Category: California

JLL secures $34.5 million loan for new multihousing investment platform

Waterscape Apartments
JLL secured $34.5 million in financing for Waterscape Apartments, a 180-unit, garden-style apartment community in Fairfield, California.


JLL announced today that it has secured $34.5 million in financing for Waterscape Apartments, a 180-unit, garden-style apartment community in Fairfield, California.

JLL worked on behalf of a joint venture between Glencrest Group and Angelo, Gordon & Co, L.P. to place the 10-year, 71.5 percent LTV, floating-rate loan with Freddie Mac. The loan includes five years of interest-only payments and will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo lender. This transaction marks the second acquisition for the joint venture, which earlier this year acquired Vineyard Gardens in Santa Rosa, California. JLL led the capitalization of that transaction as well.

Waterscape Apartments is situated on 14.65 acres at 3001 North Texas Street just east of Interstate 80 in the Solano County community of Fairfield. The 33-building project consists of a mix of one- and two-bedroom units averaging 978 square feet. Homes feature high-quality finishes, including renovated kitchens, in-unit washers and dryers, fireplaces and private balconies. Common-area amenities at the recently upgraded property include a multi-level fitness center, contemporary clubroom, and resort-style pool.

The JLL Capital Markets debt placement team representing the borrower included Senior Managing Directors Peter Smyslowski and Charles Halladay and Analyst Jonah Aeylon.

“The acquisition of Waterscape is an excellent representation of Glencrest’s ability to source properties in an ultra-competitive environment that will generate above-market, risk-adjusted returns,” Smyslowski said.

“We are excited and honored to expand our new company with the support of Angelo Gordon, Freddie Mac and JLL,” Mike Bergelson of Glencrest added. “Waterscape combines an attractive physical plant with a convenient location poised for growth. It exemplifies the type of community we want to add to our portfolio.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.



Cityview sells equity share of Koreatown’s “The Pearl on Wilshire” to a group led by Hankey Investment Company for a total asset value of $170.87 million

The Pearl on Wilshire
Cityview announced the sale of its equity share of The Pearl on Wilshire—a luxury mixed-use development in Los Angeles’ Koreatown. (Credit Guettler Photography)


Cityview, a premier urban multifamily investment management and development firm, today announced the sale of its equity share of The Pearl on Wilshire—a luxury mixed-use development in Los Angeles’ Koreatown. Cityview developed the 346-unit apartment community on land originally entitled by Hankey Investment Company and sold its interest to a group led by Hankey Investment Company for a total asset value of $170.87 million. The Pearl achieved lease-up in 10 months at above pro forma rents after opening to tenants in the summer of 2018.

“Cityview is proud to have executed on its business plan for The Pearl and we are confident the buyer group will ensure it continues its success as Koreatown’s market-leading community,” said Sean Burton, CEO of Cityview. “The community exceeded our lease-up expectations and was sold at a record-breaking price per square foot.”

Cityview partnered with CBG Building Company, VTBS Architects and Nadia Geller Designs on the original construction of The Pearl, which was completed in June 2018.

Located at 687 S. Hobart Blvd, the mixed-use development features 17 unique floor plans with a blend of studio, one- and two-bedroom units above 8,300 square feet of carefully curated retail space. All units feature keyless door locks, a full-sized washer and dryer, stainless steel appliances, a five-burner gas range, smart thermostat, quartz countertops and a terrace, while select units feature high ceilings, oversized balconies and panoramic city views of Koreatown. An Orangetheory Fitness, Alchemist Coffee Project and The Carving Board artisan sandwich shop cater to residents and the community in the ground-floor retail portion of the building.

Community amenities include a large pool deck with cabanas and lounge seating, rooftop terrace with a fireplace and sweeping city views, Korean BBQ grills, game and club room, state-of-the-art fitness center with a yoga room and Fitness On-Demand, dog agility center and grooming spa, and three open-air lounges with firepits and a bocce ball court.

The Think Space conference room and 24-hour business center, with computers and printers, add extra conveniences for professionals working remotely. The Pearl’s lobby features an Uber/Lyft waiting area, complimentary Wi-Fi, charging stations, 24-hour concierge, secure fob entry access and a grab-and-go coffee bar. For the convenience of its residents, the community also coordinates lifestyle services such as dog walking, dry cleaning and housekeeping services.

“The Pearl stands apart with an exceptional contemporary aesthetic, distinct focus on healthful living, carefully curated amenity package and prime location,” added Burton. “Cityview and Hankey Investment Company are proud to be part of Koreatown’s revitalization with this development, bringing much-needed housing to one of the fastest-growing submarkets in Los Angeles.”

In 2019 the community was awarded the Kingsley Excellence Award, a recognition that distinguishes communities that outperform the Kingsley Index Industry benchmark for overall resident satisfaction. The Pearl is also pending Fitwel certification for its focus on residents’ health and wellbeing, as evidenced by its walk score of 97, convenient access to public transportation and large indoor bicycle storage facility.

