LOS ANGELES — Cityview has completed Belle on Bev, a 243-unit mixed-use project in Los Angeles’ Historic Filipinotown (HiFi). Belle on Bev, originally announced in early 2023, features a mix of studio, one- and two-bedroom floorplans with Latch smart home systems including keyless entry and smart thermostats, luxury vinyl flooring, turnkey Wi-Fi and in-unit washers/dryers. The property also features 3,500 square feet of commercial space and 21 affordable housing units. Community amenities include a club room, pool courtyard and spa terrace and community garden courtyard. Cityview partnered with AC Martin, WPIC Construction and Nadia Geller Designs on the project.
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THORNTON, COLO. — Indianapolis-based TM Crowley & Associates has partnered with Atlanta-based NLG Capital Management (NLGCM), a division of The Net Lease Group, to develop The Highlands at Thornton, a mixed-use property at the northeast intersection of Quebec Street and 136th Avenue in Thornton. Situated on 23 acres, the project will offer more than 101,925 square feet of retail, commercial and medical office space. CVS Caremark will anchor the development. Lisa Vela and Jay Landt of Colliers will handle leasing efforts for the project.
LOS ANGELES — California Landmark Group has completed M1byCLG, a multifamily development in Los Angeles’ Silver Lake submarket. Located at 1221 Myra Ave., the property features 100 apartments that are 60 percent leased. The unit mix includes junior and traditional one-, two- and three-bedroom floor plans along with several co-living suites. Each apartment features floor-to-ceiling windows, stone countertops, stainless steel appliances, in-unit washers/dryers, walk-in showers and private patios. Common area amenities include a fitness center, co-working space, and a rooftop deck with pool, spa, barbecues and unobstructed views of the Hollywood Hills. The six-story structure is built over a subterranean garage with parking and a lobby. PK Architecture provided design services for the development.
CBRE Arranges $9.1M Sale of California Villas Multifamily Property in Concord, California
by Amy Works
CONCORD, CALIF. — CBRE has brokered the sale of California Villas, an apartment community in Concord. A private buyer acquired the asset from a local private investor for $9.1 million. Located at 1621 Detroit Ave., California Villas features 23 one-bedroom units and 12 two-bedroom units, all of which have air conditioning with private balconies or patios. Built in 1966, the 24,958-square-foot property is situated on 0.91 acres. Community amenities include a pool, coin-operated laundry facility and a gated access. Nearly 70 percent of the units received significant interior upgrades, including new cabinets, vinyl plank flooring, granite countertops and stainless steel appliances. Recent exterior improvements include repair/replacement of all balconies, rebuilt patios, new paint/light fixtures and a renovated parking area. Keith Manson, Zachary Greenwood and Mac Watson of CBRE represented the seller in the transaction.
NORTH LAS VEGAS, NEV. — Northcap Commercial has brokered the $1.8 million sale of 2131 Statz Street Apartments, a multifamily asset located at 2131 Statz St. in North Las Vegas. The asset traded for $1.8 million, or $118,000 per unit. Built in 1963, the property features 15 units. Jerad Roberts, Robin Willett and Devin Lee of Northcap Commercial arranged the off-market transaction.
NEW BRUNSWICK, N.J. — TSB Capital Advisors has arranged a loan of an undisclosed amount for the refinancing for VERVE, a 696-unit student housing community located near Rutgers University’s main campus in New Brunswick. Constructed in 2020, the community offers single- and double-occupancy units in studio through five-bedroom configurations. Shared amenities include a fitness center, private and group study lounges, gaming spaces, a private parking garage and indoor bike storage. The community also houses ground-floor retail space. An affiliate of QuadReal Property Group provided the fixed-rate loan, which features a future funding component, to the borrower, a joint venture between The Scion Group and PGIM Real Estate.
NEW BRUNSWICK, N.J. — The Community Builders, a nonprofit multifamily developer, has broken ground on Stirlingside Residences, a 53-unit affordable housing project in the Central New Jersey community of New Brunswick. Stirlingside Residences will feature 13 three-bedroom units, 30 two-bedroom residences and 10 one-bedroom apartments, with six units set aside for families and individuals who previously experienced homelessness. The majority (47) of the units are reserved for households earning 60 percent or less of the area median income. Amenities will include a community room, fitness room and onsite laundry facilities. Delivery is scheduled for mid-2025.
BOSTON — Marcus & Millichap has brokered the $5.3 million sale of a 20-unit workforce housing building in the Dorchester area of Boston. The four-story building at 820-828 Blue Hill Ave. offers one-, two- and three-bedroom units across 21,410 square feet of space. Information on specific income restrictions was not disclosed. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
PONTIAC, FARMINGTON HILLS AND BAY CITY, MICH. — Maverick Commercial Mortgage Inc. has arranged a first mortgage loan totaling $9 million for three industrial buildings in Michigan. A regional bank provided the five-year loan. The subject properties include a 74,026-square-foot building in Pontiac, a 26,571-square-foot building in Farmington Hills and a 51,138-square-foot facility in Bay City. The borrower, 1788 Holdings LLC, is a Maryland-based real estate investment firm specializing in purchasing and repositioning older light industrial properties and industrial outdoor storage assets.
ZION, ILL. — Industrial Outdoor Ventures has completed the first phase of Trumpet Park, a speculative industrial service facility (ISF) in Zion, a city in northeast Illinois. The project includes an 11,440-square-foot maintenance and service facility, a 2,008-square-foot office space and a fenced yard area with 180 trailer parking spaces. Trumpet Park’s first phase, part of a larger $35 million project, is situated on a nine-acre parcel adjacent to a FedEx freight terminal. ISFs, commonly referred to as low coverage industrial properties, provide supply chain infrastructure solutions for industries such as transportation, bulk material distribution, last-mile logistics, heavy equipment and utilities. The new development, located about two miles east of I-94, can be used for truck parking, maintenance/service, material storage and trucking terminals. Chris Volkert, Ned Frank and Pat Hake of Colliers are marketing the property for lease. Arete Design Studio provided architecture, planning and design services for the project, while Spaceco provided civil and surveying services. The second phase of Trumpet Park, which will be built on a 47-acre parcel, is in the pre-development phase.