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• Investor Pays $17.5 Mil for Phoenix Multifamily Asset
3/23/17
Clarendon Park, a 138-unit apartment community in Phoenix, traded hands in a recent sale worth $17.5 mil, or $127k/unit. The property, located at 222 W. Clarendon Ave, was acquired by Phoenix-based Rincon Partners LLC.
Buil...
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• Starpoint Properties Awards Porsche 911 to 2016 Contest Winner
3/22/17
StarPoint Properties has awarded commercial real estate broker Stewart Weston with a 2017 Porsche 911 for bringing the greatest off-market deal volume in 2016 to the Beverly Hills-based real estate investment firm.
The Porsc...
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• Cresta Properties Buys 44-Unit Res Asset in Beverly Hills
3/22/17
Cresta Properties has acquired The Royal Palm, a 45-unit multifamily property in Beverly Hills. The asset, subject to a 44-year ground lease, was purchased from a private seller in a recent $3.5 mil ($78k/unit) a transaction....
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• Daly City Site Acquired for Development of High-Density Housing
3/21/17
In development news out of the Bay Area, AMG Development picked up a 1.15-acre, vacant parcel located in Daly City on which they plan to construct a 206-unit, seven-story high density residential project. The site, which is l...
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• San Mateo County Mixed-Use Project Lands $145 Mil in Construction Money
3/21/17
The Bohannon Companies has obtained $145 mil in construction financing for a mixed-use project in Menlo Park. The loan, which will be secured by an eight-story, 210k sf office building, a 1,040-space parking structure and a 4...
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• Private Investor Spends $205k/Unit on Portland Apartment Property
3/21/17
A private investor has acquired Collective Portland, a 52-unit, urban multi-housing community located in southwest Portland, for $10.65 mil, or $205k/unit. The property was sold by Real Development Corporation.
Built in 1945...
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• Work Gets Started on Irvine Luxury Res Complex
3/20/17
Sanderson J. Ray Development has broken ground on The Westerly, a new Class A luxury apartment development located on the southwest corner of Main St and Jamboree Rd in Irvine. The development marks Sanderson J. Ray’s first l...
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• TMG Partners Planning to Redevelop San Francisco Medical Property into Residential Housing
3/20/17
Big plans await the California Pacific Medical Center (CPMC) Sutter Health campus site in San Francisco, as TMG Partners submitted a Preliminary Project Application and Environmental Evaluation for a proposed residential proj...
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• Beverly Hills Investor Spends Over $3 Mil on Long Beach Multifamily Asset
3/17/17
Palmdale Apartments, a 24-unit property located in the East Village Arts District of Downtown Long Beach, was acquired by a Beverly Hills-based investment entity for $3.18 mil, or $132.5k/unit. The deal closed at a 4.57% cap ...
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• Vegas Multifamily Property Sells for $113k/Unit
3/17/17
Conejo Villas Apartment Homes, a 252-unit multifamily property in Las Vegas, traded hands for $28.5 mil, or $113k/unit. The property is located at 5060 W. Hacienda Ave, just west of Decatur Blvd.
Built in 1999, Conejo Villas...
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• CA Home Sales and Prices Dip from January but Remain Well Above Prior Year
3/16/17
After starting the year on a positive note in January, California home sales and median price backpedaled a bit in February, but still showed strong gains on a yearly basis, according to the latest data from the California As...
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• Zion Enterprises and TA Partners Buy 1.37-Acre Dev Site in Downtown Los Angeles
3/16/17
Zion Enterprises and TA Partners have acquired a 1.37-acre site in downtown Los Angeles slated for multi-family development. The price was not disclosed.
The property, situated at Grand Ave and Cesar Chavez Ave, is entitled ...
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• El Cajon Hotel Purchased for Conversion to a Res Property
3/15/17
A private investor has purchased the 75-unit Ha’ Penny Inn in El Cajon for $5.63 mil, or $75k/unit. The plans to convert the 35.7k sf asset, located at 1549 E. Main St, into a multifamily property.
Peter Scepanovic and Corey...
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• Boutique Res Project in LA’s Larchmont Village Completed
3/15/17
Micropolitan, LLC has completed construction of Micropolitan at Larchmont Village, a boutique lifestyle, residential development in Los Angeles’ Larchmont Village area. The 32.7k sf, three-story structure is located at 5825 C...
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• Greystone Arranges $37 Mil in Fannie Mae Refi Money on TX res Community
3/13/17
Southlake, TX-based Integrated Real Estate Group recently obtained $37 mil in Fannie Mae DUS® refinancing on Enclave at Westport, a 339-unit, Class A multifamily community in the Dallas / Fort Worth Metroplex area. The proper...
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• Exchange Investor Spends Over $4 Mil on Anaheim Res Property
3/13/17
Olive Street Apartments, a 14-unit multifamily property in Anaheim, was purchased by a private investor for $4.19 mil, or $299k per unit. The buyer made the acquisition as part of a 1031 exchange.
The building, located at 12...
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• Walker & Dunlop Arranges $75 Mil in Freddie Mac Money on Four Res Properties
3/10/17
Walker & Dunlop Inc structured loans totaling $75.6 mil with Freddie Mac for four multifamily properties located in AZ and TX. The assets are all Class B, garden-style apartment complexes.
The portfolio’s four loans were str...
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• Continental Partners Arranges $5.3 Mil on San Francisco Office Building
3/10/17
Continental Partners has arranged $5.3 mil in bridge to mini-perm financing for a 7.5k sf, value-add office building located in the financial district of downtown San Francisco. The property will be converted into multifamily...
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• Security Properties Completes 342-Unit Multifamily Buy in Las Vegas
3/09/17
Security Properties purchased Orchard Club, a 342-unit affordable multifamily property in Las Vegas, for $27.2 mil, or $79.5k/unit. Orchard Club is a garden-style community comprised of a mixture of family and senior, income-...
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• Studio City Apartment Property Fetches $329k/Unit
3/09/17
A seven-unit multifamily property in the San Fernando Valley community of Studio City traded hands in a recent $2.3 mil ($329k/unit) deal. The property, located at 12642 Moorpark St, south of the 101 Fwy and east of Coldwater...
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