California

Rendering of CIM Group's upcoming mixed-use project in L.A.
Affordable HousingCaliforniaDevelopmentNewsWestern

CIM Group Buys Land from Los Angeles Church for Mixed-Use Project

by Lynn Peisner

LOS ANGELES — CIM Group has acquired an approximately 1.3-acre property at 3045 Crenshaw Blvd. in Los Angeles. The site is entitled for a mixed-use development consisting of 168 apartment units, of which 17 will be affordable, and 40,000 square feet of ground-floor retail. New development at the site will replace the vacant, former West Angeles Church of God in Christ, whose congregation has moved to a new location. CIM Group Principal Shaul Kuba and Bishop Charles E. Blake Sr. have negotiated a series of acquisitions of church-owned properties over …

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The Independent, a brown and white multifamily building with green assets.
CaliforniaInvestment SalesNewsWestern

DiversyFund Purchases The Independent in Sand City, California for $20 Million

by Channing Hamilton

SAND CITY, CALIF. — San Diego-based DiversyFund has purchased The Independent in Sand City, which is just outside of Monterey, California, from an undisclosed seller. Cushman & Wakefield’s Northern California Multifamily Advisory Group brokered the $20 million deal. The Independent was built in 2008 and renovated in 2014 to convert office space on the second floor into additional apartments. The property now offers 61 units and 11,000 square feet of vacant commercial space. Amenities include a courtyard, garage parking and carports.

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Angelene Apartments, a multifamily building on a street corner.
CaliforniaInvestment SalesNewsWestern

Olympus Property Acquires Angelene Apartments in West Hollywood

by Channing Hamilton

WEST HOLLYWOOD, CALIF. — Fort Worth, Texas-based Olympus Property has acquired Angelene Apartments, a 179-unit, mixed-use community in West Hollywood, California. Berkadia brokered the transaction. Derrek Ostrzyzek, Tom Moran, Rachel Parsons and Mike Murphy represented the undisclosed institutional seller. Tucker Knight arranged acquisition financing through Freddie Mac on behalf of Olympus Property. Angelene Apartments was built in 2016 and offers studio, one-, two- and three-bedroom floor plans. The property is anchored by 33,500 square feet of ground-floor retail, which is currently occupied by Sprouts Farmers Market.

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A 3D render of Overland and Ayres, a gray and white contemporary style building.
CaliforniaDevelopmentFinanceNewsWestern

JLL Arranges $84 Million for GPI’s Overland and Ayers Project in Los Angeles

by Channing Hamilton

LOS ANGELES — JLL Capital Markets has arranged an $84 million, floating-rate construction loan through Citizens Financial Group for an affiliate of GPI Cos. Los Angeles-based GPI is building Overland and Ayres, a 201-unit project in West Los Angeles. The six-story building will contain 56 studios, 97 one-bedroom units, 39 two-bedroom units and nine townhomes. Overland and Ayers will be complete in 2024. The JLL team was led by Kevin Mackenzie, Greg Brown, Jeff Sause, Sam Godfrey and Charlie Vorsheck.

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A rendering of Mainline North, an eight-story blue and white contemporary style building.
CaliforniaDevelopmentNewsWestern

USA Properties, Pinyon Group Begin Construction on $81.2 Million Affordable Building in Santa Clara, California

by Channing Hamilton

SANTA CLARA, CALIF. — USA Properties Fund and The Pinyon Group have begun construction on Mainline North, an affordable community in Santa Clara, four miles from San Jose, California. The $81.2 million project is the result of a public-private partnership including Bank of America, California Housing Finance Agency, the City of Santa Clara, Google, Housing Trust Silicon Valley, Ensemble Real Estate Investments and Related. Mainline North will include 151 studio, one- and two-bedroom units for tenants earning at or below 30 percent of the area median income (AMI). Construction on …

