RIVERSIDE COUNTY, CALIF. — JCH Senior Housing Investment Brokerage has arranged the sale of a seniors housing community featuring 64 skilled nursing beds and 49 assisted living beds in Riverside County, located east of Los Angeles. The facility was in escrow when COVID-19 hit with a first-time buyer that decided not to proceed. The seller, a family-owned owner-operator, eventually sold the property to a first-time buyer. The sales price was $5.4 million, or $84,375 per bed at a 9 percent capitalization rate. JCH also assisted the buyer in setting up a lease with a local assisted living operator looking to expand in the area.
SACRAMENTO, CALIF. — San Rafael, Calif.-based Oakmont Properties has purchased Alira Luxury Apartments, a multifamily property in the Natomas submarket of Sacramento. Stockton-based AG Spanos Cos. sold the asset for $92.3 million in an off-market transaction. Marc Ross of CBRE’s Sacramento office brokered the sale. Andrew Behrens of CBRE Capital Markets’ Debt & Structured Finance group in San Francisco arranged financing on behalf of the buyer. Located at 4100 Innovator Drive, the 293-unit property features a rooftop deck, heated swimming pool and spa, barbecue areas, fitness center, yoga studio with on-demand fitness, hammock garden, gaming room and movie theater. The community offers a unit mix of studio, one-, two- and three-bedroom layouts.
SELMA, CALIF. — Flocke & Avoyer Commercial Real Estate has arranged the sale of a retail property located in Selma. Astrolabe Enterprises acquired the asset from Selma High Street LLC for $2.3 million. Citibank occupies the property, which is located at 2121 High St. Brian Quinn of Flocke & Avoyer and David Malloy of Colliers International represented the seller, while Peter Svidler, Dario Svidler and Lee Mintz of Compass represented the buyer in the deal.
LOS ANGELES — High Street Residential and Principal Real Estate Investors have announced plans for Llewellyn, an apartment community located in Mission Junction on the eastern edge of Los Angeles’ Chinatown neighborhood. Located at 1101 N. Main St. at the intersection of Llewellyn Street, the development features 318 units in a mix of studio, one- and two-bedroom layouts, as well as 15 ground-floor units with individual entrances and direct access to private outdoor patios. Pre-leasing for the community began in October, with occupancy slated for January 2021. Community amenities include a 1,700-square-foot co-lab workspace; soundproof music room; two rooftop decks with mountain and cityscape views; three communal courtyards; heated pool and spa; multiple indoor/outdoor entertaining spaces with fire pits and barbecue grills; outdoor children’s play area; double-height fitness center; dog park; and bike service room. High Street Residential broke ground on the seven-story property in May 2019. Project partners include KFA as architect, T.B. Penick & Sons as contractor, CDC Designs for interiors, Altitude Design Office for branding and Greystar for property management. Compass is serving as the exclusive leasing agent.
SACRAMENTO, CALIF. — The Jacobson Co. has completed the disposition of two multifamily properties in metro Sacramento. Nearon acquired the 231-unit portfolio for $34.2 million, or approximately $148,000 per unit. The portfolio includes: The Cottage Bell, a 161-unit property in the Arden Arcade neighborhood of Sacramento County that sold for $23.3 million. Hilltop Garden, a 70-unit property in Carmichael, an unincorporated suburb of Sacramento, that sold for $10.9 million. Situated on a combined 9.6 acres, the properties feature a unit mix of one-, two- and three-bedroom floor plans with an average unit size of 744 square feet. Salvatore Saglimbeni, Stanford Jones, Philip Saglimbeni and Alex Tartaglia of Institutional Property Advisors (IPA), a division of Marcus & Millichap, along with Tony DeLoney and Ken Blomsterberg of Marcus & Millichap, represented the seller in the deal.
