BELLFLOWER, CALIF. — CBRE has arranged the sale of an eight-unit property located in the southeast Los Angeles suburb of Bellflower. Located at 9108 Palm St., the 7,619-square-foot property was constructed in 1960. The new ownership plans to renovate the community. The asset traded hands for $2 million. Dan Blackwell and Sean Farag of CBRE represented the private 1031 exchange buyer in the deal. The seller was based in Los Angeles County.
SAN DIEGO — Newmark has hired Erik Anderson to the role of Senior Managing Director. In this position, Anderson will specialize in multifamily investment sales for private clients and middle-market investors throughout Southern California. He will be based out of Newmark’s San Diego office. Prior to joining Newmark, Anderson held senior positions at Northmarq and CBRE. He has served on the Developing Leaders board for NAIOP San Diego and is a member of the Urban Land Institute and the National Multifamily Housing Council.
GARDEN GROVE, CALIF. — CBRE has arranged the $2.2 million sale of an eight-unit property located at 10651 Tibbs Cir. in Garden Grove, five miles south of Anaheim, California. Dan Blackwell of CBRE represented the seller, a repeat client headquartered in Los Angeles, in the deal. The buyer was a private investor based in Orange County, California. The building, which was built in 1960, comprises 5,076 square feet across two stories. Units feature individual water heaters. The property also includes parking spaces and an on-site laundry room. The asset was …
MONROVIA, CALIF. — Institutional Property Advisors (IPA) has brokered the sale of Paragon at Old Town, a 163-unit community in Monrovia, 20 miles northeast of Los Angeles. Sequoia Equities sold the asset to SCS Development Co. Inc. for $87.3 million. Joseph Grabiec, Kevin Green and Gregory Harris of IPA represented the seller and procured the buyer. Paragon at Old Town offers amenities such as a resident lounge, fitness center, game room, pool and spa with private cabanas, outdoor lounges and courtyards. Units range from 744 square feet to 1,247 square …
NEWPORT BEACH, CALIF. — Lument, a subsidiary of ORIX Corp. USA, has entered into an exclusive correspondent relationship with Newport Beach-based capital advisory firm Arcus Harbor Real Estate Capital. A correspondent relationship is when a company agrees to use one particular lender to process and close a particular product. Under the terms of the agreement, Arcus Harbor Real Estate Capital will refer all Fannie Mae, Freddie Mac and FHA loans the firm originates to Lument for underwriting, processing and closing. Lument will also have the opportunity to provide balance sheet and other non-agency loans …
BELMONT, CALIF. — Värde Partners has provided $105 million in construction takeout refinancing for Artisan Crossing, a 250-unit asset in Belmont, 23 miles south of San Francisco. Chris Gandy and Tom Gilliland of JLL arranged the loan, which features a three-year initial term with two one-year extension options. The borrower was Windy Hill Property Ventures. Artisan Crossing was recently completed in 2023, according to Apartments.com. The property offers amenities such as a fitness center, pool, dog spa, clubroom with rooftop deck, conference room, work pods and underground parking.
SAN JOSE, CALIF. — Marcus & Millichap has arranged the sale of a 10-unit property located at 544 South Sixth Street in San Jose. The property sold for $4.3 million. Eymon Binesh, Adam Levin and Robert Johnston of Marcus & Millichap’s Palo Alto office marketed the property on behalf of the seller, a limited liability company. The community was originally built in 1969 on a 11,868 square-foot parcel of land. All units come in two-bedroom layouts and include washers and dryers. The community was recently renovated with new wood flooring, stainless …
LOS ANGELES — Marcus & Millichap has arranged the $3.5 million sale of a development currently underway in the Echo Park neighborhood of Los Angeles. The property is situated at 319 N Westlake Ave. and will comprise fourteen units, once completed. A construction timeline for the project was not disclosed. Jason Tuvia of Marcus & Millichap’s Encino office brokered the deal on behalf of the undisclosed seller. The buyer was also not disclosed.
SAN JOSE, CALIF. — Marcus & Millichap has arranged the sale of Moreland Apartments, a 160-unit affordable housing community in San Jose. The asset traded hands for $71 million. Mitchell Zurich, Kirk Trammell, David Cutler and Joshua Johnson of Marcus & Millichap represented the seller, the original developer of the property, and procured the buyer. Moreland Apartments consists of eight two-story residential buildings and one single-story amenities building on an 8-acre site. Apartments come in one- and two-bedroom floor plans. Townhome units come in three-bedroom layouts. Income restrictions for the …
SAN DIEGO — The Dinerstein Cos. has completed the disposition of Millennium PQ, a 331-unit property located in San Diego’s Rancho Penasquitos neighborhood, to GID Real Estate Investments. The garden-style community traded hands for $167 million. Hunter Combs led the Walker & Dunlop investment sales team that represented the seller and buyer in the transaction.
