SAN FRANCISCO — On Tuesday, Dec. 1, San Francisco-based Airbnb filed an updated S-1 with the U.S. Securities and Exchange Commission ahead of its planned initial public offering (IPO) filing on Dec. 9. The home-rental platform, along with some shareholders, plans to offer 51.9 million shares at $44 to $50 in its IPO, creating a valuation of up to $35 billion, an $4 billion increase from its private valuation of $31 billion. The 13-year-old company has experienced growth since its founding with gross booking value (GBV) topping $38 billion in 2019, representing a 29 percent growth from $29.4 billion in 2018. However, during the first nine months of 2020, Airbnb was impacted by the global COVID-19 pandemic with GBV falling to $18 billion, down 39 percent year over year, and $2.5 billion in revenue, down 32 percent year over year. Through the combination of consolidating its workforce and a surge in rentals, the company has begun to see a 1 percent uptick in bookings between second- and third-quarter 2020, resulting $1.3 billion in third-quarter revenue, down 18 percent from the same period in 2019. Morgan Stanley, Goldman Sachs Group, Allen & Co., Bank of America Corp., Barclays Plc and Citigroup …
SYLMAR, CALIF. — Positive Investments Inc. has purchased Mountain View Manor, an affordable apartment building located at 12960 Dronfield Ave. in Sylmar, from 21 Alpha Group for $29.4 million. Built in 1964, the 178,000-square-foot property comprises six residential buildings offering a total of 200 apartments, two common areas and two swimming pools. The property was recently rehabilitated under the Low-Income Housing Tax Credit program. Shaya Braverman and Brendan Brown of Partners CRE, a Compass real estate brokerage, represented the buyer and seller in the deal.
SAN FRANCISCO, PALO ALTO AND LOS GATOS, CALIF. — Oxford Capital Group LLC has acquired five boutique hotels in San Francisco and Silicon Valley from Greystone Hotels for an undisclosed price. The company plans to reposition many of the assets. The properties include King George Hotel, Hotel Griffon and The Inn at Union Square in San Francisco, as well as Creekside Inn in Palo Alto and Hotel Los Gatos in Los Gatos. Dating back to 1914, the 53-room King George Hotel includes a lobby bar and 1,150 square feet of meeting space. Hotel Griffon, which opened in 1906, includes 62 rooms as well as 308 square feet of meeting space and Perry’s restaurant. The Inn at Union Square, which features 30 rooms, opened in 1980 and includes Chloe Gallery. Creekside Inn dates back to 1955. It features 136 rooms, 1,400 square feet of meeting space, CIBO restaurant, Driftwood Deli and a Metro PCS store. Opened in 2002, the 72-room Hotel Los Gatos features 2,000 square feet of meeting space, Dio Deka restaurant and a Verde Touch holistic massage center. “We have been value-oriented investors in the lodging sector for nearly 30 years,” says John Rutledge, founder, chairman and CEO of …
LOS ANGELES — Cityview, a multifamily investment management and development firm, has started construction of 5935 Pico, a mixed-use community adjacent to the Carthay Square neighborhood in Mid-City Los Angeles. Slated for completion in fourth-quarter 2022, the seven-story property will feature 123 multifamily units including 13 affordable apartments, 3,340 square feet of retail space and two levels of subterranean parking. The community will offer 27 studio, 75 one-bedroom and 21 two-bedroom floor plans, all featuring stainless steel appliances, Nest thermostats, vinyl flooring, quartz countertops and in-unit washers/dryers. Community amenities will include a rooftop pool and spa, barbecue areas, dog lawn, tables with firepits, screening projector, outdoor fitness lawn, fitness center, leasing office, club room, lobby and mail room. Cityview purchased the site, which previously housed a shopping center, from AMREAL 5935 Pico Investors LLC in January 2019. The development team includes WPIC Construction, Togawa Smith Martin, Nadia Geller Designs and Labib Funk + Associates.
ORANGE COUNTY, CALIF. — Orange County-based Raintree Partners has purchased a portfolio of five multifamily communities in Southern California from a private seller for $142 million. Totaling 551 units, the properties are located in four submarkets: Glendale, Hollywood and Canoga Park in Los Angeles County, and Camarillo in Ventura County. Raintree plans to implement a value-add renovation plan across the four Los Angeles County properties, which will include intensive upgrades to exteriors, amenity areas and unit interiors. Additionally, the firm plans to complete a light refresh at the Camarillo asset. The portfolio includes: Mountain View Apartments, a 106-unit community at 659 Las Posas Road in Camarillo Imperial Manor Remmet & Strathern Apartments, a 64-unit property located at 8101-811 Remmet Ave. and 21601-21609 Strathern St. in Canoga Park Perigee Apartments, a 200-unit asset located at 21041 Parthenia St. in Canoga Park Imperial Crest Apartments, a 44-unit complex at 1120-1124 Thompson Ave. in Glendale Canyon Drive Manor Apartments, a 137-unit community located at 1738 N. Canyon Drive in Hollywood Dean Zander, Stewart Weston and John Montakab of CBRE represented the seller in the deal. Greg Reed and Kristen Croxton of Capital One arranged financing, which Fannie Mae provided.
