California

CBRE Arranges Sale of 20-Unit Multifamily Property in San Rafael, California

by Amy Works February 27, 2025

SAN RAFAEL, CALIF. — CBRE has arranged the $5.6 million purchase of Pacifica Apartments, a market-rate multifamily asset in San Rafael. 55 Canal Street LLC acquired the asset from an undisclosed seller for $5.6 million. Ben Mollahan and Adam Foley of CBRE represented the buyer in the deal. Located at 55 Canal St., Pacific Apartments offers 20 two-bedroom units. Onsite amenities include a large community laundry facility, covered parking and storage for each tenant, an enclosed courtyard with kids play area and a large garden.

February 27, 2025

California Development Multifamily Western

USA Properties Fund Begins Construction of 265-Unit Affordable Housing Project in Roseville, California

by Amy Works February 26, 2025

ROSEVILLE, CALIF. — USA Properties Fund has started construction on The Crawford, an affordable multifamily community in Roseville. Located at Fiddyment Road and Harvey Way, The Crawford will offer 265 one-, two- and three-bedroom apartments, with some available as early as fall 2026. Completion is slated for spring 2027. Community amenities will include a community room, fitness room, swimming pool and dog park. Additionally, residents will have access to LifeSTEPS, a social-services provider that offers numerous services for residents. The Crawford residents must meet income requirements, earning 30 percent to 70 percent of the area median income of Placer County, Calif., about $35,370 to $82,530 per year for a four-year household. The City of Roseville Housing Authority provided eight project-based vouchers, securing apartments for very low-income residents, for the project. Bank of America is the tax credit investor and construction lender, while Citi Community Capital is the permanent lender on the $112 million project. Safehold is the leaseholder of the property.

February 26, 2025

Acquisitions California Office Western

J+R Group Divests of Office Property in Irvine, California for $37.6M

by Amy Works February 26, 2025

IRVINE, CALIF. — J+R Group has completed the sale of 2525 Main Street, an office building in Irvine, to Pacific Tree Capital for $37.6 million, or $262 per square foot. Situated on 3.7 acres, 2525 Main Street offers 143,269 square feet of office space. At the time of sale, the property was 98 percent leased to nine tenants. Prior to sale, J+R Group invested significant capital into all aspects of the building, including all common areas, tenant spaces, a brand new six-story parking garage and approved residential entitlements on excess land. Jeffrey Cole, Nico Napolitano, Kevin Nolen, Jason Kimmel and Kristen Schottmiller of Cushman & Wakefield represented the seller in the transaction.

February 26, 2025

Element-by-Westin-Mission-Valley-San-Diego-CA

California Development Hospitality Loans Western

Driftwood Capital Secures $37.9M in Construction Financing for Element by Westin Mission Valley in San Diego

by Amy Works February 25, 2025

SAN DIEGO — Driftwood Capital has obtained $37.9 million in construction financing for the development of Element by Westin Mission Valley, an extended stay hotel in San Diego’s Mission Valley neighborhood. Upon completion, the hotel will feature 148 suite-style rooms, more than 5,000 square feet of meeting and event space, a fitness center, courtyard, lobby bar and lounge and a restaurant. Situated on 1.5 acres, The Element by Westin Mission Valley is slated for completion by the end of 2026. Driftwood Capital currently owns the adjacent hotel, Marriott Mission Valley, which was purchased in 2019 with the adjacent development parcel with the plans to renovate the existing property and later develop an extended-stay hotel that would benefit from Marriott’s amenities, resort-style pool and parking. Jordan Ray, Jamie Matheny, Steven Buchwald and Rachael Krawiecki of IPA Capital Markets secured the financing from Fifth Third Bank for the sponsor, a vertically integrated commercial real estate investment, development and lending platform specializing in hospitality properties.

February 25, 2025

Acquisitions California Industrial Western

NAI Capital Brokers $9.8M Sale of Industrial Building in Los Angeles

by Amy Works February 25, 2025

LOS ANGELES — NAI Capital Commercial has arranged the sale of an industrial property located at 13030 Raymer St. in the North Hollywood neighborhood of Los Angeles. Tiptop Restoration acquired the asset from 13030 Raymer LLC for $9.8 million. Tiptop will use the 30,000-square-foot property as its corporate headquarters, as well as warehouse, storage and distribution space. Built in 1996, the property underwent significant renovations in 2022. Renovations included remodeled office space, kitchen and restrooms, new paint and upgraded LED warehouse lighting. The asset offers dock-high and ground-level loading, 1,200 amps of power, a 17-foot warehouse clearance height, fire sprinklers and a fenced rear yard. Chad Gahr and David Young of NAI Capital Commercial represented the seller, while Daniel O’Neil and Parker Jones of Rancho Realty Group Corp. represented the buyer in the off-market transaction.

