California

Alexan West End in Long Beach, California

LONG BEACH, CALIF. — CBRE has arranged $200 million in financing for the construction of Alexan West End, a 600-unit community in downtown Long Beach. CBRE worked on behalf of the borrowers, R&V Management and Trammell Crow Residential, to secure the five-year financing, which consists of a $166 million construction loan from Kennedy Wilson and a $34 million mezzanine loan from a national life insurance company. Alexan West End will include four buildings, which will house a mix of studio, one-, two-, and three-bedroom units. Units average 767 square feet …

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Prado in Santa Clara, California

SANTA CLARA, CALIF. — Institutional Property Advisors (IPA) has brokered the sale of Prado, a 251-unit asset in Santa Clara. Alliance Residential acquired the property from Summerhill Apartment Communities for $125 million. Prado was built in 2021. The community offers one- and two-bedroom units with an average size of 843 square feet. Amenities include a pool and spa, fitness center, indoor and outdoor resident lounges, a business center, game room and barbeque area. Philip Saglimbeni, Stanford Jones, Salvatore Saglimbeni and Alex Tartaglia of IPA represented the seller and procured the buyer. …

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LOS ANGELES — Kevin Sheehan has rejoined JLL Capital Markets as Managing Director in the firm’s Los Angeles office. In this new role, Sheehan will be responsible for institutional multifamily investment sale advisory and equity placement within the metro-Los Angeles area. Prior to rejoining JLL, Sheehan was responsible for multifamily investments in Southern California and nationally for an undisclosed developer.

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Cobalt Apartments in Culver City, California

CULVER CITY, CALIF. — JLL Capital Markets has arranged acquisition financing for Cobalt Apartments, a 135-unit property in Culver City. Jeff Sause, Chad Morgan and Jacob Michae of JLL represented the buyer, Helio Group, in securing a $40 million loan from a regional bank. Cobalt Apartments is located on a 0.9-acre site along Washington Blvd., across the street from Sony Pictures Studios. The property also includes 14,754 square feet of ground floor retail space.

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Creekside Park I and II in Napa, California

NAPA, CALIF. — Marcus & Millichap has arranged the sale of Creekside Park I and II, a two-property portfolio totaling 188 units in Napa. The original developer of the portfolio sold it to an undisclosed buyer for $47 million. Mitchell Zurich, Kirk Trammell, David Cutler and Joshua Johnson of Marcus & Millichap represented the seller and procured the buyer. Creekside Park was constructed in two phases in 1983 and 1985. The asset comprises 15 two-story residential buildings and two single-story amenities buildings on a 10-acre site. Units come in one-, two- …

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ORANGE COUNTY, CALIF. — BWE has arranged $224.7 million in financing for a six-property portfolio in Orange County. Five properties in the portfolio were refinanced in order to secure equity for the acquisition of the sixth property, Regency Palms in Huntington Beach. Jason Krupoff and Doug Taylor of BWE’s Irvine office originated the loans on behalf of a long-term investor-operator of Orange County communities. One of BWE’s correspondent life companies provided $90.6 million in loan proceeds for three of the communities. The other three, including the acquisition, totaled $134 million through …

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Broadstone Edition in Irvine, California

IRVINE, CALIF. — Alliance Residential has opened Broadstone Edition, a 264-unit property in Irvine. The five-story community offers studio to three-bedroom units. Of the total unit count, 22 have been set aside for very-low-income households and 14 for moderate-income households. Details regarding income restrictions were not disclosed. Amenities include a pool, karaoke lounge, 2,000-square-foot rooftop deck with a social lounge and fire pits, 2,000-square-foot gym and studio, bicycle parking and a courtyard barbecue area. KTGY designed the community. Hendy was the interior designer. Fuscoe Engineering was the civil engineer. MJS …

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Oakview Apartment Homes and The Biltmore at Thousand Oaks in Ventura County, California

WESTLAKE VILLAGE AND THOUSAND OAKS, CALIF. — Institutional Property Advisors (IPA) has brokered the sale of a two-property, 409-unit portfolio in California’s Ventura County. FPA Multifamily acquired the portfolio for $153 million. KevinGreen, Joseph Grabiec and Gregory Harris of IPA represented the seller, a private multifamily investor, and procured the buyer. The two properties included in the portfolio are Oakview Apartment Homes, a 242-unit asset in Westlake Village, and The Biltmore at Thousand Oaks, a 167-unit complex in Thousand Oaks. The properties were built in 1970 and 1965, respectively.

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PALM SPRINGS, CALIF. — Community Housing Opportunities Corp. has opened Monarch Apartment Homes, a 60-unit affordable housing complex in Palm Springs. The $36 million development is situated on a 3.6-acre site. Monarch Apartment Homes is affordable to tenants earning between 30 and 60 percent of the area median income. Amenities include a splash pad, barbeque areas, in-unit laundry facilities, a community room and walking paths. The project was designed by Maria Song, AIA, LEED & AP.

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Anacapa Canyon in Camarillo, California

CAMARILLO, CALIF. — Kennedy Wilson is nearing completion of Anacapa Canyon, a 32-acre master-planned development in the southern California city of Camarillo. Anacapa Canyon will comprise 310 market-rate units, as well as 170 income-restricted units for senior citizens. The affordable seniors housing units are fully preleased to qualified renters. Anacapa Canyon will also feature 109 for-sale, single-family homes. Planned amenities include multiple pools and spas, a community garden, game room, event lounge, fitness center, dog parks and green spaces. The first move-ins are underway. The project is slated to complete …

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