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 …

December 6, 2021Acquisitions, California, Multifamily, Western

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 …

December 6, 2021Acquisitions, California, Industrial, Western

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 …

December 6, 2021California, Development, Multifamily, Seniors Housing, Western

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 …

December 6, 2021California, Market Reports, Multifamily, Western, Western Market Reports

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 …

December 3, 2021Acquisitions, 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 …

December 3, 2021Acquisitions, California, Multifamily, 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

December 2, 2021Acquisitions, 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 …

December 2, 2021Acquisitions, California, Retail, 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 …

December 2, 2021Acquisitions, 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

December 2, 2021Acquisitions, California, Retail, Western