DES MOINES, IA – WNC, a national investor in real estate and community development initiatives, announced that the transformation of six historic Fort Des Moines barracks into a 142-unit affordable housing community is complete. WNC provided $17.1 million in low-income housing tax credit (LIHTC) equity to fund the creation of Fort Des Moines Living, which is located on 13 acres of the original 640-acre fort in Des Moines, Iowa. 

“Fort Des Moines Living provides residents with completely renovated affordable housing within a silent community that includes peaceful walking paths and play areas,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. “The rich history of the community is embraced in its design, which maintains the structure of historic buildings that date back to the turn of the twentieth century, while featuring quality modern interior living areas. Fort Des Moines Living’s affordable units are available to families earning 60 percent of the area’s median income level.”

Located at 6908 Chaffee Road, Fort Des Moines Living is comprised of two- and three-tale buildings with 80 one-bedroom garden units and 62 two-bedroom garden units. Community amenities include in-unit washers and dryers, onsite parking, keycard security, onsite property management, complimentary YMCA memberships, central air, hardwood flooring and grand ceiling heights.

Fort Des Moines dates back to the 1800s, and its Provisional Army Officer Training School building is a national landmark. The barracks buildings that were transformed into Fort Des Moines Living were constructed between 1903 to 1910. Fort Des Moines was home to the Provisional Army Officer Training School, where black Americans were trained to be officers for the U.S. Army during World War I, and where women first started training for U.S. Army service in 1942 as part of the Women’s Army Corps.

Blackbird Investments, a Des Moines based investment firm, received the LIHTC equity to fund the project. Hugh O’Hagan and Russ Frazier served as project developers. The renovation took approximately 10 months to complete.

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PLAYA VISTA, CA – Whoever said that nobody walks in L.A. hasn’t been to Playa Vista. Here, just over a mile from the beach, SoCal’s up-and-comers live, work, play and — yes, even walk — in the heart of Silicon Beach, in a community designed to be the region’s Next Fantastic Place.

Featured on CNN International for its innovative design and as a dynamic new hub for tech companies, including Google, YouTube, IMAX, and Yahoo!, Playa Vista is located on property once occupied by Howard Hughes’ aircraft plant, runway and hangars — as well as Hollywood sound stages. Today, this scenic swath of land south of Marina Del Rey is a walkable mix of apartments and homes, creative offices, restaurants, shops and year-round events within an extensive network of parks and open spaces. It’s the kind of place that encourages you to get out and about without getting in the car – an appealing anomaly in L.A. 

When it comes to finding a place to call “home” in Playa Vista, Villas at Playa Vista — the most luxurious apartment residences in the area — is at the top of the list. At the heart of it all, Villas at Playa Vista encompasses a distinctive trio of apartment communities – with spacious floor plans, high-end finishes and modern conveniences.

Villas at Playa Vista residents delight in unlimited access to an abundant array of amenities, including heated Jr. Olympic-sized saltwater swimming pools with cabanas, spas, state-of-the-art fitness facilities with complimentary classes, outdoor kitchens and fireplaces, fire pits, club rooms, chef demonstration kitchens, business lounges with conference rooms and private workspaces, and dog wash facilities. 

Residents at Villas at Playa Vista also benefit from the world-class amenities of Playa Vista, including 29 parks, free neighborhood/beach shuttle and restaurants, fitness studios, Whole Foods, a movie theater and a weekend Farmers’ Market.

“It’s rare in Los Angeles to find that perfect mix of urban energy with a relaxed, walkable setting that feels like a small town, and Playa Vista is just that,” said Scott Frick, Vice President, Revenue Management & Marketing, Irvine Company Apartment Communities. “At Villas at Playa Vista, we’ve made the ideal environment to live luxuriously in the heart of Playa Vista — less than two miles from the beach, with every amenity your heart could desire at your doorstep. Which is why we like to say that the experience at Villas at Playa Vista is your life, upgraded.”

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ANAHEIM HILLS, CA – The Bascom Group has bought Sleepy Hollow Apartments, a 25-unit infill apartment community located in the sought-after community of Anaheim Hills, California. The $7,540,000 acquisition ($301,600/Unit or $285.00/SF) closed on June 15, 2018. Bascom arranged the debt financing with Manufacturers Bank.

The sale was brokered by Scott Parker and Spencer Heichman of Triqor Group. James D’Argenio and Chang Liu sourced and managed the transaction for Bascom.

Built in 1964, Sleepy Hollow is a 25-unit single-tale community offering a unique, low-density living experience in a highly desirable infill location.  The unit mix consists of two and three-bedroom units averaging over 1,000 square feet. Sleepy Hollow is nestled in Anaheim Hills, adjacent to Villa Park, with single family home values ranging from $1,000,000 to $2,000,000 within one mile. Sleepy Hollow’s proximity to critical transportation thoroughfares offers convenient access to major employment and recreation centers. With original interior finishes and ample amenity space, the Property presents an exciting opportunity to reposition the asset. 

James D’Argenio, Senior Principal of Bascom, comments “We offered the seller a long escrow period to accommodate their exchange needs. It worked well because we believe acquiring 25 units, all two and three bedrooms, on two acres of land offers residents a unique rental housing option.”

Lee Nguyen, Senior Vice President of Operations for Bascom, comments “We are excited about the Sleepy Hollow acquisition due its value-add potential, low-density, and Anaheim Hills location.” 

Since 1998, Bascom and its affiliates have bought 314 multifamily properties throughout the United States, totaling 82,557 units and currently holds 18,305 units in its portfolio. Sleepy Hollow Bascom’s 171th multifamily property closed in California.  Over the past twelve months Bascom has completed over $1.0 billion in multifamily transactions throughout the United States. 

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