Los Angeles
Stepp Facilitates Long Beach 1031 Exchange
The three-property portfolio traded for $10.6 million or nearly $189,000 per unit and closed at a 4.6 percent cap rate.
Berkshire Group Nabs DTLA Luxury Apartments
This is the company’s second purchase in the Los Angeles market in the last year. The 266-unit community also features over 8,500 square feet of ground floor retail.
Universe Holdings Starts LA Buying Spree
The company has added to its California portfolio with the $12.6 million acquisition of the 45-unit Villa Edgemont in Los Feliz.
Carrier Johnson + CULTURE LA Project Begins Construction
The 161-unit apartment community will replace an empty 81-year-old two-story building with a modern design that utilizes metal panels and ceramic tile.
Rescore Snags $100M for Hollywood Apartments
The community is a 368-unit, seven-story project located in the Hollywood Entertainment District, a Business Improvement District.
Financing Veteran Joins JLL as SVP
James McArthur will focus on providing financing solutions to multifamily real estate developers and owners using JLL’s Fannie Mae, Freddie Mac and HUD/FHA capabilities.
MAG Appoints Regional VP
Multifamily Ancillary Group has announced a new telecommunications and cable division, Next Wave Solutions, and has appointed telecom industry veteran Gregg Roffers to lead the firm’s business development and marketing teams. He will also manage existing relationships with major apartment owners and managers.
Stepp Commercial Closes Sale of Long Beach Property
The community traded at a 3.8 percent cap rate and a price per unit of nearly $456,000, a record high for the Belmont Shore area in California.
Greystar Opens CA Luxury Mixed-Use
Access, located in Culver City, includes 115 luxury apartments and 31,240 square feet of retail. The community has been designated LEED Silver.
Legacy Partners Refinances $37M Loan for SoCal Community Makeover
The company has received HUD approval to refinance a loan from Greystone and plans to renovate a 209-unit property In West Covina, Calif., that it has owned and managed since 2007.