LOS ANGELES — Kelly Morgan Commercial Group at KW Commercial has arranged the sale of Valerio Village Apartments, a multifamily property in Los Angeles. A San Diego-based private investor acquired the property for $19.2 million, or $200,337 per unit. The seller was not disclosed. Located in the Van Nuys neighborhood, Valerio Village Apartments features 96 units.
LOS ANGELES — Panorama Senior Housing has released plans for an assisted living and memory care community on Holt Avenue, 200 feet south of Los Angeles’ Beverly Hills neighborhood. KTGY Architecture + Planning designed the 61,000-square-foot project. Construction is slated to start in early 2021, with delivery planned for late 2022. The community will have a total of 80 resident rooms, 62 for assisted living and 18 for memory care. The memory care units will be on the second floor of the five-story building, with a dedicated common area, dining room and patio. “[My goal is to] come up with buildings that reflect the urban setting,” says Daniel Kianmahd, founder and principal with Panorama. “That’s where baby boomers want to age, in the same urban neighborhood where they raised their families.” “I’m keenly aware of the scarcity of developable sites,” continues Kianmahd. “The solution is to get creative with layouts so we can build the housing needed to combat the housing crisis. Bringing this and other senior-focused developments to fruition is essential to achieving balanced housing solutions for the entire region.”
IMPERIAL COUNTY, CALIF. — Cushman & Wakefield has arranged the sale of a 120-acre, industrial-zoned land property in Imperial County through a process run by Ritchie Bros. Auctioneers. ADJ Holdings acquired the property from Ralph Road LLC for $1.8 million. Located at 340 Ralph Road, the property features a seven-car retail spur on the Union Pacific line, plus approximately three quarters of a mile of additional track that could be installed on the property to expand the train component. Approximately 75 acres of the site has chain link perimeter fencing with two main access gates and a third gate at the rail spur. ADJ Holdings purchased the property as an investment and will begin seeking tenants for the industrial facility. Matt Davis and Terry Jackson of Cushman & Wakefield’s Land Advisory Group in San Diego brokered the deal.
By David Burback, Senior Vice President and Managing Director, Kidder Mathews A 1.4-million-square-foot distribution center in Rancho Cucamonga that was formerly owned by Big Lots, recently sold for $48 per square foot on the land value. The new owner plans to replace the existing building with a new state-of-the-art distribution center. By every metric, the Inland Empire continues to be the national leader in the industrial real estate sector. The area enjoys the advantage of being just 40 minutes from the two largest and most active ports in the country. Driven by the strategic expansion of supply chains and the rapid emergence of ecommerce, the Inland Empire remains the most robust industrial market in the country. Annual new construction is approaching 25 million square feet, and the absorption of space is in equal proportion. Rents have increased by 65 percent, sales prices have increased by 80 percent and land prices have more than doubled over the past five years, according to our research. There seems to be some moderation from these double-digit, year-over-year increases as we move into 2020. Yet, the market remains active on all fronts – user, developer and investor alike. The most active sector of the industrial …
SACRAMENTO — San Rafael, Calif.-based Oakmont Properties has completed the disposition of The Fountains at Point West, a value-add apartment property located at 1761 Heritage Lane in Sacramento. Salt Lake City-based Bridge Investment Group acquired the asset for $85.1 million. Built in 1974, The Fountains at Point West features 339 units in a mix of studio, one-, two- and three-bedroom floor plans. Community amenities include a 12,000-square-foot clubhouse; theater room; multi-story fitness center with racquetball courts; three pools and spas; multiple waterways and fountains; a barbecue area; three tennis courts; a basketball court; underground garage parking; and elevators serving the three-story buildings. The property recently underwent exterior renovations, including new roofs, complete exterior residing, replacement of balconies and stair towers, elevated walkways, installation of dual-pane windows, exterior paint, landscaping and an upgraded fitness center and clubhouse. The seller has fully renovated 23 units, allowing Bridge Investment Group to renovate the remaining the units and revitalize the remainder of the property. Marc Ross of CBRE’s Sacramento office represented the seller in the transaction.
FREMONT, CALIF. — Los Angeles-based Decron Properties has entered the Fremont market with the $71.2 million purchase of the Rancho Luna Sol apartment community. With this acquisition, the company increased its regional portfolio to 1,054 units across six properties. Located at 3939 Monroe Ave., Rancho Luna Sol features 188 apartments in a mix of one- and two-bedroom floor plans. Over the past six years, the property, which was built in 1980, received nearly $8 million in interior and exterior improvements. Unit amenities include wood-style flooring, granite countertops, custom Shaker cabinets, energy-efficient appliances and in-unit washers/dryers. The property also features a variety of outdoor spaces and offerings, including a swimming pool, for residents. Mark Leary, John McCulloch and Robert Le Doux of Newmark Knight Frank represented the buyer and undisclosed seller in the deal.
OAKLAND, CALIF. — San Diego-based Westcore has purchased a 155,000-square-foot industrial warehouse located at 8380 Pardee Drive in Oakland for $40.5 million. Constructed in 2012, the fully leased distribution facility features 8,000 square feet of cold storage, 30-foot clear heights and ESFR fire suppression. The site is adjacent to the Oakland airport. Tom Damaschino of Cushman & Wakefield represented the buyer, while Richard Sutherland of The Sutherland Company represented the undisclosed seller in the deal.
LOS ANGELES — CIT and its Pasadena, Calif.-based bank subsidiary CIT Bank has provided a $37.3 million investment in the Jordan Downs Apartments project, a previously announced 92-unit affordable multifamily complex in the Watts neighborhood of Los Angeles. The Michaels Organization is developing the property. Slated for completion in early 2022, the apartment community will feature 23 one-bedroom, 41 two-bedroom, 24 three-bedroom and four four-bedroom units, with 17 apartments designated for residents with physical disabilities and hearing or visual impairments. Residences will be available for households earning between 30 percent and 80 percent of the area median income. The apartment project is the third phase of the larger mixed-use redevelopment project designed to revitalize Watts community. CIT plans to make further investments in the Watts community later this year, including the possibility of opening a new branch in the area.
ONTARIO, CALIF. — Hanley Investment Group Real Estate Advisors has directed the sale of a two-tenant retail pad building located at 961 N. Milliken Ave. in Ontario, approximately 35 miles east of downtown Los Angeles. The price was $4 million. Built in 2002, the building features 6,300 square feet of retail space. Assure Dental occupies 3,500 square feet of the property, while Verizon Wireless occupies the remaining 2,800 square feet. Sam’s Club at The Marketplace at Ontario Center shadow anchors the property. Matt Burnett of Hanley Investment Group represented the buyer and seller, both Los Angeles-based private investors, in the transaction.
SAN DIEGO — Hunt Real Estate Capital has funded a $20.8 million refinancing through the FHA 223(a)(7) loan program for Rio Vista Apartments, an affordable multifamily property in the San Ysidro district of San Diego. Standard Cos. is the borrower. The loan features a 35-year term and refinances an existing FHA 223(f) loan, providing significant annual debt service savings with a lower interest rate and reduced mortgage insurance program. Built in 1985, Rio Vista Apartments features 161 apartments in a mix of two- and three-bedroom floor plans spread across 12 two-story buildings. At the time of financing, the property was 99 percent occupied. Community amenities include an on-site leasing office, laundry facility, playground, basketball court, swimming pool and community whirlpool. Additionally, the property offers 262 on-site parking spaces. Standard Cos. acquired the property in 2014. The FHA 223(a)(7) loan is exclusively for the refinancing of existing HUD debt on multifamily and healthcare properties.