Koreatown is known for its vibrant history, buzzing nightlife and rich food scene. Nearby attractions include The Wiltern, The Line Hotel, Korean American National Museum, CGV Cinemas Movie Theater and Pharaoh Karaoke Lounge.

Greg Harris of IPA represented Cityview in the transaction.



JLL secures $34.5 million loan for new multihousing investment platform

Waterscape Apartments
JLL secured $34.5 million in financing for Waterscape Apartments, a 180-unit, garden-style apartment community in Fairfield, California.


JLL announced today that it has secured $34.5 million in financing for Waterscape Apartments, a 180-unit, garden-style apartment community in Fairfield, California.

JLL worked on behalf of a joint venture between Glencrest Group and Angelo, Gordon & Co, L.P. to place the 10-year, 71.5 percent LTV, floating-rate loan with Freddie Mac. The loan includes five years of interest-only payments and will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo lender. This transaction marks the second acquisition for the joint venture, which earlier this year acquired Vineyard Gardens in Santa Rosa, California. JLL led the capitalization of that transaction as well.

Waterscape Apartments is situated on 14.65 acres at 3001 North Texas Street just east of Interstate 80 in the Solano County community of Fairfield. The 33-building project consists of a mix of one- and two-bedroom units averaging 978 square feet. Homes feature high-quality finishes, including renovated kitchens, in-unit washers and dryers, fireplaces and private balconies. Common-area amenities at the recently upgraded property include a multi-level fitness center, contemporary clubroom, and resort-style pool.

The JLL Capital Markets debt placement team representing the borrower included Senior Managing Directors Peter Smyslowski and Charles Halladay and Analyst Jonah Aeylon.

“The acquisition of Waterscape is an excellent representation of Glencrest’s ability to source properties in an ultra-competitive environment that will generate above-market, risk-adjusted returns,” Smyslowski said.

“We are excited and honored to expand our new company with the support of Angelo Gordon, Freddie Mac and JLL,” Mike Bergelson of Glencrest added. “Waterscape combines an attractive physical plant with a convenient location poised for growth. It exemplifies the type of community we want to add to our portfolio.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.



JLL secures $34.5 million loan for new multihousing investment platform

Waterscape Apartments
JLL secured $34.5 million in financing for Waterscape Apartments, a 180-unit, garden-style apartment community in Fairfield, California.

JLL announced today that it has secured $34.5 million in financing for Waterscape Apartments, a 180-unit, garden-style apartment community in Fairfield, California.

JLL worked on behalf of a joint venture between Glencrest Group and Angelo, Gordon & Co, L.P. to place the 10-year, 71.5 percent LTV, floating-rate loan with Freddie Mac. The loan includes five years of interest-only payments and will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo lender. This transaction marks the second acquisition for the joint venture, which earlier this year acquired Vineyard Gardens in Santa Rosa, California. JLL led the capitalization of that transaction as well.

Waterscape Apartments is situated on 14.65 acres at 3001 North Texas Street just east of Interstate 80 in the Solano County community of Fairfield. The 33-building project consists of a mix of one- and two-bedroom units averaging 978 square feet. Homes feature high-quality finishes, including renovated kitchens, in-unit washers and dryers, fireplaces and private balconies. Common-area amenities at the recently upgraded property include a multi-level fitness center, contemporary clubroom, and resort-style pool.

The JLL Capital Markets debt placement team representing the borrower included Senior Managing Directors Peter Smyslowski and Charles Halladay and Analyst Jonah Aeylon.

“The acquisition of Waterscape is an excellent representation of Glencrest’s ability to source properties in an ultra-competitive environment that will generate above-market, risk-adjusted returns,” Smyslowski said.

“We are excited and honored to expand our new company with the support of Angelo Gordon, Freddie Mac and JLL,” Mike Bergelson of Glencrest added. “Waterscape combines an attractive physical plant with a convenient location poised for growth. It exemplifies the type of community we want to add to our portfolio.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

JLL secures $34.5 million loan for new multihousing investment platform

Waterscape Apartments
JLL secured $34.5 million in financing for Waterscape Apartments, a 180-unit, garden-style apartment community in Fairfield, California.

JLL announced today that it has secured $34.5 million in financing for Waterscape Apartments, a 180-unit, garden-style apartment community in Fairfield, California.

JLL worked on behalf of a joint venture between Glencrest Group and Angelo, Gordon & Co, L.P. to place the 10-year, 71.5 percent LTV, floating-rate loan with Freddie Mac. The loan includes five years of interest-only payments and will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo lender. This transaction marks the second acquisition for the joint venture, which earlier this year acquired Vineyard Gardens in Santa Rosa, California. JLL led the capitalization of that transaction as well.

Waterscape Apartments is situated on 14.65 acres at 3001 North Texas Street just east of Interstate 80 in the Solano County community of Fairfield. The 33-building project consists of a mix of one- and two-bedroom units averaging 978 square feet. Homes feature high-quality finishes, including renovated kitchens, in-unit washers and dryers, fireplaces and private balconies. Common-area amenities at the recently upgraded property include a multi-level fitness center, contemporary clubroom, and resort-style pool.

