California

PSRS Arranges $31.6M in Acquisition Financing for Five Flex Buildings Near San Diego

by Amy Works June 11, 2021

SAN DIEGO AND CHULA VISTA, CALIF. — PSRS has arranged $31.6 million in acquisition financing for five multi-tenant buildings in Chula Vista and San Diego’s Mission Valley neighborhood. The portfolio includes four flex industrial/office buildings along Bay Boulevard in Chula Vista and a multi-tenant office building at 5920 Friars Road in San Diego. Tenants include Cox Communications, National University, Fresenius Medical, Bayfront Charter School and West Marine. Financed with a CMBS execution, Jim Mulvihill of PSRS secured a 10-year loan with full-term interest-only payments for the undisclosed borrower.

June 11, 2021

California Loans Multifamily Western

Keystone Mortgage Arranges $21.3M Refinancing for SALT Oceanside Multifamily Community Near San Diego

by Amy Works June 10, 2021

OCEANSIDE, CALIF. — Keystone Mortgage has arranged a $21.3 million loan for the refinancing of SALT Oceanside, an apartment property located in downtown Oceanside. Pelican Communities is the borrower. PGIM Real Estate provided the three-year loan, which will be used to refinance the existing construction loan. The newly constructed SALT Oceanside features 52 apartments and 7,200 square feet of ground-floor retail space.

June 10, 2021

Acquisitions California Multifamily Seniors Housing Western

SLIB Negotiates Sale of 77-Unit Seniors Housing Community in Whittier, California

by Amy Works June 9, 2021

WHITTIER, CALIF. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Posada, a 77-unit assisted living and memory care community in Whittier, a suburb of Los Angeles. The facility was built in 1984 with a renovation in 2017. It totals 41,658 square feet on approximately 0.72 acres of land. The seller was a regional owner-operator looking to divest from the senior care space. The buyer is a local owner-operator that plans on making some renovations to the property. The price was not disclosed. Brad Goodsell, Jason Punzel and Vince Viverito of SLIB handled the transaction.

June 9, 2021

Acquisitions Affordable Housing California Loans Multifamily Western

Hunt Capital Closes $8.5M Loan for Acquisition, Rehabilitation of Affordable Housing in Palm Desert, California

by Amy Works June 9, 2021

PALM DESERT, CALIF. — Hunt Capital Partners and developer D.L. Horn & Associates have closed on more than $8.5 million in federal Low Income Housing Tax Credits equity financing for the acquisition and rehabilitation of an affordable multifamily project in Palm Desert. The Hovley Gardens project consists of 16 two-story, walk-up residential buildings offering a total of 163 units, as well as a community building. The unit mix includes 72 two-bedroom units, 72 three-bedroom units, 18 four-bedroom units and one three-bedroom manager’s unit. Eighteen of the units will be restricted to households earning up to 30 percent of area median income (AMI), 55 units will be restricted to households earning up to 45 percent of AMI, 82 units will be for households earning up to 50 percent of AMI and seven units will be for households earning up to 60 percent of AMI. Units renovations will include upgraded cabinets, countertops, sinks, faucets and flooring. Twelve units will be converted to fully accessible and the five existing accessible units will be modified to be compliant with current regulations. Community upgrades will include improvements to the building systems, commons areas and community spaces. The project team includes ConAm Management Corp., Multi-Family Builders, …

June 9, 2021

Acquisitions California Healthcare Illinois Midwest Multifamily Nevada Seniors Housing Top Stories Western

Harrison Street Agrees to Acquire 24 Seniors Housing Assets, Sell 14 Medical Office Properties for $1.6B

by Kristin Harlow June 9, 2021

CHICAGO — Chicago-based Harrison Street has entered into a series of transactions under which the company agreed to purchase 24 seniors housing assets and sell 14 medical office properties for a total transaction volume of approximately $1.6 billion. The 24 Class A seniors housing properties comprise 2,195 assisted living and memory care units across California and Nevada. The purchase price was roughly $1.2 billion. Healthpeak Properties Inc. was the seller of 12 communities, while Gallaher Cos. was the seller of the other 12 properties. Oakmont Management Group operates all 24 assets, many of which have either been recently completed or are currently under construction. The Healthpeak portfolio maintained an average occupancy rate of 96 percent from 2016 to 2019, according to Harrison Street. The properties average four years in age. In 2020, Healthpeak established and began executing a plan to dispose of its seniors housing properties, except for its continuing care retirement communities. “The assets we are acquiring are managed by a leading operator and are located in attractive markets backed by solid demographics, high barriers to entry and historically high occupancy rates,” says Michael Gordon, global chief investment officer at Harrison Street. Additionally, Harrison Street has agreed to sell …

