MODESTO, CALIF. — The Mogharebi Group has negotiated the sale of The Edge at Lakewood Apartments, a 196-unit community in Modesto, 68 miles south of Sacramento. Osso Capital and Graceada Partners purchased the asset for $42.7 million. The Edge at Lakewood Apartments was built in 1985 on 7.6 acres. The property offers one- and two-bedroom units ranging from 598 to 880 square feet in size. Amenites include a fitness center, clubhouse, pool, and covered parking.
LOS ANGELES — JLL Capital Markets has arranged construction financing for 6100 Main, an 87-unit development in Los Angeles. The community will be rise four stories on a 0.5-acre site. Units will come in one-bedroom floor plans. Planned amenities include a community room, roof deck, garage parking and bicycle parking. JLL worked on behalf of the borrower, SoLa Impact, to secure the loan through a regional bank. Greg Brown, Charlie Vorsheck, Kellan Liem and Allie Black led the JLL Capital Markets Debt Advisory team.
HUNTINGTON BEACH, CALIF. — CBRE has brokered the sale of a five-unit community located at 7872 Liberty Drive in Huntington Beach in a 1031 exchange. The property was constructed in 1979 on 0.2 acres. The two-story building offers garage parking and a laundry facility. The seller was a private investor from Huntington Beach. CBRE’s Dan Blackwell and Amanda Fielder represented the San Diego-based 1031-exchange buyer in the transaction.
TORRANCE AND LONG BEACH, CALIF. — CBRE has negotiated the acquisition of five properties in Torrance and Long Beach on behalf of an undisclosed, San Diego-based exchange buyer. CBRE’s Dan Blackwell and Trey Mitchell represented the buyer. The five transactions fulfilled the buyer’s 1031 exchange requirement following the disposition of a 3.8-acre property in Torrance. CBRE’s John Read, Greg Sullivan and Trent Steeves represented the investor in the sale of the asset in Torrance. The five acquired properties were sourced from different private sellers in Southern California. The properties include:
THOUSAND OAKS, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of a two-property, 399-unit portfolio in Thousand Oaks. FPA Multifamily purchased the assets from Decron Properties for $171.3 million. IPA’s Kevin Green, Joseph Grabiec and Gregory Harris represented the seller and procured the buyer. The properties included in the portfolio are Los Robles Apartments and The Retreat at Thousand Oaks. Los Robles Apartments is a 32-building property that offers studio, one- and two-bedroom apartments. Units average 882 square feet in size. Amenities …
SANTA ANA, CALIF. — Caribou Industries has pulled $5.6 million in building permits and executed a disposition and development agreement with the City of Santa Ana to build 3rd & Broadway Promenade, a mixed-use development in downtown Santa Ana. Caribou Industries plans to begin construction in the second quarter of 2024. Gensler is serving as architect. Plans for 3rd & Broadway Promenade call for a 16-story high-rise community, which will offer studio, one- and two-bedroom units and 198 secured homeowner garages. The project will also include a 10-story hotel, an event …
SAN DIEGO — Decron Properties has purchased Margo at The Society, a 240-unit property located at 201 Del Sol Drive in San Diego, for $125.5 million. The seller was not disclosed. The acquisition was completed through a 1031 exchange. Decron Properties sold two assets in Thousand Oaks, California — Los Robles Apartments for $102.5 million and Retreat at Thousand Oaks for $69 million — and reinvested a portion of those funds into Margo at The Society. Margo at The Society comprises 240 apartments in one-, two- and three-bedroom layouts. Units …
OAKLAND, CALIF. — Resources for Community Development (RCD) plans to develop a six-story affordable housing community in Oakland. The complex will offer 77 units, as well as a community room, courtyard with a play structure, leasing offices and ground-floor retail space. Units will be affordable to households earning between 20 and 50 percent of the area median income. On-site supportive services will be available to formerly homeless residents. RCD expects to receive a building permit for the project in late 2023. Construction will begin in the first quarter of 2024. …
SAN FRANCISCO — Berkadia has negotiated a $67.2 million loan to refinance debt on Northpoint Apartments, a 514-unit complex in San Francisco. Andy Ahlers of Berkardia’s San Francisco office secured the permanent five-year loan through Fannie Mae. The borrower was NP Apartments LLC. Located at 2211 Stockton St., Northpoint Apartments offers units in studio, one- and two-bedroom floor plans. Amenities include two pools, a fitness center and laundry facilities.
HUNTINGTON BEACH, CALIF. — CBRE has arranged the sale of Tropicana Apartments, a 21-unit community in Huntington Beach. CBRE’s Dan Blackwell and Mike O’Neill represented the seller, a locally-based private investor, exchanging into a Delaware Statutory Trust (DST). The buyer was also based in Huntington Beach. The asset traded hands for $7.1 million. Tropicana Apartments is located on a corner block one block from the beach at 201 10th Street. The property comprises 10,096 rentable square feet across four buildings, each of which rise two stories. The gated community was built …
