Students/Parents Get Tips on Selecting Off-Campus Student Housing; The Preiss Company to Be Featured on Designing Spaces™

  

Donna Preiss

 RALEIGH, NC, June 18, 2014—The more than 17.7 million students who will attend college this fall will want to tune in to Designing Spaces, the signature home improvement television series on Lifetime® Television, Thursday, June 19, at 7:30  a.m. (ET/PT), to learn the latest insights and tips on what to expect in off-campus student housing. 

 The popular series will feature executives from The Preiss Company, one of the nation’s largest and fastest growing student housing owners, developers and managers.  The program segment was shot at the 288-bed University Village at 2505 in Raleigh, N.C., which serves North Carolina State University.

“Today’s students will have an entirely different housing experience than their parents,” said Donna Preiss, company founder and CEO.  “Student housing offers much better and more affordable accommodations with better amenities than most current on-campus housing.” 

Show host Erin Dangler opens the program with a discussion on student housing trends and how to select the perfect place with Preiss; Adam Byrley, vice president; and  Lauren Dalia, property manager of the Dail College Inn.  

For a complete copy of the company’s news release, please contact:

Amy Barger,

 Vice President of Marketing

The Preiss Company

(919) 532-1114

amy.barger@tpco.com

Five Medical Office Buildings Sold in Second Quarter by John Smelter of Marcus & Millichap

John Smelter

SAN DIEGO, CA, June 18, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced that John Smelter, a senior director of the firm’s Healthcare Real Estate Group in San Diego, negotiated the sale of five medical office properties in locations across the country during the second quarter of 2014.

            “After a record-setting year in 2013 for medical office sales, many analysts predicted a slowdown in 2014,” says Smelter.

“While there has been a lessening in the volume of medical office property sales, especially between the record-setting fourth quarter of 2013 and the first quarter of 2014, demand for the product remains high and pricing continues to be strong.”

            “Changes in healthcare policy and demographic shifts will keep boosting demand for medical office space,” adds Smelter, “although investors must keep in mind that healthcare providers have to innovate in order to improve efficiency and profitability in the face of rising costs, an intensifying physician shortage, reduced reimbursements and elevated accountability.”

PinnacleHealth, Wormleysburg, PA

            Among Smelter’s sales in the second quarter were an on-campus single-tenant medical office building, an on-campus value-add two- property portfolio and a single-tenant two-property medical office portfolio, all of which closed in separate transactions.

            In Berwyn, Ill., Smelter arranged the sale of the 42,779-square-foot Berwyn Medical Center for $11,000,000. 

This single-tenant property, leased to Tenet Healthcare Corp., is situated directly across from the Tenet MacNeal Hospital.

Michael
Lawrence

 In Wormleysburg and Carlisle, Pa., he arranged the sale of the 40,485-square-foot, two-building, single-tenant PinnacleHealth Portfolio for the buyer, Physicians Realty Trust, for $9,208,000. 

Benjamin Appel, an associate director of Marcus & Millichap’s National Office and Industrial Properties Group (NOIPG), and Erik Gainor, an NOIPG director, both in the firm’s Philadelphia office, acted on behalf of the seller as list-side advisors.

            In San Diego, Calif., Smelter arranged the $14,250,000  sale of the 107,330-square-foot two-building Alvarado Portfolio, which was jointly owned by ScanlanKemperBard Companies and the Praedium Group, to Reddy Development.

            At the end of the first quarter, Smelter also represented ScanlanKemperBard and the Praedium Group in the sale of the 38,315-square-foot Lakewood Medical Building in Lakewood, Calif., for $5,025,000 to a private party.

John 
Przybyla

            Michael Lawrence, a senior vice president investments in Marcus & Millichap’s Newport Beach office, provided additional representation on the Alvarado Portfolio and Lakewood Medical Building transactions. First vice president John Przybyla is the firm’s broker of record in Illinois.

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716

Global Hotelier, Abdul Suleman, Awarded 2014 Ellis Island Medal of Honor

  

Abdul M. Suleman

  

 NEW YORK, NY and SAN FRANCISCO, CA, June 18, 2014—Global hotelier Abdul M. Suleman, founder and CEO of San Francisco-headquartered Equinox Hospitality Group (www.equinoxhotels.com) and former senior vice president of Hyatt Hotels Corporation, has been awarded the 2014 Ellis Island Medal of Honor by the National Ethnic Coalition of Organizations (NECO).

