SIMI VALLEY, CALIF. – The 397-unit Creekside Apartments in Simi Valley has sold to Decron Properties Corp. for $70 million. The community is located at 1518 Patricia Ave. Decron plans to invest $9 million to upgrade and resdesign the property. Decron represented itself in this transaction, while Marc Renard of Cushman & Wakefield represented the seller.
Western
PHOENIX — TriGate Capital has acquired four shopping centers in the Greater Phoenix region for $28.3 million. They include Ahwatukee Mercado, Elliot Plaza, the Crossings at Fountain Hills, and Ventana Lakes Village Center. The centers contain a total of 306,959 square feet. The seller, C-III Asset Management, was represented by Lane Neville, Brad Ranly, Barbara Lloyd and Hunter Null with NAI Horizon, along with C-III Realty Services.
DENVER — The 426-unit Lakes at Monaco Pointe in Denver has sold to Coughlin and Company for $28 million. The company plans to invest an additional $3 million into the property. It was 95 percent occupied at the time of sale. ARA’s Terrance Hunt, Shane Ozment, Doug Andrews and Jeff Hawks represented the seller, Jackson Square Properties, in this transaction.
SIMI VALLEY, CALIF. – The 397-unit Creekside Apartments in Simi Valley has sold to Decron Properties Corp. for $70 million. The community is located at 1518 Patricia Ave. Decron plans to invest $9 million to upgrade and resdesign the property. Decron represented itself in this transaction, while Marc Renard of Cushman & Wakefield represented the seller.
PHOENIX — TriGate Capital has acquired four shopping centers in the Greater Phoenix region for $28.3 million. They include Ahwatukee Mercado, Elliot Plaza, the Crossings at Fountain Hills, and Ventana Lakes Village Center. The centers contain a total of 306,959 square feet. The seller, C-III Asset Management, was represented by Lane Neville, Brad Ranly, Barbara Lloyd and Hunter Null with NAI Horizon, along with C-III Realty Services.
DENVER — The 426-unit Lakes at Monaco Pointe in Denver has sold to Coughlin and Company for $28 million. The company plans to invest an additional $3 million into the property. It was 95 percent occupied at the time of sale. ARA’s Terrance Hunt, Shane Ozment, Doug Andrews and Jeff Hawks represented the seller, Jackson Square Properties, in this transaction.
STUDIO CITY, CALIF. — Studio 40-41, a 149-unit apartment community in Studio City, has sold to an Archstone-sponsored partnership for $56.3 million. It is located on Radford Avenue across from the CBS Studio Center. The community will be renamedArchstone Studio 4121.
SAN FRANCISCO — CIM Group has sold a 10-property multifamily portfolio that is based in San Francisco. The portfolio contains a total of 418 units spread among 22 buildings. The properties sold to multiple buyers. The group is also looking to divest an additional 12 properties that are part of the portfolio. CIM initially acquired the portfolio through a deed-in-lieu-of-foreclosure transaction.
PORTLAND, ORE. – The 290-unit RiverPlace Square Apartments in Portland has received $54 million in financing. The joint venture between Cardinal Group Investments LLC and Fundamental Advisors LP obtained a $44.5-million loan that was placed with a national bank, as well as a $9.5-million mezzanine loan with a mortgage REIT. The loan proceeds were used to acquire the property. The community is located at 2083 SW River Drive. The JV plans to renovate and rebrand the property as Mint Urban. Financing was arranged by HFF’s Pat Burger, Tim Wright and Tom Wilson.
SAN FRANCISCO — The 114-room Larkspur Hotel Union Square in San Francisco has sold to a group of Canadian investors for $16.6 million. The property will revert to its original name, The Cartwright Hotel. The new owners will assume the hotel’s operations and management responsibilities, which were previously handled by Larkspur Hotels. The group was represented by Richard C. Ehmer of the Ehmer Group.