SANTA ROSA, CALIF. — Interstate Equities Corp. has purchased 888 Fourth St. Apartments, a 108-unit asset located in downtown Santa Rosa, from a private individual for $38 million. The community was roughly 50 percent occupied at the time of sale. The Interstate Equities investment team and Philip Saglimbeni of Institutional Property Advisors handled the all-cash transaction.
SANTA CRUZ, CALIF. — Marcus & Millichap has arranged the sale of Seaside Apartments, an 84-unit affordable housing community in Santa Cruz. The asset traded hands for $45 million. Seaside Apartments was developed in 1983. The property includes five two-story residential buildings, as well as one single-story office and amenities building. Amenities include a children’s playground, barbecue and picnic area, laundry facilities and carports. The unit mix includes 16 one-bedroom residences that are 626 square feet, 52 two-bedroom apartments that are 626 square feet and 16 three-bedroom townhouse units that …
SACRAMENTO, CALIF. — DHI Hellenic Apartments L.P., a California-based limited partnership, has completed the renovation and rehabilitation of Hellenic Senior Apartments, an affordable senior’s housing property in the Pocket-Greenhaven area of Sacramento. Renovations included replaced roofs and siding, new energy-efficient systems and updates to common areas such as the clubhouse, leasing office and laundry facilities. All 70 units received new windows, sliding glass doors, energy-efficient appliances, dishwashers, modern kitchen cabinets and countertops. Fourteen units were upgraded to be fully ADA compliant, and several units received additional modifications to accommodate residents …
SAN JOSE, CALIF. — Colliers has appointed Christian Prelle as executive vice president and head of office agency at the firm’s San Francisco Bay Area brokerage. In this role, Prelle will expand Colliers’ office agency practice and lead strategic initiatives to enhance the company’s market position in the Bay Area. Prior to joining Colliers, Prelle served as executive managing director at Newmark, where he led the Palo Alto office for 6 years and oversaw roughly 55 brokers and staff.
COSTA MESA, CALIF. — CBRE has arranged the sale of Hamilton Cove, a 15-unit community located at 560 Hamilton Street in Costa Mesa, roughly 17 miles south of Anaheim. The asset traded hands for $5.6 million. Dan Blackwell, Mike O’Neill and Jack O’Connor of CBRE Multifamily SoCal Team represented the buyer and the seller in the deal. Both parties were based in Newport Beach and repeat clients of CBRE. The sale marks the team’s eighth transaction in Costa Mesa in the past year. Built in 1964, Hamilton Cove comprises 9,372 …
LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Lofts at Noho Commons, a 292-unit community located in the NoHo Arts District of Los Angeles. The GPI Cos., an investment and development firm based in Los Angeles, acquired the asset from a joint venture partnership for $92.5 million. Joseph Grabiec, Kevin Green and Gregory Harris of IPA represented the seller and procured the buyer in the deal. Lofts at NoHo Commons was built in 2006. The unit mix includes 237 …
SANTA MONICA, CALIF. — Locally based brokerage and advisory firm Gortikov Capital has purchased Samo Collection, a portfolio of affordable housing communities in Santa Monica, for $120 million. The portfolio comprises 399 units across 11 buildings. The properties were constructed between 1997 and 2009. Samo Collection offers studio, one-, two- and three-bedroom apartments with stainless steel appliances, hardwood-style flooring and central heating and air conditioning. The name of the seller was not released.
FULLERTON, CALIF. — CBRE has arranged the sale of a 10-unit building located at 3926 Franklin Ave. in Fullerton, just north of Anaheim, California. The asset traded hands for $2.7 million in an off-market transaction. Built in 1985, the two-story building comprises 7,410 square feet and offers exclusively two-bedroom units. The property also includes 17 parking spaces, including 12 garage spaces, as well as an on-site laundry facility. Dan Blackwell of CBRE, along with Andrew Boukather, who is now with MBI Equity Partners, represented the Los Angeles County-based buyer in the …
NEWPORT BEACH, CALIF. — CBRE has arranged the $2.4 million sale of a nine-unit property located at 6744 Orizaba Ave. in Long Beach, 25 miles south of Los Angeles. Built in 1973, the building comprises 7,770 square feet across two stories. The community is situated on a 9,540-square-foot lot at the corner of Orizaba Avenue and East 67th Way. The unit mix includes one studio and eight two-bedroom apartments. The community also offer an on-site laundry facility and 10 single-car garages. The roof was replaced in 2017. Dan Blackwell, Trey Mitchell …
POMONA, CALIF. — CP Capital has sold The Gabriel, a 312-unit apartment community in Pomona, approximately 30 miles west of Los Angeles. The property is situated at 2771 N. Garey Ave., adjacent to the Pomona North Metrolink Station. The buyer and sales price were not disclosed. The Gabriel was completed in 2022. The four-story development offers apartments featuring stainless steel appliances, quartz countertops, plank flooring and smart home technology such as Honeywell Wi-Fi thermostats, community video intercoms, Brivo keyless entry in common areas and ButterflyMX virtual keys. According to Apartments.com, …
