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• Financing Notes
12/09/05
Mentor Properties, a Toronto, Ontario-based development firm formed by Calum DeSouza and Frank DeSouza, has acquired the 184-unit Camelback Terraces Apartments in Phoenix for $20.24 mil ($110k/unit). The Class B property, loc...
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• Pacific Property Spends $37 Mil on another Seattle Apartment Property
12/08/05
Palo Alto-based Pacific Property Company has boosted its growing Seattle-area portfolio after acquiring the 334-unit Espana complex in Bellevue for $36.86 mil ($110.4k/unit). Pacific plans to invest an additional $4 mil to re...
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• Financing Notes
12/07/05
Fremont Investment & Loan provided $109 mil in financing to Port Kihei Investments Inc for the conversion of the 425-unit Emery Bay Club Apartments in Emeryville to condominiums. The project, which was built in 1989, was map...
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• December 7, 2005 - Trio of Bay Area Apartment Properties Trade Hands
12/07/05
Here's a trio of recent Bay Area apartment sales comps, brokered by Marcus & Millichap, the national investment services firm. The deals are in the towns of Santa Clara, San Jose and Belmont.
In Santa Clara, The Redwood Grov...
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• Koll and Starwood Team Up in Beachfront Cabo Rez Project
12/06/05
A partnership of The Koll Company and Starwood Capital Group Global LLC has purchased the 22-acre oceanfront site of the landmark Hacienda Hotel in Cabo San Lucas, the popular tourist destination at the tip of Mexico's Baja p...
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• Seattle Firm Spends $64 Mil on Big Hollywood Production
12/05/05
Seattle-based Security Properties Inc has acquired Serravella, a 298-unit apartment complex located at 1710-1720 N. Fuller Ave, just north of Hollywood Blvd in Hollywood. The complex sold for $64.25 mil, or about $215.6k/unit...
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• Multifamily Briefs
12/02/05
LOS ANGELES (Los Angeles County) -- BRE Properties Inc purchased Palm Court, a 128-unit LA apartment complex, for $26.6 mil ($207.8k/unit). Built in 1987, Palm Court is located at 323-333 S. Catalina St, three blocks west of ...
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• Multifamily Briefs
11/30/05
CULVER CITY (Los Angeles County) – A 60-unit apartment complex at 3902-3920 Lenawee Ave has been listed for sale at a price of $14 mil, or about $233.3k/unit. Known as Keswick Court, the property was built in 1957 and consist...
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• Draftsmen & Craftsmen
11/29/05
Framing has reached the midway point at Hillside, the first residential building in Phase II of La Costa Glen Carlsbad, a continuing care retirement community. The new construction marks the first wave of expansion for the s...
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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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