GLENDALE, AZ – Storm Properties announced the acquisition of The Arches Apartments, a 200-unit Class-B property garden-style community in the south Glendale submarket of Phoenix, which continues to experience unprecedented job growth and major economic development.
We are excited to add The Arches Apartments to our growing portfolio and we remain bullish on the Phoenix-area market due to the underlying fundamentals, said Jay Ahluwalia, Storm Properties president. Storm is actively seeking to expand our presence here and looks to buy several additional multi-family communities in the metro area in 2023.
Completed in 1985, the complex is comprised of one- and two-bedroom floorplans that include full-sized washers/dryers, walk-in closets, and patios. Community amenities include two swimming pools, picnic and courtyard BBQ area, fitness center, and covered parking. Residents delight in convenient access to numerous retail, employment, and entertainment venues across the West Valley.
We want to thank Trevor Koskovich and his team at Northmarq for representing both buyer and seller in this transaction, said Alan Kwan, senior director of acquisitions at Storm Properties. We would also like to thank Brandon Harrington and his team, also at Northmarq, for facilitating the Fannie Mae loan in just 24 days.
Storm Properties has bought over $100 million in Phoenix multifamily and is currently in the process of managing the value-add improvements to significantly improve operations and increase net operating income. It is also an active acquirer, developer, owner and manager of multifamily, industrial and commercial property, with a primary focus in Southern California and Phoenix. A full-service real estate firm, Storm has successfully developed over 1.3 million square-feet of industrial and commercial buildings, and 57 infill residential communities.

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PHOENIX, AZ – San Francisco-based real estate firm Hamilton Zanze (HZ) has bought the 296-unit Springs at Deer Valley apartment community in Phoenix. The buy marks the firm’s seventh property in their current portfolio in the state of Arizona. The community will be rebranded as the Ironwood at Pleased Valley apartments.
The property was marketed by Walker & Dunlop’s investment sales team, led by Dan Woodward, David Potarf, Matt Barnett, and Jake Young.
Built in 2021, Ironwood at Pleased Valley is located at 24025 N. 23rd Ave in the desirable Deer Valley submarket, a 23-minute drive from Downtown Phoenix. The property is close to the $12 billion Taiwan Semiconductor Manufacturing Company manufacturing campus.
“We are excited to further expand our presence in Phoenix with the buy of this community,” said David Nelson, Hamilton Zanze’s chief investment officer. “The brand-new garden-style asset features institutional-quality amenities, an ideal location in the booming Deer Valley submarket, convenient proximity to the Shoppes at Norterra and Pleased Valley Towne Center, and access to the largest employers in North Phoenix, like Taiwan Semiconductors, USAA, Learn Financial, Honeywell, Cigna, Cox Communications, Mayo Clinic, and Merrill Lynch. This property is in a strong position due to its stable, high-income tenant base, proximity to internationally recognized job drives, and extremely competitive amenity and interior package. We believe Ironwood at Pleased Valley will be an asset to the local community for years to come.”
The property includes 296,518 net rentable square feet across 12 two-floor residential buildings. The units average 1,002 square feet with private balconies/patios, spacious walk-in closets, and in-unit washers and dryers. Community amenities include an outdoor barbecue area, a resort-style swimming pool, an on-site car maintenance center, a pet playground and park, a 24-hour fitness center, and attached and detached garage options.

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ALAMEDA, CA – Lincoln Avenue Capital (LAC), a mission-driven acquirer and developer of affordable housing, and the Housing Authority of the City of Alameda (AHA) announced an agreement to preserve the affordability of up to 132 units at Rica Vista Apartments for the next 55 years.
LAC’s partnership with the Housing Authority of the City of Alameda will convert the existing market-rate property to workforce housing to bolster the supply of affordable housing in the Bay Area, one of most expensive housing markets in the nation. This agreement will provide long-term access to high-quality, affordable homes for Alameda residents earning up to 80 percent of the Area Median Income (AMI), including one- and two-bedroom apartments that remain in especially high demand in the area.
The 186-unit property currently serves approximately 250 lower-income and moderate-income residents. Most recently renovated in 2020, Rica Vista includes amenities such as a swimming pool, playroom, fitness center, laundry facility, and grilling/picnic area. The acquisition of the property was financed with the National Equity Fund as well as subordinate financing from the Chan Zuckerberg Initiative via the Bay’s Future Fund.
“Lincoln Avenue Capital is proud to work with the Alameda Housing Authority to preserve and expand access to quality homes at Rica Vista for decades to come,” said LAC CEO Jeremy Bronfman. “This agreement signifies our deep commitment to ensuring long-term affordability for families and individuals in communities like Alameda where our impact is most needed.”
Before its acquisition, Rica Vista operated as a fully market-rate property. Its conversion serves as a prime example of “Naturally Occurring Affordable Housing” (NOAH) that is increasingly rare across the nation and especially in California. The new regulatory agreement will ensure 55 years of affordability at the property, offering affordable housing units in the surrounding area for the long-term.
“The mission of the Housing Authority is to provide quality affordable housing alternatives to all Alamedans,” AHA Executive Director Vanessa Cooper said. “The partnership with Lincoln Avenue Capital will allow more low- and middle-income people to live and work in the City of Alameda.”

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