California

SummerHill Sells 333-Unit Eleanor Multifamily Community in Milpitas, California for $193M

by Amy Works August 16, 2022

MILPITAS, CALIF. — SummerHill Apartment Communities has completed the sale of Eleanor, a multifamily property in the Silicon Valley city of Milpitas. MG Properties purchased the asset for $193 million, or $579,580 per unit. Completed in 2021, Eleanor features 333 apartments in one- and two-bedroom layouts, including penthouse units. The property is a five-minute walk from the Milpitas Transit Center, which offers BART and VTA Light Rail services. Philip Saglimbeni, Stanford Jones, Salvatore Saglimbeni and Alex Tartaglia of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

August 16, 2022

California Development Industrial Western

REDA, Clarion, ECM Management Break Ground on 210,355 SF Almond Commerce Center in Fontana, California

by Amy Works August 16, 2022

FONTANA, CALIF. — A collaboration between Real Estate Development Associates (REDA), Clarion Partners and ECM Management has broken ground on I-10 Almond Commerce Center, a warehouse facility in Fontana. Premier Design + Build Group is constructing the ground-up project. The 210,355-square-foot warehouse will feature 36-foot clear heights, eight-inch reinforced concrete slab and a four-ply built-up roof system, as well as an ESFR sprinkler system and 2,000 GMP fire pump. The facility will also offer an office area with mezzanine space and parking for 101 vehicles and 32 trailers. HPA is serving as architect for the project, which is slated for completion in May 2023. Thienes Engineering and Darin Fong and Associates are providing engineering services for the property.

August 16, 2022

California Loans Multifamily Western

PSRS Arranges $22M Refinancing for Laguna Del Rey Apartments in California

by Amy Works August 15, 2022

PLAYA DEL REY, CALIF. — PSRS has arranged a $22 million cash-out refinance of Laguna Del Rey Apartments, a multifamily property in Playa del Rey. Seth Ludwick secured the non-recourse loan that features a seven-year interest-only term, which includes a six-month forward rate lock and step-down prepay after year three. The loan was financed with one of PSRS’ life insurance correspondents. Laguna Del Rey Apartments features 130 units in a variety of floor plans, common area amenities and open parking spaces.

August 15, 2022

Acquisitions California Multifamily Western

Silver Star Real Estate Buys 304-Unit Multifamily Property in Riverside, California

by Amy Works August 15, 2022

RIVERSIDE, CALIF. — CBRE has arranged the sale of Metro 3610, a value-add apartment community located at 3610 Banbury Drive in Riverside. La Palma, Calif.-based Silver Star Real Estate acquired the asset for an undisclosed price. Dean Zander and Stewart Weston of CBRE represented the undisclosed sellers in the deal. Built in 1984 on 15.2 acres, Metro 3610 features 304 apartments; two swimming pools with a spa and wading pool; tennis courts; a resident clubhouse; fitness center; and open green space with picnic areas, grilling stations and a playground. Apartments feature kitchens with a complete appliance package, air conditioning, walk-in closets and washers/dryers in two-bedroom floorplans.

August 15, 2022

Acquisitions California Retail Western

Matthews Negotiates Sale of Vacant 80,000 SF Big Box Retail Space in Cathedral City, California

by Amy Works August 15, 2022

CATHEDRAL CITY, CALIF. — Matthews Real Estate Investment Services has brokered the all-cash sale of a vacant big box retail building in Cathedral City. Andrew Gross and Lee Cordova represented the undisclosed seller in the deal. The name of the buyer and acquisition price were not released. Located at 35900 Date Palm Drive, the asset spans 80,000 square feet. The retail space sits on a 262,000-square-foot lot near an Amazon facility, gym and bank.

