SACRAMENTO, CALIF. — VerTex Student Housing Partners, a joint venture of Vermilion Development and TEXLA Housing Partners, has acquired The Element, a 288-unit, 792-bed student housing development near Sacramento State University, for an undisclosed price. The acquisition is the fourth transaction in partnership with Chicago-based Harrison Street Real Estate Capital. The Element is located less than one mile from the campus, and was originally constructed in 2004. The garden-style property consists of 18 three-story residential buildings and a clubhouse and leasing office. The partnership will soon implement operational and capital improvements. VerTex Student Housing Management will act as property manager of the asset. All units are fully furnished with amenities such as full-size washers and dryers, microwaves, dishwashers, access to the Internet and digital satellite television. The community amenities include a resort-style swimming pool and hot tub, half-size indoor basketball court, fitness center and sand volleyball court. Additionally, a game room, resident business center, student lounge, private shuttle to campus and other amenities are available to all residents. VerTex has now acquired 3,200 beds with Harrison Street Real Estate Capital. Senior Vice President at TSB Capital Advisors Shawn Sweeney helped arrange the acquisition loan with Capital One.
CULVER CITY, CALIF. — Charles Dunn Co. has brokered the sale of a single-tenant retail property located at 5400 Sepulveda Blvd. in Culver City. A partnership of two family trusts and two charitable organizations sold the property to Jack in the Box for $2.1 million. Jack in the Box has occupied the 9,309-square-foot property since it was built in 1963. Justin Mendelson and Ashley Saye of Charles Dunn Co. represented the seller in the transaction.
STOCKTON, CALIF. — Hanley Investment Group has arranged the sale of Hammer Plaza, a 20,388-square-foot retail center located at 2701 E. Hammer Lane in Stockton. A Tracy, Calif.-based private investor acquired the property from a Stockton-based investor for $1.4 million. Built in 1980 and situated on 1.5 acres, the property was 55 percent vacant at the time of sale. Eric Vu of Hanley Investment Group represented the seller and buyer in the transaction.
SAN DIEGO — EMMES Realty Services has signed a lease with CFG Downtown LLC to open Crunch Fitness Downtown, a four-level fitness center at 701 B St. in downtown San Diego. Slated to open in the later this year, the 30,000-square-foot fitness center will feature a glass-enclosed cardio deck overlooking the renovated lobby; tiered memberships, including preferred pricing for all EMMES tenants; locker rooms; towel service; an advanced spin studio with state-of-the-art equipment; hydrotherapy and tanning; personal training; group training, including high intensity interval training; and turf and open areas for plyometric training and functional/athletic-based training. The new fitness center represents an approximately $3.5 million investment in the 24-story, Class A office building.
NEWPORT BEACH, CALIF. — Manouch and Mark Moshayedi have purchased three parcels of land in Newport Beach for $71.7 million. The parcels are located at 2101, 2201 and 2200 West Coast Highway. Two of the parcels are situated along the waterfront, while one is inland. The land contains existing retail buildings that are fully leased. The seller, Ardell Investment Company, will lease back four buildings, along with several boat slips. The buyers participated in a 1031 exchange under the name Chino Hills LLC. John Martin and David Romero of Lee & Associates Newport Beach represented the LLC. The seller represented itself in this transaction.
SAN FRANCISCO — Kennedy Wilson and its equity partners have sold a 159-unit multifamily property in the San Francisco Bay Area to an unnamed buyer for $55 million. Kennedy Wilson acquired the property in 2013. It then undertook a value-add asset management program and grew the property’s net operating income by 20 percent prior to the sale. The company and its partners have sold six multifamily properties totaling 1,997 units throughout the Western U.S. since Sept. 30, 2015. The gross proceeds from these sales total $479 million.
LOS ANGELES — A joint venture between Intercontinental Real Estate Corporation and MG Properties Group has purchased the 350-unit Carmel Hacienda Heights Apartments in the Los Angeles submarket of Hacienda Heights for an undisclosed sum. The community is located at 2401 S. Hacienda Blvd. The property will be rebranded as the Hills at Hacienda Heights. It will also undergo a significant renovation, including improvements to the unit interiors, common areas and property exterior. The acquisition was financed with a 10-year, fixed-rate mortgage from Freddie Mac. CBRE’s Brian Eisendrath arranged the loan. The JV represented itself in transaction, while HFF’s Sean Deasy and Mark Petersen represented the unnamed seller.
ONTARIO, CALIF. — NorthMarq Capital has arranged a $29 million refinancing for Airport Center, a 600,000-square-foot industrial property in Ontario. The property is located at 1460 S. Archibald Ave. Financing featured a six-month forward rate lock, along with a 10-year term and 25-year amortization schedule. Robert R. Hervey and Joe Giordani of NorthMarq Capital’s Los Angeles regional office arranged the loan.
SAN FRANCISCO — A joint venture between Ivanhoé Cambridge and Veritas Investments has purchased 16 apartment communities in San Francisco for about $200 million. The communities were not named. The properties are located in some of San Francisco’s most prominent communities, including Russian Hill, NOPA, Noe Valley, Duboce Triangle, Alamo Square, Mission Dolores and North Panhandle, and Lower and Upper Nob Hill. The JV now owns 45 multifamily properties, with an average of 30 residential units per building. Many communities also feature ground-floor retail space.
SACRAMENTO, CALIF. — Oakmont Properties has received more than $100 million in senior loans to acquire to two apartment communities in the Sacramento area. The properties include The Preserve at Roseville, a 336-unit community, as well as the 304-unit Oak Brook Apartments. The Preserve is located at 1299 Antelope Creek Drive in Roseville. It was 97 percent occupied at the time of sale. The Class A property was built in 1999. Oak Brook is located at 12499 Folsom Blvd. in Rancho Cordova. It was also 97 percent occupied. This Class A property was built in 2001. PCCP provided the loans, which are cross-collateralized with each other.