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.
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- …
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 …
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 …
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.
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.
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 …
LOS ANGELES — Cronheim Mortgage has arranged $56 million in permanent financing for a three-property portfolio in Los Angeles. Andrew Stewart and Allison Villamagna of Cronheim secured the financing on behalf of the borrower, 4SITE Real Estate. Cronheim arranged $37 million, $10.9 million and $8.1 million in financing for the properties, respectively. The portfolio includes Barranca Los Angeles, 4Mica Apartments and Arroyo Los Angeles. Barranca Los Angeles totals 200 apartment units and offers amenities such as a pool, spa, gym, yoga studio, workspaces, outdoor garden terrace and BBQ area. 4Mica …
ANAHEIM, CALIF. — Marcus & Millichap has arranged the sale of Chateau de Ville, a 254-unit community in Anaheim. The asset traded hands for $79 million. Chateau de Ville was built in 1970 on a 9-acre site. The controlled-access property comprises 21 buildings and offers one- and two-bedroom floor plans. Amenities include a pool, clubhouse and fitness center. Tyler Leeson and Matt Kipp of Marcus & Millichap’s Orange County office represented the seller, a long-term partnership, and procured the buyer, a private investor.
LOS ANGELES — JLL Capital Markets has arranged $5.5 million in permanent, non-LIHTC Forward financing for Alvarado Apartments and Temple Apartments, two affordable housing complexes in Los Angeles. JLL worked on behalf of the borrower, Brilliant Corners, to secure the 15-year loan through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital. Anson Snyder led the JLL Capital Markets Debt Advisory team. Alvarado Apartments is located at 916 N. Alvarado Street and comprises 24 units. The 42-unit Temple Apartments is situated at 2812 W. Temple Street. Both communities …
