CENTURY, CITY, CALIF. – A 157-unit multifamily portfolio referred to as the Sun Valley Collection has hit the market in the San Fernando Valley. The properties are housed in eight individual buildings that are all located within a one-block radius of each other in Sun Valley. They are being sold as cooperative stock units. The portfolio is being marketed by Pegasus Investments, which also represented the prior owner when it sold the collection in 2011. Since then, the new owner has invested in repairs and upgrades, bringing the portfolio to full occupancy.
Western
WESTMINSTER, COLO. – The 384-unit Four Seasons apartment community in Westminster has sold to BMC Investments for $25 million. The community is located at 2002 W. 76th Ave. just northwest of Denver. The company plans to invest an additional $2.4 million to upgrade and rebrand the property. It will be renamed Villas on 76th. The investment includes a $21-million Fannie Mae loan through Centerline Capital Group. The 10-year loan features a two-year interest-only period and a 30-year amortization schedule. BMC financed the equity internally.This is BMC’s first deal in 2013, though the firm acquired more than 1,600 units in 2012. The transaction was executed by Chuck Sweeney from Hendricks Berkadia. The seller was Belgarde Enterprises.
WEST HOLLYWOOD, CALIF. — CIM Group has begun construction on two Sunset Strip projects in West Hollywood. The first is a 290-room, four-star hotel that will be located at 8490 Sunset Blvd. The hotel will contain two 10-story towers. The second is a 190-unit residential development with ground-floor retail that will be located at 8500 Sunset Blvd. It will contain two eight-story buildings. The projects will add about 500,000 square feet of hospitality, residential and retail space to the famed Sunset Strip. CIM initially purchased the fully entitled properties in November 2011.
CENTURY, CITY, CALIF. – A 157-unit multifamily portfolio referred to as the Sun Valley Collection has hit the market in the San Fernando Valley. The properties are housed in eight individual buildings that are all located within a one-block radius of each other in Sun Valley. They are being sold as cooperative stock units. The portfolio is being marketed by Pegasus Investments, which also represented the prior owner when it sold the collection in 2011. Since then, the new owner has invested in repairs and upgrades, bringing the portfolio to full occupancy.
WESTMINSTER, COLO. – The 384-unit Four Seasons apartment community in Westminster has sold to BMC Investments for $25 million. The community is located at 2002 W. 76th Ave. just northwest of Denver. The company plans to invest an additional $2.4 million to upgrade and rebrand the property. It will be renamed Villas on 76th. The investment includes a $21-million Fannie Mae loan through Centerline Capital Group. The 10-year loan features a two-year interest-only period and a 30-year amortization schedule. BMC financed the equity internally. This is BMC’s first deal in 2013, though the firm acquired more than 1,600 units in 2012. The transaction was executed by Chuck Sweeney from Hendricks Berkadia. The seller was Belgarde Enterprises.
LAS VEGAS – A 47,501-square-foot medical and professional office building in Las Vegas has sold to MVP REIT Inc. $15 million. The building is part of a five-property portfolio that was recently acquired by the firm for $48.6 million. The Las Vegas asset is located at 8930 W. Sunset Road. It was built in 2008 and is 90 percent occupied by a mix of medical and professional tenants. Each tenant is bound by a triple-net lease that includes a five- to 10-year remaining term.
AZUSA, CALIF. — Xebec Realty Partnershas announced its plans to develop a $33-million, 330,000-square-foot industrial business park in Azusa. The park will be located at 1001 N. Todd Ave. It will be referred to as 10th Street Center. Construction on the Class A office park is set to commence in the fourth quarter of 2013. It is scheduled for completion in the fourth quarter of 2014. Leasing efforts are being handled by Peter McWilliams,Paul SablockandNicole Pageof Jones Lang LaSalle Los Angeles.
SANTA MONICA, CALIF. – A half-acre land parcel in Santa Monica has sold to Q6 Real Estate, Inc. for $7 million. The parcel is located at 1402 Santa Monica Blvd. The owner, which is an affiliate ofthe Quinn Automotive Group, plans to build a two-story car dealership franchise on the lot. A gas station is currently situated on the property. The 33,700-square-foot MINI of Santa Monica is slated for completion in mid-2016. Joseph Gabbaian of Avison Young’s West Los Angeles office represented both the buyer and the seller, SBZ Partnership, in this transaction.
CORONA, CALIF. — Corona Hills Town Center, a 54,379-square-foot retail center, has received a $5.5-million refinance. The property is located at107-131 N. McKinley Street in Corona. It is shadow-anchored by Food-4-Less. Financing was secured by Blake Melstrom of Pacific Southwest Realty Services through a local conduit lender.
LAS VEGAS – A 47,501-square-foot medical and professional office building in Las Vegas has sold to MVP REIT Inc. $15 million. The building is part of a five-property portfolio that was recently acquired by the firm for $48.6 million. The Las Vegas asset is located at 8930 W. Sunset Road. It was built in 2008 and is 90 percent occupied by a mix of medical and professional tenants. Each tenant is bound by a triple-net lease that includes a five- to 10-year remaining term.