Tuesday, June 23, 2026
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Top Stories

AcquisitionsCaliforniaMultifamilyTop StoriesWestern

Marcus & Millichap Brokers Sale of 26 Multifamily Properties in Los Angeles for $102M

by Kristin Harlow

LOS ANGELES — The Neema Group at Marcus & Millichap has brokered the sale of a 26-property, 642-unit multifamily portfolio sale in Los Angeles for a total value of $102 million. The private seller, a plastics broker that also invested in the multifamily sector, hired the Neema Group in early 2019 to market five of his properties for sale. Golden Bee Properties purchased the assets, which are located throughout the South Los Angeles and Panorama City neighborhoods, for $18.7 million. During the escrow process, the owner passed away and left control of the remaining portfolio to his trustees, who continued to work with the Neema Group. The remaining 21 properties were strategically divided into packages based on location, age and type. Cipolla Revocable Living Trust purchased three buildings totaling 62 units for $8.7 million. The properties, built between 1929 and 1960, are located within a mile of each other in Wilmington. An undisclosed buyer acquired eight buildings totaling 175 units, all located in Mid-City, for $33.5 million. Lastly, an undisclosed buyer purchased the Armor Collection for $42 million. It features 10 buildings constructed between 1912 and 1954. The 300 units are situated within two miles of each other in the …

Continue Reading
FacebookTwitterLinkedinEmail
CaliforniaCompany NewsGeorgiaRestaurantSoutheastTop StoriesWestern

Roark Capital Invests $200M in The Cheesecake Factory Amid Pandemic-Related Closures

by John Nelson

ATLANTA AND CALABASAS HILLS, CALIF. — Roark Capital Group, a private equity firm based in Atlanta, has invested $200 million in The Cheesecake Factory Inc. (Nasdaq: CAKE), owner and operator of the chain of restaurants of the same name. The Calabasas Hills-based company also owns and operates the North Italia chain, as well as a collection of restaurants within the Fox Restaurant Concepts subsidiary. The funds will be used to immediately help The Cheesecake Factory navigate the COVID-19 pandemic, in which its dine-in service has been closed. The company, which has been handling takeout orders and deliveries through the DoorDash app, preliminarily reported its off-premise sales in first-quarter 2020 increased by 85 percent from the previous quarter. Specific details of Roark Capital’s capital infusion were not disclosed, but David Overton, chairman and CEO of The Cheesecake Factory, says the investment will improve the company’s liquidity. “This transaction not only gets our affected staff members back to work as soon as practicable, but also importantly solidifies our ability to manage the business for the long-term for all of our stakeholders once we emerge on the other side of this crisis,” says Overton. “Moreover, Roark’s investment underscores the strength of our brands, …

Continue Reading
FacebookTwitterLinkedinEmail
Company NewsFloridaMultifamilySoutheastTop Stories

Mill Creek, Quadreal Launch $421M Multifamily Investment Joint Venture

by Taylor Williams

BOCA RATON, FLA. — Mill Creek Residential, a Florida-based multifamily development firm, has launched a joint venture with Canadian global investment firm Quadreal Property Group. The two companies have partnered on an initiative to invest up to $421 million in the development and operation of apartment communities in targeted U.S. markets over the next two to three years. Specific target markets were not identified. The joint venture has already acquired land for its first development. Modera Six Pines will be a 429-unit multifamily project in The Woodlands, Texas, located about 30 miles north of Houston. “QuadReal is a well-respected firm with a depth of experience in the multifamily sector,” says William MacDonald, CEO, president and chief investment officer for Mill Creek. “This venture serves as an important step in further developing our investment management business.” Hodes Weill Securities acted as financial advisor and global placement agent for Mill Creek in connection with the formation and capitalization of the joint venture. Mill Creek Residential, which has 16 offices across the United States, owns and operates a portfolio of roughly 80 communities totaling 21,300 apartments. Headquartered in Vancouver, Canada, QuadReal Property Group manages a $37.6 billion portfolio spanning 23 cities and 17 countries. …

Continue Reading
FacebookTwitterLinkedinEmail
st.-vincent-la
AcquisitionsCaliforniaHealthcareTop StoriesWestern

