DANA POINT, CA-Crown Acquisitions Inc. has expanded its property portfolio to include commercial office buildings and luxury single-family homes in addition to its core multifamily properties. The move was made in order to complement the firm's multifamily investment platform, for which it became known.
To commemorate this key strategic change, CAI recently held an open house for investors, bankers, clients and other stakeholders to showcase its corporate headquarters, its newest commercial-property acquisition and its latest luxury-residential development projects. The event was held at the firm's new Dana Point headquarters, allowing guests to view the company's most recent commercial property acquisition and to observe the renovations currently underway at the property. CAI is working to revitalize and reposition the landmark office building.
Guests at the event were invited to see the latest luxury-residential projects currently under development in affluent locales such as Newport Beach, Venice, Bel Air and Brentwood. The Crown team also answered questions about the company's latest projects.
Regarding the expansion to office and luxury residential, Chris Mitchell, founder and CEO of CAI, says, “Although we have made some meaningful adjustments to our investment strategy, the foundation of our business strength is still based in recognizing opportunity where others see risk; visualizing the possibilities amidst disrepair and obsolescence; and building value from others' neglect.”
Multifamily is still a hot category in the Orange County market. As GlobeSt.com reported exclusively earlier this week, 9155 Central Ave. LLC of San Mateo has sold Park Grove, a 245-unit apartment community here, to Park Grove Capital Partners LLC, a private-capital investor from Southern California, for $47.5 million or $193,877 per unit. The two-story, garden-style property offers one-, two- and three-bedroom plans.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
