SAN DIMAS, CALIF. – CNS Focused Investments has acquired the 288-unit Waterstone San Dimas apartment community for $47 million. The community is located at 444 North Amelia Ave. in San Dimas. The seller, a private California investment firm, was represented by Gregory Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors. CNS is a joint venture between NNC Apartment Ventures LLC and Shane Shafer. The JV is looking to acquire, renovate and manage Class B and C multifamily investments in 35 core, workforce markets in Southern California.
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SAN FRANCISCO – A joint venture between MetLife and UDR has announced plans to build a $317-million, 42-story apartment building in San Francisco. The tower will be located at 399 Fremont Street in the Rincon Hill neighborhood. It will contain 447 residential units and 3,500 square feet of retail space. The complex is scheduled to open in 2016. UDR will have a 51 percent share in the development, while MetLife will retain a 49 percent stake.
DENVER — Shorenstein Properties LLChas purchased Denver City Center, a pair of Class A office buildings totaling 1.3 million square feet in the city’s downtown region, for a reported $286 million. The center is located along17thStreet in the city’s Financial District. The acquisition includes the office portion of 707 17thStreet, which occupies floors 21 through 42 of the building. Marriott Denver City Center resides on the lower floors of the building, and was not included in this transaction. The acquisition did include the adjacent Johns Manville Plaza, a 29-story office building. Both buildings were renovated in 2013.Notable tenants include Jacobs Engineering, Forest Oil Corporation, Johns Manville, Baker Hughes and AECOM. This is Shorenstein’s first acquisition in Denver since the early 1990s. The company completed its most recent acquisition on behalf of its tenth fund, Shorenstein Realty Investors Ten, L.P. The seller, Crescent Real Estate Holdings LLC,a subsidiary of Barclays plc, was represented by HFF’s John Jugl and Mary Sullivan.
EL CERRITO, CALIF., SEATTLE — Kennedy Wilson and its partners have acquired three apartment communities in Washington and California for a total of $167 million. The acquisition includes the 159-unit Village at Town Center in El Cerrito, Calif., near the University of California at Berkeley, and the 297-unit Big Trout Lodge in a suburb of Spokane, Wash. A 372-unit apartment community in a Seattle surburb is currently under contract and is expected to close in the first quarter of 2014. The seller was The Wolff Company.
WASHINGTON, D.C. — HFF has arranged the sale of a 10-story, 105,965-square-foot office building located at 919 18 th St. in Washington, D.C.’s central business district. Epic LLC purchased the asset from Clarion Partners for approximately $52.8 milllion. The property was built in 1981, renovated in 2013 and is currently 94 percent leased. The property features a three-story, 85-space parking garage and a Devon & Blakely restaurant. Jim Meisel, Dek Potts, Andrew Weir and Stephen Conley of HFF represented the seller and procured the buyer in the transaction.
MEBANE, N.C. — CBRE has brokered the $21.5 million sale of Carden Place Apartments, a 240-unit neighborhood apartment community in Mebane, about 20 miles northwest of Chapel Hill, N.C. The sales price equates to approximately $89,583 per unit. Hal Kern, Richard Montana and Phil Brosseau of CBRE represented the buyer, James Island, S.C.-based Middle Street Partners, in the transaction.
ATLANTA — Franklin Street Real Estate Services has arranged the sale of the Ponce DeLeon Hotel, a 58-room, extended-stay hotel at 551 Ponce De Leon Ave. in Atlanta. The hotel is located just east of the new Ponce City Market and is within walking distance to Atlanta’s Midtown, Virginia Highland and Old Fourth Ward neighborhoods. Nazar Properties LLC purchased the 18,500-square-foot asset for an undisclosed amount. Jake Reid of Franklin Street represented the seller, an Atlanta-based family that owned the hotel for 60 years.
WASHINGTON, D.C. — Hines and the TFI US Real Estate Fund, developers of the 10-acre CityCenterDC mixed-use development, have re-opened 10th and I streets in Washington, D.C., which is the first time the thoroughfares have been accessible to the public in more than 30 years. The developers also welcomed the first residents to their homes at The Apartments at CityCenter and The Residences at CityCenter. Additionally, the development’s new parking garage for residents and visitors, which features an automated parking guidance system and 700 parking spaces, is now open. In 2014, new stores and restaurants are expected to open at CityCenterDC, in addition to the new office buildings that are expected to wrap up construction. Office tenants will include Covington & Burling, the American Hospital Association, Qatari Foundation International and Hines’ Washington, D.C., office.
ATLANTA — Developer Greystar Real Estate Partners has begun pre-leasing the 259-unit Elan Westside, a 19-story multifamily property located at the corner of Howell Mill Road and 14th Street in Atlanta's Midtown submarket. Elan Westside will offer 19 floor plans, including studio, one- and two-bedroom apartments ranging from 611 to 1,600 square feet. Rents will start at approximately $1,100 a month. Amenities will include a fitness center with virtual trainers, saltwater pool, entertainment lounge and clubhouse with a bar and cyber cafe. The property is slated for a March 2014 completion.
CHICAGO — On behalf of HCP Oxford OBG Wacker/Cass Property Cos. LLC, a joint venture led by Oxford Capital Group LLC and Jones Lang LaSalle (JLL) has secured $70.5 million for the refinancing of Hotel Felix and Hotel Cass in Chicago. The joint venture received $47 million for the 225-room Hotel Felix and $23.5 million for the 174-room Hotel Felix. The hotels are located in Chicago’s River North submarket in close proximity to the Magnificent Mile. An international lender provided the 10-year CMBS loans, which include fixed interest rates. Mathew Comfort, managing director, Keith Largay, executive vice president, and Matt Nowaczyk, vice president, led the Jones Lang LaSalle team, which arranged the financing.