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Build-to-RentCaliforniaDevelopmentSingle-Family RentalWestern

New Growth Living Opens 211-Unit Tanzanite Homes Build-to-Rent Development in Sacramento

by Amy Works

SACRAMENTO, CALIF. — Austin, Texas-based New Growth Living has opened Tanzanite Homes, a build-to-rent community at 2490 Quiet Trail Lane in Sacramento’s Natomas neighborhood. The development offers 211 units in a mix of single-family homes and duplexes. Designed by Jeffrey DeMure + Associates, the majority of residences are grouped as duplex units with attached and detached alley-loaded garages. The two- and three-bedroom homes range from 1,009 square feet to 1,501 square feet, while the 73 one-bedroom units are 726 square feet. Additionally, there are eight single-family detached homes. In-unit features include all-electric appliances, quartz countertops, modern wood-style flooring, spacious closets and smarthome technology. Many of the units also have private fenced-in yards. Tanzanite Homes features four central gathering areas with shared community amenities, including a 2,800-square-foot clubhouse, fitness center, resort-style swimming pool with lounge areas, and an outdoor barbecue kitchen with grilling station, fire pits and green space.

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Potomac-Apts-Riverside-CA
AcquisitionsCaliforniaMultifamilyWestern

AB Potomac Sells 34-Unit Multifamily Property in Riverside, California

by Amy Works

RIVERSIDE, CALIF. — AB Potomac Apts LLC has completed the sale of Potomac Apartments, a multifamily asset in the Inland Empire city of Riverside. KEBA Potomac Street LLC acquired the property for $7.7 million, or $227,941 per unit. Located 1.5 miles from California Baptist University, Potomac Apartments features 34 studio, one- and two-bedroom floor plans, averaging 626 square feet. Community amenities include patios, laundry facilities and covered parking. Eric Chen, Kevin Sin and Blake Torgerson of CBRE represented the buyer and seller in the deal. Ryan Wilkinson of CBRE arranged acquisition financing for the buyer.

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CaliforniaIndustrialMarket ReportsWesternWestern Market Reports

Greater LA’s Industrial Market Shows Resilience in a Changing Landscape

by Jeff Shaw

— By Robert Peddicord, Executive Managing Director, CBRE South Bay — The Greater Los Angeles (GLA) industrial market is showing stability while enduring challenges like higher vacancy rates, negative absorption and an anticipated decrease in lease rates. Markets across the country continue to adjust post-pandemic, and GLA is no exception. Nevertheless, the GLA industrial market is poised for long-term resilience, thanks, in part, to its proximity to the ports of Los Angeles and Long Beach, while LA’s large population base drives the need for warehousing.  San Pedro Bay Ports The GLA industrial market continues to rely on the San Pedro Bay ports, the two largest ports by volume in the U.S. Although there has been an average decrease of 1.9 percent in cargo volume over the past five years, the San Pedro Bay terminal operators and dockworkers moved 16.6 million TEUs (twenty-foot equivalent units) in 2023, outpacing the TEUs moved at other ports.  Disruptions from the Suez and Panama canals may divert more U.S.-bound cargo ships from Asia to West Coast ports. The West Coast benefits from lower shipping container costs, with about a 40 percent discount shipping to the West Coast compared to the East Coast. U.S. importers, shippers …

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The-Alcove-Woodland-Hills-CA
Affordable HousingCaliforniaDevelopmentMultifamilyWestern

R.D. Olson Construction Breaks Ground on The Alcove Affordable Housing Complex in Los Angeles

by Amy Works

LOS ANGELES — R.D. Olson Construction has broken ground on The Alcove, a seven-story, 238,000-square-foot affordable housing project in the Woodland Hills neighborhood of Los Angeles. Meta Housing Corp. is the developer. Located at 21300 W. Oxnard St., the first phase of construction will include 173 units ranging in size from 620-square-foot studios to 1,300-square-foot three-bedroom apartments, with completion slated for fall 2025. The second phase, which is in planning stages, will add 128 units and will be located on the north section of the 2.25-acre lot. Community amenities will include a community room, designated exercise area, storage room for 200 bicycles, tot lot playground and common outdoor areas with barbecues. The first level will be dedicated to parking and management offices, with a 6,000-square-foot courtyard on the third level. Additionally, each floor will have a laundry room and centralized trash chute system. The complex will offer units to families earning between 30 percent to 80 percent of the area median income, with restrictions for affordability to stay in place for 55 years. A.C. Martin is serving as architect, with management from AMJ Construction Management.

