Bascom Arizona Ventures LLC has acquired the Tempo at McClintock Station Apartments.

Tempo is a mid-rise multifamily property consisting of 423 residential units in Tempe, Arizona. The price was $89.2 million, or $210, 377 per unit. The seller was P7 McClintock Station Owner LLC.

Oaktree Real Estate Finance II, LLC provided debt financing, which was arranged by Brian Eisendrath, Brandon Smith and Annie Rice of CBRE for the acquisition. Stephen Peters of Melody West advised the buyer and seller in the transaction.

Tempo at McClintock Station is a Class A multifamily property situated in the booming North Tempe submarket. The property offers one, two and three-bedroom apartments that feature exclusive community and state of the art amenities.

The new ownership plans to invest in capital improvements, including upgraded finishes to the leasing office, clubhouse, pool and other common areas, as well as unit interiors.

"Tempo provides an exceptional, high quality, low-risk, off-market investment opportunity in the ever-growing Tempe area," says Mark Brotherton, portfolio manager of Bascom Arizona Ventures. "Tempo offers a new build, soon to be stabilized, core asset, with tremendous upside through mark-to-market rental rates, loss-to-lease burn off, and the elimination of lease-up concessions."

FCP and Fairfield Properties have made a $100 million preferred equity investment to acquire a seven-property, garden-style multifamily portfolio containing 1,496 units located in Nassau and Suffolk Counties in New York.

Fairfield Properties Corporately Owned HQ Building in Melville, N.Y.

The portfolio includes the communities of Westwood Village, Heritage Square, Cambridge Village, Yorkshire Village, Southern Meadows, Lake Grove and Mid-Island Apartments. Freddie Mac and Citibank provided senior loans for the acquisition.

David Webb, Maxi Leachman and Brynn Wendel with CBRE Mid-Atlantic Debt and Structured Finance Team advised the buyers on the senior debt and preferred equity placement. The CBRE team of Jeffrey Dunne, Gene Pride, Eric Apfel, and Alexander Virtue of CBRE Capital Advisors, represented the owner of the portfolio.

"This investment continues FCP's strategic initiative to expand its structured investment business by providing preferred equity on existing multifamily assets," said E.J. Corwin, senior vice president of FCP.

Mill Creek Residential broke ground on the Modera Founders Row, a mixed-use lifestyle center that will feature luxury apartment homes and 90,000 square feet of retail space in metropolitan Washington, D.C. The apartments at Founders Row will consist of studio, 1- and 2-bedroom apartment homes with an average size of 940 square feet.

Mill Creek Residential has announced that Studio Movie Grill and City Works Eatery & Pour House will be among the retail components of Founders Row, which will occupy approximately 4.5 acres at the intersection of West Broad Street and North West Street. Modera Founders Row will serve as the market-rate apartment community portion of the development and will include 322 apartment homes. An additional community featuring 72 apartment homes will be dedicated to age-restricted living for individuals 55 years and older.

A formal groundbreaking ceremony is scheduled for Monday, March 4, 2019. First homes and initial retail at the destination community are projected to open in summer 2021.

"We're thrilled to break ground on Founders Row, which will offer a wholly unique experience to the City of Falls Church when complete," said Joe Muffler, managing director of development for Mill Creek Residential. "The combination of vibrant retailers, luxury apartment homes and a prime location will create a true destination community."

As the anchor of the retail space, Studio Movie Grill features eight movie screens, custom luxury recliners, laser projectors, studio-extreme large format auditoriums and Q-SYS sound systems for the ultimate blockbuster experience. The theater will occupy 32,000 square feet of retail space. City Works, which features more than 90 beers on tap and an enthusiastic upscale sports bar atmosphere, will occupy 7,500 square feet of the retail space.

"We're excited for the addition of these retailers, each of which represents the type of high-energy establishment that will provide enormous appeal to residents and visitors alike," said Sean Caldwell, executive managing director of the Mid-Atlantic and Northeast for Mill Creek Residential. "Studio Movie Grill provides an entirely unique cinematic experience and the active vibe of City Works will undoubtedly complement the atmosphere we're aiming to cultivate at Founders Row."

Founders Row, which is being developed in conjunction with CrossHarbor Capital Partners, Lighthouse Real Estate Investments, and PNC Financial Services, is located in Falls Church, Va., which sits roughly 10 miles west of Washington, D.C. The city features a thriving school system and an active arts and culture sector, including the Falls Church Farmers Market.

Apartment interiors will feature wood plank-style flooring, nine-foot ceilings, moveable kitchen islands, stainless steel Energy Star appliances, quartz countertops, extra-large capacity stacked washers and dryers, built-in storage and shelves, and USB ports. Select homes will have balconies and upgraded finishes, including wine refrigerators, towel warmers, and backlit bathroom mirrors. Residents will also have access to additional storage and bike lockers.

"Founders Row will be an exciting addition to our community," Falls Church Mayor David Tartersaid. "Having a movie theater that most of the City of Falls Church can walk to will further our commitment to make the city a vibrant, walkable destination for residents and visitors from Fairfax, Arlington and beyond."

Red Stone Equity Partners, a privately-owned real estate finance and investment company specializing in multifamily residential funds and financings, completed the closing of Red Stone Equity--2018 CA Regional Fund, L.P. , a $74-million multi-investor Low Income Housing Tax Credit investment fund.  The CA Fund is the first California-specific Red Stone Equity multi-investor fund offering and includes investments from eight institutional investors.

The CA Fund's proceeds will be used, along with other project-level financing sources, to finance the construction or rehabilitation of seven affordable housing properties in suburban, urban and rural areas of California. The properties—located within the cities of Antioch, Goshen, Oakland, Redding, San Diego, San Luis Obispo and Stockton—will provide 517 high quality affordable homes to low income households throughout California.

"This is the first fund that Red Stone Equity has raised to focus exclusively on the construction or rehabilitation of affordable housing in the state of California," said Matt Grosz, a director in Red Stone Equity's Acquisitions Group. "

With $4.5 billion of tax equity raised and under management, Red Stone Equity has now invested nearly $500 million in California alone since the firm's 2007 inception.  These funds having been used to finance the construction or rehabilitation of more than 3,400 units of affordable housing across 43 properties throughout the state.

"Too many Californians with limited incomes continue to be left behind as they struggle to pay for shelter, food, medical care and other basic necessities,” said Ryan P. Sfreddo, Red Stone's managing director of investor relations.