DENVER – NorthMarq Capital has arranged a $20.5-million acquisition loan for the 426-unit Lakes at Monaco Pointe in Denver. It is located at 6165 E. Iliff Ave. The loan was arranged by Greg Benjamin and Dan Lucchesi of the firm’s Denver office for a local commercial real estate development and management firm.
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CARLSBAD, CALIF. – The 163-unit Villa Real Apartments in Carlsbad has sold to Triumph Properties Group for $20.1 million. This is the firm’s first multifamily purchase in San Diego County. The community is located at 2701 Avenida de Anita. Triumph plans to invest $3.5 million in capital improvements to reposition the community. John Chu, Ed Rosen and Alexjandro Lombrozo of Cushman & Wakefield of San Diego represented both the buyer and the seller, receiver Douglas Wilson and Company, in this transaction.
GLENDALE, CALIF. –An investment group headed byCapital Real Estate Advisors has purchased a34,000-square-foot, stand-alone grocery store building in Glendale. The seller, a previous tenant, vacated the building in early November. Capital Real Estate plans to retant and potentially redevelop the property. The firm was represented in-house byMichael Poyer.
HUNTINGTON BEACH, CALIF. — DJM Capital Partners has purchased about 11 acres south of the Huntington Beach Pier along Pacific Coast Highway where it intends to build the retail and hotel portions Pacific City. The land for this new mixed-use development was purchased from Crescent Heights.
CARLSBAD, CALIF. – The 163-unit Villa Real Apartments in Carlsbad has sold to Triumph Properties Group for $20.1 million. This is the firm’s first multifamily purchase in San Diego County. The community is located at 2701 Avenida de Anita. Triumph plans to invest $3.5 million in capital improvements to reposition the community. John Chu, Ed Rosen and Alexjandro Lombrozo of Cushman & Wakefield of San Diego represented both the buyer and the seller, receiver Douglas Wilson and Company, in this transaction.
GLENDALE, CALIF. — An investment group headed by Capital Real Estate Advisors has purchased a 34,000-square-foot, stand-alone grocery store building in Glendale. The seller, a previous tenant, vacated the building in early November. Capital Real Estate plans to retant and potentially redevelop the property. The firm was represented in-house by Michael Poyer.
HUNTINGTON BEACH, CALIF. — DJM Capital Partners has purchased about 11 acres south of the Huntington Beach Pier along Pacific Coast Highway where it intends to build the retail and hotel portions Pacific City. The land for this new mixed-use development was purchased from Crescent Heights.
PHOENIX — The Sheraton Crescent and the Crowne Plaza Phoenix Airport hotels have sold to separate all-cash investors. The purchase prices were not disclosed. The 342-room Sheraton Crescent in Phoenix was purchased by New Crescent Investments LLC from FelCor Lodging Trust Inc. The hotel previously operated as a Starwood property but will now function as a Sheraton franchise. The 300-room Crowne Plaza Phoenix Airport was purchased by CHPH, LLC from East Washington Hospitality LLC. The buyer is a partnership that includes Coast Hotels and Resorts. The property will soon be rebranded as a Coast Hotel. Both properties will undergo significant renovations. The hotels were sold by Bill Murney of HREC Investment Advisors' Phoenix office.
HONOLULU — Starwood Hotels & Resorts Worldwide has spent more than $230 million refurbishing four of its Hawaiian properties. The1,636-room Sheraton Waikikiin Honolulu received a $188-million renovation; the 508-room Sheraton Maui Resort & Spaunderwent $6.5 million-worth of renovations; the 394-room Sheraton Kauai Resortrecently completed a $16-million revitalization; and the newly renamedSheraton Kona Resort & Spa at Keauhou Bay(formerly Sheraton Keauhou Bay Resort & Spa) saw $20 million invested in its resort.
SAN JOSE, CALIF. – The 275-unit La Moraga Apartments development in San Jose has received a $52-million construction loan. This new mixed-income multifamily community will be located at the corner of Raleigh Road and Charlotte Drive. It is one of the first apartment developments to arise in the South San Jose area since 2004. The project is scheduled for completion in mid-2014. La Moraga is being developed by St. Anton Partners. The loan was provided by U.S. Bank.