Multifamily

The San Diego-based real estate owner and operator acquired the 235,214-square-foot property in the Warner Center/Woodland Hills area of Los Angeles for $93 million from Fairfield Warner LLC.

Cohen, a Cortland board member for the last four years and a Cortland advisor for the past six months, will report directly to Cortland CEO Steven DeFrancis.

Luxury apartment communities are becoming more management intensive, and hiring a third-party property manager may be necessary to maximize value.

Rent control regulations equate to housing stock restrictions in a time when the apartment sector needs millions of additional units. 

A first mortgage bridge loan in the amount of $35 million provided the financing for the acquisition and renovation of both interior and exterior capital improvements of a multifamily property.

The $51.74 million sale of Avocet Apartments, a 336-unit multifamily property, recently closed in this fast-growing and affluent westside area at 11340 Alamo Ranch Pkwy. in San Antonio.

The Rockefeller Group last year acquired three buildings to demolish and to construct a new development at 30-36 E. 29th St.

The property achieved an average annualized return of approximately 23% and generated a gain on sale of approximately $12.4 million.