LOS ANGELES — CBRE has selected John Boyett as first vice president and Adam Feldman as a senior associate in the firm’s Woodland Hills office in Los Angeles. Boyett and Feldman will focus on multifamily investment sales in the Los Angeles metropolitan area. Boyett previously served as associate vice president at Matthews Real Estate Investment Services (Matthews). Prior to joining Matthews, he played several seasons with the Indianapolis Colts and Denver Broncos in the National Football League as well as the Ottawa Redblacks in the Canada Football League. Boyett graduated from the University …
SAN JOSE, CALIF. — CBRE arranged the $15.4 million sale of Ranchero Palms, a 61-unit community in San Jose. Keith Manson, Zachary Greenwood and Mac Watson represented both the buyer and seller. Ranchero Palms one- and two-bedroom floor plans, and was recently renovated with a new entry way, new railings and stairways and updated main electrical service. According to Apartments.com, the property was built in 1969 and offers community amenities such as a pool, a sundeck, on-site laundry facilities and dry cleaning services.
TORRANCE, CALIF. — Legacy Partners has purchased Del Amo Village, a development site located in the Los Angeles suburb of Torrance, for $18.3 million. The site comprises 2.8 acres located within Los Angeles County’s South Bay submarket at 1844 Plaza del Amo. The development plan for the project includes entitlements for 200 market-rate units. Kevin Shannon, Ken White, Chris Benton, Michael Moore and Anthony Muhlstein of Newmark represented the sellers, which were PCCP, LaCaze, Muller Company and Bentall GreenOak.
ONTARIO, CALIF. — The Mogharebi Group has arranged the $50.5 million sale of The Landing Apartments, a 156-unit community in Ontario, 37 miles east of Los Angeles. Alex Mogharebi, Otto Ozen, and Bryan LaBar represented the seller, an Orange County-based family. The property sold to a Los Angeles-based investor at a sub 4.5 percent cap rate. The Landing Apartments offers one- and two-bedroom floor plans, as well as amenities such as in-unit washers and dryers, a pool with a spa, a tennis court, carport parking and a community lake.
SAN BERNARDINO, CALIF. — 79 Lotus Apts, LLC acquired a portfolio in San Bernardino’s South Pointe neighborhood for $12 million. San Bernardino is located 60 miles east of Los Angeles. CBRE’s Eric Chen represented both the buyer and the undisclosed seller in the transaction. The portfolio comprises 79 units across three properties, including: Lotus, a 19-unit property; Steel Park Manor, a 32-unit property; and Wier Park, a 28-unit property. Units come in one- and two-bedroom floorplans.
MORENO VALLEY, CALIF. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $36.3 million bridge loan to refinance Villa Annette Apartments in Moreno Valley, a city in the Inland Empire region of California, about 64 miles east of Los Angeles. Latco Enterprises owns the 220-unit property that is newly built and currently in lease-up. Proceeds from the bridge loan will be used to pay off existing construction debt. Villa Annette sits on 11 acres and comprises 14 two- and three-story buildings that offer a mix of …
LOS ANGELES — JLL Capital Markets has arranged three separate transactions for the sale of six assets in Los Angeles County totaling $53.6 million. Five properties are located in the San Fernando Valley and one is in West Los Angeles. JLL worked on behalf of the seller, a corporate fiduciary acting on behalf of an LLC. There were three buyers whose identities were not disclosed. All three buyers assumed existing debt on the assets. The JLL Capital Markets investment sales and advisory team representing the seller was led by Managing …
SAN MARCOS, CALIF. — Affirmed Housing has begun construction on Estrella, an affordable housing development in the northern San Diego suburb of San Marcos. Affirmed Housing’s partners on the project include the City of San Marcos, the County of San Diego, WNC, Banner Bank, DAHLIN Group Architecture Planning, Masson and Associates and form/work Landscape Architecture. A development timeline for the project was not disclosed. Estrella will offer 96 one-, two- and three-bedroom units across four buildings for households earning between 30 and 80 percent of the area median income. The …
SAN BERNARDINO, CALIF. — The Mogharebi Group (TMG) has arranged the $21.5 million sale of Loma Villas, a newly constructed, 70-unit community in the Inland Empire city of San Bernardino. Loma Villas features a mix of studio, one- and two-bedroom floor plans that include enclosed patios or balconies. Amenities include a pool and spa, a fitness center, dog park and grilling and picnic areas. TMG’s Alex Mogharebi, Otto Ozen and Bryan LaBar represented the seller, a regional owner and developer. The buyer is a Southern California-based private investor.
SANTA CLARA, CALIF. — Ensemble Investments, USA Properties and The Pinyon Group have broken ground on an $81.2 million affordable housing development in the Tasman East neighborhood of Santa Clara. The eight-story Mainline North will include 151 units in studios to three-bedroom floor plans. Rent restrictions on the units were not released. The property will include 5,000 square feet of retail and restaurant space as well as a fitness center, flex rooms and outdoor space. USA Properties and The Pinyon Group structured a public-private partnership that includes financing by Bank …