SAN FRANCISCO — An affiliate of Mirae Asset Global Investments has received a $150 million loan for the refinancing of the historic Fairmont San Francisco, located at 950 Mason St. in San Francisco. JLL Hotels & Hospitality arranged the five-year, non-recourse loan through United Overseas Bank for the borrower. The 606-key hotel first opened in 1907 and has undergone $16 million in renovations to public areas, guest rooms and infrastructure since 2015. The hotel features 62 suites; more than 45,000 square feet of meeting and event space including a ballroom; retail outlets; fitness center; business center; in-room dining; and restaurants such as Laurel Court Restaurant & Bar and Tonga Room & Hurricane Bar. The hotel reopened in September after suspending operations in April due to the COVID-19 pandemic.
SAN DIEGO — CBRE has facilitated the sale of Environmental Plaza, an industrial campus located at 4171-4206 Sorrento Valley Blvd. in San Diego’s Sorrento Valley submarket. Hill Properties, a local real estate firm, acquired the asset from a private family for $15.3 million. Totaling 91,669 square feet, Environmental Plaza features seven buildings that offer suites ranging from 1,000 square feet to 4,200 square feet. At the time of sale, the property was 87 percent leased to 37 tenants. Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Bill Dolan of CBRE represented the seller, while the buyer was self-represented in the transaction.
SAN FRANCISCO — On Tuesday, Dec. 1, San Francisco-based Airbnb filed an updated S-1 with the U.S. Securities and Exchange Commission ahead of its planned initial public offering (IPO) filing on Dec. 9. The home-rental platform, along with some shareholders, plans to offer 51.9 million shares at $44 to $50 in its IPO, creating a valuation of up to $35 billion, an $4 billion increase from its private valuation of $31 billion. The 13-year-old company has experienced growth since its founding with gross booking value (GBV) topping $38 billion in 2019, representing a 29 percent growth from $29.4 billion in 2018. However, during the first nine months of 2020, Airbnb was impacted by the global COVID-19 pandemic with GBV falling to $18 billion, down 39 percent year over year, and $2.5 billion in revenue, down 32 percent year over year. Through the combination of consolidating its workforce and a surge in rentals, the company has begun to see a 1 percent uptick in bookings between second- and third-quarter 2020, resulting $1.3 billion in third-quarter revenue, down 18 percent from the same period in 2019. Morgan Stanley, Goldman Sachs Group, Allen & Co., Bank of America Corp., Barclays Plc and Citigroup …
SYLMAR, CALIF. — Positive Investments Inc. has purchased Mountain View Manor, an affordable apartment building located at 12960 Dronfield Ave. in Sylmar, from 21 Alpha Group for $29.4 million. Built in 1964, the 178,000-square-foot property comprises six residential buildings offering a total of 200 apartments, two common areas and two swimming pools. The property was recently rehabilitated under the Low-Income Housing Tax Credit program. Shaya Braverman and Brendan Brown of Partners CRE, a Compass real estate brokerage, represented the buyer and seller in the deal.
SAN FRANCISCO, PALO ALTO AND LOS GATOS, CALIF. — Oxford Capital Group LLC has acquired five boutique hotels in San Francisco and Silicon Valley from Greystone Hotels for an undisclosed price. The company plans to reposition many of the assets. The properties include King George Hotel, Hotel Griffon and The Inn at Union Square in San Francisco, as well as Creekside Inn in Palo Alto and Hotel Los Gatos in Los Gatos. Dating back to 1914, the 53-room King George Hotel includes a lobby bar and 1,150 square feet of meeting space. Hotel Griffon, which opened in 1906, includes 62 rooms as well as 308 square feet of meeting space and Perry’s restaurant. The Inn at Union Square, which features 30 rooms, opened in 1980 and includes Chloe Gallery. Creekside Inn dates back to 1955. It features 136 rooms, 1,400 square feet of meeting space, CIBO restaurant, Driftwood Deli and a Metro PCS store. Opened in 2002, the 72-room Hotel Los Gatos features 2,000 square feet of meeting space, Dio Deka restaurant and a Verde Touch holistic massage center. “We have been value-oriented investors in the lodging sector for nearly 30 years,” says John Rutledge, founder, chairman and CEO of …