Verity Health System Sells St. Vincent Medical Center in Los Angeles for $135M

by Alex Patton

LOS ANGELES — Verity Health System has sold the 381-bed St. Vincent Medical Center in Los Angeles for $135 million. The hospital is currently operating on a temporary lease with the State of California as a surge facility for treating COVID-19 patients. The buyer, surgeon and medical researcher Dr. Patrick Soon-Shiong, will continue to honor the lease with the state, while also using several buildings as facilities for COVID-19 research. Soon-Shiong is the principal officer of the Chan Soon-Shiong Family Foundation, a California-based private grantmaking organization. “Verity Health is proud of its partnership with the State of California and is confident that Dr. Soon-Shiong and his team will continue to enhance the collaboration with the state and local government to address COVID-19,” says Rich Adcock, CEO of Verity Health. Verity Health System filed for bankruptcy in summer 2018. The U.S. Bankruptcy Court for the Central District of California in Los Angeles recently approved the sale of the nonprofit’s assets, including St. Francis Medical Center in Lynwood to Prime Healthcare. Located at 213 W. 3rd St. in the Westlake neighborhood of Los Angeles, the Daughters of Charity of Saint Vincent de Paul originally opened the hospital in 1856. The property closed …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsFloridaMultifamilySoutheastStudent HousingTop Stories

Partnership to Complete $231M Student Housing Development Near Florida International University by Start of School Year

by Alex Tostado

MIAMI — Construction is underway on The One at University City, a planned 1,244-bed student housing community located across the street from the Florida International University (FIU) campus in Miami. University Bridge provided a $231 million bond issuance for the project. A partnership between Global City Development, RER Ventures and Podium Developments is building the community, which is slated for completion before the 2020-2021 academic school year. Landmark Properties has been tapped to manage the community, which is 45 percent preleased to more than 500 students. The 886-unit community will offer studio, one-, two-, three- and four-bedroom, fully furnished units with bed-to-bath parity. Shared amenities will include a sundeck, pool, fitness center, study lounges on each floor and a resident clubroom. Rents will start at $1,275 per month for a studio, $1,320 per month for a one-bedroom unit, $1,085 per month per room for a two-bedroom, $1,080 per month per room for a three-bedroom and $1,015 per month per room for a four-bedroom unit. “As we work through these extremely challenging times, it is encouraging to look forward to an environment later this year where we can begin to welcome FIU’s students to The One,” says Diego Procel, principal of Global …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentDistrict of ColumbiaMultifamilySoutheastTop Stories

Hines-Led Partnership Acquires Site for 323-Unit Luxury Apartment Project in Washington, D.C.

by Kristin Harlow

WASHINGTON, D.C. — Hines, Urban Atlantic and Triden Development Group, along with joint venture partner Bridge Investment Group, have purchased 1.5 acres at The Parks at Walter Reed in Washington, D.C. to develop The Hartley. Whole Foods Market will anchor the luxury apartment project. Of The Hartley’s 323 units, 32 will be designated as affordable. The Hartley will also include 58,000 square feet of retail space. It is considered the focal point of Town Center, which will feature 100,000 square feet of dining, shopping and entertainment around an active plaza fronting Georgia Avenue. The project is part of the master plan for the redevelopment of the former Walter Reed Army Medical Center. Once complete, The Parks at Walter Reed will include more than 3.1 million square feet of new construction and adaptive reuse of existing structures. The 66-acre project will include a mix of green space, 130,000 square feet of retail, approximately 2,100 residential units, office space, ambulatory care by Howard University and two foreign language charter schools. The Hartley will be the third phase of construction at The Parks at Walter Reed. Previous projects were The Brooks, an 89-unit condo development, and The Vale, a 301-unit apartment project currently …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsCaliforniaHealthcareTop StoriesWestern

Prime Healthcare Agrees to Acquire Hospital in Los Angeles County for Over $350M

by John Nelson

LYNWOOD, CALIF. — Prime Healthcare, a private healthcare system based in Ontario, Calif., has agreed to acquire St. Francis Medical Center, a 384-bed hospital in the Los Angeles County suburb of Lynwood. The U.S. Bankruptcy Court for the Central District of California in Los Angeles recently approved Prime Healthcare’s purchase agreement with the seller, Verity Health System, a California-based healthcare system that filed for bankruptcy in summer 2018. As part of the agreement, Prime Healthcare will purchase St. Francis Medical Center for more than $350 million, which includes a $200 million base price and a $15 million in payroll and benefits for staff. The firm will also invest $47 million to make technological and system upgrades, as well as finalize employee agreements with the hospital’s current staff. The remaining balance of the purchase price was not specifically categorized. Prime Healthcare has agreed to honor the Attorney General and Bankruptcy Court conditions recently issued for this sale to preserve the hospital, trauma care, service lines, charity commitments and community benefit programs. “Our agreement with Verity reflects our decades-long mission of saving, improving and investing in community hospitals,” said Dr. Sunny Bhatia, Prime Healthcare’s Region 1 CEO and corporate chief medical officer. …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsCaliforniaMultifamilyTop StoriesWestern

