California

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

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.

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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LOS ANGELES AND OAKLAND, CALIF. — Creative Media & Community Trust Corp., a Dallas-based real estate investment trust operated by affiliates of CIM Group, has acquired three apartment assets in California. The properties are Parkview Apartments, a 75-unit community in the Echo Park neighborhood of Los Angeles and the 288-unit Eleven Fifty Clay and the 33-unit Channel House both located in Oakland. The acquisition cost was not disclosed.

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Exterior of the recently sold LC by CLG apartment building

LOS ANGELES — California Landmark Group has sold LC by CLG to a private partnership formed by Santa Barbara, California-based Harrison Yale Hurst and Richard Rosin of H&R Investments. CBRE’s Dean Zander and Stewart Weston arranged the sale and represented the seller, a developer known for its CLG-branded properties. The asset sold for $46.5 million. LC by CLG is adjacent to Paramount Studios and located in the Larchmont Village neighborhood. The 84-unit community includes amenities such as a rooftop deck with a pool, barbecues, fire pits, seating areas and views …

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Alivia Apartments' skimming pool, a small pool surrounded by plants, palm trees and buildings.

WHITTIER, CALIF. — Fairfield Carmenita LP has completed the disposition of Alivia Apartments, a multifamily community in Whittier, to NexGen Properties Group for $49.6 million, or $387,695 per unit. Completed in 2022, Alivia Apartments features seven residential buildings comprising 68 one-bed/one-bath units and 60 two-bed/two-bath units. All units offer stainless steel appliances, washers/dryers, kitchen islands with storage, and wood-style plank flooring. Community amenities include a resort-style pool and spa, fitness center, social lounge, dog park and outdoor fire lounge. Kevin Green, Joseph Grabiec and Greg Harris of Institutional Property Advisors, …

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