DENVER —30 S Pearl LLC has acquired a 35-unit apartment building, which is located at 30 S. Pearl St. in Denver’s West Washington Park neighborhood, for $2.22 million. Constructed in 1969, the 19,164-square-foot property offers 32 one-bedroom/one-bath units and three two-bedroom/one-bath units. The seller was BPMA Apartments. Bobby Hutchinson and Joe Hornstein of Pinnacle Real Estate Advisors represented both parties in the transaction.
SEATTLE — Blake Rodgers and Daniel Swanson of Marcus & Millichap’s Seattle office represented the undisclosed buyer in the $1.4 million acquisition of The Santa Fe, which is located at 1417 Belmont Ave. in Seattle. Built in 1964, the multifamily property features one studio unit, nine one-bedroom/one-bath units, and one three-bedroom/two-bath unit. The seller was not disclosed.
LAKEWOOD, WASH. — RS Diversified Co. has acquired Merrill Creek, a 149-unit multifamily community in Lakewood, for $15.9 million. Built in 1994, the property consists of 13 three-story buildings and offers one-, two- and three-bedroom garden-style apartments. Alliant Capital provided an approximately $11.11 million acquisition loan for the transaction. Jeff Williams of Moran & Co. represented the seller, Equity Residential, in the transaction.
LOS ANGELES — Tony Azzi of Marcus & Millichap represented the undisclosed seller in the disposition of 10817 Santa Monica Boulevard in Los Angeles. The 5,200-square-foot office property sold for $2.4 million or $500 per square foot. The buyer was not disclosed.
LODI, CALIF. — Locally owned RPM Company/Manchester Renovation Partners has acquired Lakeview Apartments, which is located at 1510 and 1511 S. Mills Ave. in Lodi, for $14 million. Constructed in 1984, the 138-unit property features two swimming pools, two spas, private garages, a leasing office and a fitness center. Units feature balconies/patios with storage, electric stoves, dishwashers and garbage disposals. Chicago-based Equity Residential/Lakeview Community Rentals sold the property. Mark Feldman of Hendricks & Partners San Francisco office brokered the transaction.
ANAHEIM, CALIF. — An undisclosed limited liability company has purchased Canfield Park Apartments, a multifamily property located in Anaheim. Located at 1535 E. Canfield Lane, the 24-unit property sold for $2.8 million. Joe Berkson of Marcus & Millichap represented the buyer and the undisclosed seller in the transaction.
PALO ALTO, CALIF. — Veterans Affairs Palo Alto Health Care System is breaking ground for the development of an 80-bed Inpatient Mental Health Center in Palo Alto. The 76,000-square-foot facility will include a mental health research and office pavilion; a utility complex; enclosed, landscaped gardens; and natural light sources for all internal patient and staff areas, as well as private and semi-private rooms with private bathrooms. Upon completion, all inpatient beds will operate in the new facility, which will house four units consisting of 20 beds each. McCarthy Building Companies is serving as general contractor for the project, which was designed by Design Partnership. Completion is scheduled for 2011.
LOS ANGELES — The Salvation Army has completed the disposition of Booth Memorial Center, which is located at 2670 Griffin Ave. in Los Angeles. The 70,000-square-foot facility was purchased by Los Angeles Leadership Academy, a charter school that plans to use the space for classrooms. Built in 1931, the building was originally a hospital but has undergone many expansions and renovations, and mostly recently served as a maternity hospital, shelter and training center for unwed teenage mothers. Barry Baker and David Lachoff of Grubb & Ellis represented the seller; Howard Sadowski of Creative Environments represented the buyer in the transaction. Additional terms of the transaction were not disclosed.
SOUTH GATE, CALIF. — A private investor has purchased Independence Square in South Gate for $3.45 million. Located at 8530 Long Beach Blvd., the property offers 21,290 square feet of retail space. Michael Woolbright of Marcus & Millichap represented the buyer in the acquisition. The seller was not disclosed.
DENVER — Inca Land Holdings has acquired a 25-unit apartment building, which is located at 1563 Washington St. in Denver’s Capitol Hill neighborhood. Built in 1938, the 13,188-square-foot property sold for $1.41 million or $56,500 per unit. The property offers 21 studio units and four one-bedroom/one-bath units. Jim Windsor of RE/MAX Alliance represented the buyer; Joe Hornstein and Bobby Hutchinson of Pinnacle Real Estate Advisors represented the seller, 1563 Washington LLC, in the transaction.
