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• Lennar Spends Over $9 Mil for a Nice Piece of Ash
4/15/04
An entity of real estate giant Lennar Corp recently nabbed all but a 10k sf corner chunk of a full block in downtown San Diego. The site, which is bounded by West Beech, Ash St, Pacific Hwy and California St, is 60k sf in siz...
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• April 14, 2004 - Financing Notes
4/14/04
Walnut Creek-based Inland Mortgage Corporation of Illinois provided first mortgage for the purchase and renovation of a pair of two SoCal apartment properties. The first transaction was a $4.78 mil loan to Landmark Equity Par...
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• Malcolm in the Middle of Folsom Development Site
4/13/04
Here's a quick update on a couple of exciting new residential towers that are planned for San Francisco. One of the projects is a 21-story development proposed for 631 Folsom St, between 2nd and 3rd Streets. Malcolm Propertie...
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• Multifamily Notes
4/12/04
LA MESA (San Diego County) – Saranac Apartments, a 68-unit complex in La Mesa, sold for $6.31 mil ($92.8k/unit). Located at 7080-7138 Saranac St, the complex is made up of two properties, once of which was constructed in 1970...
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• StarPoint Locks Up Latest Acquisition with Le Club
4/09/04
StarPoint Properties, an LA-based real estate acquisition and development firm, recently closed on a large multifamily purchase in Ventura County, having purchased Le Club, a 370-unit complex in the city of Moorpark. Built in...
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• Investor Spends $16 Mil Shopping at Pavilions
4/08/04
A private investor from Yuba City paid $16.2 mil for the Pavilions at Tyson Lane, an 84-unit ($192.9k/unit) apartment complex at 38740 Tyson Lane, south of Peralta Blvd in Fremont. Built in 1992, the property contains a total...
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• San Marcos Apartment Property Fetches $36 Mil
4/07/04
Here's a large multifamily sales comp from San Diego County, as a Rancho Santa Fe investor acquired the 264-unit Mission Park apartment complex in San Marcos for $36 mil ($136.4k/unit). Located at 201-230 Woodland Pkwy, north...
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• Anaheim Renters Relax with more Brandywine
4/05/04
Brandywine Development, a SoCal-based real estate investment firm, paid $15.35 mil for The Cottages, a 128-unit ($119.9k/unit) Anaheim apartment complex. Located on over 10 acres at 425 North Magnolia Ave, between Lincoln and...
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• SoCal Apartment Rents Expected to Jump Over Next Two Years
4/03/04
Southern California's strong economy, continued immigration and a shortage of new units will drive up the region's apartment rents an average 6 to 8 percent over the next two years, according to the Casden Real Estate Economi...
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• Developers Move Forward with Creative Multifamily Infill Projects in LA
4/01/04
Infill multifamily development is one of the hottest segments of the real estate industry right now, especially in Southern California, where there continues to be a shortage of housing units in the most populous parts of the...
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• California Multifamily Sales
3/30/04
FULLERTON (Orange County) –HC Basque Manor LLC, a joint venture between Cypress Equity Investments and Hanover Financial Company, purchased Basque Manor Apartments, an 88-unit property in Fullerton. The complex contains one- ...
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• Archstone Docks $87 Mil for Marina del Rey Apartment Property
3/29/04
Archstone-Smith (NYSE:ASN), the Colorado-based apartment REIT, closed on a major acquisition on LA's Westside, having paid $87 mil for Kingswood Village Marina, a 623-unit ($139.6k/unit) complex in the upscale community of Ma...
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• Buchanan Rolls Dice in Las Vegas
3/24/04
A 200-unit Las Vegas multifamily property called The Palms Apartments was purchased for $8.2 mil ($41k/unit) by a joint venture made up of Buchanan Street Partners and a Sacramento owner of multi-family properties. The acquis...
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• Multifamily News Briefs
3/23/04
MENDOTA (Fresno County) – Central Development paid $1.3 mil for Hacienda Gardens, which consists of 62 finished lots located just off I-5 in the town of Mendota. Darrell Souza of Sperry Van Ness represented the seller, Woodla...
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• March 22, 2004 - $20 Mil Hob Nob on Top of Nob Hill
3/22/04
A San Francisco investment entity acquired a 72-unit apartment property at the top of Nob Hill. Located at 1221 Jones St, a couple of blocks north of California St, the complex sold for $20.5 mil, or about $285k/unit. Origina...
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• Apartment Sales and Condo Permits Reach 10-Year Highs in San Diego County
3/22/04
The multifamily market in San Diego County continued to be hot in 2003, with apartment sales activity reaching its second highest level since 1989, and the number of permits for new condominium permits reaching its highest le...
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• Financing Notes
3/19/04
The Crescent, a $48 mil mixed-use project currently under construction in Beverly Hills' “Golden Triangle” area has received mezzanine financing of $6.75 mil, placed by Sonnenblick-Eichner Company, which is co-termed with a c...
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• Pacific Palisades Multifamily Complex Fetches $500k/Unit
3/18/04
EL CAJON (San Diego County) – United Development Group paid $1.9 mil for a 19-unit ($100k/unit) apartment property at 1165 Decker St in El Cajon. Originally built in 1985, the 14.5k sf complex consists of three buildings that...
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• SoCal Multifamily Briefs
3/16/04
SAN CLEMENTE (Orange County) – A pair of Rolling Hills private investors paid $1.57 mil for the Avenida Granada Apartments, a six-unit complex at 223 and 225 Avenida Granada in San Clemente. The sellers were Thomas and Gabrie...
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• Global Bank Regulations can Impact Local Real Estate Lending
3/16/04
William Ktsanes
Director of Research and Analysis, RealFacts
One of the most important factors impacting lenders' ability to provide mortgages is the amount of money they are required to set aside in capital reserves. Histor...
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