California

Waterford Property, Development Authority Acquire 265-Unit Apartment Building in Anaheim for $127.3M

by Amy Works October 25, 2021

ANAHEIM, CALIF. — Waterford Property Co., in partnership with California Statewide Community Development Authority (CSCDA), has purchased 1818 Platinum Triangle, a 265-unit multifamily property located at 1818 S. State College Blvd. in Anaheim’s Platinum Triangle. UDR sold the asset for $127.3 million. Upon taking ownership, Waterford and CSCDA will immediately lower rents for qualified new residents making between 60 percent and 120 percent of the area median income under CSCDA’s middle-income housing program. Joseph Smolen, Geoff Boler and Lee Redmond of Eastdil Secured represented the buyers in the deal.

October 25, 2021

California Development Industrial Western

CapRock Partners Breaks Ground on 24-Acre Saddle Ranch Industrial Complex in Norco, California

by Amy Works October 25, 2021

NORCO, CALIF. — CapRock Partners, with Premier Design + Build Group as general contractor, has broken ground on Saddle Ranch Phase II in Norco. Situated on 23.8 acres at 3166 Horseless Carriage Drive, the development will feature three buildings offering a total of 387,180 square feet. The speculative structures will feature 32-foot clear heights, 8,000 amps of power in each building, ESFR K17 @ 52 PSI fire sprinklers, three drive-in doors and 35 dock doors. Additionally, Premier will add parking to accommodate approximately 36 trailers and 309 vehicles. The project scope also includes 270,000 square feet of landscaping. Project partners include RGA, Office of Architectural Design, X Engineering and Darin Fong and Associates. Completion is slated for third-quarter 2022.

October 25, 2021

California Development Loans Multifamily Seniors Housing Western

CBRE Originates $42M Construction Financing for LGBTQ-Focused Seniors Housing Community in Palm Springs, California

by Amy Works October 22, 2021

PALM SPRINGS, CALIF. — CBRE Senior Housing has arranged $42 million in construction financing for Living Out Palm Springs, a luxury active adult community that will cater primarily to LGBTQ residents. Aron Will, Austin Sacco and Tim Root of CBRE Senior Housing arranged the financing on behalf of a joint venture between KOAR International Inc. and a group of high-net-worth investors. The financing is a non-recourse, four-year loan with full-term interest-only payments and an extension option. A national bank provided the funds. The nine-acre site is located at the northwest corner of East Tahquitz Canyon Way and North Hermosa Drive in central Palm Springs. The community will be the first of its kind, as virtually no other LGBTQ-oriented, market-rate active adult communities exist in the market today, according to CBRE. Additionally, the community was planned and will be operated with the active involvement and input of the LGBTQ community. While the community’s primary target is LGBTQ seniors living in Southern California, marketing efforts will target prospective residents from all over the United States. The community will feature 122 units. Living Out Management LLC, an affiliate of KOAR, will operate the community under a traditional management agreement.

October 22, 2021

Acquisitions California Industrial Western

Avison Young Negotiates Acquisition of 156,937 SF Gifford Business Park in San Bernardino, California

by Amy Works October 22, 2021

SAN BERNARDINO, CALIF. — Avison Young has arranged the purchase of Gifford Business Park, a multi-tenant industrial property in San Bernardino. A Southern California-based private investor acquired the asset from Phoenix-based Gifford Business Park LLC for $21.1 million. Alan Pekarcik and Chris Smith of Avison Young represented the buyer in the transaction. Built in 1989 on 11.5 acres, the seven-building property features 156,937 square feet of industrial space. At the close of escrow, the property was 95 percent occupied by 35 tenants. The asset is located at 750-760 E. Central Ave. and 765-791 S. Gifford Ave.

October 22, 2021

Acquisitions California Multifamily Western

Klingbeil Capital Buys 137-Unit Avery at TownCentre Apartments in Brentwood, California for $49.5M

by Amy Works October 21, 2021

BRENTWOOD, CALIF. — Columbus, Ohio-based Klingbeil Capital Management has purchased Avery at TownCentre, a two-story apartment community in Brentwood. ConAm sold the asset for $49.5 million. Jason Parr, Scott MacDonald, John Hansen, Michael Bissada and Sydney Ladrech of Cushman & Wakefield’s Multifamily Advisory Group in Northern California represented the seller in the deal. Comprising 13 buildings, Avery at TownCentre features 137 apartments in a mix of 56 one-bedroom units, 68 two-bedroom units, 12 three-bedroom units and one studio unit. The apartments feature stainless steel appliances, granite countertops, wood-style flooring and private patios/balconies. Some units also offer vaulted ceilings and washers/dryers. Community amenities include a pool, sundeck, fitness center, playground, on-site laundry facility and covered parking.