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13812-La-Pat-Pl-Westminster-CA
AcquisitionsCaliforniaMultifamilyWestern

CBRE Negotiates $10M Sale of La Pat Courtyard Apartments in Westminster, California

by Amy Works

WESTMINSTER, CALIF. — CBRE has negotiated the sale of La Pat Courtyard Apartments, a multifamily asset in the Orange County city of Westminster. An Orange County-based private investor acquired the property from a Los Angeles-based seller for $10 million. Dan Blackwell and Andrew Boukather of CBRE represented the seller, while Blackwell and Amanda Fielder of CBRE represented the buyer in the transaction. Located at 13812 La Pat Place, La Pat Courtyard consists of 21,416 square feet of space spread across two two-story buildings. Originally built in 1961, the property recently underwent extensive interior and exterior renovations, totaling more than $1.4 million in improvements. The 30-unit community offers one studio unit, 17 one-bedroom units and 12 two-bedroom units, all completely remodeled during the renovation process. The units offer washers/dryers, stainless steel appliances, a wall air conditioner, mirrored closet sliding doors and plank vinyl flooring. Community amenities include a courtyard with picnic tables, barbecues and pergolas; front and rear security gates; and 49 parking spaces, including three garage spaces, 27 covered spaces and 19 open spaces.

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Cortona-Inn-Suites-Anaheim-CA
CaliforniaHospitalityLoansWestern

PSRS Arranges $9.1M Refinancing for Cortona Inn and Suites in Anaheim, California

by Amy Works

ANAHEIM, CALIF. — PSRS has arranged $9.1 million in refinancing for Cortona Inn and Suites, a hotel property in Anaheim. Situated in the heart of Anaheim Resort, the hotel features 127 guest rooms. Cortona Inn and Suites is adjacent to Anaheim Convention Center and walking distance from Disneyland. Mike Thorp and Ari Zeen of PSRS secured a seven-year loan, provided with a bank execution, for the undisclosed borrower.

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2350-Oak-Ridge-Way-Vista-CA
AcquisitionsCaliforniaIndustrialWestern

Hana Roads Holdings Sells 35,469 SF Industrial Building in Vista, California

by Amy Works

VISTA, CALIF. — Hana Roads Holdings LLC has completed the disposition of an industrial building in Vista to Dangra Inc. for $8.8 million, or $250 per square foot. Vista is in northern San Diego County. Matt Pourcho, Anthony DeLorenzo, Matt Harris and Casey Sterk of CBRE’s Investment Properties team represented the seller, while Sam Sukut of Matthews Real Estate represented the buyer in the deal. Located at 2350 Oak Ridge Way, the building features 25,969 square feet of warehouse space and 9,500 square feet of office space, with 24-foot clear heights. Built in 1999, the building was renovated in 2012 to add a rooftop solar system that fully powers the building.

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5240-Lankershim-Blvd-Los-Angeles-CA
CaliforniaDevelopmentLoansMultifamilyWestern

Bolour Associates Provides $20M in Financing for Three-Site Retail-to-Apartment Redevelopment Portfolio in Los Angeles

by Amy Works

LOS ANGELES — Beverly Hills-based Bolour Associates has provided more than $20 million in debt financing for the redevelopment of three retail projects in Los Angeles. Upon redevelopment, the sites will deliver 375 apartments. The borrower is North Carolina-based Grubb Properties. The portfolio includes: 700 Santa Monica Blvd., a 10,500-square-foot retail property slated for redevelopment into 99 apartments. 1200 Vine St., a 27,000-square-foot retail building in Hollywood that will be redeveloped into 151 apartments. 5240 Lankershim Blvd., a 30,900-square-foot land parcel in North Hollywood with plans for redevelopment into 128 units.

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161-E-Evelyn-Ave-Mountain-View-CA
CaliforniaIndustrialLoansWestern

Gantry Arranges $14M Refinancing for Two Flex Properties in Silicon Valley

by Amy Works

SUNNYVALE AND MOUNTAIN VIEW, CALIF. — Gantry has arranged a $14 million permanent loan to refinance a cross-collateralized pair of flex industrial facilities in Silicon Valley. The properties — located at 1250-1252 Borregas Ave. in Sunnyvale and 161 E. Evelyn Ave. in Mountain View — offer a total of 60,000 square feet. At the time of financing, both assets were fully occupied. Murphy Osborne and Andrew Ferguson of Gantry’s San Francisco office secured the financing on behalf of the borrower, a private real estate investor. One of Gantry’s correspondent life company lenders provided the 10-year loan, which features 25-year amortization and prepayment options throughout the life of the loan.

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Gates-at-Marina-Apts-Marina-CA
AcquisitionsCaliforniaLoansMultifamilyWestern

Interstate Equities Sells Majority Stake in The Gates at Marina Apartments in Marina, California

by Amy Works

MARINA, CALIF. — Interstate Equities Corp. (IEC) has finalized the recapitalization of The Gates at Marina, an apartment community in Marina. The deal gives a co-mingled fund advised by New York-based Clarion Partners a majority stake in the property, while IEC retains a minority equity position and will continue its onsite management. IEC acquired The Gates in January 2021 for $39.3 million, and the recapitalization values it at $45 million. Located at 299 Carmel Ave., The Gates at Marina offers 136 units in predominantly a mix of two- and three-bedroom units with balconies or patios, plus updated kitchens, bathrooms, flooring and appliances. Scott MacDonald and Jason Parr of Berkadia led the marketing efforts, while Hank Workman of Berkadia placed the debt.

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