California

PSRS Arranges $13.2M Refinancing for Wilmington Plaza Shopping Center in Los Angeles

by Amy Works March 11, 2024

LOS ANGELES — PSRS has arranged $13.2 million in refinancing for Wilmington Plaza, a retail center in the Wilmington neighborhood of Los Angeles. Mike Thorp and Ari Zeen of PSRS secured the nonrecourse loan, which features a five-year term, 30-year amortization and cash-out proceeds. One of PSRS’ correspondent life insurance companies provided the capital. Northgate Gonzalez Market, CVS/pharmacy and Chase Bank are tenants at the 64,222-square-foot Wilmington Plaza, which is located along Pacific Coast Highway.

March 11, 2024

California Development Hospitality Mixed-Use Restaurant Retail Western

LRE & Cos. Receives Approval for University Square Mixed-Use Project in Rocklin, California

by Amy Works March 8, 2024

ROCKLIN, CALIF. — LRE & Cos. has received approval from the City of Rocklin for the development of University Square, a 10-acre mixed-use destination project at the intersection of Sunset Boulevard and University Avenue in Rocklin, approximately 20 miles northeast of Sacramento. Slated for completion by the end of 2025, University Square will feature more than 20,000 square feet of retail space, 5,000 square feet of space for quick-service restaurants with drive-thrus, a 123-room Hilton Garden Inn, a 10,000-square-foot daycare center and a 3,700-square-foot Circle K convenience store and a car wash. A construction timeline was not released.

March 8, 2024

California Healthcare Loans Office Western

Gantry Arranges $28M Refinancing for Medical Office Building in Torrance, California

by Amy Works March 8, 2024

TORRANCE, CALIF. — Gantry has secured a $28 million permanent loan to refinance Torrance Memorial Lundquist-Lurie Cardiovascular Center, located at 2841 Lomita Blvd. in Torrance, a southern suburb of Los Angeles. The three-story, 65,000-square-foot medical office building is fully occupied by physicians and technicians providing outpatient services on behalf of Torrance Memorial Medical Center, a full-service, Cedars Sinai-affiliated hospital. George Mitsanas, Braden Turnbull and Alicia Sabanero of Gantry’s Los Angeles (El Segundo) office secured the financing for the borrower, a private real estate company. The 10-year permanent loan was placed with one of Gantry’s correspondent insurance company lenders at a fixed rate with 30-year amortization and pre-payment flexibility after year seven.

March 8, 2024

Acquisitions California Multifamily Western

PCCP, Alliance Residential Buy Prado Apartment Community in Santa Clara, California for $125M

by Amy Works March 7, 2024

SANTA CLARA, CALIF. — PCCP and Alliance Residential have acquired Prado, a mid-rise multifamily property at 3560 Rambla Place in Santa Clara, for $125 million, or $498,000 per unit. Built by SummerHill Homes and delivered in April 2021, Prado features 251 apartments on an infill site in Silicon Valley. The seven-story building features a mix of one- and two-bedroom units offering stainless steel appliances, quartz countertops, hardwood-style flooring, gas ranges, walk-in closets and private outdoor patios. Onsite amenities include an oversized pool and spa, a two-story fitness center, indoor and outdoor resident lounges, a remote-work business center and outdoor barbecues. Prado is situated within the 27-acre Nuevo master-planned community that SummerHill designed, which includes high-end rental and for-sale residential product with shared amenity offerings.

March 7, 2024

Acquisitions California Loans Multifamily Western

Helio Group Receives $40M Acquisition Loan for Cobalt Apartments in Culver City, California

by Amy Works March 7, 2024

CULVER CITY, CALIF. — Helio Group has received a $40 million loan for the acquisition of Cobalt Apartments, a multifamily property in Culver City. Jeff Sause, Chad Morgan and Jacob Michael of JLL Capital Markets arranged the loan for the borrower from a regional bank. Cobalt Apartments features 135 units and 14,754 square feet of ground-floor retail space. Situated along Washington Boulevard, the property sits across the street from Sony Pictures Studios near interstates 10 and 405. Additionally, residents are within a 15-minute walk from the Palms Station Expo Line, which offers regional transportation.

