DEALTRACKER

LOS ANGELES—Quantum Capital Partners has secured $25 million in long-term, fixed-rate debt to refinance a 130-unit apartment complex located near the University of Southern California in Downtown Los Angeles on behalf of City Park Apartments, comprising two, four-story multifamily buildings located at 1246 and 1247 W. 30th Street. Located two blocks from USC, the security buildings feature a mix of two- and three-bedroom floor plans. On-site amenities include subterranean parking, and a combination fitness center and recreation room. Although not operated as traditional student housing, its proximity to USC has made it an attractive option for University students. The property was 99 percent occupied at the time of the financing. The sponsor, a local investor and management company Park City LLC, which has owned the property since developing it in 1991, was seeking to refinance maturing debt with a long-term fixed rate loan before interest rates increased, according to Quantum Assistant Vice President Kevin Wong who arranged the financing.

LOS ANGELES—A multi-tenant retail property in Westwood Village has traded hands for $4 million. Alex Kozakov, Patrick Wade, and Matthew Greenberg of CBRE represented the seller in the transaction, a private family trust. Located at 1136-1140 Westwood Blvd., the two-story building is comprised of 6,340 square feet. The well-maintained structure has undergone several upgrades over the years and is currently occupied by long-standing tenants, including D'Amores Pizza on the ground floor, along with office users on the second-floor.

SANTA MONICA, CA—1522 Second Street, a vacant class-A creative office building located in Santa Monica, California, has traded hands for $13.3 million. Situated on 0.17 acres of land in the prime Downtown Santa Monica area, 1522 Second Street consists of two, interconnected buildings totaling 15,329 rentable square feet. Madison Partners Bob Safai, Matt Case, and Brad Schlaak brokered the transaction on behalf of the seller, The Hertz Investment Group, which sold the property to HQ Creative Office, a Southern California-based investment, development and management firm. HQ Creative Office, a subsidiary of The HQ Group, is a premier developer of upscale creative office space throughout the region. HQ's plans for the property include a substantial re-design and renovation to bring the property to cutting-edge, ultra-premium creative office specifications, to target the substantial base of innovative entertainment, media, and technology tenants seeking a presence in this coastal location.

LOS ANGELES—Newmark Knight Frank has negotiated a 10-year lease for the entire penthouse floor totaling 14,907 square feet on behalf of talent agency, BUCHWALD. Comprising 30 stories, 5900 Wilshire Boulevard is Miracle Mile's tallest building totaling about half a million square feet and will serve as the full-service agency's West Coast hub. NKF's Executive Managing Directors Ryan Harding and David Kluth represented the tenant. The landlord, The Ratkovich Company, was represented by CBRE. BUCHWALD's expansion involved a departure from its long-time Miracle Mile offices at 6500 Wilshire.

LOS ANGELES—A 123-unit, 9-property San Fernando Valley Multifamily portfolio has traded hands for $22.8 million. The units were spread throughout the valley: 37 units at 8132 Langdon; 16 units at 6502 Vineland Ave; 18 units at 8924 Van Nuys Blvd; 15 units at 6461 Kester Ave; 10 units at 5840 Hazeltine Ave; 9 units at 6935 Woodman Ave; 12 units between the buildings at 14129 Gilmore St and 14133 Gilmore St; and 6 units at 14108 Gilmore St. David Leibowitz is a partner at IREA and represented both the seller and the buyer.

AVONDALE, AZ–Brixton Capital has purchased a grocery-anchored shopping center, located at SEC Dysart & McDowell Road in Avondale, Arizona, from Weingarten Realty, for an undisclosed price. Palmilla Center, with 103,568 square feet of leasable space, is 100 percent leased to a mix of national, regional and local tenants, including Fry's Food & Drug, PetSmart, OfficeMax, Dollar Tree, Ono Hawaiian BBQ and H&R Block. The sale also included the Chase Bank and new Arizona Federal Credit Union pad buildings. Palmilla marks Brixton's first acquisition of 2018 and its fifth acquisition in the last six months.

PHOENIX—A two-property self-storage portfolio in Arizona and Colorado has traded hands between a joint venture of Wasatch Storage Partners and a private real estate fund advised by Crow Holdings Capital—Real Estate and a joint venture of Advantage Storage and Harrison Street Real Estate Capital. Brian Somoza and Steve Mellon led the JLL team on the sale. Together, the properties total 147,521 square feet and 1,425 units. Features of the facilities include: Drive-up units, climate controlled units, secure fencing with electronic access control, 24-hour video surveillance and retail-oriented customer service offices.

IRVINE, CA—The Bascom Group has acquired Tempo at Riverpark Apartments, a 235-unit infill apartment community located in the vibrant Riverpark community in Oxnard, California, for $75.25 million. Brian Eisendrath, Annie Rice, and Brandon Smith of CBRE arranged the debt financing for the purchase. Built in 2016, Tempo is in the heart of the 704-acre master-planned Riverpark community and is within walking distance of numerous parks and jogging trails, newly built schools, and premium shopping and dining at The Collection. The Collection includes tenants such as Whole Foods, Target, REI, H&M, Century Cinemas, along with many other shops and eateries. The property's access to employers along the 101 Tech corridor, as well as the Port of Hueneme and Naval base at Point Magu, makes Tempo an attractive location and home for Oxnard residents. In addition, Ventura County has a very affluent demographic with the highest median income in Southern California at $79,637 per household and median home prices well above $600 thousand.

