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.
STEAMBOAT SPRINGS, COLO. — JLL Capital Markets has arranged a $72.4 million construction loan for The Amble, a 42-unit project to be situated at the base of Steamboat Springs Ski Resort in Steamboat Springs. JLL worked on behalf of the borrower, East West Partners, to secure the financing through a regional bank.Leon McBroom, Mark Erland and Kevin Barron led the JLL Capital Markets Debt Advisory team. The Amble is located on a 1.6-acre site at 2300 Mount Warner Cir. The building will rise five stories. The property will feature 6,500 square feet …
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 …
LOS ANGELES — CIM Group has opened a six-story, 23-unit building located at 2599 Alsace Ave. in the West Adams neighborhood of Los Angeles. The community offers one- and two-bedroom units with wood-style flooring, stone counters, stainless steel appliances and in-unit washers and dryers. Select apartments offer walk-in closets and balconies. Amenities include package lockers, bike racks and storage, controlled access through a video intercom system and a 1,300-square-foot high end lounge on the ground floor.
SAN DIEGO, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Mar at Mesa Apartment Homes in San Diego. Chris Zorbas, Alexander Garcia Jr. and Kyle Pinkalla of IPA represented the undisclosed seller and procured the buyer, an affiliate of F&F Properties, in the transaction. The sales price was not disclosed. Mar at Mesa was built in 1988 and renovated in 2022. The community offers 62 units in one-and two-bedroom layouts. Apartments feature breakfast bars, dishwashers, large closets, patios and balconies. Amenities …
— By Jonathan Treble, Founder and CEO of WithMe Inc. In today’s multifamily landscape, amenities play a pivotal role that goes beyond attracting and retaining prospective residents. The right amenity package can enhance residents’ daily experience, nurture a thriving sense of community and ultimately increase the asset’s overall value. By thoughtfully outfitting an asset with the right amenities, property owners and operators can cater to today’s renters’ live-work-play and remote-work lifestyles. Modern Renters Desire “Third Spaces” Post-pandemic, the traditional boundaries between home, office and social spaces have blurred. Remote and …
MARANA, ARIZ. — Ascent Cos. and Vanderbuild have opened Amavida Marana, a 200-unit community in Marana, 20 miles northwest of Tucson, Arizona. Located at 5555 W. Ina Road, Amavida Marana offers one-, two- and three-bedroom floor plans. Amenities include a four-acre community park, four pickleball courts, a playground, a walking and jogging loop, dog park, EV chargers, an indoor/outdoor fitness center, pool, hot tub, pet washing stations and a clubhouse. Bryten Real Estate Partners is the property manager.
