Monterra

CALABASAS, CA-Cirrus Asset Management Inc. has acquired two apartment complexes in Southern California, plus management assignments for properties in California and Hawaii, that add more than 600 units to the company's portfolio of managed apartments. Its newest acquisition is the Monterra at Hollywood Hills, a complex at 2330 N. Cahuenga Blvd. that features units of one and two bedrooms ranging from 410 square feet to 944 square feet.

The other Cirrus acquisition is the 120-unit Capistrano Gardens at 13811 Shoemaker Dr. in Norwalk, which features units of one to three bedrooms ranging from 700 to 1,200 square feet. Cirrus plans to reposition the property, which was built in 1968, with a $1 million renovation plan.

Tom Papoulias of NAI Capital’s Commerce office, who represented both the buyer and the seller in the Capistrano Gardens transaction, reports that Cirrus purchased the asset from CRE 12 LLC for $16 million. Cirrus notes that it bought the property in a joint venture with Henderson Global Investors.

Capistrano Gardens

Papoulias noted that the apartments are located in a very desirable area and neighborhood of Norwalk, and at the time of closing there were only 10 vacancies. The complex is a gated community that features a courtyard and golf course views in a resort style atmosphere. The unit mix consists of 52 one-bedrooms, 48 two-bedrooms and 20 three bedrooms.

“Cirrus was very familiar with the property, having managed the building about eight years ago,” said Papoulias. “We had it listed and 30 days later we had it under contract with Cirrus.”

In Hawaii, Pacific Bay Investments of San Francisco has awarded Cirrus the property management contract for a four-building multifamily portfolio on three islands including the cities of Hilo on the big island of Hawaii, Napili on the northwest side of Maui and two on Oahu including one in Kalihi and one in Waikiki. The properties are the 103-unit Hilo Val Hala at 120 Puueo St. in Hilo, the 44-unit Coconut Inn at 181 Hui Rd. F in Lahaina, the 40-unit Kam IV at 1531 Kamehameha IV Rd. in Honolulu and the 16-unit Hale Wai Nani at 287 Wai Nani Way in Waikiki. Cirrus will provide repositioning and management services for these older assets, which are being renovated on behalf of Pacific Bay.

The Hilo Val Hala was built in 1979, is 96% occupied and features units from studios to two bedrooms that range from 448 to 704 square feet. The other three complexes were all built in the late 1970s. The Coconut Inn is 91% occupied, with studio and one-bedroom units ranging from 474 to 631 square feet. The Kam IV, 97% occupied, features studios and one-bedroom units from 450 to 550 square feet. The Hale Wai Nani, is 92% occupied, with one- and two-bedroom units from 550 to 650 square feet.

Also in Hawaii, Cirrus has been awarded a property management contract by Housing Technology Associates for a 63-unit affordable housing apartment complex at 615 Honoapi'ilani Highway, Lahaina, Maui. Built in 1994, the complex consists of units ranging from one to three bedrooms and from 550 to 850 square feet.

In Santa Maria, CA, Huntington Development Group has awarded Cirrus the management contract for the 208-unit Westgate Courtyard Apartments, a project financed with low-income housing tax credits.