REBusinessOnline

Decron Divests of Two-Property Multifamily Portfolio in Simi Valley, California for $190M

SIMI VALLEY, CALIF. — Decron Properties has completed the disposition of a two-property apartment property in Simi Valley. An undisclosed, private multifamily investment firm acquired the 504-unit portfolio for $190 million, or $376,984 per unit.The portfolio includes the 372-unit The Villas at Woodranch and the 132-unit Overlook at Woodranch. Both communities were constructed in 1986. Community amenities include two pools, tennis courts, fitness center and barbecue areas. Apartments …

Acquisitions, California, Multifamily, Western

HomeFed Acquires Solona at Grand Multifamily Community in Escondido, California for $167.5M

ESCONDIDO, CALIF. — HomeFed Corp. has purchased Solana at Grand, a 519-unit apartment property, from an undisclosed seller for $167.5 million. Kevin Mulhern of CBRE represented the buyer in the deal.Located at 1501 E. Grand Ave., Solana at Grand features a mix of studio, one- and two-bedroom layouts with remodeled interiors and patios/balconies. Community amenities include two swimming pools, a fitness center, spa with sundeck, clubhouse, tennis court, grilling area, coffee bar and …

Acquisitions, California, Multifamily, Western

Next Wave Investors Buys 160-Unit Willow Creek Apartments in Prescott, Arizona

PRESCOTT, ARIZ. — Next Wave Investors has purchased Willow Creek, a multifamily community in Prescott, from an entity doing business as 3137 Willow Creek Road LLC for $58 million, or $362,500 per unit. Steve Gebing, Cliff David and Hamid Panahi of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.Completed in 2020, Willow Creek features 160 apartments averaging 860 square feet. Units feature nine-foot …

Acquisitions, Arizona, Multifamily, Western

Tower Capital Arranges $40M Acquisition Loan for Multifamily Property in Phoenix

PHOENIX — Tower Capital has arranged $40 million in acquisition financing for San Giovanni, an apartment community in Phoenix. The non-recourse loan provides the undisclosed borrower with a fixed 3 percent interest rate based on a 30-year amortization schedule, as well as a flexible step-down prepayment structure.The 2001-vintage asset features 300 apartments and is encumbered by a Land Use Restriction Agreement (LURA) that mandates 70 percent of the units must remain affordable until …

Arizona, Loans, Multifamily, Western

Shopoff Realty, Contour Purchases 54-Acre Site in Buckeye, Arizona for Industrial Development

BUCKEYE, ARIZ. — Shopoff Realty Investments and Contour Real Estate have acquired 54 acres of land in Buckeye for the development of two warehouse logistics-oriented buildings. Terms of the transaction were not released.Located at the southeast corner of Southern Avenue and Rainbow Road, the proposed development will feature 900,000 square feet of warehouse space. Additionally, the property is located immediately adjacent to the Union Pacific rail

Acquisitions, Arizona, Development, Western

IRA Capital Buys Creative Office Building in Irvine for $103M

IRVINE, CALIF. — IRA Capital has purchased 2722 Michelson, a Class A creative office building in Irvine, for $103 million.Situated on nine acres at the intersection of Jamboree Road and Michelson Drive, the building features 24-foot ceilings, a light-filled open plan to encourage collaboration, multiple meeting spaces, a fitness center, landscaped courtyards and a well-equipped kitchen and cafeteria.Anduril Industries fully occupies the building, which was renovated in

Acquisitions, California, Office, Western

Barret Woods & OERP Purchases The Shops at Dos Lagos in Corona, California for $47.4M

CORONA, CALIF. — Barret Woods & OERP LLC has purchased The Shops at Dos Lagos, a lifestyle shopping center in Corona, for $47.4 million, or $135 per square foot.Built in 2006, The Shops at Dos Lagos offers 351,200 square feet of retail space on 47.4 acres with four in-line shop buildings, four ground-leased restaurant pads, a 15-screen movie theater and a 7,000-square-foot pad available for lease or development.Current tenants include Trader Joe’s, Express, Sunglass Hut, Bath …

Acquisitions, California, Retail, Western

Summit Capital, Rockefeller Group to Develop 250-Unit Multifamily Property in Denver

DENVER — A joint venture between Summit Capital Venture Group and Rockefeller Group has purchased a land parcel at 1158 Delaware St. in Denver’s Golden Triangle neighborhood for the development of an apartment community.Slated to break ground in April 2022, the property is scheduled for completion in early 2024. The community will feature 250 apartments, 2,000 square feet of ground-floor retail space, a 2,000-square-foot fitness center and pool lounge, and a 4,200-square-foot terrace …

Colorado, Development, Multifamily, Western

IPA Brokers $29M Sale of Value-Add Multifamily Property in West Hollywood

WEST HOLLYWOOD, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Terraces at La Cienega, an apartment building located near West Hollywood’s Sunset Strip. LaTerra acquired the asset from the original builder for $29 million.Built in 1990, the property features 42 apartments. LaTerra plans to upgrade the asset’s exterior, common areas and interior with luxury finishes and build 10 accessory dwelling units as part of the …

Acquisitions, California, Multifamily, Western

Paragon Commercial Acquires Vacant 25,977 SF Property in Norwalk for $7.1M

NORWALK, CALIF. — Paragon Commercial Group has purchased a vacant retail property situated on 2.3 acres at 10710 Firestone Blvd. in Norwalk. RSM Properties sold the asset for $7.1 million.Paragon plans to redevelop the 25,977-square-foot building for Chick-fil-A. An Office Depot and a coffee chain formerly occupied the property.Pat Wade and Alex Kozakov of CBRE represented Paragon in the off-market

Acquisitions, California, Retail, Western
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