ENCINITAS, CALIF. — Erwin & Mertz Investments has purchased Fogcutter Apartments, a 29-unit apartment complex located at 925 N. Vulcan Ave. in Encinitas, for $6.1 million or $210,345 per unit. Built in 1985, the property consists of 14 one-bedroom units, 11 two-bedroom/one-bath units, four two-bedroom/two-bath units and 22 one-car garages. Ray Adams of Grubb & Ellis|BRE Commercial represented the seller, Philip J. Cleary Trust et al, in the transaction; Mike Brawner of Exchange Properties represented the buyer.
Western
DENVER AND AURORA, COLO. — Pacific Coast Capital Partners (PCCP) has partnered with Denver-based Griffis Value Added Fund LLC, a private equity real estate fund sponsored by The Griffis Group of Companies, to acquire the 328-unit Gateway Park community and the 240-unit Bristol Village community. Located at 4255 Kitteredge St. in Denver, Gateway Park features a fitness center, a pool, a business center and a clubhouse. Bristol Village, which is located at 17201 E. Walsh Way in Aurora, offers a business center, a fully outfitted clubhouse, a fitness center, detached garages, and a resort-style pool and spa. Pamela Koster of Moran & Company represented the seller, Chicago-based AMLI Residential, in the Gateway transaction; Garrette Matlock of Marcus & Millichap represented the seller of Bristol Village, Denver-based Jordon Perlmutter & Co., in the transaction. The acquisition price was not disclosed.
MESA, ARIZ. — Wrightwood Capital has provided a $10.8 million loan to Pacific Western Partners for the construction of an industrial property. Pacific Western is developing Pecos Gateway on the 10.5-acre site, which is located between Ellsworth and Sossaman roads in Mesa. The development plans to construct three industrial building with more than 125,000 square feet of divisible, for-lease space. Each building will feature 18- to 20-foot clear heights, grade-level loading and truck wells, and office space. The financing opportunity was sourced through Rich Harris of Newport Venture Capital.
CHICO, CALIF. — Sundt Construction Inc. is currently constructing a $43 million student-housing/dining facility at Chico State University in Chico. Located on Legion Avenue, the three-story, 111,000-square-foot building will provide living space for 229 students in a dormitory cluster format. Designed by AC Martin, the building also features student recreation and administrative space and a 24,951-square-foot dining facility on the ground floor.
LOS ANGELES — Oracle Corp. has selected CB Richard Ellis Group as the preferred commercial real estate services provider for the company’s 3.8 million-square-foot EMEA portfolio, which consists of more than 120 properties in 59 countries. With approximately 128 offices in the region, CBRE will be able to deliver comprehensive coverage for Oracle’s portfolio. The new partnership expands upon CBRE’s existing relationship with Oracle in North America, where CBRE was selected as a preferred real estate advisor.
VICTORVILLE, CALIF. — Alex Garcia and Bill Melton of Marcus & Millichap’s Ontario, Calif., has completed the $5.3 million disposition of Casa Del Sol Apartments in Victorville. Located at 14250 Borego Rd., the 50,678-square-foot property consists of 17 two-bedroom/one-bath units, 24 two-bedroom/two-bath units and 16 three-bedroom/two-bath units. The property also features covered parking, garages, a resort-style pool, a fitness center and patios/balconies. The sales price represents $106 per square foot. The seller and buyer were not disclosed.
LOS ANGELES — Meridian Capital Group recently arranged $33.45 million for the refinancing of seven multifamily properties in the Los Angeles area. The properties, which total 145 units, are located in West Hollywood, North Hollywood and Los Angeles. Ben Grossman of Meridian’s California office secured the interest-only, 10-year loan, which includes a rate at sub-5.5 percent. Each of the properties was recently constructed by the undisclosed sponsor in Class A sectors across the Los Angeles market.
CHINO, CALIF. — ODW Logistics Inc. has signed a long-term lease to occupy Building 30 at Majestic Spectrum, a 425-acre business park in Chino. Located at 13725-13835 Pipeline Ave., the facility offers 300,000 square feet of industrial space. ODW provides logistics services for Pioneer Electronics, Edwards Lifesciences and Broan NuTone, among others. Trent Wydle and Justin Wheeler provided in-house representation for the owner-developer, Majestic Realty Co., in the transaction; Tim O’Rourke and Dan McGillicuddy of Los Angeles-based The Staubach Company represented ODW.
BEAVERTON, ORE. — Portland, Ore.-based Highland Rentals LLC has purchased Larch Drive Townhomes, a 20-unit apartment community located at 4795 SW Larch Dr. in Beaverton. Portland-based Larch Properties LLC sold the property for $1.75 million. Grayson Pounder of Hendricks & Partners’ Portland office represented the seller in the transaction.
DENVER — RREEF, on behalf of an institutional client, has partnered with Redhill Realty Investors to acquire Mezzo Apartment Homes, which is located in Denver’s central business district, for an undisclosed price. The 14-story, high-rise property features a fitness center, a cyber café, a large outdoor patio and 14,000 square feet of street-level retail space. The buyers plan to renovate the apartment units and common areas. Jeff Hawks and Doug Andrews of Apartment Realty Advisors represented the seller, Fairfield Residential, in the transaction.