Encinitas, CA-based The Apartment Company. The community features studio, one and two-bedroom apartments with covered parking and private patios. It includes two pools, barbecue and

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TruAmerica Multifamily Makes Las Vegas History with $152M MF Buy

TruAmerica, in joint venture with an institutional capital partner, acquired Allanza at the Lakes, an 896-unit multifamily community in Las Vegas for $152 million. The transaction is the largest single multifamily asset deal in Nevada history. TruAmerica’s Robert E. Hart says, “We continue to fine-tune our portfolio building scale, where we have a significant presence

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CRE Veteran James R. Brooks Named President of BH Properties

Los Angeles-based BH Properties named real estate veteran James R. Brooks president of the privately held, national real estate investment firm. Brooks, who previously served seven years as president of Topa Management Company, brings more than 30 years of principal-based, C-suite level operating leadership and hands-on experience. BH Properties’ Steve Gozini says “Jim is a

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