LOS ANGELES—Multifamily vacancy rates and rental rates continue to improve across Southwest submarkets, including secondary markets like the Inland Empire. The growth is continuing to drive multifamily investment throughout the region. Here's a look at this week's trends, announcements and deals that you may have missed in Southern California, Utah, Arizona and Nevada.
BY THE NUMBERS
INLAND EMPIRE, CA—The Inland Empire's robust residential rental market is outpacing neighboring coastal areas in vacancy rate and rental rates. In the 4th quarter of 2016, the Inland Empire had a 2.4% rental vacancy rate, compared to 3.3% in Los Angeles County and 3.2% in Orange County. At the same time, the cost of rent increased by 5% in the Inland Empire, matching growth rates in Los Angeles County and surpassing Orange County, where rents rose by just 2.4%.
(SOURCE: UC Riverside School of Business Center for Economic Forecasting and Development)
NEW & NOTABLE
OGDEN, UT—The Woodmont Co. has hired 25-year industry veteran Duncan Lambert as senior general manager. Lambert will be charged with overseeing the operations of Newgate Mall in Ogden, Utah. Prior to joining The Woodmont Company, Lambert served as Director of Operations for Coldwell Banker Commercial where he helped build the managed real estate portfolio from two million square feet to over seven million square feet. He was awarded the Property Manager of the year for Coldwell Banker Commercial, nationally.
SAN DIEGO—Coldwell Banker Residential Brokerage has acquired the assets of Rossana Pestana Real Estate Services LLC, a single office operation that does business as Canvas Real Estate Services & Investments in San Diego, Calif. Coldwell Banker Residential Brokerage is part of NRT LLC, the nation's largest residential real estate brokerage company. Canvas Real Estate Services & Investments specializes in servicing investor clientele, assisting real estate developers in marketing investment properties, and home renovations in the coastal markets of San Diego.
CENTURY CITY, CA—Commercial Asset Group has hired Sharona E. Javaheri to focus on the sales and leasing of retail storefronts and office space in Beverly Hills and West Hollywood. Javaheri was most recently a senior associate at Charles Dunn Company, where she worked in the Commercial Properties Group, selling and leasing a variety of retail, creative space, and medical office spaces.
TUSCON, AZ—CBRE has hired Alex Hardie in its Tucson office as sales manager. Hardie will be responsible for leading day-to-day operations for the firm in Tucson, directing CBRE's strategic development across multiple service lines, managing client relationships and measuring overall engagement for the Tucson office, and will partner closely with the rest of the Southwest Region leadership team and work to ensure collaboration between local, regional and national practice leaders, to win new business and best serve clients.
DEALTRACKER
SALT LAKE CITY—Goldman Sachs has increased its equity commitment to Restore Utah LLC's Multifamily Acquisition Fund to $24 million, enabling Restore Utah to significantly increase its acquisitions and improve affordable housing throughout the Wasatch Front. Since its inception in 2012, Restore Utah and Goldman Sachs Urban Investment Group have revitalized low- and moderate-income neighborhoods by transforming vacant or neglected properties hard hit by the financial crisis into quality affordable rental homes for low-income families. In addition, Restore Utah has also recently acquired the 500, a 109-unit apartment community in South Salt Lake. The 500 is a 109-unit community that offers large two bedroom apartment and townhome units conveniently proximate to downtown in South Salt Lake. Amenities at The 500 include a swimming pool, playground, large private patios and covered parking. Restore Utah plans to enhance the community through interior renovations and a common area overhaul that will include a dog park and gathering pavilion.
LOS ANGELES—Vista Investment Group LLC has relocated to its new corporate headquarters at 2114 Pico Boulevard in Los Angeles. VIG currently occupies approximately 2,000 square feet on the second floor of the two-story building and plans to expand to 3,000 square feet by the end of the year. The remainder of the building is fully leased to a variety of entertainment businesses. VIG acquired the multi-tenant building one-and-a-half years ago for $4.4 million to accommodate the current and future growth of the privately held real estate investment firm, which has grown from $8 million in assets when the company was launched in 2008 to more than $350 million today. Over the past 24 months, VIG has expanded its Southern California footprint to include value-add and opportunistic middle-market investments in urban infill areas throughout California. Combining the financial strength of its balance sheet with that of its equity partners, VIG has built a portfolio that currently includes 1,200 multifamily units and 400,000 square feet of commercial office space in Los Angeles, Silicon Valley and San Diego.
LAS VEGAS—Scott Monroe, managing director of NorthMarq Capital's Las Vegas regional office, has secured the $26 million refinance of St. Andrews Apartments, a 336-unit multifamily property located at 4249 North Commerce Street in Las Vegas, Nevada. The transaction was structured with a fully amortizing 35-year term. NorthMarq arranged financing for the borrower through its FHA/HUD platform.
