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.
Western
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.
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 renamed Archstone 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.
SCOTTSDALE, ARIZ. — The Lincoln Village Shops in Scottsdale has sold to Global Retail Investors for $38.7 million. The 71,142-square-foot retail center is located at 6202 N. Scottsdale Road. Notable tenants at the center include Walgreens, Trader Joe’s, Fogo de Chao, Einstein’s Bagel, My Sister’s Closet, Well Suited and Rancho Pinot Grill. The seller was Scottsdale Road Partners, an affiliate of Redwood Real Estate Partners. The transaction was facilitated by Patrick Dempsey and Jan Fincham of Lee & Associates Arizona.
EVERETT, WASH. – An affiliate of the Goldman Sachs Group and East Rock Capital, LLChave received $35 million in acquisition financing for Fulton’s Crossing in Everett. The 504-unit apartment community was built in two separate phases in 1986 and 1991. The five-year loan was secured by Mike Bryant and Jon Wooton of CBRE Capital Markets Dallas Debt & Equity Finance Group under the Freddie Mac Capped ARM program.
OXNARD, CALIF. – A 108,382-square-foot retail redevelopment site that was formerly occupied by Home Depot has sold to Oxnard Vineyards, LLC, for $7.1 million. It is located at 2600 E. Vineyard Ave. The 11-acre site contains a 104,000-square-foot building and a 2,000-square-foot building that holds a Jack in the Box. Home Depot vacated the building in 2002. Jack in the Box has operated from this location for the past 15 years. Oxnard Vineyards intends to invest an additional $5 million to refurbish the property. Vallarta grocery store plans to occupy 63,000 square feet, while Fallas discount stores will absorb 26,727 square feet. The balance will be divided into 1,000-square-foot pads. The seller, Wells Fargo, was represented by John Battle and Paul Capra of Lee & Associates-LA North/Ventura.