Muhammad Ali

               Suleman received the Ellis Island Medal of Honor at a gala event held in the Great Hall on Ellis Island. 

The award pays homage to the immigrant experience, honoring not only individuals, but the pluralism and democracy that have enabled ancestry groups to maintain their identities while becoming integral parts of the American way of life.

 The medals are awarded to native-born and naturalized U.S. citizens from various ethnic backgrounds.

Frank Sinatra

Past medalists include U.S. presidents, Noble Prize winners and leaders of industry, education, the arts, sports and government, including  Presidents Gerald Ford, Jimmy Carter, Ronald Reagan, Bill Clinton and George H.W. Bush, United Kingdom Prime Minister Tony Blair, Henry Kissinger, Frank Sinatra, Muhammad Ali, Bob Hope, and Lee Iacocca.  Suleman is the only hotelier honored this year.

Suleman migrated to the U.S. to attend Brigham Young University in the late 1960s.  He entered the hotel industry more than 30 years ago, starting from a front desk position, yet rising through the ranks of Hyatt Hotels Corporation to senior vice president.

Bob Hope

 In 1994 he left Hyatt and founded Equinox Hospitality. Equinox owns, develops, repositions, operates, and asset manages hotels globally.

 In addition to the company owning and operating their own hotels, Equinox is currently an adviser on the world’s largest hotel development project currently underway in Makkah (Mecca), Saudi Arabia. 

This one-of-a-kind development consists of 36 high-rise buildings, representing 26 upscale hotel brands and totaling 11,535 keys, with multiple food & beverage facilities.

For more information about Suleman, please visit www.equinoxhotels.com.

For a complete copy of the company’s news release, please contact:

Jerry Daly

Daly Gray

(703) 435-6293                                                            

jerry@dalygray.com

MHA Brokers Apartment Sales Totaling 426 Units in Georgia and South Carolina

Lauarel Ridge apartments, Athens, GA

ATHENS, GA, and NORTH AUGUSTA, S.C. (June 18, 2014) — Multi Housing Advisors (MHA) has arranged the separate sales of the 294-unit Laurel Ridge in Athens, Georgia, and the 132-unit Savannah Oaks in North Augusta, South Carolina.

 “These sales represent the recent trends of private capital owner-operators purchasing value-add opportunities in the multifamily sector,” said Robert Stickel, a managing director in MHA’s Atlanta office.

 Stickel represented Juniper Investment Group in the sale of Laurel Ridge. The property, which was constructed in 1968, is located at 195 Epps Bridge Road in Athens. Amenities include a clubhouse, clothes care center, fitness center and swimming pool. New York-based Benchmark Group purchased the property.

Savannah Oaks apartments, North Augusta, SC

 Stickel also represented QR Capital in the sale of Savannah Oaks. Built in 1976, the property is located at 1402 Groves Blvd. in North Augusta. Amenities include a swimming pool, laundry facilities and a playground. California-based Brandenburg Properties acquired the property.

For a complete copy of the company’s news release, please contact:

Stephen Ursery

The Wilbert Group

404-549-7150 (O)

 404-405-2354 (C)

sursery@thewilbertgroup.com

Englewood Construction Retail Group Announces Three New Projects

                                 

William Di Santo

CHICAGO, IL (June 18, 2014) – Englewood Construction, one of the country’s leading commercial construction firms, has announced its retail group has recently completed an interior build-out for Chicago Cruise Lines and begun work on two new projects, including an American Girl Store in Orlando, Fla.

 “As consumers gain confidence and the economy continues to improve, we have seen a willingness for retailers to take on ground-up developments and substantial expansions,” said William Di Santo, president of Lemont, Ill.-based Englewood Construction.

 “There is a lot of pent-up demand in the market and healthy retailers are finding this is the right time to embark on new projects.”

“The partnership between American Girl and Englewood continues to flourish as we expand the brand to new markets,” said Di Santo. “Working with a client across multiple projects and markets helps build trust and familiarity. This is our ninth development with American Girl and we always find that the process seems to improve with each new development.”