PHOENIX—Sterling on 28th, a 224-unit apartment community in Phoenix, Arizona, has traded hands for $14.35 million. Cliff David and Steve Gebing, senior director of Marcus & Millichap's Institutional Property Advisors division, represented the seller, Pacific Real Estate Partners Inc., and procured the buyer, Dala. Management. Sterling on 28th is situated on 8.09 acres with a large street window on 28th Drive and is composed of studio, one- and two-bedroom/two-bath apartment homes complete with a fully equipped kitchen appliance package, large pantry space, ceiling fans, oversized closets, and a private patio/balcony with extra storage capabilities.
LOS ANGELES—Sentinel Properties has sold 750 W. Ventura Boulevard in Camarillo, California, to Lady's Slipper 1031 LLC, a private investor. The approximately 113,000-square-foot, two-story industrial building sold for $12.8 million. Mike Catalano, EVP, and Craig Newlands, managing director, of Savills Studley represented the seller and Bob Tuler at Radius Commercial Real Estate and Investments represented the buyer.
LAS VEGAS—ACVII-Hacienda has acquired Conejo Villas Apartment Homes for $28.5 million. Located at 5060 W. Hacienda Avenue in Las Vegas, NV, the 252-unit multifamily property was built in 1999. Northcap Multifamily's Robin Willett, Antone Brazill, Devin Lee and Jerad Roberts represented the buyer in the deal. Conejo Villas is a unique apartment community offers spacious one- and two-bedroom floor plans, including dual master suites for roommate style living, full size washers and dryers, ceiling fans, covered parking, pool with sundeck and spa, as well as a fitness center.
PHOENIX—Fiesta Park Apartments at 1033 S. Longmore Rd. has traded hands for $20 million between BH Properties and a California real estate company. Colliers International's Bill Hahn, Jeff Sherman and Trevor Koskovich of Colliers International in Greater Phoenix represented the seller, Los Angeles-based private equity company BH Properties. The buyer was INCO Real Estate Company of Long Beach, CA. Mark Forrester and Ric Holway of Berkadia-Phoenix represented the buyer. Fiesta Park Apartments is located near Alma School Road, north of Southern Avenue. The Superstition Freeway is situated less than a half-mile from the community. Mesa is the third largest city in Arizona, boasting a population nearing 460,000 and a labor force of 300,000 people.
SAN DIEGO—MetroGroup Realty Finance has successfully secured $34.3 million in acquisition financing on behalf of Klein Investment Family Limited Partnership to acquire a 132,695-square-foot, four-building office/flex campus in the Kearney Mesa submarket of San Diego, California to perfect an IRS 1031 tax deferred reverse exchange. The office campus is 100-percent leased to Cobham Advanced Electronic Solutions. MetroGroup Realty Finance provided a bridge loan in the amount of $7 million and a permanent loan in the amount of $27.3 million.
LOS ANGELES—Multifamily vacancy rates and rental rates continue to improve across Southwest submarkets, including secondary markets like the Inland Empire. The growth is continuing to drive multifamily investment throughout the region. Here's a look at this week's trends, announcements and deals that you may have missed in Southern California, Utah, Arizona and Nevada.
BY THE NUMBERS
INLAND EMPIRE, CA—The Inland Empire's robust residential rental market is outpacing neighboring coastal areas in vacancy rate and rental rates. In the 4th quarter of 2016, the Inland Empire had a 2.4% rental vacancy rate, compared to 3.3% in Los Angeles County and 3.2% in Orange County. At the same time, the cost of rent increased by 5% in the Inland Empire, matching growth rates in Los Angeles County and surpassing Orange County, where rents rose by just 2.4%.
(SOURCE: UC Riverside School of Business Center for Economic Forecasting and Development)
NEW & NOTABLE
OGDEN, UT—The Woodmont Co. has hired 25-year industry veteran Duncan Lambert as senior general manager. Lambert will be charged with overseeing the operations of Newgate Mall in Ogden, Utah. Prior to joining The Woodmont Company, Lambert served as Director of Operations for Coldwell Banker Commercial where he helped build the managed real estate portfolio from two million square feet to over seven million square feet. He was awarded the Property Manager of the year for Coldwell Banker Commercial, nationally.
SAN DIEGO—Coldwell Banker Residential Brokerage has acquired the assets of Rossana Pestana Real Estate Services LLC, a single office operation that does business as Canvas Real Estate Services & Investments in San Diego, Calif. Coldwell Banker Residential Brokerage is part of
CENTURY CITY, CA—Commercial Asset Group has hired Sharona E. Javaheri to focus on the sales and leasing of retail storefronts and office space in Beverly Hills and West Hollywood. Javaheri was most recently a senior associate at Charles Dunn Company, where she worked in the Commercial Properties Group, selling and leasing a variety of retail, creative space, and medical office spaces.
