CARLSBAD, CHINO AND NIPOMO, CALIF. — A Covina-based private family office investor has acquired three industrial assets in Southern California for $39.6 million. The acquisition includes a Class B facility at 2070 Las Palmas Drive in Carlsbad; a 52,000-square-foot, multi-tenant property at 14055 Laurelwood Place in Chino; and Nipomo Self Storage, a self-storage facility at 542 Lindon Lane in Nipomo. Peter Hauser, Shane Shafer, Matt Hauser and Jordan Hauser of Northmarq represented the buyer. The seller was not disclosed.
Western
LAKEWOOD, COLO. — Marcus & Millichap has arranged the sale of the 96-unit Aspire Lakewood Apartments in Lakewood. A new-to-the-market investment group bought the asset for $27 million. The community is located at 12160 W. Nevada Drive. It includes a fitness center, clubhouse and swimming pool. The property’s one- to four-bedroom units feature private patios or balconies. Kent Guerin, Jason Hornik and Greg Parker of Marcus & Millichap represented the buyer. The seller was not disclosed.
THE DALLES, ORE. — Marcus & Millichap has arranged the sale of The Dalles Inn, a 64-room hotel in The Dalles, located along the Columbia River near the Washington border. The hotel is located at 112 W. 2nd St. along State Highway 30 near its intersection with Interstate 84. Michelle Kennedy of Crystal Investment Property represented the buyer, a limited liability company. David Tabata of Marcus & Millichap’s Portland office aided in closing this transaction. Chris Gomes and Skyler Cooper of Marcus & Millichap’s Dallas office were also listed on the deal as supporting brokers, alongside Allan Miller in the firm’s Austin office. Details regarding the seller were not disclosed.
USA Properties Fund Plans $21M Vintage at Marja Acres Affordable Housing Community in Carlsbad, California
by Jeff Shaw
CARLSBAD, CALIF. — USA Properties Fund and The Pinyon Group plan to begin construction this summer on Vintage at Marja Acres, an affordable apartment community for residents over age 55. The property is part of a larger mixed-use development in Carlsbad, approximately 35 miles north of San Diego. The 47-unit community will offer affordable housing in the new Marja Acres neighborhood that will include 248 townhomes, a community park and restaurant. Marja Acres is near the beach and the popular Carlsbad Village downtown area with restaurants, shops and live entertainment. Construction on the $21 million apartment community is scheduled to start in the late summer, with leasing beginning in fall 2024. The City of Carlsbad, Riverside Charitable Corporation and WNC Inc. are partners in Vintage at Marja Acres. JP Morgan Chase is the construction and permanent lender for the project. Residents at least 55 years old who earn 30 percent to 60 percent of the area’s median income for San Diego County — about $27,000 to $62,000 per year — are eligible to live in Vintage at Marja Acres. Rents for the one-bedroom apartment community will average about $1,200, depending on the income of residents. IHP Capital Partners and KB …
LOS ANGELES — A private investor has acquired a 20,576-square-foot office building in the Los Angeles submarket of Brentwood for $9.3 million. The building is located at 520 Sepulveda Blvd. The asset features two parking levels, three office levels, an open courtyard, plug-and-play cell tower platform and signage visible from I-405. T.C. Macker, Jennifer Moscoso and Christian Holland of WESTMAC Commercial Brokerage Co. represented the seller, another private investor. Mitch Stokes of Avison Young represented the buyer.
Pavlov Media is accelerating the expansion of its fiber network and fiber-to-the-home initiatives with a key investment from the world’s largest infrastructure investor, Macquarie Asset Management. The funding will help Pavlov Media augment its coverage of student and multifamily housing, developing and broadening resident access to high-speed Internet across a variety of property types. “We are ramping up our growth plans with a combination of building municipal fiber networks in college towns and extending service to underserved areas adjacent to our core markets,” says Glenn Meyer, board member and president of Pavlov Media. “It’s basically more of what we have already been doing but on a larger scale.” Pavlov Media is already the nation’s largest private provider of fiber-based Internet and video services to off-campus student housing, connecting properties in more than 150 U.S. markets and Canada to its national backbone via its own last-mile, municipal fiber networks and third-party circuits. The Champaign, Illinois-based company serves approximately 1,000 multifamily and student buildings encompassing more than 285,000 beds, and in recent years has begun extending fiber to customers in areas adjacent to its core student-housing markets. Now the broadband service provider is poised to quicken the pace of its growth with …
AMDA College of the Performing Arts Completes Sale-Leaseback of Hollywood Office Building
by Jeff Shaw
LOS ANGELES — AMDA College of the Performing Arts has executed a sale-leaseback agreement at the close of escrow on its current space at 1777 Vine St. in Hollywood’s downtown core. The 39,248-square-foot, five-story building sold for $23 million. AMDA signed an 18-year lease at the property. Avison Young’s Chris Bonbright and Chase Gordon represented AMDA. Craig White of Sotheby’s International Realty represented the buyer, J&L Realty Partners.
Kidder Mathews Arranges $17.5M Sale of The Mint Apartment Complex in Downtown Los Angeles
by Jeff Shaw
LOS ANGELES — Kidder Mathews has arranged the sale of The Mint, a 42-unit multifamily property in downtown Los Angeles. A local investor acquired the asset for $17.5 million. The community is located at 1136 W. 6th St. Originally constructed in 1923 as an office building, it underwent a $12 million renovation in 2016. The project included structural upgrades, seismic retrofit work, and significant building system upgrades to electrical, elevators, and plumbing. Kidder Mathews’ Janet Neman and Angelica Gotzev represented the seller, a real estate investment firm managing assets throughout the U.S. and Europe. Jason Aftalion of Teva Properties was an advisor to the seller and provided management services for the asset.
EAH Housing Begins Construction of 76-Unit Mission Paradise Affordable Community in Hayward, California
by Jeff Shaw
HAYWARD, CALIF. — EAH Housing has broken ground on Mission Paradise, an affordable seniors housing community in the Bay Area city of Hayward. DAHLIN Group designed the property, which J.H. Fitzmaurice Inc. is building. The two-tower Mission Paradise is an apartment community for seniors with income levels ranging from 20 percent to 80 percent of the area median income (AMI). The property will include a total of 76 apartments, with 15 units specifically reserved for formerly homeless individuals and families, 11 of which are designated ‘No Place Like Home’ units reserved for households with an individual with a severe mental illness. Financing participants include Chase, City of Hayward, County of Alameda, CA Department of Housing and Community Development – Accelerator, and MHP.
DENVER — Pivot Energy has signed a 22,628-square-foot office lease for its new headquarters at 1601 Wewatta St. in Denver’s Lower Downtown (LoDo) district. The solar energy company occupies three-quarters of the seventh floor. Pivot Energy will add an adjacent, 4,000-square-foot space for hybrid and traveling employees. The new headquarters will feature a private patio with a green roof feature, outdoor seating and grills. Newmark’s Andrew Blaustein and Josh Pons represented the tenant in the transaction. CBRE’s Chris Phenicie and Allison Berry represented the landlord, Morgan Stanley.