California

CBRE Arranges $7.1 Million Sale of Two Communities in Long Beach, California

by Channing Hamilton October 10, 2023

LONG BEACH, CALIF. — CBRE has arranged the sale of two communities totaling 23 units for in Long Beach. The assets sold for a total $7.1 million to two separate buyers. In the first deal, CBRE’s Dan Blackwell and Trey Mitchell represented the seller in the disposition of a seven-unit property at 122 E. 55th Street in North Long Beach. A private investor based in Long Beach acquired the property from an Orange County-based repeat client of CBRE for $2.3 million. The property was built in 1962 on0.2 acres. The two-story, 5,755-square-foot building …

October 10, 2023

California Investment Sales News Western

CBRE Brokers $5.5 Million Sale of Two Properties in Anaheim, California

by Channing Hamilton October 4, 2023

ANAHEIM, CALIF. — CBRE has arranged the sale of two communities in Anaheim. The properties total 20 units and were sold to two separate buyers for over $5.5 million. A property at 1121-1125 West Fay Lane traded hands for $2.9 million. CBRE’s Dan Blackwell, Andrew Boukather and Amanda Fielder represented the seller, a private investor based in Orange County. Blackwell and CBRE’s Sean Farag also represented the buyer, a repeat client also based in Orange County. The asset was built in 1964 and comprises 12 units across two buildings. Units …

October 4, 2023

California Investment Sales News Western

Walker & Dunlop Arranges $174 Million Sale of Waterleaf in San Diego Suburb

by Channing Hamilton October 4, 2023

VISTA, CALIF. — Walker & Dunlop (W&D) has brokered the $174 million sale of Waterleaf, a 456-unit value-add community in the northern San Diego suburb of Vista. MIG Real Estate acquired the asset from MG Properties Group. According to W&D, this is the second-largest multifamily deal in San Diego in 2023. A W&D investment sales team led by Hunter Combs represented both the seller and the buyer in the transaction. Waterleaf is located minutes from downtown Vista and 30 minutes to downtown San Diego. The property is also in proximity …

October 4, 2023

Edward Ring, Founder and CEO, New Standard Equities

California Industry Voices Leasing & Marketing Operations Western

Six Questions About California Eviction Moratoriums With New Standard Equities Founder and CEO Edward Ring

by Channing Hamilton October 4, 2023

Multifamily & Affordable Housing Business: How did each jurisdiction define the moratoriums in California? Did it vary? Ring: The eviction moratoriums began in California during the outbreak period of COVID-19. The immediate response from state and local governments was to prevent landlords from evicting non-paying residents via an ‘emergency order’ declaration. Each jurisdiction settled on their own methodology and created a near-impossible set of rules for landlords who operate in multiple cities. Often, a county had a set of rules, the city had a set of rules, and the state …

October 4, 2023

California Development News Western

JPI Breaks Ground on 296-Unit Jefferson Monrovia in Monrovia, California

by Channing Hamilton October 2, 2023

MONROVIA, CALIF. — JPI has broken ground on Jefferson Monrovia, a five-story development in Monrovia. Jefferson Monrovia comprises 296 units in studio, one- and two-bedroom floor plans. Units will feature stainless steel appliances, gas ranges, patios and balconies, quartz countertops and in-unit washers and dryers. Amenities include a co-working lounge, clubroom, fitness center, game room, rooftop deck, pool and spa. First occupancy for Jefferson Monrovia is slated for early 2025. The development team also includes TCA Architects as the architect, PBA Engineering as structural engineer and Fuscoe Engineering Inc. as …

October 2, 2023

Affordable Housing California Development Finance News Western

KeyBank Provides $71.8 Million in Construction Financing for Affordable Housing Project in Greenfield, California

by Channing Hamilton September 26, 2023

GREENFIELD, CALIF. — KeyBank Community Development Lending and Investment (CDLI) and KeyBanc Capital Markets have provided a $71.8 million financing package for the construction of the first phase of Greenfield Commons in Greenfield. EAH Housing Inc. is developing the project. KeyBank CDLI provided a $15.9 million taxable construction loan to collateralize a Fannie Mae forward MBS Tax-Exempt Bond (MTEB) public bond offering and $55.4 million tax-exempt direct purchase loan to bridge California Accelerator program funds. KeyBanc Capital Markets purchased $55.4 million of 501(c)(3) bonds and provided a floating-to-fix interest rate swap …

September 26, 2023

California Development Finance News Western

JLL Arranges $42.7 Million to Construct Elements Apartments in Santa Maria, California

by Channing Hamilton September 22, 2023

SANTA MARIA, CALIF. — JLL Capital Markets has arranged $42.7 million in construction take-out financing for Elements Apartments in Santa Maria. JLL represented the borrower, The Vernon Group, to secure a senior loan through Limekiln Real Estate Investment Management. Matt Stewart, Alex Olson, Chad Morgan and Jacob Michael led the debt advisory team. Construction on Elements Apartments began in summer 2021, and the 167-unit community was 80 percent complete when the loan closed. The complex comprises six buildings. The project is slated for completion by January 2024.

September 22, 2023

California Development Finance News Western

Cityview, Stockbridge Begin Constructing 265-Unit Apollo in Los Angeles’ South Bay

by Channing Hamilton September 18, 2023

LOS ANGELES, CALIF. — Cityview and Stockbridge have broken ground on Apollo, a 265-unit development in Los Angeles’ South Bay area. Two long-term lenders of Cityview, City National Bank and Banc of California provided construction financing for the project. Apartments at Apollo will come in studio, one- and two-bedroom floor plans. Planned amenities include a pool, co-working center, fitness center, courtyards, entertainment lounge, and a community room with a kitchen for community-hosted cooking classes. Apollo is slated for completion in 2025.

September 18, 2023

California Finance Investment Sales News Western

IPA Arranges $62 Million in Acquisition Financing for DUO Apartments in San Jose, California

by Channing Hamilton September 18, 2023

SAN JOSE, CALIF. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $62 million in acquisition financing for DUO Apartments, a 301-unit asset in San Jose. The loan features a 10-year, interest-only term and is fixed at 5.4 percent. DUO Apartments was built in 2020 on a 4.6-acre site, 11 miles from San Jose’s downtown area. IPA’s Brian Eisendrath, Cameron Chalfant and Jake Vitta originated the financing on behalf of the undisclosed borrower. Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni brokered the sale of the leasehold interest.

September 18, 2023

California Investment Sales News Western

MG Properties Acquires Artist Walk Apartments in Fremont, California for $89.8 Million

by Channing Hamilton September 14, 2023

FREMONT, CALIF. — MG Properties has acquired Artist Walk Apartments, a mixed-use community located in Fremont, within San Francisco’s Bay Area. The asset traded hands for $89.8 million. Artist Walk Apartments comprises 185 apartments and 30,000 square feet of ground floor retail space. The property was built in 2017. Jason Parr, Seth Siegel and Scott MacDonald of Cushman and Wakefield represented the seller, Clarion Partners. CBRE Capital Markets arranged financing for the deal through Freddie Mac.

September 14, 2023

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