The 71-unit development will house individuals and two-person households earning between 30% and 70% of the area median income.

The firm plans to demolish an existing condo building in the metro’s Edgewater neighborhood to make way for a new luxury development.

Rincon Partners' sale of the 171-unit asset in the North Central Phoenix submarket is only the latest in a metro-wide investment boom.

Sack Properties acquired the 195-unit Seattle asset in an off-market transaction.

The developer received a $58.4 million construction loan and a $55.6 million refinancing through HUD programs.

While much better known for its roaring industrial market, San Bernardino and Riverside counties' multifamily sector has come into its own.

The company plans to deliver the 300-unit community in 2023.