TORRANCE, CALIF. — CBRE has brokered the $4.8 million sale of an 11-unit community in the Los Angeles suburb of Torrance. CBRE’s Dan Blackwell and Trey Mitchell represented the locally-based private exchange buyer. The seller was headquartered in Los Angeles. Constructed in 1964, the asset sits on approximately 0.2 acres in the Old Town Torrance neighborhood. The property offers one-, two- and three-bedroom units. Amenities include an on-site laundry facility. Over the past two years, the building has been updated with new plumbing and drain lines, electrical, windows, exterior paint and repairs, …
LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Summerset Village in the Chatsworth neighborhood of Los Angeles. An institutional buyer purchased the asset from an undisclosed seller for $106.6 million. Kevin Green, Joseph Grabiec and Gregory Harris of IPA represented the seller and procured the buyer. Summerset Village was built in 1986. The community comprises 280 apartments across 39 two-story buildings. Select units feature fireplaces, patios and direct access garages. Amenities include two pools, two hot tubs, a beach volleyball …
GARDEN GROVE, CALIF. — CBRE has negotiated the $2.9 million sale of a 10-unit property in Garden Grove. The building was constructed in 1958 on a 0.3-acre lot at 11821 Stuart Drive. The unit mix consists of three one-bedroom and seven two-bedroom units across two stories. Amenities include a pool, on-site laundry facilities and garage parking. The community was recently renovated with new exterior paint, a new sprinkler system, updated gas lines and new garage doors. CBRE’s Dan Blackwell and Andrew Boukather represented the seller and buyer, both private investors …
LOS ANGELES — Barings Real Estate has secured $115 million in financing for The Ventana Luxury Apartments, a 405-unit complex within the master-planned community of Playa Vista in Los Angeles. Chris Drew, Annie Rose, Brandon Smith and Gyasi Edmondson of JLL Capital Markets Debt Advisory secured the cash-neutral, five-year loan on behalf of the borrower. The financing features full-term interest-only payments. The use of the funds was not disclosed. The Ventana Luxury Apartments was built in two phases in 2007. The community offers studio, one-, two- and three-bedroom units with an …
HAYWARD, CALIF. — Greystone has provided a $15 million Fannie Mae Delegated Underwriting & Servicing loan to refinance University Village, a 68-unit in Hayward. The garden-style community was constructed in 1964. University Village offers one- and two-bedroom units and on-site parking, laundry facilities and a fitness center. Tim Thompson originated the financing on behalf of WSB University Village LLC. The loan features a 10-year term with five years of interest-only payments. In addition to refinancing, the loan will enable the borrower to continue with ongoing property maintenance.
SAN FRANCISCO — PGIM Real Estate, the San Francisco-based real estate investment and financing business of PGIM, has arranged a $259 million Fannie Mae credit facility addition for six communities on the West Coast. The borrower is The Sobrato Organization. Natalia Todorov, Lauren Kiesel, Elizabeth Velazquez and A.J. Hamer of PGIM handled the transaction. The six properties total 1,141 units.
LAGUNA BEACH, CALIF. — CBRE has arranged the sale of a property at 525 Catalina in Laguna Beach. The eight-unit asset traded hands for $3.1 million. CBRE’s Dan Blackwell and Mike O’Neill represented the seller, a private investor headquartered in Orange County. The buyer was also a private Orange County-based investor. Built in 1957, the property rises two stories on a 0.14-acre site. All apartments come in studio floor plans. Amenities include a community deck, gated entry, storage lockers and five carport spaces.
LOS ANGELES — Cityview has completed The Parker in the Pico-Robertson community of West Los Angeles. The project comprises 123 units and 4,000 square feet of retail space. Apartments come in studio, one- and two-bedroom floor plans. Of the total unit count, 13 are affordable, though income restrictions for these units were not disclosed. Amenities include a rooftop pool, open-air cinema, fitness center, co-working spaces and a dog park. The project team included WPIC Construction, AC Martin, Nadia Geller Design and Labib Funk + Associates.
GARDEN GROVE, CALIF. — CBRE has arranged the sale of two communities located on the same street near Euclid Street and Katella Avenue in Garden Grove. The two properties comprise of 14 units with a combined value of $3.3 million. In the first transaction, CBRE’s Dan Blackwell and Andrew Boukather represented both the buyer and seller in the sale of an eight-unit property at 10772 Palma Vista Ave. The property was built in 1961 on a 0.2-acre site. The asset traded hands for $1.9 million. The buyer was a private …
SANTA ANA AND YORBA LINDA, CALIF. — Northmarq has negotiated the refinancing of two properties in Orange County, Villa Del Sol and Yorba Linda Pines. Advanced Real Estate Services owns both properties. Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao of Northmarq’s Newport Beach debt and equity office arranged the combined $142 million cash-out refinance. The deal was structured on a 10-year interest only term. Northmarq secured the permanent-fixed rate loan through its Optigo status as a Freddie Mac lender. Villa Del Sol is located at 811 S Fairview St. in Santa …