Davenport Partners Buys Alicia Office Park

LAGUNA HILLS, CA—Davenport Partners Inc. has acquired Alicia Office Park at 25201, 25231 & 25241 Paseo de Alicia here from an institutional owner and local operator for $10.5 million or approximately $121 per square foot. The property includes three two-story, class-B office buildings totaling 86,360 square feet that were a total of 61% leased at the time of sale. The Newport Beach office of CBRE represented the seller, while Davenport was not represented in the transaction. Davenport will handle the management and leasing of the property by establishing an onsite office and intends to work directly with local brokers to secure tenants for the vacant space.

TACOMA, WA—Kennedy Wilson has purchased Apex Apartments, a 203-unit, class-A apartment community here, for $26.5 million from an unnamed seller. The buyer invested $14.2 million of equity in the transaction (inclusive of closing costs) and secured a seven-year $13.3-million loan through Freddie Mac. The loan includes full-term interest only and is priced at 173 bps over LIBOR. Built in 2008, Apex is a luxury community set on one of the highest points in Tacoma, offering scenic views of the city and Mt. Rainier.