TODAY’S DEALS: La Jolla Asset Trades for $29M
La Jolla, Calif.—A 60-unit apartment building in La Jolla, Calif., has traded hands for $29 million. The sale was orchestrated by CBRE Group Inc.’s San Diego Office. The seller was The Carolyn M. Holmer Irrevocable Trust.
400 Prospect Street is a four-story, 57,884-square-foot asset that was built on .65 acres in 1970. The community features an ocean view sundeck, heated pool, spa and a resident lounge with a kitchen, media niche and billiards table. Exterior renovations were completed in 2010, and interior improvements—including bath and kitchen renovations—haven been completed in 38 of the 60 units.
“The sale of Prospect 400 was a once-in-a-generation transaction,” says Jim Neil, part of the CBRE team that handled the sale. “There are very few properties in Southern California that enjoy as strong a location as Prospect 400 and the investor demand for the property was commensurate.”
Friedkin Realty Group sells Bay Area community for $21.3M
Pittsburg, Calif.—Friedkin Realty Group has completed its disposition of Presidents Park Apartments, a 208-unit community located in the Bay Area city of Pittsburg, Calif. The sales price was $21.3 million. Institutional Property Advisors arranged the sale. The buyer was Fowler Property Acquisitions.
“Presidents Park’s investment appeal is driven by the area’s strong multifamily fundamentals, with an average market occupancy of over 95 percent and 6 percent year-over-year rent growth through the end of 2012,” says Stan Jones, executive director at IPA.
Presidents Park is comprised of 14 two-story residential buildings that feature one- and two-bedroom floor plans. Amenities include two swimming pools, a spa, sports court, fitness center with a sauna and a business center.
NorthMarq arranges $33.38M in combined 10-year mortgage from bank
Parsippany, N.Y.—Gary Cohen, senior vice president and senior director of NorthMarq’s North New Jersey regional office, arranged combined first mortgage refinancing of $33.38 million for three affordable housing properties containing a combined total of 241 units located in Hudson County, N.J.
- Eastview Apartments is located at 58-72 Washington Street in Hoboken and contains 79 units. This asset was financed at $15.68 million.
- New Floral Gardens 1A is located at 2515-2517 Cottage Avenue in North Bergen and contains 91 units. This asset was financed at $8.9 million.
- Park View East Apartments is located at 4300 Park Avenue in Weehawken and contains 71 units. This asset was financed at $8.8 million.
Financing for these transactions was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing through its relationship with a local bank.