California

Opus in Los Angeles
CaliforniaDevelopmentFinanceNewsWestern

BWE Secures $220 Million Refinancing for Luxury Apartments in Los Angeles’ Koreatown

by Lynn Peisner

LOS ANGELES — BWE has arranged $220 million in loans for locally based Jamison Properties to refinance construction debt on Opus, a 428-unit high-rise in Los Angeles’ Koreatown neighborhood. Jamison broke ground on Opus in 2022 and opened the property, which consists of two towers, in 2024. Opus is managed by Greystar. Monthly rental rates range from $3,630 to $4,945, according to Apartments.com. The property was 90 percent leased at the time of the loan closing. BWE’s Max Sauerman, senior vice president, and Tyler Shebeck, vice president in BWE’s Los …

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Sunridge
Build-to-RentCaliforniaDevelopmentNewsWestern

Tricon Residential Opens $60 Million Sacramento-Area BTR Project

by Lynn Peisner

RANCHO CORDOVA, CALIF. — Tricon Residential, a subsidiary of global investment firm Blackstone Real Estate, has completed and opened Tricon Sunridge, a built-to-rent (BTR) community in Rancho Cordova, 14 miles east of Sacramento, California. Blackstone Real Estate invested approximately $60 million to develop the community. Project partners included Sares Regis and Signature Homes. The 114-unit homes are offered as three- or four-bedroom floor plans and feature solar panels, fenced-in backyards and electric-vehicle charging outlets within two-car garages.

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Cienega-Heights
Affordable HousingCaliforniaDevelopmentNewsWestern

Mid-Pen Completes Second Phase Of Affordable Development In Santa Cruz County

by Lynn Peisner

WATSONVILLE, CALIF. — MidPen Housing opened Cienega Heights, an 80-unit affordable housing property in Watsonville, on May 23. Watsonville is about 50 miles south of San Jose. Thirty-nine of the 80 units were designed to serve farmworkers. Watsonville is situated in the Pajaro Valley, where several farms grow crops such as fruits, vegetables and flowers. The units are reserved for residents earning 30 to 60 percent of area median income, or approximately $38,040 to $108,660 per year, depending on household size. Cienega Heights is the second phase of a three-phase …

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Grandview in Escondido
CaliforniaInvestment SalesNewsWestern

Newmark Arranges Sale of Grandview in Escondido, California

by Lynn Peisner

ESCONDIDO, CALIF. — La Caze Development has sold Grandview Escondido, a 13,421-square-foot, 15-unit property located at 1316 E. Grand Avenue in Escondido, which is 30 miles north of San Diego. The sales price was $7.2 million, and the buyer was identified as a local high-net-worth individual, who was represented by Andy Brikho of Brik Home Loans. Newmark arranged the sale, with Senior Managing Director Erik Anderson and Associate Tanner Harris representing La Caze in the deal. Grandview Escondido was developed in 2023 and was fully occupied at the time of …

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Midway-Village
Affordable HousingCaliforniaDevelopmentNewsWestern

Mid-Pen Opens First Phase of Midway Village in San Mateo County

by Lynn Peisner

DALY CITY, CALIF. — MidPen Housing and partners have completed the construction of Midway Village I, which includes 147 affordable-housing units in Daly City.  MidPen also broke ground on Midway Village II, which will include 113 affordable units and a childcare facility. Midway Village I is reserved for renters earning between 30 and 80 percent of area median income (AMI). The developer has earmarked 12 of the apartments for young adults aging out of foster care. Local teachers/members of the area’s education workforce will have first dibs on 27 of …

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3541-3535 Big Dalton Ave.
CaliforniaInvestment SalesNewsWestern

Big Dalton Purchases 24-Unit Community in Baldwin Park, California

by Channing Hamilton

BALDWIN PARK, CALIF. — Big Dalton LLC has acquired a 24-unit property located at 3541-3545 Big Dalton Ave. in Baldwin Park, about 17 miles east of Los Angeles. HP Big Dalton sold the asset for $6.3 million. Eric Chen and Justino Fa’aola of CBRE represented the buyer and seller in the deal. The community features two-bedroom residences, with roughly 50 percent of units designated as single-story bungalows. Units feature quartz countertops, vinyl and carpeted flooring, wall-mounted AC units, select kitchen appliances, in-unit washer and dryer and private or shared patios.

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The A.J.
CaliforniaDevelopmentNewsWestern

Partnership Opens $130 Million Development at The Railyards in Sacramento, California

by Channing Hamilton

SACRAMENTO, CALIF. — A partnership between USA Properties Fund and LDK Ventures has delivered The A.J., a $130 million mixed-income project within The Railyards in Sacramento. Located at 251 6th St., The A.J. features 345 apartments, including 69 affordable homes for residents earning 50 percent or less of the area median income. Additionally, The A.J. offers more than 5,000 square feet of ground-level retail space. Residents have access to amenities including a fitness center; pool and spa with cabanas; bike storage area with repair station; pet spa and wash area; …

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Lexington Gardens
Affordable HousingCaliforniaDevelopmentNewsWestern

EAH Housing Breaks Ground on Affordable Housing Project in West Hollywood, California

by Channing Hamilton

WEST HOLLYWOOD, CALIF. — EAH Housing has begun construction on Lexington Gardens, an affordable housing property in West Hollywood, about eight miles west of Los Angeles. Lexington Gardens offers 47 studio apartments. Studios range from 383 square feet to 447 square feet. The property also includes one two-bedroom, 869-square-foot manager’s unit. The five-story community will be available to families and individuals earning 30 percent and 60 percent of local area median income. Designed by DE Architects and built by Walton Construction, Lexington Gardens will offer amenities such as onsite vehicle and …

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Witmer Manor
Affordable HousingCaliforniaInvestment SalesNewsWestern

CPP Acquires Witmer Manor Affordable Housing Complex in Los Angeles for $48.4 Million

by Channing Hamilton

LOS ANGELES — Community Preservation Partners (CPP) has purchased Witmer Manor, an affordable housing property in Los Angeles. Located at 1501 Miramar St. in Los Angeles’ Westlake neighborhood, Witmer Manor comprises eight three- and four-story, elevator-served buildings containing 142 studio and 96 one-bedroom units. Common area amenities include a laundry room and an onsite property management office. CPP is partnering with LifeSTEPS to provide onsite adult education, health-and-wellness and skill-building classes and services to residents. Originally built in 1930, the property was most recently renovated in 2005. CPP’s total development investment …

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Andrew Leahy, IPA
CaliforniaInvestment SalesNewsPeople NewsWestern

IPA Appoints National Director of Multifamily

by Channing Hamilton

CALABASAS, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has hired Andrew Leahy as senior vice president and national director of IPA’s multifamily division. In this role, Leahy will lead IPA advisory teams across North America. Previously, he led investments for Elme Communities. He has also served with the Rockefeller Group, where he led acquisitions throughout the United States on behalf of domestic and global private equity investors. Leahy began his career as an analyst at The Blackstone Group.

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