TMG Negotiates $45.5M Sale of Heights at Grand Terrace Apartments in California

by Amy Works

GRAND TERRACE, CALIF. — The Mogharebi Group (TMG), a multifamily brokerage firm serving the markets of California, has arranged the sale of The Heights at Grand Terrace, a 228-unit multifamily property located at 22491 De Berry St. in Grand Terrace. The community is located in San Bernardino County, approximately 60 miles east of Los Angeles. A San Diego-based private group sold the asset to an East Coast-based buyer for $45.5 million, which translates to $199,561 per unit or $237 per square foot. Both parties involved in the transaction requested anonymity. Built in the 1970s, The Heights at Grand Terrace features apartments that are spread across 19 residential buildings on nine acres. The property features one- and two-bedroom floor plans with an average unit size of 842 square feet, as well as private patios and garages. Community amenities include a resort-style pool and spa, fitness center, private clubhouse, multimedia room, semi-private patios and private garages. Alex Mogharebi and Otto Ozen of TMG represented both the seller and buyer in the deal. “At a price of $199,561 per unit, this transaction represents a record for apartment communities in Grand Terrace,” says Ozen, who serves as executive vice president of TMG. “The record-setting …

Continue Reading
FacebookTwitterLinkedinEmail
hartley-denver
AcquisitionsGeorgiaSoutheastTop Stories

Domain Capital, Simpson Housing Form $1B Joint Venture REIT with PFA Pension

by Alex Patton

ATLANTA — Domain Capital Advisors and property management firm Simpson Housing have formed a joint venture with PFA Pension, an insurance company headquartered in Copenhagen, Denmark. PFA acquired a 49 percent equity interest in a 13-asset, Class A multifamily portfolio for an aggregate value of $1.05 billion. Simpson Housing will own the remaining 51 percent, while Domain Capital Advisors will provide oversight and asset management of the newly formed REIT joint venture. Simpson Housing formerly owned 100 percent of the 3,487-unit portfolio, which is located across multiple urban and suburban U.S. markets including Austin, Charlotte, Denver, Houston, Nashville, Phoenix, Portland and Seattle. The portfolio was 95 percent leased at the time of closing, and features both newly built and refurbished assets that are approximately six years old. “We are excited about our new relationship with PFA Pension and look forward to growing our relationship with them through further acquisitions,” says Patrick Leardo, executive managing director and chief executive officer of Domain Capital Group. “Our team is also proud to continue its longstanding partnership with Simpson Housing. We have managed equity investments in their portfolio for more than 10 years, while providing asset management and advisory support to our operating partner.” Simpson Housing …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisLoansMidwestMixed-UseTop Stories

Newmark Knight Frank Provides $102.5M Acquisition Loan for Cityfront Place Apartments in Chicago

by Alex Tostado

CHICAGO — Newmark Knight Frank has provided a $102.5 million Freddie Mac loan for the acquisition of Cityfront Place, a 39-story, 480-unit multifamily community in Chicago’s Streeterville neighborhood. Built in 1991, Cityfront Place is located along the Chicago River less than a mile from Lake Michigan. The property offers studio, one- and two-bedroom floor plans. Communal amenities include a business center, lounge, rooftop terrace, pool, sundeck, fitness center and a pet washing station. Unit interiors include marble floors in the bathrooms, walk-in closets, wood-flooring in select units and balconies. According to Apartments.com, rents range from $1,826 to $4,553 per month. Landmarks in Streeterville include the Wrigley Building, Tribune Tower, Museum of Contemporary Art, Chicago Children’s Museum and the Navy Pier. The neighborhood is bordered by Lake Michigan to the east, the Chicago River to the south, North Rush Street to the west and East Lake Shore Drive to the north. Henry Stimler and Charles Han of NKF originated the loan on behalf of a partnership between Chicago-based Strategic Properties of North America, Integrated Capital Management and South Korea-based Mirae Asset Daewoo. The loan features a five-year term with interest-only payments and a fixed interest rate of 3 percent. CBRE represented …

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts