California

SAN DIEGO — The Richman Group of California has announced its plans to build three new residential/mixed-use projects in Southern California. The new communities will be located in Los Angeles, Orange and San Diego counties. They will contain a total of 326 apartment units for a combined value of $150 million. Richman’s first project is a 95-unit, affordable seniors community at 345 Commonwealth Ave. in Fullerton. The six-story, 130,000-square-foot midrise building will contain 3,200 square feet of retail space, as well as a subterranean parking garage. It is scheduled for completion in spring 2016. The group also plans to break ground on a 132-unit luxury apartment community in Cerritos later this year. The firm most recently received approval for F11, a 99-unit apartment community in San Diego. It will front the north side of F Street, between 11th Avenue and Park Boulevard. F11 will feature 5,644 square feet of street-level commercial space, resident and guest parking spaces, and indoor and outdoor recreational amenities. The U-shaped tower will surround a south-facing courtyard and pool area. Other amenities include exercise facilities and a bowling alley. The Richman Group is partnering with Shearn H. Platt, a subsidiary of the Richman Group Development Corp., …

SAN MATEO, CALIF. — Land & Houses USA Inc. has purchased the 111-unit Mode by Alta apartment community in the Silicon Valley submarket of San Mateo for $73.6 million. The community is located at 2089 Pacific Blvd. Mode by Alta was completed late last year. Apartments have above-standard ceiling heights, patios or balconies, oversized windows and high-end contemporary finishes. Community amenities include a fitness center and yoga studio, a contemporary lounge with a chef’s kitchen and resident business center, and resort-style courtyards with water features, fire pits and an outdoor kitchen. The community is within walking distance of Caltrain. It is also one mile from San Mateo’s downtown district. The developer and seller, Wood Partners, was represented by Stanford Jones, Philip Saglimbeni and Salvatore Saglimbeni of Institutional Property Advisors.

LOS ANGELES – A private investor has purchased the 30-unit Trojan Palms Apartments near the University of Southern California (USC) campus in Los Angeles for $8.9 million. The community is located at 1115 W. 30th Street, half a block from USC. It was built in 1957 and remodeled in 2007. The 67-bedroom student housing property is generally fully occupied. Ron Harris, Michael DiSimone and Garrett Nichols of Marcus & Millichap’s Los Angles office represented both the buyer and seller, another private investor, in this transaction.

LOS ANGELES — Essex Property Trust has acquired 8th+Hope, a 290-unit high-rise apartment complex in Downtown Los Angeles, for $200 million. The luxury community is located at 801 S. Hope Street, at the intersection of its namesake, 8th and Hope streets. The glass complex is one of the first high-rise apartment buildings to be built and listed for sale in Downtown Los Angeles since the recession, according to the seller, Wood Partners. The company also notes 8th+Hope sold for a higher price per square foot than any previous multifamily project in Downtown Los Angeles. 8th+Hope opened last summer. It is currently 55 percent occupied. The community is anticipated to reach stabilized occupancy by the third quarter of 2015. Common-area amenities include a 10,000-square-foot rooftop deck and club room with retractable glass walls that lead to an outdoor social/dining area, spa, fire pit and garden. It also includes a private film theater, guest suites, in-unit salon and spa services, 24/7 concierge service, car sharing and covered parking. Housecleaning, pet care, grocery delivery and porter services are also available. Units feature floor-to-ceiling glass, expansive balconies, and high-end interior finishes like wood flooring, granite countertops and stainless steel appliances.