March 7, 2024

Acquisitions California Multifamily Western

TMG Brokers $16.5M Purchase of Vantage Point Apartments in Bakersfield, California

by Amy Works March 7, 2024

BAKERSFIELD, CALIF. — The Mogharebi Group (TMG) has arranged the acquisition of Vantage Point Apartments, a multifamily community in Bakersfield. A Central Valley-based investor acquired the asset for $16.5 million in an off-market transaction. The name of seller was not released. Built in 1985, Vantage Point features 144 one- and two-bedroom apartments ranging from 597 square feet to 805 square feet. Amenities include large closets, ceiling fans, a heated pool, laundry facilities and gated access. The property is situated on 6.31 acres at 6001 Auburn St. Mark Bonas of TMG represented the buyer in the deal.

March 7, 2024

Acquisitions California Multifamily Western

Marcus & Millichap Arranges $46.9M Sale of Two-Property Creekside Park Multifamily Portfolio in Napa, California

by Amy Works March 6, 2024

NAPA, CALIF. — Marcus & Millichap has negotiated the sale of Creekside Park I and II, a two-property multifamily portfolio in Napa. The assets traded for $46.9 million, or $249,734 per unit. Constructed in two phases in 1983 and 1985, Creekside Park consists of 15 two-story residential buildings and two single-story amenity buildings on more than 10 acres. The 188 one-, two- and three-bedroom units feature ceiling fans and air conditioning. Renovated units offer new flooring, cabinet faces, hardware, fixtures and countertops. Community amenities include a leasing office, swimming pool, two spas, fitness center, children’s play area, laundry facilities and manicured grounds. Mitchell Zurich, Kirk Trammell, David Cutler and Joshua Johnson of Marcus & Millichap represented the seller, the original developer, and procured the undisclosed buyer in the transaction.

March 6, 2024

California Development Multifamily Western

Alliance Residential, KTGY Open 264-Unit Broadstone Edition Apartment Community in Irvine, California

by Amy Works March 6, 2024

IRVINE, CALIF. — Developer Alliance Residential and architect KTGY have opened Broadstone Edition, a 264-unit residential property with a mix of market-rate and affordable apartments in Irvine. Located on the corner of Alton Parkway and Von Karman Avenue within the Irvine Business Complex, the five-story Broadstone Edition wraps around a six-story, 426-stall parking structure and two open courtyards. The property offers 22 very low-income units, 14 moderate-income units and 228 market-rate units. Onsite amenities include a pool and spa with cabanas; private karaoke lounge; 2,000-square-foot rooftop deck with a social lounge and firepits; 2,000-square-foot gym/studio; specialty bicycle parking; and a courtyard barbecue area. Additionally, the development has a Fitwel Healthy Building certification. The project team included Hendy as interior designer, Fuscoe Engineering as civil engineer and MJS Landscape Architecture as landscape architect.

March 6, 2024

Acquisitions California Multifamily Western

TMG Arranges Sale of 232-Unit The Victor Multifamily Property in Fresno, California

by Amy Works March 5, 2024

FRESNO, CALIF. — The Mogharebi Group (TMG) has brokered the sale of The Victor, a multifamily community in Fresno. A Washington-based private investment group sold the asset to a Central Valley-based private investment group for nearly $30 million. Situated on 8.7 acres at 1577 E. Bulldog Lane, The Victor features 232 apartments ranging in size from 800 square feet to 1,000 square feet. Unit amenities include in-unit washers/dryers, large balconies, fireplaces and ceiling fans. Community amenities include a resort-style pool, outdoor picnic area, fitness center and business center. The garden-style property was built in 1974. Robin Kane and Brendan Kane of TMG’s Fresno office represented the seller in the deal. The buyer assumed the current loan on the property, which has eight years remaining at a 3.94 percent interest rate with three years of interest-only payments remaining.

March 5, 2024

California Development Mixed-Use Multifamily Western

LLJ Ventures, Citymark Development to Open Kelvin Mixed-Use Community in Lemon Grove, California

by Amy Works March 5, 2024

LEMON GROVE, CALIF. — LLJ Ventures and Citymark Development are nearing completion of Kelvin, a mixed-use community at 7950 Broadway in Lemon Grove in San Diego County. Slated for completion in early March, Kelvin features 66 studio, one-, and two-bedroom apartments ranging from 523 square feet to 1,058 square feet. The five-story building offers 4,043 square feet of first-level commercial space on a 0.92-acre lot near local dining, shopping and entertainment options. Additionally, Kelvin is near Freeway 94, Freeway 125 and the Lemon Grove Trolley Station. Pre-leasing is underway at Kelvin, which San Diego-based Sunrise Management is handling. Move-ins are scheduled the begin mid-March. Studio E Architects served as architect for the project, which is situated on the site of a former Barry’s Athletic Supply store, which operated on the site for 25 years until it relocated to another Lemon Grove location.

March 5, 2024

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