Saturday, June 18, 2011

IPA Sells 220-Unit Multifamily Property in Southern California


POMONA, CA – Institutional Property Advisors (IPA), a boutique brokerage platform serving the needs of institutional and major private investors, has brokered the sale of Pine Club Apartment Homes (top left photo), a 172,108-gross square foot, 220-unit multifamily property in Pomona. The sales price was not disclosed.

Greg Harris, an executive vice president investments, and Kevin Green, an IPA associate director, represented the sellers, MHE Real Estate and Sussex Capital Group. Harris and Green also represented the buyer, a private investor. IPA is a division of Marcus & Millichap Real Estate Investment Services.

“This was an off-market transaction,” says Harris. “The property was acquired as a value-add opportunity with upside via a renovation plan and aggressive management.”

  Pine Club Apartment Homes was built in 1971 on 7.7 acres at 2261 Valley Blvd.

The unit mix is 28 studio/one-bath units, 152 one-bedroom apartments and 40 two-bedroom/one-bath units.

Pomona is 35 miles west of downtown Los Angeles and is Los Angeles County’s fifth-largest city.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

$13.8 Million Bank-Owned Multifamily Property Changes Hands in Sparks, NV

 SPARKS, NV – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has negotiated the sale of The Waterford (top left photo), a 240-unit, 201,424-square foot distressed multifamily property in Sparks. The sales price of $13,875,000 represents $57,813 per unit and $69 per square foot.

Kenneth Blomsterberg (bottom right photo), a first vice president investments in Marcus & Millichap’s Sacramento office, represented the buyer, AJU Waterford Reno LLC. The seller was BACM 2005-6 Nichols Boulevard LLC. Blomsterberg is an AJU Waterford Reno LLC partner.

“The Waterford is located just west of the Sparks Marina and the Legends at Sparks Marina retail center, which is anchored by a 200,000-square foot Scheels all-sports store,” says Blomsterberg. “Target and Best Buy are also tenants there. The Waterford is in good condition,” adds Blomsterberg.

The property is located at 800 Nichols Blvd. The unit mix is 120 one-bedroom/one-bath units, 32 two-bedroom/one-bath units, 72 two-bedroom/two-bath units, eight three-bedroom/two-bath apartments and eight three-bedroom/two-bath bungalows.

Community amenities at The Waterford include a swimming pool and spa, a fitness center and sports courts.

 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716