Multifamily

LOS ANGELES — Beverly Hills, Calif.-based Astani Enterprises Inc. is developing Concerto, a luxury condominium and loft development located at Ninth and Figueroa streets in downtown Los Angeles’ South Park. The $300 million project features two 30-story glass towers and a mid-rise loft building. Designed by DeStefano Partners Ltd., the development features studio, one-bedroom, two-bedroom and three-bedroom units. The units feature approximately 10-foot ceilings, full-length exterior glass walls, European cabinetry and appliances. The property also boosts a saltwater pool, cabanas and fire pits. Occupancy of the 77-unit Loft collection begins in June; occupancy of the first tower with 271 units is planned for this fall.

KELSO, WASH. — Grayson Pounder of Hendricks & Partners represented the seller, Corvallis, Ore.-based Jesse L. Coombs, in the disposition of Cowlitz River Duplexes. Located at 1420 Pacific Ave. N. in Kelso, the 26-unit property sold for $1.2 million. The buyer was Tualatin, Ore.-based David L. Nelson.

MONTEBELLO AND GLENDALE, CALIF. — Marcus & Millichap has brokered the sales of two multifamily properties in California. In the first transaction, an undisclosed buyer acquired The Greenwood Avenue Apartments in Montebello for $1.2 million. Located at 1324 S. Greenwood Ave., the seven-unit property features six three-bedroom/two-bath units and a four-bedroom/two-bath unit. Kevin Struve and Eric Chen of Marcus & Millichap represented the undisclosed seller in the transaction. In the second transaction, The Alameda Apartments in Glendale sold for $1.7 million or $186.31 per square foot. Located at 1119 Alameda Ave., the 9,288-square-foot property features 1,160-square-foot two-bedroom/two-bath units. Alan Krueger and Struve of Marcus & Millichap represented the seller in the transaction. Details of the buyer and seller were not released.

SAN FRANCISCO — Wells Fargo & Co. has closed an approximately $289 million Freddie Mac Portfolio for Simpson Housing LLP. The borrower will use the Freddie Mac Conventional Cash Purchase Program to refinance an 11-property multifamily portfolio. The 3,664-unit portfolio includes properties in Arizona, Colorado, New Mexico, Oregon, Washington, Texas and Virginia. The loan features a 7-year variable rate pool and 10+1- and 11+1-year fixed rate pools. Phil Morse and Chris Lubic of Wells Fargo Multifamily Capital in Mclean, Va., originated the transaction, which was a referral from John McKinney and Jeff Spratt of Wells Fargo Real Estate Banking Group.