June 9, 2021

California Market Reports Multifamily Western Western Market Reports

Affordability, Jobs Drive Multifamily Residents to the High Desert

by Jeff Shaw June 9, 2021

By Bob Basen, Executive Vice President, Coldwell Banker Commercial Real Estate Solutions The High Desert’s multifamily market remained surprisingly strong during the pandemic. Historic low vacancies in the High Desert apartment market, combined with low cap rates in Los Angeles and Orange counties, have made this market a favorite for “down the hill” investors. With the exception of three substantial multifamily projects in Hesperia, there has been no real apartment development in the High Desert since the mid-2000s. The recently completed The Villas, a 96-unit, age-restricted project developed by Eagle Hesperia 55 LP, has had phenomenal success with a waiting list prior to completion. With the success of this project, there will be a second phase containing another 96 units. Frontier Homes’ Las Casitas Apartment Homes and the 200-unit West Main Villas, developed by Bruno Mancinelli, were also very successful with two-bedroom apartments renting for more than $1,600 per month. This is a number that was unheard of prior to these projects. With those kinds of rents, we can and should expect to see increased apartment development in the High Desert. Hesperia has decreased its development impact fees, which may have spurred the above-mentioned developments within that city. There are currently …

June 9, 2021

California Development Industrial Western

Shopoff, Artemis Real Estate Start Construction of 1.8 MSF Logistics Center in Inland Empire

by Amy Works June 8, 2021

IRVINE, CALIF. — Irvine-based Shopoff Realty Investments, in a partnership with Artemis Real Estate Partners, has broken ground for its Interstate-10 Logistics Center project, which is located near the I-10 and Cherry Valley Boulevard interchange in the Inland Empire East. Upon completion, the project will feature more than 1.8 million square feet of industrial space, which is being designed to obtain LEED Silver certification. The development will feature two industrial high-cube warehouses, one offering 811,000 square feet and the second offering 1 million square feet. The project will feature 40-foot clear heights, 300 dock-high roll-up doors and 519 trailer parking spots. The project site totals 240 acres, with approximately 155 acres included within the developed portion of the project, and the remaining 85 acres of land will be donated to the Rivers and Lands Conservancy as permanently conserved open space.

June 8, 2021

Acquisitions California Industrial Life Sciences Loans Office Western

Newmark Arranges $99.2M Acquisition Loan for Six-Building Bay Area Life Sciences Complex

by Amy Works June 8, 2021

ALAMEDA, CALIF. — Newmark has arranged $99.2 million in financing to Invesco Advisers for the acquisition and conversion of a newly developed, six-building portfolio in Alameda. Ramsey Daya and Chris Moritz of Newmark’s Debt & Structured Finance team arranged the financing for the buyer. PGIM Real Estate placed the loan. Located at 1410-1430 Harbor Bay Road and 1955-2115 N. Loop Road, the six buildings feature 24- to 28-foot clear heights, dock-high and at-grade doors and ample power. Invesco plans to convert the 335,000-square-foot property into a state-of-the-art life sciences complex, including lab research, development and domestic good manufacturing practice (GMP) manufacturing.

June 8, 2021

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $22M Sale of Franklin Park Apartments in Hollywood Hills

by Amy Works June 8, 2021

LOS ANGELES — Marcus & Millichap has arranged the sale of Franklin Park Apartments, a four-story multifamily property located at the base of the Hollywood Hills in Los Angeles. A family that had owned the property for 55 years sold the asset to a private limited liability company for $22 million, or $293,333 per unit. Built in 1962, the 65,746-square-foot property features 75 units, 21 of which were vacant at the time of sale. The community also offers a swimming pool, parking garage with electric car charging station, on-site laundry facilities and a courtyard. Rick Raymundo and Shane McConnell of Marcus & Millichap represented the seller and procured the buyer in deal.

June 8, 2021

Acquisitions California Office Western

Bailard Sells Office Campus in Lake Forest, California to Kingsbam Real Estate Capital for $40M

by Amy Works June 4, 2021

LAKE FOREST, CALIF. — Bailard has completed the disposition of Bailard Real Estate Fund of Palm Terrace, an office campus located in Lake Forest. Kingsbam Real Estate Capital acquired the asset for $40 million in an off-market transaction. Located at 25521, 25531 and 25541 Commercentre Drive, the three-building campus features 155,795 square feet of office space. At the time of sale, the property was 97 percent leased to a variety of tenants, including Del Taco, PGM Holdings, Hometown Equity, Citadel Servicing and Anyone Home. The property features revamped landscaping, an outdoor common area and courtyard, open floorplates, ample natural light, abundant surface-level parking, building signage and energy-efficient lighting. Kevin Shannon, Paul Jones and Brandon White of Newmark represented the seller, while the buyer was self-represented in the deal.

June 4, 2021

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