SAN DIEGO, CA – Walker & Dunlop announced that it completed the sale of EV Lofts, a 208-unit Class A apartment community in Downtown San Diego, California’s trendy East Village neighborhood.
Walker & Dunlop’s Hunter Combs, Blake Rogers, Javier Rivera, and Alexandra Caniglia represented the seller, Greystar Real Estate Partners, in the disposition to the buyer, Griffis Residential. Mr. Combs commented, “This was a rare opportunity to buy a Class A institutional asset in one of San Diego’s best neighborhoods, East Village. In addition to an extremely high level of interest in the opportunity, investors were bullish on Downtown and forecasting major tailwinds due to the explosion of new office in the pipeline, including IQHQ, The Campus at Horton Plaza and Kilroy Small Italy, just to name a few.”
Built in 2015 by nationally recognized developer Oliver McMillan, EV Lofts is a mid-rise community featuring best-in-class design and finishes. The property features luxury amenities, including a rooftop deck, resident lounge, fitness center, dog park, and is powered by the Alfred resident tech platform. Surrounded predominately by high-rise apartment buildings with rents approximately 30% higher, EV Lofts offers an attainable rental housing option that appeals to a larger demographic.
Situated just three blocks from Petco Park and at the nexus of the Gaslamp and East Village Districts, EV Lofts offers residents an ideal mix of walkable retail, Michelin-recognized restaurants, and entertainment amenities. The transit-oriented property also features immediate access to the major employment hubs of San Diego including Westfield UTC, La Jolla, Sorrento Valley, Kearny Mesa, and Mission Valley.

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SPRING, TX – Civitas Capital Group, a Dallas-based alternative investment manager offering niche opportunities in U.S. real estate, has bought Cathedral Lakes, a 300-unit, Class “A” apartment complex in the highly attractive Greater Houston Texas market.
“This was our second multifamily acquisition in recent weeks, and we expect more execution of this core strategy for Civitas in 2022,” says Rootvik Patel, Investments Director for Civitas, who led the transaction along with colleague Chandler Kyser. “It’s yet another recent build, garden-style property with high-quality new construction in a quick-growing market.”
The property sits adjacent to the master-plotted City Place development, is next to the affluent suburb The Woodlands, and is approximately 30 minutes north of downtown Houston. The surrounding community of Spring, Texas, features gorgeous parks, nightlife, high-end shops, restaurants, and the quaint city center of Ancient Town Spring.
The Houston MSA, home to 7.1 million residents, has experienced a population boom since 2010, adding more than 1.1 million people. This has drawn highly skilled labor and increased median household income to more than $100,000 (44% higher than the national MSA average) within a 5-mile radius of the property. Nearby headquarters include HP, Southwestern Energy, and Exxon Mobile.

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AUSTIN, TX – The Federal Home Loan Bank of Dallas (FHLB Dallas) and Wells Fargo awarded $1.5 million via two Affordable Housing Program (AHP) subsidies for affordable rental developments in the works in Austin, Texas.
Foundation Communities provides affordable, attractive homes and free onsite support services for thousands of families with children, as well as veterans, seniors and individuals with disabilities. The nonprofit owns and operates 23 communities in Austin and North Texas.
Foundation Communities was awarded one $750,000 AHP subsidy to offset construction costs at the $27.5 million, 88-unit Laurel Creek affordable housing apartment development in North Austin, whose construction is nearly complete. It will use the second award of $750,000 for development costs for Parker Apartments, which is in the early development stages in South Austin, according to Walter Moreau, executive director at Foundation Communities.
With rising development and construction costs, these awards will help us deepen our ability to serve extremely low-income families and individuals without taking on more debt or charging higher rents, he said. We are grateful to Wells Fargo and FHLB Dallas for the support.
Theresa Alvarez, Wells Fargo senior vice president of Social Impact & Sustainability for Central Texas, said Foundation Communities is known for its innovative approach to providing well-rounded case management at its properties that typically include a learning center, after-school care, tutoring and food pantries.
In addition to providing affordable and attractive housing, Foundation Communities helps its residents achieve educational success, financial stability and healthier lifestyles with its onsite supportive services, Ms. Alvarez said. We are pleased to support them on these two developments and look forward to hearing about their future successes.
AHP funds are intended to help FHLB Dallas members in financing the buy, construction and/or rehabilitation of owner-occupied, rental or transitional housing and housing for homeless individuals. The funds must be used to benefit households with incomes at or below 80 percent of the median income for the area.
In 2021, FHLB Dallas awarded $18.5 million in subsidies to 26 affordable housing projects. The subsidies will help make 2,113 new or rehabilitated housing units, including nearly $7.5 million for 986 units in Texas.
Between 1990 and 2021, FHLB Dallas has awarded $344.6 million in AHP and Homeownership Set-Aside Programs and has helped nearly 60,000 households.
Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas, said the AHP provides a way for its members to support vulnerable populations, such as the homeless.
With a part of these apartments going toward housing previously homeless families, Wells Fargo is supporting the Foundation Communities work to help extremely low-income families with children recover from homelessness, Mr. Hettrick said. We are pleased to join them in this worthy cause.

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