 The Orlando store is the second American Girl Englewood has constructed in Florida. In 2012, Englewood completed an American Girl at The Falls in Miami.

 In the Chicago area, Englewood has begun work on a ground-up store for Goodwill in the southwest suburbs and completed an interior build-out for Chicago Line Cruises in the redevelopment of the former River East Art Center in downtown Chicago.

  

For a complete copy of the company’s news release, please contact:

Mark Thomton, mthomton@taylorjohnson.com, 312-267-4523

George Smith Partners Secures Pre-Development Financing for Full City Block of Downtown San Diego, CA

LOS ANGELES, CA (June 18, 2014) – Commercial real estate investment banking firm George Smith Partners has successfully arranged $12.7 million in pre-development financing on behalf of its client, San Diego-based Zephyr Partners, who will develop a full city block in downtown San Diego, Calif.

The development is planned to include two 32-story towers comprised of both residential and retail space, according to George Smith Partners’ Principal Malcolm Davies.

 “This development site is downtown San Diego’s largest land acquisition this year, and is poised to be one of the first downtown condo projects to move forward to construction,” explained Davies.

Malcolm Davies

Zephyr Partners acquired the full city block property located between Seventh Avenue, Eighth Avenue, Broadway and C Street, for $21.1 million on Friday, June 13, according to Davies.

“The site is located in a fantastic sector of downtown that is well-positioned for redevelopment,” noted Davies. 

Upon completion, the development is planned to consist of 700 residential units and 60,000 square feet of anchored retail space. A leased in-line retail center currently occupies the site, and Davies noted that the land is not yet fully entitled.

“Obtaining financing for a development that does not yet have final entitlements in place presented a challenge for our team,” explained Davies. 

  “To combat this issue, we worked to educate lenders regarding downtown San Diego’s master EIR and Zephyr Partners’ vast experience in San Diego developments, demonstrating the firm’s strength as both a borrower and a developer.”

According to Davies, Zephyr Partners has developed numerous San Diego residential projects in recent years, including single family homes, condominium projects, and multifamily communities.

“Drawing upon our extensive network of lenders, we were able to identify a lender who understood the value of and demand for a development of this magnitude in downtown San Diego, and was willing to provide financing even in the absence of final entitlements,” he explained.

George Smith Partners arranged an interest-only loan with a large interest reserve, priced at 6.5 percent for two years with a one year extension.

For a complete copy of the company’s news release, please contact:

Corynne Randel/ Jenn Quader

Brower, Miller & Cole

(949) 955-7940

Crandel@browermillercole.com

Regency Centers Announces New Tenants to 4S Commons Town Center in San Diego, CA

SAN DIEGO, CA, June 18, 2014 --(BUSINESS WIRE)-- While many might not be familiar with the 4S Ranch area, those in the San Diego community know it as one of the fastest developing and expansive communities in the county.

Serving this region is 4S Commons Town Center, who will be introducing new entries to the trade area. Regency Centers (NYSE:REG) is welcoming ULTA and 18|8 to the affluent area, and the city-at-large.

“We are very proud of the design and merchandising mix at 4S,” said Omar Hussein, Senior Leasing Agent at Regency Centers.

Omar Hussein

 “It sits within a vibrant master-planned community where residents are engaged in the retail environment. We’ve hand-selected and partnered with select retail tenants and restaurants to ensure that the daily needs and specialty services are provided to the consumers.”

For a complete copy of the company’s news release, please contact:

Regency Centers Corporation

Eric Davidson, 904-598-7829

Communication Manager

ericdavidson@regencycenters.com

Shopping Center Trades Hands in Northwest Houston, TX

Garrette Matlock

HOUSTON, TX, June 17, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of the Cypresswood Kroger Center, a 34,730-square-foot retail center located in northwest Houston.

The center’s 55,795-square-foot Kroger supermarket shadow-anchor was not a part of the sale. The terms of the sale were not released.

            Garrette Matlock, senior vice president investments in the firm’s Denver office and James Bell, vice president investments in Marcus & Millichap’s Houston office, represented the seller, AMG Guaranty Trust. 

            “We generated interest from investors nationwide and received offers from both coasts, Texas, and points in between,” says Matlock. “The new owner is a private investor based in California.”

