LOS ANGELES — Florida-based Material Comforts Inc. has acquired a portfolio of 16 parcels in California’s San Fernando Valley. Heitman LLC, Invesco LTD and ETHOS Real Estate sold the portfolio for $85 million. The portfolio totals 596 apartments in the Van Nuys, Panorama City, North Hills and Canoga Park neighborhoods of Los Angeles. Tony Azzi of Marcus & Millichap represented the sellers, while Rabbie Banafsheha, Kristen Sullivan and Arteen Zahiri of Marcus & Millichap represented the buyer in the deal.
SANTA MARIA, CALIF. — Beverly Hills, California-based investment firm Kennedy Wilson has sold La Vista Apartments, a 460-unit community in Santa Maria. Boston-based private equity firm Westview Capital purchased the asset for $116 million. Joseph Grabiec, Kevin Green and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer. Built in 1979 on 31 acres, La Vista Apartments offers studio, one-, two- and three-bedroom floor plans. Each apartment features a large closet, kitchen with breakfast bar and a pantry. Select units also have vaulted …
SAN DIEGO, CALIF. — Impact Housing and Verbena Road Holdings have secured $112.225 million in financing for the construction of Mission Gorge, a 483-unit affordable housing development located at 6171 Mission Gorge Road, roughly 8 miles north of downtown San Diego. Charles Halladay, Joseph Choi and Will Bond of JLL Capital Markets worked on behalf of the borrower to secure an $85.225 million, three-year, floating rate senior construction loan through ACORE CAPITAL. JLL also arranged $27 million in preferred equity with Ascendant Capital Partners. Mission Gorge will feature a mix …
SANTA CLARA, CALIF. — Interstate Equities Corp. has purchased Summerwood Apartments, a 468-unit property located at 444 Saratoga Ave. in Santa Clara, roughly 5 miles west of San Jose, California. German investment firm DWS sold the asset for $203 million. The garden-style community offers a mix of one- and two-bedroom apartments. Amenities include a pool, clubhouse, fitness center, volleyball court, sauna, courtyard and dog park. Philip Saglimbeni, Stanford Jones, Salvatore Saglimbeni and Alexander Tartaglia of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured …
SAN FRANCISCO — ICONIQ Capital and Sentral have secured $525 million for the refinancing of a portfolio of six properties totaling 1,790 units. Deutsche Bank and Goldman Sachs provided the single-asset, single-borrower CMBS loan. Jonathan Firestone and Bill Fishel of Newmark Group Inc. arranged the financing. Gibson Dunn and Latham & Watkins also advised on the transaction. Sentral operates each community in the portfolio. Approximately 25 percent of the units are leased under a flexible living strategy, in which units are fully furnished and made available for short- or mid-length …
SACRAMENTO, CALIF. — The California Housing Finance Agency (CalHFA) board of directors has appointed Stephanie McFadden as director of multifamily programs. In her new position, McFadden will oversee the CalHFA lending team, as well as an asset management division that monitors roughly 18,000 units of affordable housing. Most recently, McFadden was the chief leading officer at Low Income Investment Fund (LIIF), a nonprofit community development financial institution. Prior to joining LIIF, she served as a senior advisor for the Office of Multifamily Production with HUD, a role that was created …
SAN DIEGO — Chicago-based financial services firm Mesirow has purchased Preserve at Melrose, a 410-unit property located in the Vista neighborhood of San Diego, for $185 million. Built in 2015, Preserve at Melrose offers one-, two- and three-bedroom floor plans. According to Apartments.com, the garden-style community features amenities such as a business center, clubhouse, lounge, fitness center, pool, playground and courtyard. Hunter Combs of Walker & Dunlop represented the seller, a locally based group, and the buyer in the deal.
LOS ANGELES — The Dinerstein Cos. has hired Josh Rebholz to the role of vice president of capital markets and Scott Wandzilak as director of capital markets. Based in The Dinerstein Cos.’s recently established office in Los Angeles, Rebholz and Wandzilak will spearhead capital raising efforts for company’s fund platform and investment management business. Prior to joining The Dinerstein Cos., Rebholz was the executive senior associate athletic director at the University of California, Los Angeles (UCLA). He holds a bachelor’s degree in integrated studies from Weber State University and a …
SACRAMENTO, CALIF. — Nuveen Real Estate has received an allocation of $400 million from the California Public Employees Retirement System (CalPERS) for the company’s Nuveen Real Estate U.S. Affordable Housing Fund. Nuveen states that the fund, which launched in 2023, aims to preserve housing for renters earning less than 80 percent of the area median income (AMI), with a concentration of households earning less than 60 percent of AMI. This allocation follows CalPERS’ previous $100 million investment to the fund in June 2024, bringing CalPERS’ total commitment to the fund …
LAGUNA BEACH, CALIF. — CBRE has brokered the sale of Sterling Plaza Apartments, a 12-unit community located at 2607 Solana Way in Laguna Beach, approximately 25 miles south of Anaheim, California. The asset traded hands for $7.4 million. Built in 1962 and 1963, Sterling Plaza Apartments consists of 9,823 square feet of rentable space. The community offers one- and two-bedroom floor plans, including a two-bedroom penthouse. Each apartment is individually metered for electricity. The property also features 14 parking spaces, including 11 carports and three open spaces, as well as …