Los Angeles—If you build it, they will come. ‘They,’ in this case being West Coast multifamily REIT Essex Property Trust, which has acquired a newly built, 22-story glass high-rise from Wood Partners for $200 million in downtown Los Angeles.
The price paid per square foot exceeds any previous sales for multifamily projects in downtown Los Angeles. The 290-unit 8th+Hope opened in summer 2014 and is currently 55 percent leased. Stabilization is expected by third quarter 2015.
Amenities include a 10,000-square-foot rooftop deck and club room with retractable glass walls leading to an outdoor lounge and dining area, spa, fire pit and garden. There asset also includes a screening room, guest suites, in-unit salon and spa services, car sharing, covered parking, and services like housing cleaning and pet care.
Grandbridge closes Texas acquisition loan
McKinney, Texas—Grandbridge Real Estate Capital has closed a $33.2 million acquisition loan secured by Century Lake Forest, a 334-unit garden-style asset located in McKinney, Texas. Funding for the fixed-rate loan was provided through Fannie Mae’s DUS product, and featured a seven-year term and 30-year amortization with a three-year interest-only component.
The 2013-built asset is located on 15.4 acres in the Dallas-Fort Worth MSA, about 30 miles northeast of the Dallas CBD. Amenities include a resort-style swimming pool, barbecue grills, an outdoor fireplace, clubhouse, fitness center, business center, conference room, media center and a resident lounge with Wi-Fi.
Manufactured home community sells for $37,865/space
Detroit–Marcus & Millichap announced the sale of a 400-site all-age manufactured home community in Eastern Michigan. The $15.22 million sales price equates to $37,865 per space.
Jonathon McClellan, vice president investments, and Kyle Baskin, associate vice president investments, both in Marcus & Millichap’s Cleveland office, represented the seller, a private investment group based in Arizona. The buyer is Kingsley Management Corp. Steven Chaben, senior vice president in the firm’s Detroit office, is Marcus & Millichap’s broker of record in Michigan.
The 88.2-acre community features concrete streets, mature trees and a creek. All homes have lap siding and shingled roofs.