ORANGE, CALIF. — Paul Bitonti of Marcus & Millichap’s Newport Beach, Calif., office represented a private investor in the acquisition of a 7,500-square-foot retail property in Orange. Located at 223-237 S. Tustin St., the property sold for $1.26 million. Brenton Baskin and Bitonti represented the seller, a private investor, in the transaction.
LAFAYETTE, COLO. — An undisclosed Denver-based developer has purchased a retail property in Lafayette. The buyer plans to re-tenant the property after the CSK Auto lease expires. Greg Cunha of The Silver Group brokered the transaction on behalf of the undisclosed seller.
BURBANK, CALIF. — The Burbank Housing Corp. has completed the renovation of Peyton Grismer, a 70-unit multifamily community located at 1801-1815 Grismer Ave. and 1729-1735 Elliot Dr. in Burbank. The affordable housing development’s key feature is the Activity and Family Resource Center, which promotes lifelong learning and integration skills through extra-curricular education programs for residents. The revitalized buildings consist of 70 units featuring large closet spaces, kitchen and bathroom upgrades, central HVAC, ENERGY STAR appliances, water conservation fixtures and an on-site laundry facility.
LOS ANGELES — A partnership between Beverly Hills, Calif.-based Kennedy Wilson, Guardian Life Insurance Company of America and LeFrak Organization has purchased the remaining 149 units in The Mercury, a 22-story luxury condominium tower located at the corner of Wilshire Boulevard and Western Avenue in Los Angeles. The tower offers 16 one- and two-bedroom floorplans averaging 1,062 square feet. The residences feature 9- to 10-foot ceilings, granite slab counters, stainless steel kitchen appliances, bamboo floors and Bosch washers and dryers. Additionally, the property features a resort-style swimming pool, a spa, a state-of-the-art fitness center, a fire pit, an even lawn, barbecue areas and seating coves. Vince Norris of Hendricks & Partners represented the buyer and the seller, Forest City Residential West, in the transaction. The acquisition price was not disclosed.
LOS ANGELES AND ANAHEIM, CALIF. — Marcus & Millichap has completed the sales of two apartment communities in California for a total consideration of $4.65 million. In the first transaction, Robert Leveen represented the seller in the disposition of Nicolet Riviera, a 30-unit community located at 3848 Nicolet Ave. in Los Angeles. Constructed in 1957, the property sold for $1.95 million or $77.83 per square foot. Tony Azzi, also of Marcus & Millichap, represented the undisclosed buyer in the transaction. In the second transaction, Ira Virden and Tyler Leeson of Marcus & Millichap represented the undisclosed seller in the $2.7 million sale of Savanna Apartments, an 18-unit multifamily community located at 3515 W. Savanna St. in Anaheim. Leeson also represented the undisclosed buyer in the transaction.
LOS ANGELES — Randy Poli, an independent real estate agent, represented a private investor in the acquisition of Fetterly Plaza, an 18,404-square-foot retail center located at 753-761 S. Fetterly Ave. in Los Angeles. The two-story property sold for $2.95 million. At the time of acquisition, the property was 95 percent occupied. Mehran Foroughi of Colliers International represented the seller, a private investor, in the transaction.
SAN DIEGO — San Diego Youth and Community Services has acquired a 10-unit multifamily property, which is located at 101-119 Fir St. in San Diego. Duluth, Minn.-based Vanstrom sold the property for $1.15 million. Built in 1955, the property offers six one-bedroom/one-bath units and four studio units. Kevin Sweeney represented the buyer; Chuck Hoffman of Apartment Consultants Inc. represented the seller in the transaction.
TEMPE, ARIZ. — Los Angeles-based Stonecraft Homes Inc. has acquired Villagio, a 472-unit apartment community in Tempe, for $20.25 million. Located at 1133 W. Baseline Rd., the property consists of 49 one-, two- and three-story garden-style rental buildings. Exterior and interior capital improvements were recently completed to 259 units in the property. Renovations included cabinet re-facing, fresh paint, hardwood-style and carpeted flooring, all electric kitchen with black appliances, new washers/dryers in select units, re-surfacing of the parking lots, clubhouse upgrades, landscaping and model upgrades. The seller was Delaware-based Villagio CAT LLC and San Francisco-based CAPMARK VII-CRE Ltd. Mark Forrester and Art Wadlund of Hendricks & Partners brokered the sale.
TUSTIN, CALIF. — The Tustin Unified School District, along with construction manager Barnhart Inc., has broken ground on the $1.5 million renovation of the Tustin High School quad in Tustin. Located at 1171 El Camino Real, the 30,500-square-foot outdoor area will connect campus buildings. Renovations include new entryways, walkways, benches, overhangs, landscaping and a clock tower. NTD Architecture provided design services for the project, which is scheduled for completion in December.
WINDSOR, COLO. — Johnson Investments Inc. has purchased Shops at Westwood, a retail center located at 1297 Main St. in Windsor. Everitt Companies sold the 26,276-square-foot property for $1.51 million. At the time of acquisition, the property was 56 percent occupied. Jason Ortiz of Marcus & Millichap’s Fort Collins, Colo., office represented both parties in the transaction.