SAN CLEMENTE, CALIF. — Wood Investments Cos. has acquired a 25,000-square-foot, single-tenant retail property in San Clemente for $7 million. The 99 Store occupies the property, which is situated within Pico Plaza shopping center. “The 99 Store has been a good tenant and partner of ours in other centers, and this was another opportunity to partner with them again,” says Patrick Wood, chief executive officer and president of Wood Investments. The seller was not disclosed.
CORONA, CALIF. — Progressive Real Estate Partners has brokered the $7.2 million sale of a single-tenant retail property located in the Inland Empire city of Corona. Merit Auto Spa, a full-service car wash center, occupies the building, which is an outparcel to Corona Hills Marketplace. A California-based private investor purchased both the property and business. Victor Buendia of Progressive represented the undisclosed seller in the transaction.
ORANGE, SANTA ANA AND SAN CLEMENTE, CALIF. — CBRE has brokered the sales of three fourplex apartment buildings in Orange County for a total $5.5 million. Dan Blackwell and Amanda Fielder represented the sellers and procured the buyers in all three transactions. CBRE brokered the sale of 609 S. Cypress St. in Orange for $1.8 million. The buyer was a private investor based in Orange County. The seller was an out-of-state private investor. The property was built in 1966 and offers three two-bedroom units and one three-bedroom unit. Blackwell and Fielder also represented the seller in the $1.7 million sale of a property at 405 Nobel Ave. in Santa Ana. The fourplex was built in 1969 and offers one-, two- and three-bedroom floor plans. Amenities include an on-site laundry facility and a balcony or patio for each unit. The community was recently renovated with new stairs, railings and exterior paint. Finally, Blackwell and Fielder arranged an off-market transaction for a 1031 exchange buyer in the purchase of a property at 143 W. Canada in San Clemente. Both the buyer and seller were Orange County-based private investors. The asset traded hands for $2 million. The building rises two stories and offers …
LOS ANGELES — Kidder Mathews brokered the $3.6 million sale of a property at 4737 Kester Ave. in the Los Angeles neighborhood of Sherman Oaks. The property offers eight units across an 8,600-square-foot site. The community was built in 2014. According to Apartments.com, 4737 Kester Ave. rises three stories and is elevator-serviced. Units come in one-, two- and three-bedroom floor plans. Michael Monempour and David Saghian represented the seller, a private investor. The buyer was not disclosed.
ANNAPOLIS, MD. — District Hospitality Partners has purchased Westin Annapolis, a 225-room hotel located in historic downtown Annapolis. The property, which underwent an extensive renovation in 2020, is situated along the Chesapeake Bay near the United States Naval Academy, Navy-Marine Corps Memorial Stadium and Maryland State House. The seller and sales price were not disclosed. Westin Annapolis features 13 meeting rooms totaling 19,000 square feet, an indoor pool and a fitness center. HEI Hotels & Resorts will continue to manage the hotel on behalf of District Hospitality, which plans to make renovations to the property’s bar, restaurant and lobby. Eastdil Secured arranged an undisclosed amount of acquisition financing through Wells Fargo Bank on behalf of the buyer.
FRANKLIN, WIS. — Berkadia has brokered the $43.5 million sale of Statesman Apartments in Franklin, about 10 miles south of downtown Milwaukee. The 180-unit apartment community is located at 2950 W. Statesman Way near I-94. Built in 2019, the property features six buildings as well as underground parking, a clubhouse, fitness center and outdoor pool.Ralph DePasquale and Pete Evans of Berkadia represented the seller, Milwaukee-based Zilber Residential Group. The buyer was an affiliate of Chicago-based Banner Real Estate Group.
PHOENIX — An affiliate of Reliant Group Management has purchased Phoenix Manor, a 405-unit apartment property in Phoenix. Phoenix Manor comprises 38 buildings, a 16,750-square-foot clubhouse with a leasing center, 6,750-square-foot auditorium, 4,200-square-foot maintenance shop, two pools, two lagoons, three pavilions, a dog park, putting green and four shuffleboard courts. The property offers studio, one- and two-bedroom floor plans. Cindy Cooke, Brad Cooke, Chris Roach and Matt Roach of Colliers represented the seller, Phoenix Manor LLC.
CONCORD, CALIF. — Eden Housing acquired a two-property apartment portfolio in Concord for $37.3 million. Concord is approximately midway between San Francisco and Sacramento. Located at 1770 Adelaide St., Sunset Pines is a 69-unit community with amenities such as a pool and a clubhouse. Coral Court Apartments is located at 1491 Detroit Ave. and offers 47 units, as well as a fitness center. Keith Manson, Zachary Greenwood and Mac Watson of CBRE represented the undisclosed seller in a Naturally Occurring Affordable Housing (NOAH) transaction. Eden Housing will convert the portfolio into affordable housing. Eden Housing used $6 million in equity from the City of Concord to finance the transaction. Income restrictions for the converted communities were not disclosed.
ALBUQUERQUE, N.M. — Hanley Investment Group Real Estate Advisors has arranged the sale of a 3,331-square-foot, single-tenant retail property in Albuquerque. Raising Cane’s Chicken Fingers occupies the building on a 15-year, triple-net lease. Bill Asher, Jeff Lefko and Jeremy McChesney of Hanley represented the seller and developer, TradeCor LLC, in the transaction, in association with ParaSell Inc. Greg Swedelson and Jon-Eric Greene of SSG Realty Partners represented the buyer, an undisclosed private investor.
DALLAS — Dallas-based investment firm Elizabeth Property Group has purchased a portfolio of six affordable housing properties totaling 1,444 units in Texas. The properties are located in Houston, Dallas-Fort Worth, Beaumont, Huntsville, Bryan-College Station and Wichita Falls. Elizabeth Property Group plans to renovate the properties by addressing deferred maintenance, painting and replacing unit floors and undertaking exterior landscape upgrades. Afterschool community programs will also be offered at each property. American South Fund Management provided acquisition financing for the deal. The seller was not disclosed.