SAN JOSE, CALIF. — Community Preservation Partners (CPP) has completed rehabilitation of two affordable apartment complexes in San Jose. The rehabilitations occurred at the 144-unit Monte Vista Gardens and 81-unit Courtyard Plaza Apartments. The properties are situated a few blocks from each other. They will maintain below-market-rate rents for another 55 years. Monte Vista Gardens received $5.5 million in rehab efforts, including new kitchens, bathrooms, flooring, computer lab, media center and community kitchen. Courtyard Plaza received a $25 million rehabilitation, including new bathtubs, appliances, vanities, siding, windows, doors, and a remodeled community room and manager’s office.
LOS ANGELES — A local buyer has purchased a 30-unit apartment building in Santa Monica for $23.8 million. The community is located at 153 San Vincente Blvd. The asset was built in 1967. It was sold at auction after several months in bankruptcy court. Bidding began at $21 million. The building will begin a remodeling process, during which time current tenants in the 13 occupied units will be relocated. The buyer has plans to rehab all of the units, upgrade electrical and plumbing, construct a new rooftop observation deck, install a new pool and boost overall curb appeal. Shiva Monify of SVN- Rich Investment Real Estate Partners represented the buyer.
ESCONDIDO, CALIF. — Badiee Development and Exeter Property Group have partnered to develop a 10.9-acre industrial campus in Escondido. The campus will be located at 1925 and 2005 Harmony Grove Road. Construction on the campus is set to commence in the fourth quarter of 2017 with a completion date of summer 2018. Badiee sold the two industrial land parcels to Exeter Property Group. The group plans to develop a 200,000-square-foot industrial distribution building on the site in conjunction with Badiee as the project developer. Mike Erwin of Colliers International represented Badiee Development, while the firm’s Chris Holder and Mark Lewkowitz represented Exeter Property Group in this transaction.
CARSON CITY, NEV. — A limited liability company has acquired the 130-unit Tanglewood Village Apartments in Carson City for an undisclosed sum. The community is located at 919 S. Roop St. It is situated near Interstate 580 and U.S. Route 50. Amenities include a swimming pool, sundeck, tennis courts and a fitness center. It was built in 1978 to condominium specifications. Kenneth Blomsterberg, Ryan Rife and Benjamin Nelson of Marcus & Millichap represented both the buyer and seller, another LLC, in this transaction.
CARLSBAD, CALIF. — RAF Pacifica Group has announced plans to develop an 83,000-square-foot distribution facility in Carlsbad. The San Diego Hat Co. acquired the 7.5-acre site for $5.8 million. The headwear and accessories brand has an agreement in place for RAF to develop the building with TFW Construction as the general contractor. It is scheduled for completion in the second quarter of 2018. Aric Starck of Cushman & Wakefield represented RAF Pacifica Group in all real estate negotiations affiliated with this site. Brokers Rich Porreco and Glenn Friedrich of Cresa represented San Diego Hat Co.
NORTHVALE, N.J. — Cushman & Wakefield’s Metropolitan Area Capital Markets Group arranged the $12.1 million sale of 207,193 square feet of industrial space on 16.3 acres at 251 Union St. Pantheon Properties, which owns and develops a portfolio of properties in New York and New Jersey, sold the fully occupied property to a private investment group led by Duvi and Tuli Blumenberg. The building had been fully renovated by Pantheon. Cushman & Wakefield’s team included Andrew Schwartz, Andrew Merin, David Bernhaut, Gary Gabriel, Ryan Larkin, all from the East Rutherford, N.J.-based Metropolitan Area Capital Markets Group, as well as Andrew Siemsen from the Iselin office.
MARQUETTE, MICH. — A public-private partnership between EdR (NYSE: EDR) and Northern Michigan University has opened The Woods, a 417-bed living-learning community located on the university’s campus in Marquette. The property is the first phase of a $75.4 million, 1,229-bed development scheduled for full delivery in 2018. The community features robust internet and wi-fi capabilities, classrooms, study rooms, television lounges and laundry facilities. A large patio area, fireplace and an open lobby are designed to accommodate art shows, student events, university functions and various types of entertainment for residents year round. “When we began this relationship with Northern Michigan University in 2016, we were struck by how dedicated the entire campus was to modernizing and revitalizing the on-campus housing for current and future students,” says Randy Churchey, CEO of EdR. “From student recruitment and retention, to graduation and academic success rates, we’ve seen first-hand what an impact high-quality on-campus housing can make for a university, as well as its students.” EdR is leasing the land from the university and owns the community through its on-campus equity plan titled the ONE Plan program. This public-private partnership is the largest construction project in the university’s history. EdR is one of America’s largest …
SEATTLE AND AUSTIN, TEXAS — Amazon (NASDAQ: AMZN) has officially closed its $13.7 billion acquisition of Whole Foods Market. The first order of business for the e-commerce giant is making the Austin-based grocer’s high-quality and organic food more affordable for its shoppers. Beginning yesterday, Whole Foods Market now offers lower prices on selected grocery staples across its stores, with more to come. These include fair-trade bananas, organic avocados, organic large brown eggs, organic salmon and tilapia, organic baby kale and baby lettuce, animal-welfare-rated 85 percent lean ground beef, creamy and crunchy almond butter, organic Gala and Fuji apples, organic rotisserie chicken and organic butter. “We’re determined to make healthy and organic food affordable for everyone,” said Jeff Wilke, CEO of AmazonWorldwide Consumer, in a statement. “We will lower prices without compromising Whole Foods Market’s long-held commitment to the highest standards.” Due to Amazon’s reputation and ability to deliver on its promises, other grocers are watching closely as Whole Foods transitions to the new model, according to Rick Scardino, principal of Lee & Associates’ Chicago office. “Most grocers will be concerned for obvious reasons as to Amazon’s plan to lower pricing because that will shrink already tight margins in the grocery …
NORTH ANDOVER, MASS. — KeyBank Real Estate Capital has secured a $36.2 million Freddie Mac, fixed-rate loan for Berry Farms, located in North Andover. The Class A, 196-unit multifamily property was completed in early 2016 and is expected to be fully stabilized by September 2017. Dirk Falardeau of Key’s Commercial Mortgage Group arranged the financing with an 11-year term, five-year interest only period and 30-year amortization schedule. The loan was used to refinance existing debt.
NEW YORK CITY — New York City-based Kamber Management Company is under contract to acquire the Riverside Garage portfolio of parking facilities on Manhattan’s Upper West Side. The portfolio consists of three parking garage condominiums, located at 80, 100-120, and 220-240 Riverside Boulevard. The portfolio, which comprises space at the base of five luxury residential towers, is a strong cash-flowing asset fully leased to Icon Parking Systems. Meridian Capital Group arranged the deal. David Shechtman was the exclusive broker for the sellers, and Kamber Management Company was represented by Steven Levy.