California

Scout off Sunset, a Spanish colonial-style multifamily building in Hollywood.

Phoenix Group Acquires Scout Off Sunset in Hollywood

by Channing Hamilton April 5, 2023

LOS ANGELES — London-based Phoenix Group has acquired Scout off Sunset, a 136-unit property in the central Los Angeles neighborhood of Hollywood. Built in 1989, Scout off Sunset rises three stories and offers amenities such as a swimming pool, fitness center, laundry facilities and two levels of underground parking. Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the deal. IPA’s Kevin Green, Joseph Grabiec and Gregory Harris represented the seller, an undisclosed institutional asset manager, and procured the buyer.

April 5, 2023

California Investment Sales News Western

IPA Arranges $54 Million Sale of Haven Warner Center in L.A.

by Lynn Peisner March 29, 2023

LOS ANGELES — IPA has arranged the sale of Haven Warner Center, a 205-unit community in the Warner Center master-planned neighborhood in Los Angeles. The property sold for $54 million. IPA’s Gregory Harris represented the seller, a private multifamily investment firm, and procured the buyer, LA Apartments. Haven Warner Center was built in 1985 and includes a mix of 50 studios, 80 one-bedroom units and 75 two-bedroom apartments. Renovated units have stainless-steel appliances, vinyl plank flooring and upgraded plumbing and electrical fixtures. Amenities include a swimming pool and spa, a …

March 29, 2023

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

Affordable Housing California Development News Western

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

by Lynn Peisner March 28, 2023

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 …

March 28, 2023

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

California Investment Sales News Western

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

by Channing Hamilton March 27, 2023

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.

March 27, 2023

Angelene Apartments, a multifamily building on a street corner.

California Investment Sales News Western

Olympus Property Acquires Angelene Apartments in West Hollywood

by Channing Hamilton March 20, 2023

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.

March 20, 2023

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

California Development Finance News Western

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

by Channing Hamilton March 17, 2023

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.

March 17, 2023

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

California Development News Western

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

by Channing Hamilton March 3, 2023

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 …

March 3, 2023

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

California Investment Sales News Western

Northmarq Brokers Sale of 61-Unit Portfolio Near San Diego

by Channing Hamilton March 3, 2023

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 …

March 3, 2023

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

Affordable Housing California Development News Western

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

by Channing Hamilton February 16, 2023

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 …

February 16, 2023

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

Affordable Housing California Development News Western

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

by Channing Hamilton February 9, 2023

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 …

February 9, 2023

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