SAN DIEGO — AMCAL Multi-Housing and Las Palmas Foundation will hold the grand opening of Los Vientos, a new affordable-housing development located in the Barrio Logan neighborhood of San Diego. Designed by local San Diego architects Austin Veum Robbins and Parshalle, the 89-unit Los Vientos consists of two buildings featuring four four-bedroom units, 35 three-bedroom units and 50 two-bedrooms units. It also includes two children’s play areas in the courtyard, an outdoor barbecue area and a 1,400-square-foot community clubhouse with a computer lab. With rents ranging from $450 to $1,180 per month, the affordable-housing development will be available to residents who earn 30 to 60 percent of the area median income.
Western
CONCORD, CALIF. — Kilpatrick & Co. has represented the sellers of a 20-unit property in Concord for $2.98 million. Located at 3886 Mulberry Dr., the property features 16 two-bedroom/one-bath units and 4 two-bedroom/1.5 bath, split-level units. Kilpatrick & Co.’s Zach Evanish represented the undisclosed sellers.
LOS ANGELES — Investment Real Estate Associates (IREA) brokered the $35 million sale of a 208-room landmark hotel located where Sunset Boulevard meets the 405 freeway in the Brentwood area of Los Angeles. IREA’s Yubin Tao represented the seller, a private party, while the firm’s Clark Everitt, William Everitt and James Bekker represented the buyer, also a private party. The hotel property was built in 1973 and completely renovated in 2006.
LOS ANGELES — Snyder Langston has completed the Loyola Marymount University (LMU) William H. Hannon Library, a 120,000-square-foot, three-level university facility located on the LMU campus at 1 LMU Dr. in Los Angeles. Designed by AECOM, the library is pursuing a LEED Silver rating. The library project broke ground in May 2007.
MARINA DEL REY, CALIF. – Through a strategic alliance with Phoenix-based Alliance Residential, Behringer Harvard has acquired the 140-unit Redwood Lofts located at 4055 Redwood Avenue in Marina del Rey. The new development consists of four four-story buildings situated on a 2.6-acre site 15 miles west of Los Angeles’ city center. The acquisition of Redwood Lofts was made through a joint venture of Behringer Harvard Multifamily REIT I Inc. and PGGM Private Real Estate Fund, a vehicle for real estate investments for large Dutch pension funds. Behringer Harvard plans to rebrand the multifamily community to Forty55 Lofts.
KENT, WASH. — On behalf of Los Angeles-based Mesa West Capital, Hendricks & Partners handled the $14.45 million disposition of the 249-unit Bravado on 27th, located at 25701 27th Place South in Kent. The three-story, garden apartment community had been a lender-owned asset since December 2008. Bravado on 27th was purchased by Bravado Apartments LLC, which is headed by local apartment investor Gurmeet Singh and was represented by Jim McConville of Prudential Northwest. Hendricks & Partners’ Kenny Dudunakis represented the seller.
RANCHO CUCAMONGA, CALIF. — Dedeaux Properties LLC has purchased the $6.5 million, approximately 10-acre, state-of-the-art transportation maintenance and trailer storage facility at 10801 Jersey Blvd. in Rancho Cucamonga. The property consists of a freestanding 8,500-square-foot office building, an approximately 19,000-square-foot maintenance facility and a 10,000-gallon diesel fueling station. Brett Dedeaux, Rustin Mork and Anthony Dedeaux of Binswanger, Realty Advisory Group represented the buyer.
BERKELEY, CALIF. — Roessler Investment Group has handled the $3.1 million sale of an Adidas store at 2333 Telegraph Ave. in Berkeley. Located half a block south of Bancroft Way and Sproul Plaza at the University of California, the 4,450-square-foot store has traded at a 6.2 percent cap rate. Jim Roessler of Roessler Investment Group represented the seller, and Golden Pacific Realty’s Bernard Laffer represented the buyer.
LONE TREE, COLO. — Developer and design-builder Opus Northwest has started construction on the 100,000-square-foot second phase of the Lincoln Commons Retail District at Ridgegate in Lone Tree. Sprouts Market will anchor the second phase upon completion in the summer of 2010. The Mulhern Group is the project architect, and the project owner is Lincoln Commons North Inc.
SAN DIEGO — Grubb & Ellis|BRE Commercial has presided over the $13.8 million sale of the 42,973-square-foot ground-floor retail space occupied by Albertson’s at Market Street Village in San Diego. Grubb & Ellis’s Chuck Klein, Tim Winslow, Kevin Held and Jason Kimmel represented the seller, EVALBS LLC. Douglas Hamm of Narven Enterprises Inc. represented the buyer, LIAD LLC.