            “Shadow-anchored by one of the country’s most successful grocery store operators, the Cypresswood Kroger Center is well positioned to provide long-term stability for its small shops and pads and a steady stream of income for the new owner,” adds Bell.

James Bell

            The property is located at the signalized intersection of Texas State Highway 249, Tomball Parkway, and Cypresswood Drive at 19724 State Highway 249 in Houston.

 The center can be accessed from multiple access points on both arteries. A Lowe’s home improvement store is across from the property on Cypresswood Drive and a CVS/pharmacy and a Sonic restaurant are across from the center on Tomball Parkway.

            At the time of the sale, the Cypresswood Kroger Center was approximately 95 percent occupied. Major tenants include Memorial Hermann Healthcare System, Burger King, Chase Bank, Subway, Great Clips, Wingstop, Smoothie King and Willie’s Grill and Ice House.

All of the leases are triple-net.

 For a complete copy of the company’s news release, please contact:

Gina Relva,

Public Relations Manager

(925) 953-1716

CBRE Orlando Lists New Offering: 596 Units in Upscale Winter Park, FL

Sun Key Apartments, Winter Park, FL

ORLANDO, FL -- CBRE is pleased to present Sun Key, a 596-unit multi-housing investment opportunity with a highly desirable Winter Park address.

With more than $12 million in capital upgrades in recent years, this infill community is the "best-in-class" asset in this high-demand, high-barrier-to-entry location.

The property is currently 94% occupied, and presents new ownership with the opportunity to acquire a luxury community with upside well below replacement cost and new Class "A" product.

Price	To be determined by market
Number of Units	596
Year Completed/Renovated	1987/2008/2012
Occupancy	94%
Net Rentable SF	513,680
Construction Style	Garden, 2- and 3-story

 This desirable entry point is likely to allow investors to enjoy tremendous returns through modest property enhancements and further market improvement going forward.

 For a complete copy of the company’s news release, please contact:

Shelton Granade

Executive Vice President

 +1 407 839 3103

shelton.granade@cbre.com

ZipRealty Finds Oakland, CA Home Price Growth Exceeds San Francisco, Berkeley and Alameda

EMERYVILLE, CA, June 17, 2014 – ZipRealty, Inc. (http://www.ziprealty.com) (NASDAQ: ZIPR), a leading online residential real estate brokerage and provider of technology and marketing solutions, today released a new report showing that Oakland median home price growth has surpassed San Francisco, Berkeley and Alameda.

ZipRealty analyzed the latest MLS data on home sales as of May 31, 2014 to create the four-city study. Zip codes in which five or more real estate sales closed in 2014 were included in the analysis.

Oakland’s median home sales price jumped 23% to $478,000 in May 2014. “As Oakland continues to experience something of a Renaissance, home prices keep accelerating across the city,” said Don Cruz Datanagan, District Broker for the East Bay office of Zip Realty.

 “Astronomically high San Francisco prices have sent residents flocking across the bay in search of lower home prices in Oakland over the past two years. In turn, we have seen this place upward pressure on pricing.”

San Francisco’s median home sales price rose 14% year-over-year as of May 2014 to just over $1 million, while Alameda’s median home sales price increased 11% during the same time period to $666,250. Meanwhile, Berkeley was the only city of the four metros studied by ZipRealty to post a decline in price of 1% year-over-year to $801,000 as of May 2014.

BAY AREA CITY	MEDIAN HOME SALES PRICE
	MAY 2013	MAY 2014	% CHANGE
OAKLAND, CA	$387,500	$478,000	23%
SAN FRANCISCO	$890,000	$1,015,000	14%
ALAMEDA, CA	$595,000	$666,250	11%
BERKELEY, CA	$812,000	$801,000	(1%)

The most expensive zip code in Oakland is 94611, where the median home price was $795,000 as of May 31, 2014, a (2%) decline from the previous year.

• Neighborhoods in 94611 include Piedmont Pines, Grand Lake, Glen Highlands, Sheperd Canyon and Merriwood.

The most expensive zip code in San Francisco is 94123, with a median home price of $3.15 million. The year-over-year increase in 94123 was 109% as of May 31, 2014.

Don Cruz Datanagan

·         Neighborhoods in 94123 include the Marina, Cow Hollow and Pacific Heights.

