California

Hacienda-Hills
Affordable HousingCaliforniaInvestment SalesNewsWestern

Eagle Partners Buys San Gabriel Valley Asset for $107 Million, Converts to Affordable Housing

by Lynn Peisner

HACIENDA HEIGHTS, CALIF. — Eagle Partners has acquired Hills at Hacienda Heights, a 350-unit community about 20 miles east of Los Angeles in Hacienda Heights. The asset traded for $107 million. Institutional Property Advisors (IPA) arranged the sale, representing the undisclosed seller, and $71 million in acquisition financing for the buyer. Kevin Green, Joseph Grabiec and Gregory Harris led IPA’s team. Eagle Partners will convert the property from market-rate to affordable housing, restricting rents at 80 percent of area median income. Project partners in the conversion included Red Stone Equity …

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Cottonwood-Grove-Clovis
CaliforniaInvestment SalesNewsWestern

Mogharebi Group Arranges $61.8 Million Central California Sale

by Lynn Peisner

BAKERSFIELD AND CLOVIS, CALIF. — The Mogharebi Group has arranged a $61.8 million sale of two properties in California’s San Joaquin Valley. The properties were The Grove in Bakersfield and Cottonwood Grove in Clovis. A single undisclosed seller sold each property to separate California-based buyers. The Grove is a 142-unit gated community built in 1994. Situated on an 11-acre site at 4801 Fruitvale Ave., the property features townhome-style units with private garages. Amenities include two pools, a hot tub, a fitness center and grilling stations. Approximately 20 percent of the …

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CEI-Hillcrest-Antioch
Affordable HousingCaliforniaCompany NewsDevelopmentFinanceFloridaInvestment SalesNewsNorth CarolinaNortheastSouth CarolinaSoutheastWestern

CEI Launches Affordable Housing Investment Partnership

by Lynn Peisner

LOS ANGELES — Los Angeles-based developer Cypress Equity Investments (CEI) and an unnamed Florida-based investment firm have partnered to build or acquire approximately $1.2 billion worth of affordable housing communities. The venture is being launched with 11 ground-up projects that are already in place in California and Florida. Target markets for future opportunities include the Carolinas, Tennessee, Texas and some markets in the Northeast. Some of the deal characteristics CEI is seeking will include communities with on-site resident services, developments that partner with nonprofits and acquisitions of other existing institutional …

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OscarJames-San-Francisco
Affordable HousingCaliforniaDevelopmentNewsWestern

Jonathan Rose Cos. Opens $133 Million Affordable Housing Community in San Francisco

by Lynn Peisner

SAN FRANCISCO — Jonathan Rose Cos. has opened Oscar James Residences, located about 1.4 miles from the 866-acre Hunters Point Shipyard in San Francisco. This project marks New York City-based Jonathan Rose Cos.’ first ground-up development in San Francisco and its second in California. Oscar James Residences was co-developed with nonprofit partner Bayview Senior Services, though the project is conventional affordable housing, not seniors housing. The $132.9 million project was made possible through a combination of public and private funding sources, with Bank of America serving as an equity investor …

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Sonterra-Roseville
CaliforniaInvestment SalesNewsWestern

CONAM Group Buys Sonterra in Suburban Sacramento

by Lynn Peisner

ROSEVILLE, CALIF. —  The CONAM Group has acquired Sonterra Apartments in Roseville, 19 miles northeast of Sacramento, California. The 136-unit property, developed in 2001, is comprised of 10 two-story garden-style buildings situated on about 7 acres. The community offers a 24-hour fitness center, a resort-style pool and hot tub, a barbecue area, a resident clubhouse and leasing office, an outdoor fireplace, picnic areas, package lockers and a bocce ball court. The seller and sales price were not disclosed.

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CaliforniaColoradoFinanceGeorgiaNewsSoutheastTennesseeWestern

Walker & Dunlop Arranges IMT’s $625 Million Portfolio Refinancing

by Lynn Peisner

SHERMAN OAKS, CALIF. — Walker & Dunlop has arranged $625 million in fixed-rate Freddie Mac loans on behalf of Sherman Oaks-based IMT Capital. The company is refinancing eight garden-style properties in six metros — San Diego, Los Angeles, Denver, Atlanta, San Francisco and Nashville, Tennessee. The portfolio is comprised of 3,096 units. Walker & Dunlop’s team was led by Cory Wizenberg, Matt Wallach, Stephen West, Walker Layne, AJ Wright and Sebastian Tamayo.

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Cove-at-West-Covina
CaliforniaInvestment SalesNewsWestern

Advanced Real Estate Buys L.A. County Asset for $41 Million

by Lynn Peisner

WEST COVINA, CALIF. — Advanced Real Estate has acquired the 138-unit Cove at West Covina for $41 million. The asset was acquired as the first purchase with Advanced’s new opportunity fund. The property features two pools with cabanas, a fitness center, fire pits, garages and an open landscaped area. Advanced plans to complete renovations and upgrades at the property, including the addition of in-unit washers and dryers, new cabinetry, flooring, fixtures, appliances, windows and new paint. These projects will be completed by R3 Construction, which is Advanced Real Estate’s in-house …

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Atrium-Garden-San-Jose
CaliforniaInvestment SalesNewsWestern

Atrium Garden in San Jose Sells for $18.5 Million

by Lynn Peisner

SAN JOSE, CALIF. — Marcus & Millichap has brokered the sale of Atrium Garden in San Jose for $18.5 million. Neither the buyer’s nor the seller’s identity was disclosed. The 160-unit property offers furnished studio units aimed at short-term rentals for tech-industry workers. Constructed in 2000, Atrium Garden is a four-story building with 159 studios and a one-bedroom manager’s apartment. Studios are furnished with a bed, bedside table and lamp, a lounge chair, a built-in desk and chair, a television, microwave, mini-refrigerator and a stove or hotplate. Amenities include a …

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9733-Topanga-Canyon-Los-Angeles
CaliforniaInvestment SalesNewsWestern

Amoroso Cos. Buys Topanga Canyon Asset in Los Angeles for $44 Million

by Lynn Peisner

LOS ANGELES — Institutional Property Advisors (IPA) has arranged the sale of and acquisition financing for 9733 Topanga Canyon, a 119-unit property in the Chatsworth neighborhood of Los Angeles. The property sold for $44 million, which represents $369,748 per unit. IPA also arranged $27.4 million in agency financing. The asset, developed in 2009, was acquired by Amoroso Cos. to satisfy a 1031 exchange. The seller was an unnamed private multifamily investment firm. Kevin Green, Joseph Grabiec and Gregory Harris arranged the sale on behalf of the seller, while Brian Eisendrath …

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Kromer-Portfolio-Reno
CaliforniaInvestment SalesNewsWestern

Hamilton Zanze Buys Reno Portfolio

by Lynn Peisner

RENO, NEV. — Marcus & Millichap has arranged the sale of the Kromer Portfolio made up of three metro Reno properties. The properties are Village of the Pines, a 272-unit asset completed in 1974; Sand Pebble-Spanish Oaks, a 448-unit property constructed in 1983; and the 328-unit Lakeview, built in 1979. Ken Blomsterberg, Ryan Rife and Daniel Winrod of Marcus & Millichap’s Reno office represented the buyer, Hamilton Zanze. The seller was Kromer Investments. Village of the Pines spans approximately 10 acres and offers one-, two- and three-bedroom units with a …

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