West
DEAL OF THE DAY: Charles Dunn Closes on $6.35M Sale of Small Apt. Property
Westwood, Calif.–Hamid Soroudi and Ramin Gheitanchi of Charles Dunn Company’s West Los Angeles office recently closed a 24-unit luxury apartment for $6.35 million.
DEAL OF THE DAY: Hendricks & Partners Arranges $3.2M REO Sale for Bank
Oakland, Calif.‑Hendricks & Partners arranged what it said was the largest East Bay REO sale in 2010. The two apartment communities, Pinecrest and Garden View Apartments, totaled 96 units and were sold for $3,200,000.
Grubb & Ellis Apartment REIT to Undergo Growth Spurt with $182.4M Acquisition Deal
Santa Ana, Calif.–Grubb & Ellis Apartment REIT Inc. is on track to increase its portfolio by over two-thirds and bring a new management business into the fold in one fell swoop.
California Set to Make Mechanic’s Lien Law Change
Sacramento, Calif.–In a move that might benefit multifamily property owners in California who hire outside contractors to do work on their properties, the state of California will change the way property owners are notified of mechanic’s liens.
MHN Interview with Greg Rutten: Apartment Market Downturn Will Last Another 3-4 Years
He talks to MHN about the trend of distressed deals and how QualityFirst Commercial helps developers through the process of foreclosure.
Google Establishes $86M Low-Income Housing Fund through U.S. Bank Subsidiary
Mountain View, Calif.–Search engine giant Google has found a new vehicle for giving back to the community.
Web Feature: In Down Time, What Are MF Developers Doing?
New York–Multifamily starts have hovered in the 100,000 to 142,000-range for all of this year, which isn’t saying anything positive about the multifamily sector.
DEAL OF THE DAY: Marcus & Millichap Helps Meet Borrowers’ Needs in $6.78M Refinances
Canoga Park, Calif. – Marcus & Millichap Capital Corporation (MMCC) has arranged $6,775,000 in loans to refinance two multifamily assets. The properties and loan amounts are: a 44-unit apartment complex in Canoga Park, Calif., for $3,000,000, and a 132-unit multifamily property in Hurst, Texas, for $3,775,000. Sharone Sabar, a director in the firm’s Encino office, arranged the loans.
Court Allows Receiver to Sell Abandoned Arizona Apartment Portfolio for $123M
San Diego–Maricopa County (Ariz.) Superior Court Judge Eileen S. Willett has ruled that San Diego-based Trigild can sell seven Arizona apartment properties that it currently holds in receivership.