San Joaquin Valley

AMCAL Multi-Housing Inc., one of California's leading builders of work force housing, recently celebrated the grand opening of Cordova, an 81-unit work force housing development located in Selma. Designed by the Vincent Co., Cordova features a Spanish-style and consists of two-, three- and four-bedroom family apartments on 5.6 acres. The development will also include a barbecue and seating area in the courtyard, a swimming pool, and a 2,242-square-foot community clubhouse with a computer lab. “With the opening of Cordova, AMCAL will not only provide 81 families with an affordable home in which to live, but will also enrich the city of Selma by delivering a well-designed apartment development that will enhance the surrounding neighborhood,” says Percy Vaz, CEO of AMCAL. “We know Cordova will make a positive impact on many lives and we are excited to welcome families to their new home.” Located at 2357 Stillman St., Cordova is a short distance from a Selma Transit bus stop, Selma High School, a public library, health clinic, pharmacy and grocery market. Units at Cordova are reserved for families who earn 60% or less of the Area Median Income. Twenty-four units are dedicated to households earning 60% AMI, while 40 units are reserved for families earning 50% AMI, and eight units each are reserved for families earning 40% AMI and 30% AMI. An manager will live on-site in one unit.

Hillsboro, OR

Cole Real Estate Investments has purchased the William Barnhart Center property in Hillsboro, OR, in a joint venture with Los Angeles-based National Financial Realty Inc. for $27 million from WF Oregon Equities LLC. The center is net leased to Wells Fargo Bank NA, which has occupied the space since 1994. Cole was represented by Boyd Messmann, senior vice president of acquisitions. Michael Horwitz, Kevin Adatto, and Scott Frank of Capital Pacific represented the seller.

Denver

Security Properties Inc. has acquired a recently constructed 276-unit apartment property in Thornton, CO, called the Reserve at Thornton. This latest acquisition represents the company’s second Denver market deal in less than a year. Security Properties has acquired the general partner position and a majority of the economic interests from Trammell Crow Residential in the ownership of the Reserve at Thornton. Built in 2006 by an affiliate of Trammell Crow Residential, the property is partly financed under the federal low income housing tax credit (LIHTC) program. “We’re pleased to further expand our portfolio in the Denver market with this latest acquisition of The Reserve at Thornton property,” says John Orehek, president and CEO of Security Properties. “Our extensive expertise as an affordable housing operator, knowledge of the unique regulatory and compliance issues governing this sector, and strong balance sheet will help us deliver value to our investors and partners with this asset.” The property is well-located in a close-in suburban family community and represents the only class A rental property in the area exclusively serving the low-income renter segment. The property’s current occupancy rate stands at 97% with no concessions. Amenities include a swimming pool, fitness center, business center, playground, and spacious layouts, among other features. Security Properties tells GlobeSt.com that it cannot disclose the acquisition price at this time.

Seattle

The City of Bothell has selected a development team led by Vulcan Real Estate for its new city center campus, a signature project in Bothell’s ambitious vision for its downtown revitalization. Partners include Miller Hull and GLY Construction. The city center block serves as an inviting, pedestrian-friendly, mixed-use gathering place to catalyze further community and economic development in the downtown district known as Bothell Landing. The site is located one block north of to Bothell’s historic Main Street and just steps away from the Park at Bothell Landing. To the north is the future site of McMenamins’ Puget Sound flagship hotel and spa. “This is another great step forward in the revitalization of downtown Bothell. We have selected the ideal partner to develop a prominent gathering place in the heart of our city that will create economic opportunity and job growth for our citizens while serving as a model for sustainable development,” explains Mark Lamb, City of Bothell Mayor. “As we looked throughout the region for new opportunities to create great spaces, we were drawn to the forward-looking nature of this smart project. To be selected as the City of Bothell’s development partner on such a significant project, is an honor,” says Ada M. Healey, vice president of Real Estate at Vulcan Inc. The proposed private developments in the city center campus could be comprised of a variety of potential uses that would complement the project’s public spaces and downtown community. Private uses could include a mix of retail, commercial, and office space totaling nearly 100,000 square feet to generate pedestrian activity throughout the day. The city center campus will be anchored by a newly constructed 60,000-square-foot City Hall building including Council Chambers and public meeting rooms, as well as public plazas, public art, underground parking, and pedestrian corridors that further connect the site to the surrounding community and Main Street. The city hall will be designed to achieve LEED Gold certification and incorporate a number of innovative approaches to sustainability.