Dornin Acquires Seniors Housing Community in California
- Mar 28, 2012
San Marcos, Calif.—Dornin Investment Group has purchased a 122-unit age restricted apartment community located in San Marcos, Calif. The property, Royal Oaks Senior Apartments, was developed in 2003 and caters to residents 55 and older. The asset is also slated as an affordable housing project and dedicates 10 percent of the units to residents earning 50 percent or less of the area median income.
DIG partnered with Berkeley Point Capital to provide funding for the acquisition via a 10-year, fixed-rate Fannie Mae loan for $12.4 million. Amenities at the property include an on-site bistro, pool, game area, library, salon and secured gated entrance.
AIG sells three New Jersey assets
Nutley, N.J.—AIG Global Investment Group has sold a three-property portfolio located in Nutley, N.J. The 126-unit offering was picked up by Balt Investments LLC for $15 million. Holliday Fenoglio Fowler closed the sale and arranged financing for the transaction.
“The buyer was able to capitalize on an opportunity to purchase quality assets in Nutley with upside, where he already owned real estate so there are economics of scale,” says Jose Cruz, a senior managing director at HFF. “AIG obtained solid pricing and was able to take advantage of a strong demand for that submarket.”
The portfolio was 94 percent leased at the time of sale. The three properties—Grelock Apartments, Lincoln Apartments and Ambassador Apartments—were the second pool of assets HFF has sold for AIG Global Investment Group. In July 2011 the firm closed a $241.5 million sale of a 2,185-unit portfolio in central New Jersey.
Marcus & Millichap closes on $1.5M sale of 16-unit property
North Hollywood, Calif.—Rick Raymundo of Marcus & Millichap Real Estate Investment Services completed the sale of 6935 Hinds Avenue, a 15-unit multifamily property in North Hollywood, Calif. The closing price of $1.5 million represents a value of $98,000 per unit and $111.83 per square foot.
Raymundo, vice president/Investments in the Los Angeles office of Marcus & Millichap, represented the buyer, a private LLC. “The buyer was in a 1031 exchange after we sold his 19-unit building in November,” states Raymundo. “He purchased two properties, including Hinds Avenue, totaling 43 units. He sold his property at a 9.03 GRM while the two buildings he purchased have a combined 7.47 GRM.” Andrew Shirk of Pillar Properties represented the seller, a private LLC.
Wells Fargo supplied the buyer with a loan of $1,057,000 to consummate the transaction. The building, constructed in 1963, consists of two one bedroom/one bathroom units, 11 two bedroom/one bathroom units, and two three bedroom/one bathroom units.