SANTA ANA, CALIF. — Advanced Real Estate Services has acquired a multifamily property in Santa Ana for $64 million with the buyer assuming an existing loan of approximately $37 million. Formerly called Solare, the property will be rebranded as River House. Situated next to the Santa Ana River and Riverview Golf Course, the community features 240 apartments, two swimming pools, a fitness center and a playground. Individual units offer fireplaces, balconies and central air conditioning. The property was built in 1987. Advanced plans to implement a $10 million renovation project at the property. The plans include new windows, roofs, wood siding repair, a modern paint scheme and landscaping. Additionally, the company plans to upgrade the unit interiors with new flooring, cabinets, counters, fixtures and paint. Tyler Leeson of Marcus & Millichap and Stewart Weston of CBRE brokered the transaction. The name of the seller was not released.
SAN MATEO, CALIF. — Sares Regis Group of Northern California (SRGNC) has acquired Mode, an apartment property located at 2089 Pacific Blvd. in San Mateo. Land and Houses sold the property for an undisclosed price. Totaling 108,700 square feet, the two-building community features 111 apartments, a dog run, fitness center, yoga studio, resident clubhouse with kitchen, business center, two outdoor courtyards with barbecue and picnic areas, resident storage with bicycle space, solar roofing, a leasing center and 219 parking spaces. SRGNC has received conditional approval to convert eight of the current two-bedroom units into 16 studios in conjunction with improvements to apartment interiors and common areas. The conversion will increase the total number of apartments to 119, with 12 designated as affordable, in a mix of studio, one-, two- and three-bedroom layouts. Construction on the new studio units is slated to begin during the first quarter of 2021. Philip Saglimbeni, Stanford Jones, Salvatore Saglimbeni and Alexander Tartaglia of Institutional Property Advisors represented the seller, while SRGNC was self-represented in the deal. Jesse Weber of CBRE’s Northern California Multifamily Debt & Structured Finance team arranged debt for the buyer.
CHANDLER, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Riata, a newly constructed apartment property located in Chandler. A private family trust acquired the asset for $91 million, or $303,333 per unit, as part of a 1031 exchange. San Antonio, Texas-based Embrey Partners developed and sold the property. Marty Cohan of Marcus & Millichap, in collaboration with Cliff David and Steve Gebing of IPA, represented the buyer, while CBRE represented the seller in the deal. Ryan Sarbinoff of Marcus & Millichap is the firm’s broker of record in Arizona. Completed in 2020 on nine acres, Riata features 300 units. The property is within walking distance of the Chandler Fashion Center and close to the Loop 101 and Loop 202 freeways. The complex features 13 four-story, elevator-serviced buildings; air-conditioned corridors; a club-style gym; and pool and spa area. Units offer nine-foot ceilings, granite countertops and full-size, in-unit washers/dryers. Select units feature kitchen islands with pendent lighting and under-counter wine refrigerators.
UNION CITY, CALIF. — GJK Properties has completed the sale of an industrial building located at 33401 Central Ave. in Union City. Elion Partners acquired the asset for $23 million. Constructed in 1979 and renovated in 2009, the 94,976-square-foot property features tilt-up construction, 26-foot clear heights, 12 dock-high doors, one grade-level door, skylights and a low office finish. At the time of sale, the property was fully leased. Jason Ovadia and Eddie Shuai of JLL Agency Leasing structured a lease for a new entity to fully occupy the property. Ryan Sitov, Mark Detmer and Andie Fezell of JLL Capital Markets represented the seller in the deal.
REDWOOD CITY, CALIF. — Sares Regis Group of Northern California has completed the disposition of Encore, a multifamily property located at 855 Veterans Blvd. in Redwood City. Terms of the transaction were not released. The six-story Encore features 90 apartments in a mix of one-, two- and three-bedroom layouts and nearly 5,000 square feet of amenity space. Residences offer stainless steel appliances, in-home washers/dryers, solid-surface countertops, high-efficiency central heat and air conditioning, hardwood-style plank flooring, walk-in closets, Nest thermostats, keyless entry hardware and storage space. Amenities include a fitness center; top-level roof deck and community room; outdoor courtyard with barbecue, fireplace and dog run; Wi-Fi-enabled common areas; multi-level parking with electric vehicle charging stations; and bike storage. Stan Jones, Phil Saglimbeni, Sal Saglimbeni and Alex Tartaglia of Institutional Property Advisors, a division of Marcus & Millichap, handled the transaction. The seller and its affiliate companies built, leased and managed the community prior to sale.