PHOENIX—The 148-unit Arcadia Walk apartments, located at 2606 N. 44th Street in Phoenix, Arizona, has traded hands for $16.75 million WWC XX, LP, an entity formed by Western Wealth Capital out of North Vancouver, British Columbia was the seller. Western Wealth Capital acquires multifamily rental properties and increase net operating income and valuation through an approach that has been successfully applied across their portfolio. Western Wealth Capital focuses on markets underpinned by economic fundamentals of population, employment, and GDP growth. They manage these assets, distribute resulting cash flow to investors, and when appropriate, divest. The HSK Team—Bill Hahn, Trevor Koskovich, and Jesse Hudson of Colliers International in Phoenix represented the seller and procured the buyer. RCC Real Estate, Inc., an entity formed by Richard Vann out of San Diego, California was the buyer. Arcadia Walk is Vann's first multifamily acquisition in the Phoenix market.

DENVER, CO—HFF has secured $27.52 million in acquisition financing for San Palmas at Mission Park, a 240-unit, garden-style apartment community in the Phoenix suburb of Chandler, Arizona, on behalf of Continental Realty Advisors. The loan was secured with a seven-year term, 3.91%, interest-only, fixed-rate loan through Freddie Mac's CME Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. San Palmas at Mission Park is situated on 13.94 acres just north of Ray Road at 1111 N. Mission Park Boulevard, which is less than a quarter of a mile east of Loop 101 and approximately 20 miles from the Phoenix CBD. The 30-building property comprises a mix of one-, two- and three-bedroom units featuring fully equipped kitchens, spacious walk-in closets, full-size washers and dryers, and private patios or balconies. Community amenities include a resort-style pool, spa, grilling areas, sand volleyball court, fitness center and clubhouse. San Palmas at Mission Park is 93% leased. The HFF team representing the borrower included senior director Brad Miner, managing director Josh Simon and senior managing director Brian Carlton.

IRVINE, CA—Waterford Residential, LLC, an investment firm based out of Newport Beach, California, has purchased Dover Shores Apartment Homes, an 18-unit apartment building, located at 1606-1674 Westcliff Drive in Newport Beach, California, for $8,000,000. The seller was a private investor. Kidder Mathews' multifamily brokers, Steven C. Brombal and Joshua Y. Rhee, represented both parties in the transaction. The Dover Shores Apartment Homes consists of four one-bedroom and 14 two-bedroom units. This is the first time it has been on the market in 42 years. Assets of this size are unique in Newport Beach and rarely become available.

NEWPORT BEACH, CA—Ontario Airport Commerce Center, a three-building industrial park totaling 213,603 square feet in the Los Angeles-area community of Ontario, California, has traded hands for $24.1 million. HFF represented the seller, MetLife Real Estate Investments. Rexford Industrial purchased the asset. Situated on 5.5 acres at 1900 South Proforma Avenue and 1910 and 1920 South Archibald Avenue in Ontario, Ontario Airport Commerce Center is in the Inland Empire West Industrial market, one of the most highly sought-after industrial markets in the U.S., which provides access to Interstates 10 and 215 and State Road 60. The property is 1.2 miles from Ontario International Airport and less than 60 miles from the Ports of Long Beach and Los Angeles. Approximately 17.4 million residents are within a 60-mile radius of the business park. The park is approximately 85 percent leased and features 14- to 24-foot clear heights, a total of 16 dock-high doors, 53 grade-level doors and 24 percent office space. The HFF investment advisory team representing the seller included managing director Andrew Briner. In addition to Briner, HFF's West Coast industrial platform includes senior director Michael Roberts and senior managing director Scott Pertel.

LONG BEACH—1625 Redondo Avenue, a 36-unit apartment building in the Circle Area neighborhood of Long Beach, CA, has traded hands for $10 million. Principal Robert Stepp of Stepp Commercial represented the seller, a private trust. The buyer was Waterford Residential. The property closed at a 3.6 percent cap rate and a price per unit of $277,639. Built in 1971, the 32,841-square-foot, four-story building is located on an oversized lot at 1625 Redondo Avenue, and consists of 36 units. The property includes 12 two-bedroom, two-bath units with patios, 18 one-bedroom, one-bath units, and six studios.

SANTA ANA, CA—A four-property, 214-unit multifamily portfolio in Santa Ana, California has traded hands for $42.5 million, which equates to more than $198,000 per unit. Bridge represented the buyer, an affiliate of Empire USA LLC. Stephen Soqui, first vice president investments in Marcus & Millichap's South Bay office, represented the seller. Shane Ryan McConnell, vice president investments in Newport Beach, provided additional representation in the sale of 1717-1721 N. Spurgeon Street.

BUILDING BLOCKS

PHOENIX, AZ—High Street Residential and MetLife Investment Management have started construction on The Osborn Residences, a 5-story, class-A residential mixed-use building featuring 190 Class A residences ranging in size from 583-to-1,358 square feet –with a 5-story parking garage. The mixed-use project is located at 7th Avenue and Osborn Road in the heart of Midtown Phoenix, directly adjacent to The Osborn Marketplace, a 45,000 square foot grocery anchored shopping center. Residences will be ready for occupancy in August 2019. Inside, the lobby of The Osborn will feature modern and eclectic furniture and décor with a concierge desk and leasing office with “genius bar” concept and interactive TV, including a coffee bar and interactive lounge space. Residents will have access to a large clubroom with buffet kitchen, lounge spaces, gaming area and Wi-Fi throughout the common areas. The project will also feature an indoor/outdoor connection to the outdoor amenities, which include a resort style pool, courtyard, shaded lounge areas, fire pits, outdoor kitchen and grills, hammocks, yoga lawn, lush landscaping and site lighting. Interior amenities include a fitness room, bike storage, dog spa, valet trash service and a guest suite for visitors. Incorporating sustainable design elements, the development team will seek LEED Silver certification. The project sits ½ mile from the new Central and Osborn Station for the Valley Metro Light Rail. The site also benefits from immediate adjacency to many major employers, major hospitals, desirable affluent neighborhoods, and an abundance of social venues.