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• Koreatown Complex Fetches $125k/Unit
1/10/05
Westmoreland Gardens Apartments, a 37-unit property located in the heart of Los Angeles' Koreatown district, traded hands at a price of $4.62 mil or about $124.9k/unit. The buyer was a local investor doing business as Wilshir...
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• Multifamily Briefs
1/07/05
SAN DIEGO (San Diego County) -- A Miami, FL entity has paid $131.25 mil for the La Cima apartment complex, a 514-unit ($255.4k/unit) property at 7405-7597 Charmant Dr, south of La Jolla Village Dr and just east of I-5 in the ...
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• Hanover and Kennedy Wilson Enjoys Nice Somerset in Montebello
1/06/05
A joint venture of Hanover Financial Company's Hanover/Babson Equity Investors Fund and Kennedy Wilson International paid $31.75 mil for Somerset on Garfield, a 256-unit ($124k/unit) apartment complex in the city of Montbello...
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• Burbank City Council Adds Collection to Downtown Redevelopment Efforts
1/05/05
LA-based Champion Development will develop the second and final phase of the Burbank Entertainment Village, a mixed-use development situated near Magnolia and San Fernando Boulevards in the city of Burbank. Champion was given...
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• Multifamily Briefs
1/04/05
COSTA MESA (Orange County) – The 50-unit Mesa West Apartments at 790 W. Hamilton St, south of Victoria St and west of Harbor Blvd, sold for $5 mil ($100k/unit). Raj Dewan of Marcus & Millichap represented the unnamed buyer an...
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• 177-Unit El Monte Apartment Complex Sells for $18.7 Mil
12/29/04
A partnership of San Marino-Calif.-based Bantry Holdings LLC and Guggenheim Real Estate PLUS fund acquired Arden Way apartments, a 177-unit complex in El Monte, for $18.65 mil ($105.4k/unit). This is the fourth asset the two...
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• Bascom Sinks Rimshot in Barstow
12/28/04
The Bascom Group purchased a Barstow apartment complex, having paid $7.6 mil for the Rimrock Village Apartments, a 138-unit ($55.2k/unit) property at 1801 East Rimrock Rd. The seller of the property was Rimrock Village, a Cal...
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• Bascom Entity Picks Up 461-Unit Phoenix Complex
12/23/04
Bascom Arizona Ventures LLC, a partnership that includes Irvine-based The Bascom Group, just acquired Wyndham Park Apartments, a 461-unit apartment community in the city of Phoenix, AZ. The property, which is located at 5104 ...
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• United Dominion Acquires Pair of SoCal Apartment Properties
12/22/04
United Dominion Residential Trust picked up two more SoCal communities in a recently completed transaction with a purchase price of $85.5 mil. One of the properties was Summit at Mission Bay, a 323-unit complex in San Diego t...
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• Pacific Property Invests $37 Mil in West Covina
12/21/04
Pacific Property Company recently acquired two West Covina apartment properties in a transaction valued at $37.15 mil. The properties in the sale include Sunset Crest Apartments and Pacific Isle Apartments, with a combined 28...
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• Novato Apartment Complex Sells for $20 Mil
12/20/04
A California-based investment partnership paid $20.45 mil for the Wyndover Apartments, a 136-unit ($150.4k/unit) complex at 805 Diable Ave in Novato. The property, which was formerly named Westside Terrace, was sold by Pacifi...
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• 52-Unit Complex in San Diego's Marina Area to be Converted
12/16/04
Hammer Development is definitely bullish on condo conversions in San Diego, as the locally based firm teamed up in yet another apartment buy in the city, with plans for a conversion project slated to start in early 2005. In t...
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• San Bernardino Complex Fetches $74k/Unit
12/14/04
A Newport Beach-based partnership acquired Ascot Park Apartments, a 160-unit complex near the San Bernardino Airport at 1422 E. 9th St, in the southeast submarket of San Bernardino. The class B asset commanded a sales price o...
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• SoCal Multifamily News Update
12/13/04
WEST HOLLYWOOD (Los Angeles County) – Kemper Corp paid $6.45 mil for Doheny Courtyard, a 16-unit ($403k/unit) apartment property at 9231 – 9245-1/2 Doheny Dr. The 74-year-old complex consists of eight three-bedroom/2-1/2-bat...
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• The Venetian to be Converted to Condos
12/10/04
A California limited liability company has purchased the 368-unit Venetian apartment complex at 3945 Nobel Dr, between I-5 and Regents Rd in the University section of San Diego, for $96 mil ($260.9k/unit). The buyer, Venetian...
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• 116-Unit East San Diego Complex Trades Hands for $23 Mil
12/09/04
A 116-unit apartment complex in Rancho San Diego, called Villa Toscana, was purchased by a La Mesa-based investor for $23 mil, or about $198.3k/unit. The property, constructed in 2000, is at 1451 Brabham St, near Jamacha Rd i...
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• Multifamily Briefs
12/07/04
CONCORD (Contra Costa County) – Osmanthus Holding Company LLC, out of Fremont, paid $4.665 mil for The Californian Apartments, a 35-unit ($133.3k/unit) community at 1621 Detroit Ave. Built in 1966 and renovated in 1997, the f...
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• Bascom Scoops Up 582-Unit Valued-Added Apartment Property in Arizona
12/03/04
Bascom Arizona Ventures LLC, a recently formed joint venture between Irvine-based The Bascom Group LLC and Multifamily Advisors LLC of Scottsdale, Arizona, acquired the 582-unit Tiburon Apartments in Mesa, AZ for $18.46 mil (...
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• Buyers Take 75% of New Irvine Residential Tower Over First Week-End
12/02/04
Buyers are validating projected demand for upscale high-rise living condo living in Irvine, as 75% of the units in a new 15-story tower were sold during the project's opening weekend. Three days after hitting the market, jus...
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• Apartment Sales Activity in San Diego County at Highest Level in 15 Years
12/01/04
Apartment sales activity in San Diego County during the third quarter of 2004 reached its highest level in 15 years, per a just-released report from Burnham Real Estate Services. Burnham's research shows 373 sales during this...
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