MOUNTAIN VIEW AND CAMPBELL, CALIF. — Craig Chiappone and Mike Colhoun of Arroyo & Coates represented the Larkspur Woods LLC and San Marino II LP in the disposition of a two-property, 60-unit multifamily portfolio for $11.9 million. A private individual acquired the two properties, Carmel Court Apartments in Campbell and Larkspur Woods Apartments in Mountain View, as part of a 1031 exchange. Ryan Wagner, also of Arroyo & Coates, represented the buyer in the transactions.
Western
COLORADO SPRINGS, COLO. — NBS Real Estate Capital has closed a $5 million preferred-equity investment in the entity purchasing the Sagebrook Apartments, a 314-unit multifamily complex in Colorado Springs. Located within the Briargate master-planned community, the property was constructed in 2001. Along with a senior mortgage from Freddie Mac and equity from a fund sponsored by the Griffis Group of Denver, the preferred equity will be used for the acquisition and renovation of the property. NBS Real Estate Capital, on behalf of Morrison Street series of funds, invests in direct value-added equity transactions and secondary financings including mezzanine debt, bridge loans and preferred equity.
MISSION HILLS, CALIF. — McCarthy Building Companies Inc. has started construction on an $80 million, five-story inpatient tower at Providence Holy Cross Medical Center in Mission Hills. The 131,500-square-foot tower will include a women’s services department with labor/delivery/recovery/post partum rooms (LDRP) rooms, two C-section operating rooms and a neonatal intensive care unit; 70 general medical surgical beds; an intensive care unit; a chapel; and dining facilities. Additionally, the tower will feature 22,300 square feet of shell space to accommodate 35 more beds. Designed by HMC Architects, the project is seeking LEED certification by including storm water retention and filtration systems; recycled and regional materials; diversion of 75 percent of construction waste from landfills; use of low VOC emitting materials for paints, adhesives, carpets and composite wood products; improved energy efficiency; and the encouragement of alternative transportation methods. Under the $113 million contract, McCarthy will also remodel the cardiology department and five operating rooms. Completion of the project is slated for early 2011.
PHOENIX — Strategic Hotels & Resorts Inc. has completed the disposition of Hyatt Regency Phoenix, a 696-key hotel located in downtown Phoenix. Los Angeles-based DiNapoli Capital Partners acquired the property for $96 million. The hotel features oversized guestrooms, 48,000 square feet of meeting space, three food and beverage outlets, and a six-story grand atrium. The buyer plans to renovate and reposition the hotel. Jones Lang LaSalle Hotels represented the seller in the transaction.
OAKLAND, CALIF. — Baltimore-based Alex. Brown Realty Inc. (ABR) has partnered with Oakland-based Horizon Management Group to purchase Fiesta Garden Apartments, an apartment complex located in Oakland. The 54-unit community includes 11 two- and three-story buildings clustered around an interior courtyard. The joint venture plans to complete the interior and exterior renovation plan that was initiated by the previous owner. ABR Chesapeake Fund III, a value-added real estate investment fund sponsored by ABR, provided an equity commitment of $2.3 million to the venture. Nathan Prouty of NorthMarq Capital arranged the debt and equity capital for the transaction.
TEJON RANCH, CALIF. — Clayco Inc. is developing a 350,000-square-foot build-to-suit distribution center for Famous Footwear, a retail division of Brown Shoe Company, in Tejon Ranch. Located within Tejon Industrial Complex, the 23.75-acre development parcel is situated within the recently approved Foreign Trade Zone. The trade zone was set up by a joint venture between Tejon Ranch Company and The Rockfeller Group Development Corp. The initial plans for the project call for a 350,000-square-foot distribution center with ample land remaining for future developments.
MILWAUKIE, ORE. — Beaverton, Ore.-based SKL Properties LLC has purchased Forest Creek, an apartment community in Milwaukie. Located at 12730 SE McLoughlin Blvd., the 36-unit complex sold for $2.75 million. The seller was Lake Oswego, Ore.-based Shields Family L.L.C. II. Grayson Pounder of Hendricks & Partner’s Portland, Ore., office represented both parties in the transaction.
LOS ANGELES — Los Angeles-based Meta Housing Corp. is breaking ground for the development of an affordable residential/retail project in Los Angeles. Located at 1011 E. Adams Blvd., the yet unnamed project will feature 80 apartments above 19,000 square feet of ground-level retail space fronting East Adams Boulevard and South Central Avenue. The retail portion will feature the area’s newest Fresh & Easy Neighborhood Market. Ranging in size from 554 to 1,103 square feet, the apartments offer one-, two- and three-bedroom floorplans. The apartments will feature energy-efficient kitchen appliances, carpeting and vinyl flooring, ceiling fans, smoke detectors, central heating and air conditioning, balconies, walk-in closets, and cable television/Internet access. Additionally, the community will feature 21,000 square feet of open space with landscaped courtyards; barbeque areas; a community facility offering classrooms; a computer/business center and a kitchen; laundry facilities and tot lot and meditation areas. The project will also offer two levels of above-ground parking, with one level accommodating the retail portion and the second, fully secured level accommodating the residents. The project is 100 percent affordable housing for residents earning from 35 to 45 percent of the area median income for Los Angeles County. Starting rents are expected to range …
EL MONTE AND LOMITA, CALIF. — Grubb & Ellis Healthcare REIT Inc. has closed its Senior Care Portfolio 1 with the acquisition of two skilled nursing facilities in California. Located at 11900 Ramona Blvd. in El Monte and 1955 Lomita Rd. in Lomita, each property is a single-story skilled nursing facility. The two facilities total approximately 71,000 square feet of gross leaseable space and 219 patient beds. Additionally, the properties are 100 percent leased to North American Healthcare. HCP Inc. sold the properties for an undisclosed price. Grubb & Ellis Healthcare REIT financed the acquisition through an unsecured note from an affiliate and cash on hand. The portfolio comprises six properties: the two recent California acquisitions and four properties in Texas, which were acquired in March.
WASCO, CALIF. — Wasco Affordable Housing Inc. has developed Central Avenue Senior Apartments, a 42-unit senior-housing apartment community located at 300 Central Ave. in Wasco. The community consists of 14 one-story buildings featuring one- and two-bedroom apartments. The community is restricted to retired and working agricultural workers age 62 years or older, who earn 60 percent or less of the medium area income. Each apartment offers a stove, a microwave, a refrigerator, a dishwasher and an individual washer and dryer. Financing for the $8.2 million project was provided in part by a $3 million tax credit equity investment from Enterprise Community Investment Inc., a $2.25 million loan from the USDA Rural Development program, which includes a mortgage and rent subsidies, and a $900,000 loan from the State of California’s Joe Serna Jr. Farmworker Housing Grant Program.