REBusinessOnline

Intracorp Divests of AmpliFi Apartments in Fullerton, California for $168M

FULLERTON, CALIF. — Intracorp has completed the sale of AmpliFi Apartments, a multifamily property located at 600 W. Commonwealth Ave. in Fullerton. An undisclosed buyer acquired the asset for $168 million.Built in 2019, AmpliFi features 290 apartments in a mix of studio, one-, two- and three-bedroom floor plans. On-site amenities include a pool with private cabanas, outdoor fireplaces with seating areas, outdoor dining, barbecues, ground-floor retail space and a business center with …

Partnership Buys 37-Acre Parcel in Mead, Colorado for Five-Building Spec Industrial Development

MEAD, COLO. — A partnership between Denver-based Silver Point Development and an affiliate of Walker & Dunlop Investment Partners has purchased 37 acres of land for Phase I of Elevation25, a five-building, 578,240-square-foot speculative industrial warehouse development in Mead. Terms of the transaction were not released.The team plans to break ground on the first two buildings later this month, with completion slated for fall 2022. Building 1, totaling 94,076 square feet, is 40 …

Rise48 Equity Sells Villa Serena Apartments in Phoenix to Tides Equities for $32M

PHOENIX — Rise48 Equity has completed the disposition of Villa Serena, a multifamily community located near Interstate 17 in Phoenix. Tides Equities acquired the property for $32 million, or $233,577 per unit.Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.Constructed in 1982 on five acres, Villa Serena features 137 apartments in a mix of one- and two-bedroom layouts, with …

Faris Lee Brokers Sale of 42,119 SF Industrial Park in Rancho Cucamonga, California

RANCHO CUCAMONGA, CALIF. — Faris Lee Investments has arranged the sale of Hermosa Technology Center, an incubator industrial park located at Hermosa Avenue and Sixth Street in Rancho Cucamonga. A private family office based out of Riverside County, Calif., sold the asset to a Los Angeles-based family office for $11.4 million, or $271 per square foot.Nick Miller and Shaun Riley of Faris Lee represented the seller in the deal.At the time of sale, the 42,119-square-foot property was …

Avenir Opens 88-Unit Memory Care Community in Los Angeles

LOS ANGELES — Avenir Senior Living has opened Avenir Memory Care Westside, a seniors housing community in Los Angeles’ Westchester neighborhood. The community features 88 memory care units using a specialized program that aligns residents who have similar cognitive abilities.“We call this the cognitive lifestyle,” says Jason Gurash, vice president of sales and marketing for Avenir Senior Living. “Taking it a step further, every neighborhood is intentionally designed to look …

Six Factors Helping to Power Interest in Multifamily Markets

When the pandemic engulfed the world last year, few analysts predicted that the multifamily sector would flourish and thrive so well. Most suspected that the sector would be on life support. Yet, despite a year-long national eviction moratorium, there hasn’t been a better time to be a big apartment-building landlord.Multifamily-property values have increased 13 percent since before the pandemic and more money is being invested now in apartment buildings than in any other type of …

NorCal’s Apartment Market is All About Location

By Ramon Kochavi, First Vice President and Regional Manager, Marcus & MillichapWinston Churchill wrote, “Those that fail to learn from history are doomed to repeat it.” Precipitated by a once-in-a-lifetime health crisis, the 2020 market shift has had an oversized effect on Northern California’s multifamily marketplace. The ongoing pandemic has the hallmarks of an event that causes people — including real estate investors — to draw overarching conclusions. Overreaction is a …

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 …

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 …

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 …

Content Partners
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Walker & Dunlop

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