The most expensive zip code in Alameda is 94501, with a median home price of $725,000, a 22% year-over-year increase as of May 31, 2014.

• Neighborhoods in 94501 include the Gold Coast, South Shore, Fernside, Bronze Coast and East End.

The most expensive zip code in Berkeley is 94705, with a median home price of $2 million as of May 31, 2014, an 85% year-over-year increase.

• Neighborhoods in 94705 include Claremont, the Claremont Hills, Elmwood and Panoramic Hill
• For a complete copy of the company’s news release, please contact:

Stacey Corso
510.735.2667
scorso@ziprealty.com

www.ziprealty.com

Marcus & Millichap Arranges Sale of 27,780-SF Retail Property in Lauderhill, FL for $1.39 Million

  

Jonathan Gerszberg

LAUDERHILL, FL, June 17, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of The Atrium, a 27,780 square-foot mixed-use retail and office property located in Lauderhill, FL. The asset sold for $1,390,000.

Jonathan Gerszberg, a senior associate, in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Lauderhill, FL.  

Gerszberg also secured the buyer, a senior living operator, from Cleveland, TN who intends to use the building to support their senior care facility next-door.  

Gerszberg explains that “this was a surprisingly complex transaction because the buyer wanted all of the tenants on short-term leases in order to provide them with the flexibility to use the building as they see fit.  We were able to negotiate with the tenants and balance a number of moving pieces to close the deal.”

The Atrium is located at 4311 Rock Island Road in Lauderhill, FL.

For a complete copy of the company’s news release, please contact:

Kirk A. Felici

First Vice President/Regional Manager,

 Miami, FL

(786) 522-7000

HFF closes $50.025 million sale of 200 Middlefield Road in Menlo Park, CA

200 Middlefield Road, Menlo Park, CA

SAN FRANCISCO, CA – HFF announced today that it has closed the $50.025 million sale of 200 Middlefield Road, a 41,933-square-foot, Class A office property in Menlo Park, California.

               HFF marketed the property on behalf of the seller, Menlo Equities.  The asset was purchased for $50.025 million, or approximately $1,193 per square foot.

200 Middlefield is located within walking distance to the downtown Palo Alto retail core and is less than one mile from the Palo Alto and Menlo Park Caltrain stations.

Steven Golubchik

 Originally constructed in 1967, the property underwent a full rebuild in 2012.  The two-story property is 100 percent leased to a diverse mix of private equity and technology firms including Summit Partners, Optum Soft, Blackstone and Rubicon.

The HFF investment sales team representing the seller was led by managing director Steven Golubchik along with senior managing director and co-head of HFF’s national office investment sales platform Michael Leggett and director John Simerlein.  HFF worked in conjunction with Cornish and Carey’s Kevin Cunningham on the sales assignment.

”This sale represents a generational opportunity as it is one of the few newly constructed buildings to come to market in the past 15 years in the submarket,” said Golubchik.

Michael Leggett

 “With a roster of credit tenants, as well as the high-quality reconstruction and finishes completed by Menlo, the property generated substantial interest from numerous domestic and foreign investors.”

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

HFF announces the $24.45 million sale and $10.125 million financing of two Central Florida grocery-anchored retail centers

Cornerstone Plaza, Cocoa Beach, FL

MIAMI, FL – HFF announced today the closing of the $24.45 million sale of and $10.125 million financing for Beachway Plaza in Bradenton, Florida and Cornerstone Plaza in Cocoa Beach, Florida, two Publix-anchored retail centers totaling 189,567 square feet.             

HFF marketed the properties on behalf of Retail Properties of America, Inc. (“RPAI”), which were purchased by Branch Properties, LLC for $24.45 million.

 In addition, HFF arranged five-year acquisition financing on behalf of the buyer for Beachway Plaza through Guggenheim Commercial Real Estate Finance, LLC.

Beachway Plaza, Bradenton, FL

Beachway Plaza is located at the intersection of Manatee Avenue W and 75th Street West in Bradenton with a daily traffic count of more than 29,000 cars per day.  

Built in 2004, the 120,990-square-foot center is 84.8 percent leased to tenants including Publix, Bealls Outlet and Staples.

Renovated most recently in 2004, Cornerstone Plaza is located at the intersection of North Atlantic Avenue and South Shepard Drive in Cocoa Beach. 

