BERKELEY, CALIF. — Landmark Properties has announced $2 billion worth of student housing project starts and deliveries. The developer delivered close to 5,000 beds this fall, including a student housing project called Stonefire at Berkeley near the University of California, Berkeley, in Northern California. In addition to its fall deliveries, the company has begun working on 11 new developments totaling more than 8,000 beds. These projects included the Standard at Flagstaff near Northern Arizona University and the Mark at Tucson near the University of Arizona. Landmark is also slated to break ground on another 12 projects totaling close to 9,000 beds in 2018.
SAN JOSE, CALIF. — Community Preservation Partners (CPP) has completed rehabilitation of two affordable apartment complexes in San Jose. The rehabilitations occurred at the 144-unit Monte Vista Gardens and 81-unit Courtyard Plaza Apartments. The properties are situated a few blocks from each other. They will maintain below-market-rate rents for another 55 years. Monte Vista Gardens received $5.5 million in rehab efforts, including new kitchens, bathrooms, flooring, computer lab, media center and community kitchen. Courtyard Plaza received a $25 million rehabilitation, including new bathtubs, appliances, vanities, siding, windows, doors, and a remodeled community room and manager’s office.
LOS ANGELES — A local buyer has purchased a 30-unit apartment building in Santa Monica for $23.8 million. The community is located at 153 San Vincente Blvd. The asset was built in 1967. It was sold at auction after several months in bankruptcy court. Bidding began at $21 million. The building will begin a remodeling process, during which time current tenants in the 13 occupied units will be relocated. The buyer has plans to rehab all of the units, upgrade electrical and plumbing, construct a new rooftop observation deck, install a new pool and boost overall curb appeal. Shiva Monify of SVN- Rich Investment Real Estate Partners represented the buyer.
ESCONDIDO, CALIF. — Badiee Development and Exeter Property Group have partnered to develop a 10.9-acre industrial campus in Escondido. The campus will be located at 1925 and 2005 Harmony Grove Road. Construction on the campus is set to commence in the fourth quarter of 2017 with a completion date of summer 2018. Badiee sold the two industrial land parcels to Exeter Property Group. The group plans to develop a 200,000-square-foot industrial distribution building on the site in conjunction with Badiee as the project developer. Mike Erwin of Colliers International represented Badiee Development, while the firm’s Chris Holder and Mark Lewkowitz represented Exeter Property Group in this transaction.
CARLSBAD, CALIF. — RAF Pacifica Group has announced plans to develop an 83,000-square-foot distribution facility in Carlsbad. The San Diego Hat Co. acquired the 7.5-acre site for $5.8 million. The headwear and accessories brand has an agreement in place for RAF to develop the building with TFW Construction as the general contractor. It is scheduled for completion in the second quarter of 2018. Aric Starck of Cushman & Wakefield represented RAF Pacifica Group in all real estate negotiations affiliated with this site. Brokers Rich Porreco and Glenn Friedrich of Cresa represented San Diego Hat Co.
RIVERSIDE, CALIF. — MAT Holdings Inc. has purchased a 303,100-square-foot industrial building in Riverside for $28.2 million. The Class A facility is located at 6975 Sycamore Canyon Blvd. The company plans to use the building as its West Coast distribution center. The seller was Investment Building Group.
POMONA, CALIF. — Integrity Housing has opened Olivera Senior Apartments, an 84-unit affordable seniors housing community in the Los Angeles suburb of Pomona. The property is already fully leased. Residents must be seniors making between 30 percent and 60 percent of the area median income. Five units are reserved for veterans using Veterans Affairs Supportive Housing (VASH) vouchers. Integrity financed Olivera using 9 percent Low Income Housing Tax Credits and funding from the Federal Home Loan Bank Affordable Housing Program. US Bank provided the construction loan, California Community Reinvestment Corporation provided the permanent loan and City Real Estate Advisors is the tax credit equity partner. Integrity Housing developed the property in partnership with Mayans Housing Corp. KTGY Architecture + Planning and MJS Landscape Architecture designed the property. FPI Property Management operates the property, and has partnered with EngAGE to provide arts and wellness programming for residents.
SAN JOSE, CALIF. — Institutional Property Advisors has arranged a $32.5 million bridge loan for the 112-unit Terra Willow Glen apartments in San Jose. The community is located at 850 Meridian Way. It was built in 1979. The borrower purchased the asset in cash, six months prior to exploring value-add financing options. The borrower planned to take a lower leverage bridge loan option at lower pricing, but considered higher leverage options, which provided more attractive leveraged returns. Anita Paryani-Rice of Institutional Property Advisors arranged the loan.
OAKLAND, CALIF. — Lee & Associates has arranged the $2.5 million sale of a property net-leased to Bridgestone in Oakland. Bridgestone has occupied the 7,150-square-foot building since 1984. Ryan Bennett and Ryan Barr of Lee & Associates represented the seller, Granite Peak Property Investments, in the transaction. The buyer was undisclosed.
LAGUNA NIGUEL, CALIF. — Keystone Mortgage Corp. has secured a $60 million refinancing for Plaza de la Paz, a 295,000-square-foot shopping center located in the Orange County community of Laguna Niguel. The center is home to 45 tenants including The Home Depot, Sprouts Farmers Market, CVS/pharmacy and Off Broadway Shoes. Keystone placed the 15-year, fixed-rate loan through an insurance company on behalf of the borrower, a local family office.