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442-Unit Scottsdale Complex Sells for $120k/unit; Will Undergo Condo Conversion 11/28/05 A partnership of Crown Pacific Properties LLC (CPP) and AEW Partners IV LP collected $53 mil from the sale of the Sunscape Apartments, a 442-unit ($119.9k/unit) complex located at 3500 North Hayden Rd in Scottsdale, AZ. The p...
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Historic Desmond's Tower Building Truly Becomes a Legacy 11/23/05 Foster City-based Legacy Partners recently acquired The Desmond's Tower, a historic Art Deco landmark located at 5514 Wilshire Blvd on LA's “Miracle Mile area, between Fairfax and La Brea Aves. The company plans to restore th...
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New Luxury Residential Hotel Breaks Ground in West Hollywood 11/22/05 Palisades Development Group has broken ground on Palihouse West Hollywood, a new take on the luxury residential hotel concept. Opening in mid-2007, the 45k sf building on Holloway Dr will consist of 21 urban-inspired guest s...
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Multifamily Briefs 11/21/05 WASCO (Kern County) – Parkview Mobile Home Estates, an 84-space mobile home park at 1601 Poso Dr in Vallejo, was sold for $3.32 mil ($39.5k/space). The eight-acre property, which is located near the 99 Fwy, has 42 doublewide ...
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Brentwood Capital Acquires Citizen News Building in Hollywood 11/18/05 The Citizen News Building, a 43.6k sf Hollywood office building constructed back in 1931, was purchased for $8.1 mil ($180/sf) by Brentwood Capital, an investment fund led by Richard Ziman, founder and CEO of Arden Realty. Th...
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Multifamily Briefs 11/17/05 NATIONAL CITY (San Diego County) – A California-based investment entity paid $8.5 mil for the Chateau Gardens, an 84-unit ($101.2k/unit) apartment complex at 2424-2440 E. Eighth St. The two-story complex was constructed in 19...
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CA Housing Affordability Index at 15% for September 11/16/05 The percentage of households in California able to afford a median-priced home stood at 15 percent in September, a 4 percentage-point decrease compared with the same period a year ago when the Index was at 19 percent, accordi...
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Multifamily Briefs 11/15/05 NORWALK (Los Angeles County) – A 95-unit apartment property in the city of Norwalk has been listed for $12.5 mil, or about $131.6k/unit. Called the Parkwood Apartments, it is located at 14717 Pioneer Blvd. Built in 1963, Park...
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Urban West Begins Work on New Residential High-Rise Project in San Francisco 11/15/05 Urban West Associates, the San Diego-based developer who purchased the Bank of America clock tower building in 2003, is breaking ground on a two-tower residential development that, when completed in 2007, will become one of S...
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Western National's Fund I Achieves $50 Mil Goal 11/14/05 Western National Realty Advisors has completed its third and final close on its Western National Realty Advisors' Fund I, attaining its $50 mil goal. The company is an entity of Western National Group, which is headquartered ...
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Multifamily Briefs 11/11/05 TOLUCA LAKE (Los Angeles County) – A 40-unit apartment property in Toluca Lake has been listed for sale with an asking price of $10.85 mil ($271.3k/unit). The complex, called Toluca Palms Apartments, is located at 10650-10656...
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Western Pacific Gives to Charities for Condo Project 11/10/05 Western Pacific Housing Inc has purchased the American Red Cross and American Heart Association building sites, along with an adjacent parcel of land located in San Diego's Hillcrest area, in related but separate deals totali...
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Latest M&M's are No Halloween Leftovers 11/09/05 The pros at Marcus & Millichap, the national investment brokerage firm, tend to land a lot of the big multifamily listings throughout the state. In this report, we'll take a quick look at three of their more interesting listi...
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Development Venture Planning another High-Rise Condo Tower in Irvine 11/08/05 A planned OC high-rise condo tower boasts the first-ever rooftop pool in the area. The 15-story project, to be called 3000 The Plaza, is located on Jamboree Rd between Campus Dr and Dupont Dt in Irvine. The rooftop entertainm...
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Multifamily Sales Comps 11/07/05 MOUNTAIN VIEW (Santa Clara County) – The Diplomat Apartments, a 124-unit property at 1050 Crestview Dr, was acquired by Security Properties for $23.3 mil ($187.9k/unit). Security intends to renovate the complex. It was sold b...
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Penthouse Rentals at Pacific Electric Lofts has ICO Charged Up 11/04/05 ICO Development has made its new 9th Floor Penthouse Apartments at the Pacific Electric Lofts available for rent in downtown LA. The units, which are part of ICO's conversion of this historic building at the corner of 6th and...
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Life is Just Grand for Developers of New Condo Project in San Francisco's SOMA 11/03/05 A new hotel-style residential development in San Francisco's South of Market area just broke ground the other day. The development, a venture of AGI Capital Group Inc, TMG Partners and Joie de Vivre Hospitality, is called Som...
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LA Group Closes on $32 Mil Phoenix Apartment Buy 11/02/05 An investment partnership managed by Newport Beach-based WLA Investments closed on a $32 mil Phoenix apartment buy. The acquisition was of the La Palma Apartments, a 548-unit ($58.4k/unit) complex at 220 West Bell Rd. The sel...
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Investor in Nestor Spends $30 Mil on Apartment Complex 11/01/05 The Playa Blanca apartment complex, a 161-unit property in the Nestor section of San Diego, south of National City, sold for $30.3 mil ($188k/unit). It is located at 1910 and 1905-1979 Avenida del Mexico, just west of I-5 off...
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Multifamily Briefs 10/31/05 MISSION VALLEY (San Diego County) – Archstone-Smith paid $28.6 mil for the Oakwood Mission Valley Apartments, a 170-unit ($168.2k/unit) complex on about eight acres at 425 Camino Del Rio South. The property consists of 58 one...
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