TUSCON, AZ—CBRE has hired Alex Hardie in its Tucson office as sales manager. Hardie will be responsible for leading day-to-day operations for the firm in Tucson, directing CBRE's strategic development across multiple service lines, managing client relationships and measuring overall engagement for the Tucson office, and will partner closely with the rest of the Southwest Region leadership team and work to ensure collaboration between local, regional and national practice leaders, to win new business and best serve clients.
DEALTRACKER
SALT LAKE CITY—
LOS ANGELES—Vista Investment Group LLC has relocated to its new corporate headquarters at 2114 Pico Boulevard in Los Angeles. VIG currently occupies approximately 2,000 square feet on the second floor of the two-story building and plans to expand to 3,000 square feet by the end of the year. The remainder of the building is fully leased to a variety of entertainment businesses. VIG acquired the multi-tenant building one-and-a-half years ago for $4.4 million to accommodate the current and future growth of the privately held real estate investment firm, which has grown from $8 million in assets when the company was launched in 2008 to more than $350 million today. Over the past 24 months, VIG has expanded its Southern California footprint to include value-add and opportunistic middle-market investments in urban infill areas throughout California. Combining the financial strength of its balance sheet with that of its equity partners, VIG has built a portfolio that currently includes 1,200 multifamily units and 400,000 square feet of commercial office space in Los Angeles, Silicon Valley and San Diego.
LAS VEGAS—Scott Monroe, managing director of NorthMarq Capital's Las Vegas regional office, has secured the $26 million refinance of St. Andrews Apartments, a 336-unit multifamily property located at 4249 North Commerce Street in Las Vegas, Nevada. The transaction was structured with a fully amortizing 35-year term. NorthMarq arranged financing for the borrower through its FHA/HUD platform.
PHOENIX—Sterling on 28th, a 224-unit apartment community in Phoenix, Arizona, has traded hands for $14.35 million. Cliff David and Steve Gebing, senior director of Marcus & Millichap's Institutional Property Advisors division, represented the seller, Pacific Real Estate Partners Inc., and procured the buyer, Dala. Management. Sterling on 28th is situated on 8.09 acres with a large street window on 28th Drive and is composed of studio, one- and two-bedroom/two-bath apartment homes complete with a fully equipped kitchen appliance package, large pantry space, ceiling fans, oversized closets, and a private patio/balcony with extra storage capabilities.
LOS ANGELES—Sentinel Properties has sold 750 W. Ventura Boulevard in Camarillo, California, to Lady's Slipper 1031 LLC, a private investor. The approximately 113,000-square-foot, two-story industrial building sold for $12.8 million. Mike Catalano, EVP, and Craig Newlands, managing director, of Savills Studley represented the seller and Bob Tuler at Radius Commercial Real Estate and Investments represented the buyer.
LAS VEGAS—ACVII-Hacienda has acquired Conejo Villas Apartment Homes for $28.5 million. Located at 5060 W. Hacienda Avenue in Las Vegas, NV, the 252-unit multifamily property was built in 1999. Northcap Multifamily's Robin Willett, Antone Brazill, Devin Lee and Jerad Roberts represented the buyer in the deal. Conejo Villas is a unique apartment community offers spacious one- and two-bedroom floor plans, including dual master suites for roommate style living, full size washers and dryers, ceiling fans, covered parking, pool with sundeck and spa, as well as a fitness center.
PHOENIX—Fiesta Park Apartments at 1033 S. Longmore Rd. has traded hands for $20 million between BH Properties and a California real estate company. Colliers International's Bill Hahn, Jeff Sherman and Trevor Koskovich of Colliers International in Greater Phoenix represented the seller, Los Angeles-based private equity company BH Properties. The buyer was INCO Real Estate Company of Long Beach, CA. Mark Forrester and Ric Holway of Berkadia-Phoenix represented the buyer. Fiesta Park Apartments is located near Alma School Road, north of Southern Avenue. The Superstition Freeway is situated less than a half-mile from the community. Mesa is the third largest city in Arizona, boasting a population nearing 460,000 and a labor force of 300,000 people.
SAN DIEGO—MetroGroup Realty Finance has successfully secured $34.3 million in acquisition financing on behalf of Klein Investment Family Limited Partnership to acquire a 132,695-square-foot, four-building office/flex campus in the Kearney Mesa submarket of San Diego, California to perfect an IRS 1031 tax deferred reverse exchange. The office campus is 100-percent leased to Cobham Advanced Electronic Solutions. MetroGroup Realty Finance provided a bridge loan in the amount of $7 million and a permanent loan in the amount of $27.3 million.
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