California

The-Hawthorne-Riverside
CaliforniaInvestment SalesNewsWestern

PCCP, Alliance Residential Buy The Hawthorne in Riverside, California, for $65.3M

by Lynn Peisner

RIVERSIDE, CALIF. — A joint venture between PCCP and Alliance Residential Co. has acquired The Hawthorne at 9170 Indiana Ave. in Riverside. An undisclosed seller sold the 184-unit property for $65.3 million. Situated on 6.7 acres and consisting of 16 three- and two-story buildings and one single-story amenity building, The Hawthorne was delivered in 2023 and is a garden-style community. The property offers a mix of one-, two- and three-bedroom floor plans averaging approximately 873 square feet. Amenities include a resort-style pool and hot tub with cabanas, multiple landscaped courtyards …

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Mosa-Elk-Grove
Affordable HousingCaliforniaInvestment SalesNewsWestern

HVPG Buys Metro Sacramento Affordable Housing Property for $83.6M

by Lynn Peisner

ELK GROVE, CALIF. — Hudson Valley Property Group (HVPG) has acquired Mosa Apartment Homes, a 387-unit affordable housing community in Elk Grove, 14 miles south of Sacramento, for $83.6 million. Completed in 2025, Mosa is a 14-building, garden-style community offering a mix of unit types serving a broad range of household income levels. The property is structured across three Low-Income Housing Tax Credit (LIHTC) partnerships, each subject to its own regulatory agreement, that cover 100 percent of units, with HVPG acquiring the general partner interests in all three. Approximately 8 …

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3751-Delmas-Los-Angeles
Affordable HousingCaliforniaDevelopmentFinanceNewsWestern

Berkadia Arranges $15.6M Construction Loan for Two L.A. Affordable Housing Developments

by Lynn Peisner

LOS ANGELES — Berkadia has arranged $15.6 million in construction financing for two affordable housing projects in Los Angeles. Locally based Seachange Partners, founded in 2024, is the borrower. The lender was Genesis Capital. The developments are at 1723 Corinth Ave. in the Sawtelle neighborhood and 3751 Delmas Terrace in the Palms submarket. The two five-story projects will include a combined 79 units of deed-restricted affordable housing. Income caps were not disclosed. Construction is underway, with completion slated for 2027.

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Colibri-Commons-East-Palo-Alto
Affordable HousingCaliforniaDevelopmentNewsOperationsWestern

MidPen, EPACANDO Open Colibri Commons, a 136-Unit Affordable Housing Community in East Palo Alto, California

by Lynn Peisner

EAST PALO ALTO, CALIF. — MidPen Housing and the East Palo Alto Community Alliance Neighborhood Organization (EPACANDO) have opened Colibri Commons, a 136-unit affordable housing community at 965 Weeks St. in East Palo Alto. Units are reserved for tenants earning no more than 30 and 60 percent of area median income. Units range from studio to four-bedroom floor plans. Amenities include a community room, an outdoor play area and free onsite services such as nutrition classes, adult education and after-school programming. MidPen Property Management is the property manager. Financing for …

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parc@5-Downey
CaliforniaInvestment SalesNewsWestern

Colliers Arranges Sale of Parc @ 5 in Downey, California

by Lynn Peisner

DOWNEY, CALIF. — Colliers has arranged the sale of Parc @ 5, a 104-unit property in Downey, approximately 12 miles south of Los Angeles. B.A.G. Investments acquired the asset from an entity doing business as Parc @ 5 Downey LLC. The sales price was not disclosed. Representing the seller, Colliers’ Shane Shafer brokered the transaction. The community is made up of one-, two- and three-bedroom units.

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Park-Encino-LA
CaliforniaInvestment SalesNewsWestern

IPA Arranges $28M Sale of Park Encino in Los Angeles

by Lynn Peisner

LOS ANGELES — Institutional Property Advisors (IPA) has arranged the $28 million sale of Park Encino, a 52-unit property in the Encino neighborhood of Los Angeles. IPA’s Kevin Green, Joseph Grabiec and Gregory Harris represented the undisclosed seller and procured the buyer, locally based Universe Holdings Development. Completed in 2014, Park Encino is a gated community with a central courtyard, clubhouse, fitness center, patio and grill. The unit mix is comprised of two- and three-bedroom floor plans. Units feature washers and dryers and walk-in closets.

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Lazuli-Landing-Union-City
Affordable HousingCaliforniaDevelopmentNewsWestern

Mid-Pen Housing Breaks Ground on Lazuli Landing in Union City, California

by Lynn Peisner

UNION CITY, CALIF. — MidPen Housing has begun construction of Lazuli Landing, an 81-unit affordable housing property in Union City’s Decoto neighborhood. The one-, two- and three-bedroom units will be reserved for residents earning between 20 to 60 percent of area median income, which ranges from yearly salaries of $31,690 to $95,880 for a family of four. Prospective residents who live and work in Union City or Alameda County will be given preference over non-local renters. Alameda County voters approved $13.2 million for the project. In addition to the City …

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Bolsa-Pacific-Westminster
Affordable HousingCaliforniaDevelopmentNewsWestern

Shopoff, AO Break Ground on California Mall Redevelopment that Includes 2,250 Units

by Lynn Peisner

WESTMINSTER, CALIF. — Shopoff Realty Investments and architecture firm AO have broken ground on Bolsa Pacific at Westminster. Developed by Shopoff Realty Investments, the new 83.3-acre mixed-use project will replace the vacant Westminster Mall in Westminster, located in western Orange County, about 12 miles east of Long Beach, California. Bolsa Pacific will include approximately 2,250 residential units, 220,000 square feet of retail, a 120-key hotel and more than 15 acres of publicly accessible open space. AO designed the residential component of the project, which comprises five multifamily buildings on the south …

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El-Dorado-Apartments-Belmont
CaliforniaInvestment SalesNewsWestern

El Dorado Apartments in Bay Area Trades for $20.2M

by Lynn Peisner

BELMONT, CALIF. — Marcus & Millichap has arranged the sale of El Dorado Apartments in Belmont, approximately 22 miles south of San Francisco. The 39-unit community traded between two undisclosed parties for the sum of $20.2 million, or $518,910 per unit. Marcus & Millichap’s Robert Johnston, Adam Levin and Arman Sadigh led the transaction. Constructed in 1962, El Dorado Apartments is comprised of a mix of one- and two-bedroom units. Amenities include a fitness center and private, covered parking.

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200-w-ocean-Long-Beach
CaliforniaFinanceNewsWestern

JLL Arranges $46.3M Refinancing for Luxury Asset in Long Beach, California

by Lynn Peisner

LONG BEACH, CALIF. — JLL has arranged a $46.3 million refinancing for 200 W. Ocean, a 106-unit community in downtown Long Beach. The name of the sponsor was not disclosed. The property is an adaptive reuse of a former Class-B office building that was redeveloped into a multifamily property atop a three-story subterranean garage. The property, delivered in August 2022, features an amenity deck with a pool and fireplaces, a fitness center and smart-entry features. JLL Capital Market’s Debt Advisory team representing the borrower was led by Jeff Sause, Jacob …

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