SANTA ROSA, CALIF. — Interstate Equities Corp. (IEC) has acquired 888 Fourth St. Apartments, a multifamily property in downtown Santa Rosa, from a private individual for $38 million, or $350,000 per unit. At the time of sale, the 108-unit property was approximately 50 percent occupied. The IEC investment team and Philip Saglimbeni of Institutional Property Advisors handled the all-cash transaction.
SAN JOSE, CALIF. — JLL Capital Markets has arranged $30.2 million in refinancing for Monte Alban Apartments, an affordable housing complex in San Jose. The borrower, The John Stewart Co., received a 35-year, fixed-rate HUD 223(f) cash-out refinancing loan. The refinancing allows for $47,000 per unit in property renovations and upgrades. Located at 1324 Santee Drive, Monte Alban Apartments was built in 1970 and renovated in 2006. The property offers 192 garden-style one-, two-, three- and four-bedroom apartments spread across 12 buildings. Amenities include a community room, laundry facilities, an exercise room, basketball court, two swimming pools and two playgrounds. The community maintains 100 percent occupancy with many long-term tenants and provides rents 40 percent to 60 percent below market rates. Anson Snyder led the JLL Capital Market’s Debt Advisory team in the refinancing.
GARDEN GROVE, CALIF. — NAI Capital Commercial has arranged the acquisition of a retail building located at 10840 Katella Ave. in Garden Grove. An entity doing business as Katella Gateway Plaza LLC purchased the asset from Garden Grove Gateway LLC for $6.8 million. Dollar Tree occupies the 15,000-square-foot building, which was built in 2005, under a triple-net lease. Sheri Messerlian and Ilmar Kalviste of NAI Capital Commercial represented the buyer, while Shawn Bakke represented the seller in the deal.
SAN DIEGO — Ambient Communities, a San Diego-based real estate company, has acquired 530 B Street, a 24-story office tower in downtown San Diego’s B Street corridor, from an undisclosed seller for $27.5 million, or $110 per square foot. Completed in 1966, the 250,000-square-foot tower was known as the Union Bank building until U.S. Bank acquired the bank in 2022. Matt Carlson, Hunter Rowe, Camille Doan, Matt Pourcho and Anthony DeLorenzo of CBRE represented the seller, while Mickey Morera of Kidder Mathews represented the buyer in the transaction.
SACRAMENTO, CALIF. — A California-based entity doing business as DHI Hellenic Apartments LP has completed the renovation and rehabilitation of Hellenic Senior Apartments, an affordable seniors housing property in the Pocket-Greenhaven area of Sacramento. Renovations included replacing roofs and siding, new energy-efficient systems and updates to common areas such as the clubhouse, leasing office and laundry facilities. All 70 units received new windows, sliding glass doors, energy-efficient appliances, dishwashers, modern kitchen cabinets and countertops. Fourteen units were upgraded to be fully ADA-compliant, and several units received additional modifications to accommodate residents with mobility, hearing or visual impairments. Hellenic Senior Apartments offers units designated for tenants earning various income levels: 30 percent of the area median income (AMI), 40 percent AMI, 50 percent AMI and 60 percent AMI. DHI Hellenic Apartments secured financing for the project through a combination of 9 percent tax credit equity provided by R4 Capital LLC with CVS Health | Aetna as the investor limited partner, a construction loan and permanent loan proceeds from East West Bank.
CERES, CALIF. — PSRS has secured $4 million in refinancing for a retail property within Ceres Gateway Center in Ceres. Tractor Supply Co. occupies the 21,702-square-foot property, which was built-to-suit in 2023. The property includes Tractor Supply’s new Fusion Garden Center and a large fenced outdoor sales area. Kostas Kavayiotidis and Matthew Farzinpour of PSRS arranged the non-recourse loan with a five-year term on behalf of the undisclosed borrower. A correspondent life insurance company provided the loan.
SANTA CRUZ, CALIF. — Marcus & Millichap has arranged the sale of Seaside Apartments, an 84-unit affordable housing property in Santa Cruz. The asset traded for $45 million, or $535,714 per unit. Comprising five two-story residential buildings and one single-story office and amenities building, Seaside Apartments offers 16 one-bedroom units, 52 two-bedroom apartments and 16 three-bedroom townhome units. Community amenities include a children’s playground, barbecue and picnic area, laundry facilities and carports. Mitchell Zurich, Kirk Trammell, David Cutler and Joshua Johnson of Marcus & Millichap represented the seller and procured the buyer in the deal. The names of the seller and buyer were not released.
LA MIRADA, CALIF. — LD Valley View Holdings has purchased an industrial asset in the Mid-Counties submarket of Los Angeles from an undisclosed seller for $32.4 million. Totaling 124,480 square feet, the asset has entitlements for a 143,627-square-foot, Class A industrial building. The property is situated on 7.2 acres at 16930 Valley View Ave. Tony Phu of Colliers represented the buyer, while Michael Kendall, Gian Bruno, Kenny Patricia and Kylie Jones of Colliers represented the seller in the deal. Chris Sheehan, Mike Foley, Jeff Smart, Liz Capati and Senna De La Cruz of Colliers provided local market advisory services.
LA HABRA, CALIF. — Marcus & Millichap has arranged the $15.6 million sale of Beachmont, a beachfront apartment community in La Habra. The names of the buyer and seller were not released. Located in North Orange County, Beachmont offers 45 apartments, 82 percent of which are townhome style. Each unit features individual water heaters, washer/dryer hookups, private patios and two assigned parking spaces. Recent property upgrades include new windows and roofs in 2023, exterior painting in 2024 and asphalt reconditioning in 2019. W. Michael Cavner and Tyler Leeson of Marcus & Millichap’s Orange County office handled the transaction.
CUPERTINO, CALIF. — Palo Alto, Calif.-based Pacific Urban Investors has purchased Arioso, an apartment property in the Silicon Valley city of Cupertino. Los Angeles-based CIM Group sold the community for an undisclosed price. Built in 1998, the three-story podium-style community offers 201 one- and two-bedroom floor plans, averaging 1,015 square feet. Community amenities include a leasing office, fitness center, business center, swimming pool and a spa. Arioso’s monthly rental rates range from $3,351 to $10,185, according to Apartments.com.
