LOS ANGELES — The Plaza at Sherman Oaks, a 392-unit luxury apartment community located in the Los Angeles submarket of Sherman Oaks, has sold to Raintree Partners for $77 million. The community is located at 4500 Woodlman Ave. Raintree plans to renovate the units. Marc Renard of Cushman & Wakefield represented both the buyer and the seller. Acquisition financing was secured by CBRE’s Troy Tegeler and provided by Freddie Mac.
Western
PHOENIX — Berkadia Commercial Mortgage LLC has acquired Hendricks & Partners. Hendricks & Partners has 37 offices with more than 180 multifamily professionals across the U.S. The Phoenix-based firm will now operate under the name Hendricks-Berkadia. The firm’s current CEO, Don Hendricks, will join Berkadia's executive committee as CEO of Hendricks-Berkadia and as executive vice president of Berkadia. Hendricks-Berkadia will retain its Phoenix headquarters.
RANCHO CUCAMONGA, CALIF. – The 192-unit Santa Barbara Apartments in Rancho Cucamonga has received a $40-million permanent loan. The community is located at 10855 Church Street. It is 95 percent leased. The 15-year, fixed-rate loan was arranged by HFF’s Don Curtis through Prudential Mortgage Capital Company. Curtis worked on behalf of the borrower, Lewis Operating Corp.
SAN FRANCISCO — Michael Kamm has been promoted to president of Cassidy Turley. Kamm will also be given a spot on the firm’s Board of Directors. He will remain in San Francisco, where he led Cassidy Turley’s Northern California operations for the past three years. Kamm previously served as CEO of BT Commercial, Cassidy’s predecessor. He will now oversee all of the firm’s managing principals and regional managing principals.
SAN DIEGO – A property containing a 24,900-square-foot office building and a 9,000-square-foot medical building in San Diego has sold to 7625-7675 Linda Vista Road, LLC for $9.2 million. The buying entity is controlled by Scott Leary. The San Diego neurosurgeon plans to move his practice into the building and lease out the remaining space. The entity was represented by Brandon Keith and Stephen Dok of Voit’s San Diego office, along with David Schmidt of The Schmidt Group. The seller, AFJR Partnership, LP., was also represented by Keith and Dok.
SAN JOSE, CALIF. – A joint venture between W3 Partners and AllianceBernstein U.S. Real Estate Partners L.P.has purchased a 64,336-square-foot flex-tech building in San Jose. The building is located at 3939 North First Street. W3 will act as the operating partner.
CHINO, CALIF. – The 40-unit Vista Park Chino has sold to Preservation Vista Park Chino, LP for $6 million. The community is located at 5819 Riverside Drive. The seller was Vista Park Chino, LP. The transaction was executed by Alex Mogharebi of Hendricks & Partners’ Ontario office.
SAN FRANCISCO – A 14-unit apartment building located at 1550-1566 Hyde Street in San Francisco has sold to a limited liability company for $2.6 million. The community also contains two retail units. Dimitris Drolapas, James Devincenti and Brad Lagomarsino of Marcus & Millichap’s San Francisco office represented both the buyer andthe seller, a private investor, in this transaction.
SAN DIEGO – A property containing a 24,900-square-foot office building and a 9,000-square-foot medical building in San Diego has sold to 7625-7675 Linda Vista Road, LLC for $9.2 million. The buying entity is controlled by Scott Leary. The San Diego neurosurgeon plans to move his practice into the building and lease out the remaining space. The entity was represented by Brandon Keith and Stephen Dok of Voit’s San Diego office, along with David Schmidt of The Schmidt Group. The seller, AFJR Partnership, LP., was also represented by Keith and Dok.
SAN JOSE, CALIF. – A joint venture between W3 Partners and AllianceBernstein U.S. Real Estate Partners L.P. has purchased a 64,336-square-foot flex-tech building in San Jose. The building is located at 3939 North First Street. W3 will act as the operating partner.