Los Angeles
On the Market: 5 Interesting Listings for the Week of 7/10
This week’s listings include a 1930s-era asset in Los Angeles and a three-unit brownstone on a tree-lined block in Jersey City, N.J.
Sussex Capital Snags LA Community
Avison Young brokered the deal, which amounted to $450,000 per unit. The property, called Hillpointe, includes 30 units in Hollywood Hills.
Aimco Buys Out Palazzo JV Partners for $452M
The company sourced funds for the acquisition by taking title subject to existing allocable debt and using cash proceeds from the pending sales of some of its assets in the Northeast.
There’s Hope for This South Park Luxury High-Rise
Lendlease and Full Star Properties LLC started construction on a mixed-use luxury condo building, which has been in the pipeline since 2006.
LA Koreatown Community Trades for $9M
Lion Real Estate Group sold Kingsley Tower, a 45-unit apartment building it acquired in 2012 for $4.2 million and then repositioned.
George Smith Secures $27M for Hollywood Community
Massie Capital and Glenn & Shannon Dellimore plan to refinance an older acquisition loan and fund further renovations, as well as the off-market acquisition of an adjacent property.
LA: Affordable Housing Wanted
Rent growth in the city is continuing at a rate double the national average, largely due to solid gains in a few key employment sectors and renter interest pivoting toward the area’s suburbs.
The Positive Impact of the Interest Rate Hike
CityView’s Sean Burton discusses the effect of an increased supply of multifamily units and explains why higher interest rates could spur more development.
Bernards Breaks Ground on 115 KSF Student Housing
The company is aiming for an August 2018 completion on the 114,970-square-foot facility at the University of La Verne. The project will be the first one in the university’s newly approved Facilities & Technology Master Plan.
Decron, Sequoia Trade CA Assets in $193M Transaction
Sequoia traded The Villas and Overlook, located in the 4,000-acre master-planned community of Wood Ranch, for Decron’s Broadstone at Strawberry Creek. Institutional Property Advisors represented both companies.