October 21, 2021

Zen-Diamong-Valley-Senior-Living-Apts-Hemet-CA

Acquisitions California Multifamily Seniors Housing Western

IPA Brokers $23.9M Sale of Zen Diamond Valley Senior Living Apartments in Hemet, California

by Amy Works October 21, 2021

HEMET, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Zen Diamond Valley Senior Living Apartments, a 177-unit active adult community in the Inland Empire city of Hemet. Investment Concepts acquired the property for $23.9 million. “One of the fastest-growing submarkets in Southern California, the Inland Empire is well suited to meet demands for seniors housing,” says Bill Roblero, vice president of investments in Marcus & Millichap’s Ontario office. “Supported by the area’s strong economic fundamentals and demographics, Zen Diamond Valley Senior Living Apartments is an excellent candidate for an interior and exterior renovation program that will reposition it as a seniors housing market leader.” Roblero, Alexander Garcia Jr. and Christopher Zorbas represented the undisclosed seller.

October 21, 2021

Acquisitions California Retail Western

Commercial Asset Advisors Negotiates $6M Purchase of Retail Center in San Diego County

by Amy Works October 21, 2021

JAMUL, CALIF. — Commercial Asset Advisors (CAA) has arranged the off-market acquisition of a retail center located in Jamul. Fuel Team Inc. purchased the asset from Dan Floit for $6 million. Located 12918-12930 Campo Road, a 7-Eleven gas station anchors the 18,926-square-foot property. Gino Kalasho and Mike Conger of CAA represented the buyer in the transaction.

October 21, 2021

California Development Hospitality Mixed-Use Multifamily Restaurant Retail Western

CGI+ Real Estate Strategies to Construct Mixed-Use Development on Los Angeles’ Miracle Mile

by Amy Works October 20, 2021

LOS ANGELES — CGI+ Real Estate Strategies has received full entitlements to develop a hotel, multifamily and retail mixed-use project at the intersection of Wilshire Boulevard and La Brea Avenue in Los Angeles’ Miracle Mile district. Located at 639 S. La Brea Ave., the eight-story, transit-oriented property will feature a 125-key hotel, 121 residential rental units and 13,000 square feet of street-level and rooftop restaurant space. The boutique-style hotel will offer rooms ranging in size from 320 square feet to 415 square feet, as well as two top-floor guest suites as large as 1,200 square feet. Hotel amenities will include a 3,500-square-foot event space, a layered rooftop guest deck and a swimming pool. The residential component will offer a mix of one-, two- and three-bedroom floorplans with 18 units set aside for extremely low-income households and one for a moderate-income household. Each apartment will feature hardwood floors, in-unit washers/dryers and home automation controls for security and climate, as well as one-touch access to neighborhood services. Community amenities will include a fitness center, rooftop deck with interactive lounge spaces and pool, and a bicycle storage area. Morris Adjmi is serving as architect and interior designer for the development, which is the …

October 20, 2021

Acquisitions California Loans Multifamily Seniors Housing Western

Contour Receives $31.6M in Acquisition Financing for Estancia Senior Living in Southern California

by Amy Works October 20, 2021

FALLBROOK, CALIF. — Contour has obtained $31.6 million in acquisition and mezzanine financing for Estancia Senior Living, a newly developed assisted living and memory care community located at 1735 S. Mission Road in Fallbrook. Alanna Ellis and Jeff Sause of JLL Capital Markets secured a $24 million, three-year, floating-rate bank loan and a $7.6 million, four-year, fixed-rate mezzanine loan for the borrower. Developed in summer 2021, the two-story Estancia Senior Living features 103 units and 114 beds in a mix of 79 assisted living units and 25 memory care units on a 3.4-acre site. The acquisition also includes approximately five acres of additional vacant land located adjacent to the property. On-site amenities include restaurant-style dining, two landscaped courtyards, fitness classes, a physical therapy center, daily wellness and social activities, a beauty salon, spa and hot tub, movie theater, transportation services and laundry facilities. Meridian Senior Living operates the property.

October 20, 2021

Acquisitions California Retail Western

Matthews Brokers $10.1M Sale of Rite Aid-Occupied Retail Property in Sacramento

by Amy Works October 20, 2021

SACRAMENTO, CALIF. — Matthews Real Estate Investment Services has arranged the sale of a retail building located at 4241 Marconi Ave. in Sacramento. A private individual sold the asset to an undisclosed buyer for $10.1 million. Rite Aid occupies the property. Courtney Haubach, Bill Pedersen and Chad Kurz of Matthews represented the seller and sourced the buyer for the transaction.

October 20, 2021

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