Western

South Hills Apartments, a gray apartment complex with black roofing and brick chimneys, behind a swimming pool.
CaliforniaInvestment SalesNewsWestern

IPA Brokers $38.3 Million Sale of South Hills in West Covina, California

by Channing Hamilton

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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CaliforniaInvestment SalesNewsWestern

CMCT Acquires Three Apartment Buildings in California

by Channing Hamilton

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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Company NewsNewsWashingtonWestern

Capstone Cos. Opens Seattle Office

by Channing Hamilton

SEATTLE — Capstone Cos. has opened a multifamily brokerage office in Seattle and hired Evan McLeod and Chris Hardman to lead the team. McLeod and Hardman, whose respective titles are managing director and director, join Capstone from Seattle-based investment sales firm CPX. Prior to CPX, both McLeod and Hardman worked for Marcus & Millichap. Capstone says it will announce additional new office openings in 2023. Last year, the firm opened offices in Salt Lake City, Indianapolis and Huntsville, Alabama.

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Exterior of the recently sold LC by CLG apartment building
CaliforniaInvestment SalesNewsWestern

CBRE Arranges $46.5 Million Sale of LC by CLG in Los Angeles

by Lynn Peisner

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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A 3D render of Atlas Mesa, a four-story multifamily building off a main road. The building is yellow, brown and gray.
ArizonaDevelopmentNewsWestern

TDC, PCCP Will Develop 394-Unit Atlas Project Near Phoenix

by Channing Hamilton

MESA, ARIZ. — A joint venture between Los Angeles-based real estate investment management company PCCP and Houston-based The Dinerstein Cos. (TDC) will break ground in July on Atlas Mesa, located about 27 miles east of Phoenix. Completion is scheduled for late 2025. Project costs were not disclosed. According to PCCP and TDC, the property will be LEED certified. Atlas Mesa will offer 394 units in studio, one-, two- and three-bedroom floor plans ranging from 562 to 1,394 square feet. The development site is situated on 9.83 acres. When complete, the …

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A 3D render of Atlas Longmont, a four-story multifamily building in shades of brown.
ColoradoDevelopmentNewsWestern

Dinerstein Cos. Plans 371-Unit Atlas Longmont Multifamily Community in Longmont, Colorado

by Channing Hamilton

LONGMONT, COLO. — The Dinerstein Cos. has unveiled its plans to develop Atlas Longmont, an apartment property located at 301 First Ave. in Longmont. Situated on 12 acres, Atlas Longmont will feature 371 studio, one-, two- and three-bedroom apartments ranging from 541 square feet to 1,411 square feet. The 300,000-square-foot property will consist of 10 three-story buildings, one four-story residential building and a two-story leasing and amenity building. Community amenities will include an outdoor pool, multiple spas, a clubhouse, roof deck and coworking space. An affiliate of The Dinerstein Cos. …

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

Fairfield Carmenita Sells Alivia Apartments in Whittier, California for $49.6M

by Channing Hamilton

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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FinanceNevadaNewsWestern

Pembrook Provides $38.2M in Financing to Acquire, Renovate Valencia Apartments in Las Vegas

by Channing Hamilton

LAS VEGAS — Pembrook Capital Management has provided a $27.6 million first mortgage bridge loan and a $10.6 million preferred equity investment for the acquisition and renovation of 127 apartment units located at 1455 E. Katie Ave. in Las Vegas. The name of the borrower was not released. The Valencia Apartments complex features 21 two-story buildings offering a total of 227 units spread across 10.5 acres. Pembrook’s financing allows for the purchase of 127 units (56 percent of the property), including 72 one-bedroom, 49 two-bedroom and six three-bedroom apartments. The …

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