Danny Finkle

The 68,577-square-foot property is situated on 8.33 acres and is 86 percent leased to tenants including Publix, Cocoa Beach Realty and Beef ‘O’ Brady’s.

The HFF investment sales team representing the seller was led by senior managing director Danny Finkle and managing director Luis Castillo.

HFF’s debt placement team representing the buyer was led by director Chip Sykes.

“The opportunity to acquire two high-volume, Publix-anchored centers with value creation potential proved to be extremely appealing to investors,” said Castillo.  “The response to this offering was tremendous and resulted in a great outcome for RPAI.”

Luis Castillo

HFF’s investment sales team secured more than $553 million in sales of retail assets nationally during the first quarter of 2014.  In Florida, HFF closed more than $134 million in retail transactions across all capital markets platforms during the same period.

Retail Properties of America, Inc. is a REIT and is one of the largest owners and operators of high quality, strategically located shopping centers in the United States.  

As of March 31, 2014, the company owned 227 retail operating properties representing 31.2 million square feet, including its pro rata share of unconsolidated joint ventures.  The company is publicly traded on the New York Stock Exchange under the ticker symbol RPAI.  Additional information about the company is available at www.rpai.com.

Chip Sykes

Founded in 1973 and based in Atlanta, Branch Properties, LLC is a private real estate investment firm primarily focused on high-quality neighborhood shopping centers located in the southeastern United States.  

As a vertically integrated real estate operating company, Branch has the in-house expertise to source, negotiate, acquire, develop, finance, lease and manage neighborhood shopping center investments.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

Berger Commercial Realty Broker Judy Dolan Handles Sales Transaction of $1.3 Million St. Petersburg, FL Apartments

Judy Dolan

FORT LAUDERDALE, FL, June 17, 2014 - Berger Commercial Realty, a regional full service real estate firm, announced today the sale of a 32-unit, multi-family property in St. Petersburg.

 Berger Commercial Realty broker Judy Dolan represented JP Morgan Chase Bank N.A. in the sale of Lakeside Apartments to Park View Resort, Inc. for $1.325 million. The sale was an all-cash deal.

 Located at 3855 9th Ave. North and 917 39th St. North in St. Petersburg, the property consists of 32 units in two buildings and a laundry room.

For a complete copy of the company’s news release, please contact:

Marielle Sologuren

Pierson Grant Public Relations

msologuren@piersongrant.com

(954) 776-1999, ext. 226

Charles Dunn Company Completes Two West Hollywood, CA Multifamily Property Sales Totaling $4.7 Million

Kimberly Roberts Stepp

LOS ANGELES, CA, June 17, 2014 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed two multifamily property sales totaling $4.7 million in West Hollywood.

The sales include; a 10-unit property that sold for $3.3 million and is located near Fountain Ave. and W. La Brea Blvd. at 1220 N. Formosa Ave; and a five-unit property that sold for $1.4 million and is located just north of Santa Monica Blvd. at 1231-1235 N. Vista St.

For the Formosa sale, Kimberly Roberts Stepp, senior managing director with Charles Dunn Company, represented the seller, Los Angeles-based Aquat 9, LLC, as well as the 1031 exchange buyer, a Los Angeles-based private investor. The transaction closed at a 4.8 percent cap rate and sold at full asking price. 

Built in 1960, the building includes four, one-bedroom one-bathroom units; two, two-bedroom/one-bathroom units; and four, two-bedroom/two-bathroom units. It offers controlled access and was completely renovated in 2013 with high-quality upgrades to all the units.

For the Vista sale, Stepp represented the seller, Los Angeles-based Jambax, LLC. The buyer was a private investor from Los Angeles who was represented by Diana F. Tiao of The Collective Realty. The transaction closed at a record low 2.9 percent cap rate.

Diana and Will Tiao

Built in 1930, the two-building property includes a three-bedroom/two-bathroom front unit; and four one-bedroom/one-bathroom units.

“We received multiple offers on both properties and selected all-cash buyers, closing escrow in less than 30 days,” said Stepp. 

“The West Hollywood market for rental properties is one of the best locations for multifamily property investment in California as there are limited availabilities, strong demand, and high barriers to entry for these opportunities.”

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224