Multifamily

LOS ANGELES — The 299-unit Sunset and Gordon apartment community has debuted in Los Angeles. The luxury high-rise community is located at the northeast corner of Sunset Boulevard and Gordon Street in Hollywood. In addition to the residential units, the $76.2-million project contains 36,688 square feet of office space, 12,229 square feet of retail and restaurant space and a 523-space parking garage. The 547,500-square-foot tower features office space on the third and fourth floors, with rental units on floors five through 22. Residential amenities include a pool deck, media room and fitness center. Sunset and Gordon was developed by CIM Group, built by Balfour Beatty Construction and designed by GBD Architects. The project came in about $21 million under budget, which was largely attributed to a complete re-design of the structure’s mechanical, electrical and plumbing (MEP) systems. Its reconfiguration will save CIM more than 500,000 gallons of water a year, on average. The cast-in-place structures also allowed the team to reduce construction cycle times and accelerate project delivery by several months. The 1.7-acre site has been home to many legendary establishments, including the Peerless Motor Car Showroom and The Motion Picture Hall of Fame in the 1920s; KNX Radio and …

WALNUT CREEK, CALIF. — Decron Properties has acquired a two-property multifamily portfolio in the San Francisco Bay Area submarket of Walnut Creek for a total of $63 million. The portfolio includes the 152-unit Creekside Glen complex and the 99-unit Cypress Creek complex, which are both located in the city’s downtown area. Decron plans to invest up to $16 million to upgrade the properties, which were built in the early ‘60s. The Walnut Creek portfolio is in keeping with Decron’s strategy of acquiring assets that have upside potential in attractive suburban areas near markets with strong job growth. Decron plans to renovate the interiors with luxury finishes, providing full-size washers and dryers to each unit, enhancing community facilities and modernizing the exterior. The upgrades will include the installation of high-quality flooring, new cabinets, stone countertops, stainless steel appliances and six-panel doors, creating a resort-style swimming pool and barbecue areas and adding resident lounges and leasing offices. The Walnut Creek purchase falls on the heels of Decron’s recent acquisition of a 187-unit, garden-style apartment community in nearby Mountain View for $86 million. The company also just announced its disposition of a Southern California-based shopping center portfolio for $108.5 million. Decron says it’s …

ROSEVILLE, CALIF. — A joint venture between SyRES Properties and ConAm Properties has received $52 million in acquisition financing to purchase the 465-unit Rosemeade at Olympus Pointe apartment community in Roseville. The community is located at 1451 Rocky Ridge Drive. The loan features a 20-year term with three years interest only and a 25-year amortization schedule. It was arranged for the JV by Dennis Sidbury of NorthMarq Capital’s San Francisco office through the firm’s correspondent relationship with a life insurance company. The unnamed seller will still serve as property manager. It will also carry a minority interest in the new borrowing entity, Rosemeade Residential Holdings LLC. SyRES Properties is a Syufy Enterprises company.