California

Berkadia Arranges Sale of Two Student Housing Properties in California, Washington for $146M

by Nellie Day July 6, 2017

SEATTLE AND FULLERTON, CALIF. — Berkadia has arranged the sale of two student housing properties located in Washington and California for an aggregate price of $146 million. The two properties are AVA University District, located near the University of Washington in Seattle, and Fullerton University Village, located near California State University – Fullerton in Fullerton, roughly 26 miles outside Los Angeles. Kevin Larimer, Greg Gonzalez, Kenny Dudunakis, David Sorensen and Ben Johnson of Berkadia represented the seller, Avalon Bay Communities Inc., in the disposition of AVA University District. The same team worked alongside Shane Shafer of Berkadia to represent the seller, an undisclosed local TIC group, in the Fullerton University Village disposition. The buyers in both transactions were undisclosed.

July 6, 2017

California Multifamily Western

Private Investor Acquires Multifamily Portfolio in Modesto for $32.5M

by Nellie Day July 6, 2017

MODESTO, CALIF. — A private Southern California-based investor has purchased a two-property multifamily portfolio in Modesto for a total of $32.5 million. The portfolio includes the Commons Apartment Homes, a 100-unit community on Standiford Avenue, and Summerview Apartment Homes, a 136-unit community on Prescott Road. Built on a 4.3-acre site in 1989, the Commons is located at 1600 Standiford Ave., while Summerview is situated on a five-acre site on Coffee Road. Alex Mogharebi and Otto Ozen of the Mogharebi Group represented the seller, a Massachusetts-based investor, in this transaction.

July 6, 2017

California Multifamily Top Stories Western

Aimco Acquires Full Ownership of Palazzo Multifamily Portfolio for $451.5M

by Nellie Day July 6, 2017

LOS ANGELES — Apartment Investment and Management Company (Aimco) (NYSE: AIV) has acquired the remaining interest in a Los Angeles multifamily portfolio for $451.5 million. Aimco already owned 53 percent interest in the properties, and bought the remaining 47 percent from its joint venture partners, institutional investors advised by J.P. Morgan Asset Management. The acquisition now gives Aimco complete ownership of three Palazzo communities. These include the 521-unit Palazzo at Park La Brea, the 611-unit Palazzo East and the 250-unit Villas at Park La Brea. All three communities are situated in the mid-Wilshire area of Los Angeles, about two miles from Beverly Hills, Hollywood and Century City, and six miles from downtown LA and Santa Monica. “We appreciate the mid-Wilshire submarket with its highly educated and high-income customers who value the proximity to transportation, job centers and upscale retail … and where we can see clearly that future development is increasingly difficult,” says Terry Considine, CEO and chairman of Aimco. “We expect to continue the operation of the properties and to redevelop each, over time and at the right time, to serve different and distinctive market segments.” The average age of the units within the Palazzo portfolio is 12 years, …

July 6, 2017

California Multifamily Western

Sussex Capital Group Acquires The Hillpointe Apartments in Los Angeles for $13.4M

by Nellie Day July 5, 2017

LOS ANGELES — Sussex Capital Group has acquired The Hillpointe, a 30-unit apartment property situated in the Hollywood Hills neighborhood of Los Angeles, for $13.4 million. The community is located at 2330 N. Cahuenga Blvd. It was built in 1987. Peter Sherman of Avison Young represented both the buyer and seller, Inco Monterra, in this transaction.

July 5, 2017

California Industrial Western

Discount Dance Supply Building in Anaheim Trades for $12.2M

by Nellie Day July 5, 2017

ANAHEIM, CALIF. — An unidentified private owner has acquired an 81,836-square-foot industrial building fully occupied by Discount Dance Supply for $12.2 million. The building is located at 5065 E. Hunter Ave. in Anaheim. CBRE’s Gary Stache, Anthony DeLorenzo and Doug Mack represented the seller, Makena Properties, in this transaction.

July 5, 2017

California Office Western

Gold Acceptance Buys Santa Ana Office Building

by Nellie Day July 5, 2017

SANTA ANA, CALIF. — Gold Acceptance has purchased a 24,737-square-foot office building in Santa Ana for an undisclosed sum. The building is located at 555 N. Park Center. It was renovated in 2016. Gold Acceptance will occupy a portion of the building. The seller was Stream Realty Partners.

July 5, 2017

California Industrial Market Reports Western Western Market Reports

L.A. Industrial Boasts High Demand and Creative Solutions

by Camren Skelton July 4, 2017

With limited inventory and historically high values and rental rates, it’s safe to say the Los Angeles industrial market is enjoying an all-time high. There are several factors contributing to ongoing strength in the market, including a healthy appetite for acquisitions, strong tenant activity and creative solutions to adapt to supply constraints and maximize ROI. Industrial buyers continue to be active in Los Angeles, even with tightening availability and compressing cap rates. The fact is, there is still tremendous value to be found in this gateway city. Interest rates remain low, and those looking to acquire properties know that the sooner they buy, the better. Conversely, sellers are not especially eager to dispose of properties in the current market, based primarily on the challenge in finding acquisition-worthy assets. Specifically, owners seeking 1031 exchanges are finding it increasingly difficult to identify properties to trade into. That said, values are high enough that some owners are selling and choosing to simply pay taxes on capital gains or look to other markets for product to acquire. For example, Daum recently helped a seller dispose of a property in Los Angeles and reinvest those funds into an asset in Cleveland, Ohio, at a 7 …

July 4, 2017

California Retail Western

Soma Capital Partners Acquires Blue Oaks Marketplace in Rocklin for $19.2M

by Nellie Day June 30, 2017

ROCKLIN, CALIF. — Soma Capital Partners, in partnership with Timbercreek Asset Management, has acquired Blue Oaks Marketplace in Rocklin for $19.2 million. The seller was Diamond Creek Properties. At the time of sale, the 100,000-square-foot property was 81 percent leased.

June 30, 2017

California Retail Western

Faris Lee Investments Brokers $2.9M Sale of Retail Property in Los Angeles

by Nellie Day June 30, 2017

LOS ANGELES — Faris Lee Investments has arranged the sale of a retail strip center located at 3921-3929 W. Olympic Blvd. in the Koreatown neighborhood of Los Angeles. A private Los Angeles-based investor acquired the property for $2.9 million. Built in 1920, the asset features 13,070 square feet of retail space. Tom Chichester, Joseph Chichester and Matt Brooks of Faris Lee Investments represented the buyer, while Rosano Parters represented the seller, a private Los Angeles-based family, in the deal.

June 30, 2017

California Retail Western

Marcus & Millichap Negotiates $2.3M Sale of 7,680 SF Retail Property in Ventura

by Nellie Day June 30, 2017

VENTURA, CALIF. — Marcus & Millichap has arranged the sale of College Square Strip Center, a retail property located at 134-156 N. Ashwood Ave. in Ventura. An undisclosed buyer acquired the 7,680-square-foot property for $2.3 million. Brandon Michaels of Marcus & Millichap represented the seller, a limited liability company, in the transaction.

June 30, 2017

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