ROEM Corp. JVs to Open $23M Affordable Project

NEW CONSTRUCTION

MOUNTAIN VIEW, CA-ROEM Corp. in partnership with the City of Mountain View, has opened the $23 million, 51-unit Franklin Street Family Apartments. The apartments are intended for families with annual incomes at or below 50% of the Santa Clara County Area Median Income. The affordable housing project was financed with 4% Low-Income Housing Tax Credits with financial support from the City of Mountain View, Citi Community Capital, and AEGON Group. The architect was KTGY Group, Inc.

LOS ANGELES, CA-Armonk, NY-based Kayne Anderson Real Estate Advisors, the private equity real estate arm of Kayne Anderson Capital Advisors, announced that West 27^th Place, an off-campus student housing property adjacent to the University of Southern California has received Platinum certification from the Leadership in Energy and Environmental Design program. KAREA’s student housing portfolio has a total of 15,816 beds and 5,371 units, and also contains 571 conventional multifamily units and 15,095 self-storage units. KAREA recently closed their second fund, Kayne Anderson Real Estate Partners II, with $575 million.

CALDWELL, ID-Simplot, a potato-processing plant, revealed plans to build a 380,000-square-foot plant here. The cost of the project was not disclosed. The new facility will consolidate the company workforce, currently operating out of three existing plants. Simplot has hired Burns & McDonnell of Kansas City, MO, to design the plant.  industry.

LEASING

CITY OF INDUSTRY, CA-Transwestern has represented Taipei Fubon Bank in a 8,170-square-foot, long-term office lease, valued at $2.5 million, at Puente Hills Business Center II, in City of Industry. Transwestern vice president Suzanne Lee, along with Transwestern executive managing director Jonathan Larsen, represented Tapei Fubon Bank, which is moving from downtown Los Angeles. Puente Hills Business Center II is owned by Arnel Commercial Properties and was represented in-house by Lee Trigonis.

SALES

LA PUENTE, CA-Rexford Industrial just revealed the purchase of a 58,084-square-foot industrial complex in this Southern California city for $3.6 million. Rexford completed the off-market transaction on an all cash basis for the firm’s Rexford Industrial Fund V REIT. The building, which was purchased out of foreclosure, has a 30% vacancy and extensive deferred maintenance.

SAN DIEGO-Colliers International has completed the sale of a 159,425-square-feet medical office building, Genesee Executive Plaza, located at 9333 and 9339 Genesee Ave., The transaction value remains confidential. Fred C