August 15, 2022

Acquisitions California Multifamily Western

Berkadia Negotiates $93M Sale of The Vines at Riverpark Apartment Property in Oxnard, California

by Amy Works August 12, 2022

OXNARD, CALIF. — Berkadia Institutional Solutions has arranged the sale of The Vines at Riverpark, a multifamily community in Oxnard. Champion Real Estate Co. sold the asset to Interstate Equities Corp. for $93 million, or more than $567,000 per unit, in an off-market transaction. Both the buyer and seller were based in California. Adrienne Barr of Berkadia Los Angeles and Mike Murphy of Berkadia Irvine represented the seller in the transaction. Located at 3040 N. Oxnard Blvd., The Vines at Riverpark features 164 apartments that were originally built as two-story condominiums in 2013 and 2014. The Vines offers 136 three-bedroom, two-and-one-half bath units and 28 two-bedroom, two-bath units. Units feature private, two-car direct-access parking garages, separate water heaters, central air and heat and a front porch or balcony. Additional unit features include GE Energy Star stainless steel appliances, granite countertops and backsplashes, brushed nickel hardware and plumbing fixtures, espresso-colored cabinets with stainless steel pulls throughout the kitchens and bathrooms and vinyl wood plank flooring throughout the first floor.

August 12, 2022

Acquisitions Affordable Housing California Multifamily

CBRE Brokers $48.6M Sale of Apartment Community in West Covina, California

by Amy Works August 12, 2022

WEST COVINA, CALIF. — CBRE has arranged the sale of Atrium at West Covina, a 138-unit multifamily property located at 1829-1841 E. Workman Ave. in West Covina. Langdon Park Capital acquired the asset from an affiliate of Abacus Capital Group for $48.6 million. Dean Zander and Stewart Weston of CBRE represented the seller in the transaction. Built in 1962 and 1963, Atrium at West Covina features swimming pools, a fitness center and social areas. The community offers mostly two- and three-bedroom layouts that average more than 1,000 square feet. The buyer plans to improve the units while also preserving the property’s workforce housing designation.

August 12, 2022

Acquisitions California Retail Western

Crow Holdings Sells Community Shopping Center in Chula Vista, California for $47.8M

by Amy Works August 12, 2022

CHULA VISTA, CALIF. — Crow Holdings has completed the disposition of a 60,973-square-foot portion of The Shops at Eastlake Terrace, a 363,300-square-foot retail center in Chula Vista. Gersham Properties acquired the asset for $47.8 million. Pete Bethea, Rob Ippolito and Glenn Ruby of Newmark represented the seller in the deal. The traded portion features well-located shops and freestanding buildings. Tenants at The Shops at Eastlake include Walgreens, Chase Bank, Chick-fil-A, Carl’s Jr., Starbucks Coffee, Navy Federal Credit Union, Supercuts and Rubios.

August 12, 2022

Acquisitions California Retail Western

JLL Income Property Trust Acquires Silverado Square Retail Center in Las Vegas for $24.4M

by Amy Works August 12, 2022

LAS VEGAS — JLL Income Property Trust, a REIT with approximately $6.8 billion in portfolio assets, purchased Silverado Square, a retail center in Las Vegas. An undisclosed seller sold the asset for $24.4 million. Sprouts Farmers Market anchors the 48,000-square-foot property, which includes a parcel that is fully entitled for nearly 5,000 square feet of rentable retail space. Constructed in 2018, the property has a weighted average lease term of more than eight years, including a 15-year lease signed by Sprouts in 2018 that features 10 percent rent escalations every five years. At the time of sale, the property was 98 percent leased. JLL Income Property Trust plans to build a three-tenant building on the fully entitled parcel. The new building is slated for completion later this year.

August 12, 2022

California Market Reports Multifamily Western Western Market Reports

Orange County’s Robust Demographics Keep Multifamily Assets in High Demand

by Jeff Shaw August 12, 2022

By Pat Swanson, Executive Vice President, Colliers Orange County Lack of supply remains most evident in the Orange County multifamily market, with vacancies trending near historic lows at 2.3 percent. As supply dwindles, we have seen the pressure felt by investors to ramp up and hunt for the elusive value-add opportunities in this marketplace. Many profit hunters actively seek properties with upside in rent, accessory dwelling unit (ADU) potential and inadequacies as part of the existing management. A recent example is a 12-unit, single-story Garden Grove asset on a large parcel of land that was purchased below replacement cost. The Florida-based seller operated and managed the building remotely and desired to move his assets closer to home. Due to the long-distance operations, the local buyer felt they could control the property more efficiently by adding improvements to generate higher rents, while also taking advantage of the open spaces that could accommodate additional ADU units. This was a perfect fit for both parties, and we were able to execute the deal. It shows the type of value-add complex that has become highly sought after. Like the investors who flocked to Garden Grove, similar buyers have reevaluated their wants for quality Class A …

August 12, 2022

Newer Posts

Older Posts