Construction is now complete on Novus Apartments, a $24 million, four-story, 84-unit, contemporary mixed-use community located in Portland’s Woodstock neighborhood at 4981 SE Woodstock Blvd., with the newly formed CloudTen Residential taking over all lease-up and management activities. With the addition of Novus, CloudTen now manages over 30 properties throughout Oregon and Washington.  Lydia Stiles, CloudTen’s regional asset director for the Pacific Northwest, said Novus is a core addition to CloudTen’s expanding portfolio, filling an increasing need for quality urban-style apartments in the region. With a sleek, modern design by architect Kyle Rodrigues of Scott Edwards Architecture, apartments range from 443-square-foot studios to 1,272-square-foot three-bedroom homes, all with stainless steel appliances, quartz countertops, pendant lighting, vinyl plank flooring and oversized windows. The community also features 16 expandable technology-powered Ori Studio homes, a cost-effective housing solution, which at the touch of a button transforms spaces for sleep, work or entertaining. Onsite amenities include a spacious resident lounge, a coffee bar and courtyard with firepit and grills. The community also has 1,972 square feet of commercial space, with recent move-ins including a Filipino bakery, Shop Halo Halo and Daphne’s Botanicals. The project was developed by Portland-based Urban Asset Advisors and constructed by LMC Construction. According to Dennis Mitchell, vice president of strategy for CloudTen Residential – recently launched as a technology-centric, more nimble multifamily management firm – the company has a rapidly growing presence throughout the Pacific Northwest. “The region has a robust multifamily market, and we look forward to further expanding our portfolio here. Our clients have been thrilled by our boutique-style, hands-on approach paired with the best technology our sector has to offer.” Other Portland area multifamily properties recently added to the CloudTen portfolio include Parallax, a 66-unit, five-story glass, steel, brick and metal mixed-use development and Ninebark, comprised of 246 beautiful sustainability minded apartment homes developed by Killian Pacific. With these newest additions to its portfolio, CloudTen now has 60 properties totaling over 7,000 units throughout Arizona, Nevada, Oregon and Washington. About CloudTen Residential Focused on delivering a positive experience to residents, team members and clients, CloudTen is a residential brand headquartered in Nevada that manages and operates multifamily properties throughout the West. Offering renters, a full gamut of services, amenities and living options, the firm’s diverse portfolio of properties ranges from hotel-to-residential conversions to high-rise lease-ups to value-add properties. For more information, visit https://livecloudten.com .

IPA Capital Markets, a division of Marcus & Millichap, specializing in capital markets services for major private and institutional clients, has arranged $60.92 million in acquisition financing for three multifamily assets, one in Phoenix and two in Glendale, Arizona. Brian Eisendrath, IPA executive managing director and Cameron Chalfant, IPA senior managing director, worked on behalf of the borrower, Tides Equities to place 65 percent loan-to-value, 10-year floating-rate acquisition financing with five years of interest only. “Despite recent caution, the capital markets have demonstrated their willingness to lend, especially in strong, well-established markets like Phoenix,” said Eisendrath. “As we move further into the lending environment of 2023, we’ll take the Fed’s smaller rate hike in December as a positive sign that financing will be available for investors going forward.” Built in 1985 and 1986, the properties are: The Perry Apartments, 14 buildings, 146 units, Glendale Red Sage, 14 buildings, 156 units, Phoenix Serena Park Apartments, 10 buildings, 141 units, Glendale “This deal provided a unique opportunity to acquire three assets in familiar locations at a steep discount to market pricing, especially given the strong condition of properties that the seller had spent millions on to cure deferred maintenance,” said Ryan Andrade, co-founder and principal at Tides Equites. “Given their proximity to other properties in the Tides portfolio, the risk of executing the business plan is minimized, and we feel these three properties have a strong chance of out-performing our projections.”