California

Fullerton-TDC
CaliforniaDevelopmentNewsWestern

Dinerstein Breaks Ground on Fullerton, California, Project

by Lynn Peisner

FULLERTON, CALIF. — The Dinerstein Cos. has begun construction of Atlas Fullerton, a 329-unit, five-story community in Fullerton, about 25 miles southeast of Los Angeles. Located at 229 East Orangethorpe Ave., Atlas Fullerton will include approximately 5,995 square feet of retail space and a 617-space parking garage. The amenity package will include a leasing center, a clubhouse, outdoor lounge, a pool and hot tub, a fitness center, coworking spaces, bike storage and repair, a coffee bar, dog park and a mail room. Completion is slated for 2027.

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Affordable HousingCaliforniaInvestment SalesNewsWestern

EAH Buys Two Affordable Communities Near Los Angeles

by Lynn Peisner

LANCASTER, CALIF. — EAH Housing has acquired two affordable housing properties in Lancaster, about 69 miles north of Los Angeles. The developments, Arbor Lofts and Sagebrush I & II, provide affordable rental housing for households earning between 30 and 60 of the area median income. Arbor Lofts, located on Lancaster Boulevard, is a 21-unit low-rise community built in 2009 with four-bedroom apartments. The property also features 3,800 square feet of commercial space. Sagebrush I & II, located on Milling Street and built in 2011, offers 61 three- and four-bedroom apartments …

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Compton
Affordable HousingCaliforniaDevelopmentFinanceNewsWestern

KeyBank Provides $25.9 Million Loan for Compton Affordable Housing Development

by Lynn Peisner

COMPTON, CALIF. — KeyBank Community Development Lending and Investment has provided a $25.9 million loan to finance construction of an affordable housing development at 1434 W. Compton Blvd. in the metro Los Angeles city of Compton. The Coalition for Responsible Community Development (CRCD) has partnered with LandSpire Group to develop the 75-unit community. The project will be a three-story development consisting of studios and one- and two-bedroom units, all of which will be rent restricted at or below 50 percent of the area median income. Additional LIHTC equity and Freddie …

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Rivair-San-Diego
CaliforniaDevelopmentNewsWestern

Fairfield Opens LEED-Certified Community in San Diego

by Lynn Peisner

SAN DIEGO — Locally based Fairfield has opened Rivair Apartment Homes in San Diego’s Misson Valley neighborhood. The 316-unit community features floor plans as studios and one- and two-bedrooms. Fairfield achieved LEED Gold certification for Rivair. Some of the green features include energy-efficient systems and water-saving fixtures. Amenities include a resort-style pool, a rooftop deck, a fitness center, coworking spaces and electric vehicle charging stations.

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University-Village-Azusa
CaliforniaInvestment SalesNewsStudent HousingWestern

Legacy Partners, PGIM Buy SoCal Student Housing for $92 Million, Plan Market-Rate Conversion

by Lynn Peisner

AZUSA, CALIF. — Legacy Partners and PGIM have acquired University Village in Azusa, about 20 miles east of downtown Los Angeles, for $92 million. The 320-unit property sits directly across the street from Azusa Pacific University, which was the seller and had formerly been using the community as a residence hall for students. Mesa West Capital provided a $68.5 million loan to buy the property and finance the conversion of the asset from student housing into a traditional multifamily community, which will include a light value-add program. The new owners …

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Fairmont-at-Willow-Creek-Folsom
CaliforniaFinanceNewsWestern

Northmarq Arranges $53.7 Million Refinancing for CWS Capital Partners

by Lynn Peisner

FOLSOM, CALIF. — CWS Capital Partners has secured a $53.7 million Fannie Mae loan to refinance Farimont at Willow Creek, a 260-unit community located at 200 S. Lexington Drive in Folsom. The refinancing provided additional proceeds earmarked for planned property improvements. Joe Giordani, Alex Kane, Brendan Golding and Alvin Cao led Northmarq’s Newport Beach debt and equity team. Fairmont at Willow Creek offers one- and two-bedroom apartments with in-unit washers and dryers and private patios or balconies. Amenities include a clubhouse, a pool and spa, a fitness center and a …

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Nutwood-Garden-Grove
CaliforniaInvestment SalesNewsWestern

CBRE Arranges Two Orange County Sales Totaling $17.4 Million

by Lynn Peisner

GARDEN GROVE, CALIF. — CBRE has arranged the sale of two communities in Garden Grove, about 22 miles west of Long Beach. Each property is approximately 40 years old and has never been on the market. The transactions involved separate buyers and sellers. The first property, Meadow Grove, is a 33-unit community at 13882 Clinton St. that sold for $12.9 million. It was developed in 1985. The unnamed seller was the heir of the original developer. The second property is Nutwood Street, which includes 15 units located at 12841–12879 Nutwood …

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Broadstone-Los-Feliz-Los-Angeles
CaliforniaFinanceNewsWestern

Mesa West Capital Provides $43.5 Million ReFi to Alliance Residential-Led Partnership

by Lynn Peisner

LOS ANGELES — Mesa West Capital has provided a $43.5 million refinancing loan to Alliance Residential and PCCP, joint venture owners of Broadstone Los Feliz in Los Angeles. The five-year, floating rate loan was arranged by the CBRE team of Troy Tegeler, Trevor Breaux, Ryan Greer and CJ Connolly. The property was 95 percent occupied at loan closing. Developed in 1986, Broadstone Los Feliz features a mix of studio, one- and two-bedroom apartments and an amenity package that includes a rooftop lounge and barbecue area with views of the Griffith …

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Fountain-Park-San-Jose
Affordable HousingCaliforniaInvestment SalesNewsWestern

Sack Capital Partners, Belveron Partners Acquire Fountain Park in San Jose

by Lynn Peisner

SAN JOSE, CALIF. — Sack Capital Partners and Belveron Partners have acquired the 164-unit Fountain Park in San Jose for $52 million. The property, developed in 1974, is comprised of studios and one- and two-bedroom units, many of which have been recently renovated. The new owners will convert a portion of the remaining units to affordable housing. Income caps were not disclosed. Amenities at the property include a clubhouse, barbecue area, a resort-style pool with a hot tub, a sauna, covered parking with electric vehicle charging stations and dog park. …

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River-House-Apartment-Homes-Santa-Ana
CaliforniaFinanceNewsWestern

Northmarq Arranges $50 Million ReFi for Advanced Real Estate

by Lynn Peisner

SANTA ANA, CALIF. — Northmarq has arranged a $50.1 million refinancing, provided by Freddie Mac, for Advanced Real Estate, an Irvine, California-based investment, property management and development company. The new mortgage is for Advanced’s asset River House Apartment Homes in Santa Ana. Northmarq’s Newport Beach Debt + Equity team was led by Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao. The loan has a 70 percent loan-to-value ratio, 1.2x debt coverage ratio and a 35-year amortization. The 240-unit River House was developed in 1987 and features one- and two-bedroom …

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