DENVER – The 23-unit Xenia Heights apartments in Denver has sold to King Realty Holdings, LLC for $1 million. The community is located at 1371 Xenia Street. It was built in 1961. Josh Newell of Pinnacle Real Estate Advisors represented both the buyer and the local seller in this transaction.
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SAN FRANCISCO — The 514-unit NorthPoint Apartments in San Francisco has received $70 million in financing. The community is located at 2211 Stockton Street between Fisherman’s Wharf and the North Beach neighborhood. It was built in 1968. NP Apartments LLC will use the fixed-rate, 10-year loan to refinance existing debt and to carry out renovations. Financing was arranged by Mitch Thurston and Andy Ahlers of Berkadia Commercial Mortgage LLC through ING Investment Management LLC, the authorized agent for ING Life Insurance and Annuity Company. The pair also recently arranged $15 million for the borrower’s other property, the 282-unit Golf Creek Apartments in Portland, Ore. This community is located at 1807 SW Golf Creek Drive in the West Slope neighborhood. The fixed-rate, 10-year loan will be used to refinance an existing life company loan.
SAN DIMAS, CALIF. – CNS Focused Investments has acquired the 288-unit Waterstone San Dimas apartment community for $47 million. The community is located at 444 North Amelia Ave. in San Dimas. The seller, a private California investment firm, was represented by Gregory Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors. CNS is a joint venture between NNC Apartment Ventures LLC and Shane Shafer. The JV is looking to acquire, renovate and manage Class B and C multifamily investments in 35 core, workforce markets in Southern California.
SAN FRANCISCO — The 514-unit NorthPoint Apartments in San Francisco has received $70 million in financing. The community is located at 2211 Stockton Street between Fisherman’s Wharf and the North Beach neighborhood. It was built in 1968. NP Apartments LLC will use the fixed-rate, 10-year loan to refinance existing debt and to carry out renovations. Financing was arranged by Mitch Thurston and Andy Ahlers of Berkadia Commercial Mortgage LLC through ING Investment Management LLC, the authorized agent for ING Life Insurance and Annuity Company. The pair also recently arranged $15 million for the borrower’s other property, the 282-unit Golf Creek Apartments in Portland, Ore. This community is located at 1807 SW Golf Creek Drive in the West Slope neighborhood. The fixed-rate, 10-year loan will be used to refinance an existing life company loan.
LA CAÑADA FLINTRIDGE, CALIF. — Retail Opportunity Investments Corporation has purchased Plaza De La Cañada, a 100,408-square-foot neighborhood shopping center in the San Fernando Valley submarket of La Cañada Flintridge, for $35.9 million. The plaza is located at 651-663 Foothill Blvd. The center is anchored by Gelson’s Market, which recently replaced Vons as the property’s primary anchor. Other notable tenants include T.J. Maxx and Rite Aid. The seller, the Vons Companies Inc., was represented by Dixie Walker, Charley Simpson and Tom Blake of Cassidy Turley’s Irvine office.
SAN DIMAS, CALIF. – CNS Focused Investments has acquired the 288-unit Waterstone San Dimas apartment community for $47 million. The community is located at 444 North Amelia Ave. in San Dimas. The seller, a private California investment firm, was represented by Gregory Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors. CNS is a joint venture between NNC Apartment Ventures LLC and Shane Shafer. The JV is looking to acquire, renovate and manage Class B and C multifamily investments in 35 core, workforce markets in Southern California.
SAN FRANCISCO – A joint venture between MetLife and UDR has announced plans to build a $317-million, 42-story apartment building in San Francisco. The tower will be located at 399 Fremont Street in the Rincon Hill neighborhood. It will contain 447 residential units and 3,500 square feet of retail space. The complex is scheduled to open in 2016. UDR will have a 51 percent share in the development, while MetLife will retain a 49 percent stake.
DENVER — Shorenstein Properties LLChas purchased Denver City Center, a pair of Class A office buildings totaling 1.3 million square feet in the city’s downtown region, for a reported $286 million. The center is located along17thStreet in the city’s Financial District. The acquisition includes the office portion of 707 17thStreet, which occupies floors 21 through 42 of the building. Marriott Denver City Center resides on the lower floors of the building, and was not included in this transaction. The acquisition did include the adjacent Johns Manville Plaza, a 29-story office building. Both buildings were renovated in 2013.Notable tenants include Jacobs Engineering, Forest Oil Corporation, Johns Manville, Baker Hughes and AECOM. This is Shorenstein’s first acquisition in Denver since the early 1990s. The company completed its most recent acquisition on behalf of its tenth fund, Shorenstein Realty Investors Ten, L.P. The seller, Crescent Real Estate Holdings LLC,a subsidiary of Barclays plc, was represented by HFF’s John Jugl and Mary Sullivan.
EL CERRITO, CALIF., SEATTLE — Kennedy Wilson and its partners have acquired three apartment communities in Washington and California for a total of $167 million. The acquisition includes the 159-unit Village at Town Center in El Cerrito, Calif., near the University of California at Berkeley, and the 297-unit Big Trout Lodge in a suburb of Spokane, Wash. A 372-unit apartment community in a Seattle surburb is currently under contract and is expected to close in the first quarter of 2014. The seller was The Wolff Company.
SAN FRANCISCO – A joint venture between MetLife and UDR has announced plans to build a $317-million, 42-story apartment building in San Francisco. The tower will be located at 399 Fremont Street in the Rincon Hill neighborhood. It will contain 447 residential units and 3,500 square feet of retail space. The complex is scheduled to open in 2016. UDR will have a 51 percent share in the development, while MetLife will retain a 49 percent stake.