West
Rick Castro Joins NWP Services as Managing Director, ISO/Lean Six Sigma Quality Programs
Irvine, Calif.–Rick Castro recently joined NWP Services Corp. (NWP) as managing director of its ISO and Lean Six Sigma Programs, reporting to Vaughn Chase, vice president of operations.
Housing Segment of Lagunitas Mixed-Use Project in California Sells for $10M, Readies for Development
Carpinteria, Calif.–Investec Real Estate Cos. has found an investor to buy and develop the residential portion of Lagunitas, its 25-acre mixed-use project in Carpinteria, Calif
Stalled Project in L.A. Resurrected
Los Angeles–Like so many developments that were stalled in the last couple of years because of financing issues, an 18-unit condominium project located at 817 Alfred St. between Santa Monica Blvd. and Melrose Ave. stood unfinished since 2005.
Grubb & Ellis Apartment REIT to Get New Name
Santa Ana, Calif.–Grubb & Ellis Apartment REIT and Grubb & Ellis Equity Advisors L.L.C., the real estate investment and asset management arm of Grubb & Ellis Co., have severed their advisory and dealer-manager ties.
New Affordable Housing Opens in Anaheim
Anaheim, Calif.–Greenleaf Family Apartments in Anaheim, designed for families who earn between 30 percent to 60 percent of area median income, was completed 60 days ahead of schedule and is opening next week at 100 percent leased.
DEAL OF THE DAY: ARA Negotiates $940,500 Short Sale
Wheat Ridge, Colo.–ARA brokered the sale of the Elliot Apartments in Wheat Ridge, Colo. The buyer, Jefferson County Housing Authority, purchased the property from Kendall Investment Co. for $940,500.
DEAL OF THE DAY: Raintree Acquires Two-Property Portfolio for $65M
Carlsbad and Rancho Peñasquitos, Calif.,–Raintree Partners completed the acquisition of a two-property, multifamily portfolio for $65 million.
$137M Million Student Housing Completed at U of C Irvine
Irvine, Calif.–Austin-based American Campus Communities Inc., one of the larger owners of student housing nationwide, has completed a housing project at the University of California-Irvine.
Development of Santa Clara U. Student Housing Under Way
Irvine, Calif.–Ground has been broken for new student housing property at Santa Clara University (SCU) in the Silicon Valley.
DEAL OF THE DAY: George Smith Arranges $112M 223(f) Refi at 3.75% Interest, 80% LTV
Santa Clarita, Calif.–Commercial real estate investment banking firm George Smith Partners (GSP) arranged the refinance of a multifamily property, The Colony Townhomes, in Santa Clarita, Calif., utilizing HUD’s 223(f) program.