Village at Playa Vista Gets Green Light
- Apr 05, 2012
Playa Vista, Calif.—A California Supreme Court decision has cleared the way for the development of the 111-acre mixed-use Village at Playa Vista, the second and final phase of the Playa Vista community. The urban infill project is located on land once occupied by Howard Huges’ aircraft plant, runway and hangars.
Playa Capital Company has sold 14 acres of the site to a development group led by Lincoln Property Company, with partners Phoenix Property Company and Paragon Commercial Group. The partnership will begin to build the first development in the second phase, a mixed-use commercial and residential project called Runway. Plans call for 420 apartments, a 200,000-square-foot shopping center and 25,000 square feet of office space.
Including Runway, The Village at Playa Vista will contain 2,600 residential units, 200 units of seniors housing/assisted living, 50,000 square feet of office space, 40,000 square feet of community-serving space, 11.5 acres of parks, and another 12 acres of open space. All of the 200,000 square feet of retail space in the Village will be contained in Runway.
San Fernando Valley building commands $225,000/unit in Marcus & Millichap-brokered sale
Northridge, Calif.—Marcus & Millichap Real Estate Investment Services brokered the sale of Varsity Club Apartments, a 50-unit, 63,406-square foot apartment building in Northridge, Calif.
Reza Ghobadi, a senior associate in Marcus & Millichap’s Encino office, represented the seller, a Southern California real estate developer. Thomas McCartin, a senior associate in the firm’s San Diego office, represented the buyer, a private investor.
“We had a tremendous amount of interest in the property and were able to close the transaction in just 16 days,” says Ghobadi. “Institutional-quality multifamily properties in good locations like Varsity Club Apartments fit the investment profile of many buyers.”
Built by the seller in 1990 on 0.84 acres, the property is located at 10020 Zelzah Ave. in Northridge.
Varsity Club Apartments is a three-story building featuring 44 two-bedroom/two-bath units and six one-bedroom/one-bath apartments. Amenities include a quiet courtyard with a heated swimming pool and Jacuzzi, an on-site laundry room, leasing office, controlled-access entry, central air conditioning, balconies and 110 parking spaces.
The property is within walking distance to California State University, Northridge (CSUN), the fifth-largest university in California. Situated on a 356-acre campus, CSUN is a vibrant and diverse community of nearly 36,000 students and more than 4,000 faculty and staff.
Beech Street Provides $7.7M for Maryland Asset
Pikesville, Md.—Beech Street Capital LLC has provided a $7.7 million Fannie Mae conventional loan for the refinance of Marrion Square Apartments, a 134-unit community located in Pikesville, Md. The transaction was originated by Jacob Katz of Meridian Capital Group LLC. The fixed-rate loan has a 10-year term, 9.5 years of yield maintenance, and 30 years amortization.
Marrion Square Apartments is located in a suburban neighborhood within the Baltimore MSA. The asset is currently 95 percent occupied. Amenities include patios/balconies, a swimming pool, laundry facility and storage space.