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• Lustig-Bower Team a Winning Choice for Multifamily Sales in LA Area
12/15/05
CB Richard Ellis' Team Lustig-Bower has closed in excess of $201 mil in multi-family sales in greater Los Angeles over the past six months. Of the 19 sale transactions, over $150 mil were condominium-conversion sales or devel...
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• CA Housing Affordability Remains at 15% for October
12/14/05
The percentage of households in California able to afford a median-priced home stood at 15 percent in October, a 4 percentage-point decrease compared with the same period a year ago when the Index was at 19 percent, according...
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• M&M Pros Close Trio of SoCal Apartment Sales
12/13/05
In this report we'll take a look at a trio of sizable SoCal apartment sales, ranging between $13 mil and $22 mil and brokered by Marcus & Millichap. The deals were in Azusa, Colton and Tustin.
We'll start with the largest de...
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• Legacy Partners Teams Up with the Directors Guild in West Hollywood Rez Project
12/13/05
Foster City-based Legacy Partners has entered into a long-term ground lease with the Directors Guild of America to replace an existing parking lot and develop a new $60 mil mixed-use luxury apartment rental community. The dev...
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• H.G. Fenton Leaves Its Mark on San Diego Multifamily Industry
12/12/05
H.G. Fenton Company was honored with 17 awards at the San Diego County Apartment Association's 12th annual Mark of Excellence awards program, which recognizes the “best of the best” in the local multifamily housing industry. ...
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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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