February 25, 2025

California Loans Multifamily Western

Marcus & Millichap Arranges $3.8M in Financing for Multifamily Complex in Santa Clara, California

by Amy Works February 25, 2025

SANTA CLARA, CALIF. — Marcus & Millichap has secured $3.8 million in financing for the purchase of a 20-unit apartment property located at 1577 Pomeroy Ave. in Santa Clara. David Campbell of Marcus & Millichap’s Palo Alto, Calif., office arranged the financing with a Western-based bank on behalf of a private client. Terms of the 30-year loan include a 6 percent interest rate with 30-year amortization and a 60 percent loan-to-value ratio.

February 25, 2025

California Market Reports Mixed-Use Western

South Coast Metro: A Case Study in Urban Mixed-Use Development

by John Nelson February 25, 2025

A notable shift in the way we live, work and play has occurred since the pandemic — one that emphasizes efficiency, multi-functionality and convenience. The result has been an increase in the demand and popularity of mixed-use developments. Developers love them for their efficiency. Investors love them for their diversity. And consumers love them for their ability to achieve said live-work-play trifecta all under one roof. Within Orange County, South Coast Metro stands out as an area that fosters this type of urban development, blending retail, multifamily, office and cultural assets in a way that fosters economic growth and community engagement. Adjacent to John Wayne Airport, this 2,500-acre district shows how strategic development can create a self-sustaining urban environment. A Retail Powerhouse with Expanding Opportunities South Coast Metro is arguably most known for being the home of South Coast Plaza. The West Coast’s largest luxury shopping destination saw record annual sales exceeding $2.3 billion in 2023. While luxury retail remains a major draw, the broader South Coast Metro caters to a diverse range of shopping experiences, which includes the boutique-driven OC Mix and SoBECA District, as well as major national retailers. This variety underscores a key trend in commercial real estate: …

February 25, 2025

Irvine-High-School-Performing-Arts-Center-Irvine-CA

California Civic Development Western

C.W. Driver Cos. Completes $35M Irvine High School Performing Arts Center in California

by Amy Works February 24, 2025

IRVINE, CALIF. — C.W. Driver Cos. has completed Irvine High School Performing Arts Center, a facility designed to inspire creativity and support the performing arts. The $35 million, 25,000-square-foot complex opened to the community in early February. The state-of-the-art venue features a 650-seat main theater equipped with advanced sound, lighting and rigging systems, providing students and the community with a professional-grade performance experience. Additionally, the center includes a Black Box theater, scene shop, dressing rooms and a modern lobby. The single-story complex consists of a steel and metal frame diaphragm building featuring a combination of metal panels, plaster and curtain wall system finishes. The ground-up construction began in January 2023. Ruhnau Clarke Architects served as architect for the project.

February 24, 2025

Acquisitions California Multifamily Western

CPP Acquires 60-Unit Sundance Apartments in Bakersfield, California

by Amy Works February 24, 2025

BAKERSFIELD, CALIF. — Community Preservation Partners (CPP), in partnership with Bettencourt Properties and The Beneficial Housing Foundation, has acquired Sundance Apartments, an affordable housing complex in Bakersfield, with plans to renovate the asset. Located at 6000 White Lane in Bakersfield’s Spice Tract neighborhood, Sundance Apartments was originally built in 1981 and comprises 10 two-story buildings and a single-story building with a community room, laundry room and leasing office. Designed to accommodate families, Sundance Apartments offers 40 two-bedroom and 20 three-bedroom units. CPP’s total development investment is approximately $32.5 million, which includes the purchase price of $20 million and estimated renovation costs of approximately $80,000 per unit. The property will receive significant renovations to improve energy efficiency and modernizations. Specific improvements include the replacement of solar and electrical panels, HVAC units, water heaters and appliances. Additional interior upgrades will include the modernization of bath and kitchen surrounds and fixtures and replacement of unit flooring. Exterior improvements will include roofing replacement, repairs to the property’s asphalt, pavement and paths of travel, as well as upgraded landscaping. CPP also plans to upgrade the property’s community room. CPP is partnering with LifeSTEPS to provide onsite adult education, health and wellness, and skill-building classes and services …

February 24, 2025

Affordable Housing California Development Multifamily Western

C&C Development Breaks Ground on 54-Unit Affordable Housing Complex in Buena Park, California

by Amy Works February 24, 2025

BUENA PARK, CALIF. — C&C Development and Riverside Charitable Corp. have broken ground on Lincoln Avenue Apartments, an affordable housing community in Buena Park. Consisting of four three-story buildings, Lincoln Avenue Apartments will offer 54 apartments for families and veterans in need. The project will include five units for student families, 11 units for veterans and 13 permanent supportive housing units for families and individuals with special needs. Units will range in size from approximately 500 square feet to 900 square feet and will be both ADA-accessible and adaptable. Additionally, units will incorporate sustainable design elements and practices, such as drought-tolerant landscaping and the installation of energy-efficient HVAC systems, water heaters and appliances. Onsite amenities will include a community room, laundry room, children’s tot lot, teen outdoor fitness area and a barbecue pavilion. Additionally, LifeSTEPS will offer onsite programming for adult education and after-school activities for children. Funding for the project was provided by several entities, including the City of Buena Park and CalOptima Health, which is providing an $8 million grant to support housing for Medi-Cal members.

February 24, 2025

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