TruAmerica Multifamily has started construction on its first ground-up development: River Walk Townhomes. The project is a 154-unit residential community in Santa Clarita.
Located at 18300 Soledad Canyon Road, the development will have 144 two-story, three-bedroom townhouses. It will also include 10 affordable apartments and about 8,500 square feet of retail space. The city is the fastest-growing in Los Angeles County over the past two decades, according to a Los Angeles Times analysis of census data.
Development Timeline and Scope
TruAmerica anticipates the first units will be ready in the spring of 2028. The entire project is expected to be completed by the following fall.
Industry Activity and Transactions
Elsewhere in the region, Colliers in San Diego has hired Greg Lewis, Andy Irwin, and Ryan Spradling. The three previously worked at JLL and specialize in industrial leasing and capital markets. Their recruitment strengthens the firm’s local capabilities. The team has experience advising industrial occupiers, owners, developers and investors on leasing and capital markets strategies throughout the region.
JLL Capital Markets handled the sale and financing of Atria Newport Beach. The 168-unit senior housing community was sold to Artemis Real Estate for $89 million, as reported by Commercial Observer. The property was sold by Ventas. Atria will continue to operate the community under its Atria Signature Collection brand.
CBRE facilitated a $26.5 million transaction for a 72,000-square-foot industrial facility located at 5965 and 5975 Santa Fe St. in the Rose Canyon area of San Diego. The property, acquired vacant in 2025, underwent extensive renovations including new roofs, skylights, LED lighting, HVAC, and electrical and plumbing systems. It was fully leased to marine robotics company Seasats and software development company Applied Intuition within three months.
Marcus & Millichap announced the sale of a 37K SF net-leased property occupied by Montbleau & Associates at 555 Raven St. in San Diego. The property sold for $10.2M. Robert Narchi, Jason Fefer and Tyler Bindi in Marcus & Millichap’s Los Angeles office represented the buyer, an undisclosed private investor completing a 1031 exchange. The seller was a Chicago-based institutional net-leased fund.
Looking ahead, Harrison Street Asset Management and Harbert Management Corp. have formed a joint venture. They plan to develop two senior housing communities, one in Pasadena with 80 units. PNC Bank is providing construction financing for the Pasadena project. Marcus & Millichap announced the sale and financing of 884 and 939 Palm Ave., two multifamily properties totaling 72 units in West Hollywood. The assets traded for $29.9M, or $414K per unit. IPA Capital Markets’ Jake Vitta, Brian Eisendrath and Cameron Chalfant arranged acquisition financing on behalf of the buyer.
Life sciences firm Alloy Properties announced that Biora Therapeutics has signed a nearly 20K SF lease at Elements, a 290K SF life sciences campus at 10201 to 10241 Wateridge Circle in San Diego’s Sorrento Mesa submarket. The transaction is the third lease completed at Elements in the past six months, totaling just over 53K SF leased. With these developments, the region’s commercial real estate market continues to evolve, and more projects are expected to be announced in the coming months.