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Sunshine Villas, a yellow and brown multifamily building. The property is designated with a digitally-drawn yellow line.
CaliforniaInvestment SalesNewsWestern

Northmarq Brokers Sale of 61-Unit Portfolio Near San Diego

by Channing Hamilton

EL CAJON, CALIF. — Northmarq has brokered the sale of a three-property, 61-unit portfolio in El Cajon, which is 15 miles northeast of San Diego. Northmarq’s investment sales team arranged the sale on behalf of the seller, El Cajon Investor 1 & 2. The portfolio includes: Sunshine Manor, a 19-unit property that was constructed in 1977; Sunshine Villas, a 19-unit, two-story building that was built in 1978; and East Winds, a gated community with 23 units. Erik Anderson, vice president of investment sales at Northmarq’s San Diego office, arranged the …

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Orchard at Hilltop, a three-building multifamily building atop a hill.
Affordable HousingCaliforniaDevelopmentNewsWestern

Affirmed Housing Completes $54.9 Million Mixed-Use Development in San Diego

by Channing Hamilton

SAN DIEGO — Affirmed Housing has opened The Orchard at Hilltop, a mixed-use urban infill development in San Diego’s Chollas View neighborhood. The total cost for the development of the project was approximately $54.9 million. The development was financed in part with HOME Investments Partnerships Grant funds provided to the City of San Diego by the U.S. Department of Housing and Urban Development. Additional financing was provided by Civic Communities, Boston Financial, Boston Capital Finance, Western Alliance Bank, the San Diego Housing Commission, the City of San Diego, the California …

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A 3D render of Sync on Canoga, a light brown and white, five-story multifamily building.
Affordable HousingCaliforniaDevelopmentNewsWestern

Alliant Strategic Development Breaks Ground on Four Affordable Housing Projects in Los Angeles

by Channing Hamilton

CANOGA PARK, VAN NUYS, NORTH HOLLYWOOD, CALIF. — Alliant Strategic Development has broken ground on four affordable housing properties in the San Fernando Valley area of Los Angeles. The properties, which include 727 total units, are Sync on Canoga, comprising 220 one-bedroom units in Canoga Park; Pendant on Topanga, consisting of 149 studios, one- and two-bedroom units also in Canoga Park; Vose, which will include 332 studio, one- and two-bedroom units in Van Nuys; and Cadence at Noho, consisting of 26 one- and two-bedroom units in North Hollywood. Of the …

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A 3D render of 710 Broadway, a rounded contemporary-style building.
CaliforniaDevelopmentNewsWestern

Related California Breaks Ground on $385 Million Redevelopment in Santa Monica, California

by Channing Hamilton

SANTA MONICA, CALIF. — Related California is redeveloping a former Vons grocery store site into a mixed-use project in Santa Monica. The project, called 710 Broadway, will include 280 residential units, 84 of which will be reserved for residents earning at or below 30, 50 and 80 percent of the area median income (AMI). The developer did not release the project cost, but Related California recently obtained $385 million in construction financing, according to the Los Angeles Business Journal. The project will also include approximately 99,000 square feet of ground-floor commercial …

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South Hills Apartments, a gray apartment complex with black roofing and brick chimneys, behind a swimming pool.
CaliforniaInvestment SalesNewsWestern

IPA Brokers $38.3 Million Sale of South Hills in West Covina, California

by Channing Hamilton

WEST COVINA, CALIF. — Institutional Property Advisors (IPA) has arranged the sale of South Hills Apartments, an 85-unit property in West Covina for $38.3 million. The seller was NextGen Properties Group, which 1031 exchanged the proceeds to buy Alivia Apartments in Whittier, California. HFH Ltd, also a 1031 exchange investor, was the buyer.  IPA’s Kevin Green, Joseph Grabiec and Greg Harris as well as Marcus & Millichap’s Tyler Leeson, Mathew Kipp and Nick Kazemi represented the seller and secured the buyer. South Hills Apartments was built in 1966 on approximately …

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