The JLL Capital Markets debt placement team representing the borrower included Senior Managing Directors Peter Smyslowski and Charles Halladay and Analyst Jonah Aeylon.

“The acquisition of Waterscape is an excellent representation of Glencrest’s ability to source properties in an ultra-competitive environment that will generate above-market, risk-adjusted returns,” Smyslowski said.

“We are excited and honored to expand our new company with the support of Angelo Gordon, Freddie Mac and JLL,” Mike Bergelson of Glencrest added. “Waterscape combines an attractive physical plant with a convenient location poised for growth. It exemplifies the type of community we want to add to our portfolio.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

Cityview sells equity share of Koreatown’s “The Pearl on Wilshire” to a group led by Hankey Investment Company for a total asset value of $170.87 million

The Pearl on Wilshire
Cityview announced the sale of its equity share of The Pearl on Wilshire—a luxury mixed-use development in Los Angeles’ Koreatown. (Credit Guettler Photography)

Cityview, a premier urban multifamily investment management and development firm, today announced the sale of its equity share of The Pearl on Wilshire—a luxury mixed-use development in Los Angeles’ Koreatown. Cityview developed the 346-unit apartment community on land originally entitled by Hankey Investment Company and sold its interest to a group led by Hankey Investment Company for a total asset value of $170.87 million. The Pearl achieved lease-up in 10 months at above pro forma rents after opening to tenants in the summer of 2018.

“Cityview is proud to have executed on its business plan for The Pearl and we are confident the buyer group will ensure it continues its success as Koreatown’s market-leading community,” said Sean Burton, CEO of Cityview. “The community exceeded our lease-up expectations and was sold at a record-breaking price per square foot.”

Cityview partnered with CBG Building Company, VTBS Architects and Nadia Geller Designs on the original construction of The Pearl, which was completed in June 2018.

Located at 687 S. Hobart Blvd, the mixed-use development features 17 unique floor plans with a blend of studio, one- and two-bedroom units above 8,300 square feet of carefully curated retail space. All units feature keyless door locks, a full-sized washer and dryer, stainless steel appliances, a five-burner gas range, smart thermostat, quartz countertops and a terrace, while select units feature high ceilings, oversized balconies and panoramic city views of Koreatown. An Orangetheory Fitness, Alchemist Coffee Project and The Carving Board artisan sandwich shop cater to residents and the community in the ground-floor retail portion of the building.

Community amenities include a large pool deck with cabanas and lounge seating, rooftop terrace with a fireplace and sweeping city views, Korean BBQ grills, game and club room, state-of-the-art fitness center with a yoga room and Fitness On-Demand, dog agility center and grooming spa, and three open-air lounges with firepits and a bocce ball court.

The Think Space conference room and 24-hour business center, with computers and printers, add extra conveniences for professionals working remotely. The Pearl’s lobby features an Uber/Lyft waiting area, complimentary Wi-Fi, charging stations, 24-hour concierge, secure fob entry access and a grab-and-go coffee bar. For the convenience of its residents, the community also coordinates lifestyle services such as dog walking, dry cleaning and housekeeping services.

“The Pearl stands apart with an exceptional contemporary aesthetic, distinct focus on healthful living, carefully curated amenity package and prime location,” added Burton. “Cityview and Hankey Investment Company are proud to be part of Koreatown’s revitalization with this development, bringing much-needed housing to one of the fastest-growing submarkets in Los Angeles.”

In 2019 the community was awarded the Kingsley Excellence Award, a recognition that distinguishes communities that outperform the Kingsley Index Industry benchmark for overall resident satisfaction. The Pearl is also pending Fitwel certification for its focus on residents’ health and wellbeing, as evidenced by its walk score of 97, convenient access to public transportation and large indoor bicycle storage facility.

Koreatown is known for its vibrant history, buzzing nightlife and rich food scene. Nearby attractions include The Wiltern, The Line Hotel, Korean American National Museum, CGV Cinemas Movie Theater and Pharaoh Karaoke Lounge.

Greg Harris of IPA represented Cityview in the transaction.

Cityview sells Costa Mesa multifamily property for record-setting price

Baker Block Exterior
Cityview announced the sale of Baker Block, a 240-unit multifamily property in Costa Mesa. (Credit Paul Vu)

Cityview, a premier investment management and development firm dedicated to redefining urban living, today announced the sale of Baker Block, a 240-unit multifamily property in Costa Mesa. The apartment community, which completed ground-up construction in 2018, was sold to Baker Block Associates, LP for $113.5 million. At $473,000 per door, Baker Block is one of the highest price-per-unit sales ever recorded for a mid-rise multifamily rental product in Orange County.

“Cityview took great strides to position Baker Block as an alternative to comparable product in the area, creating a unique living environment, connectivity to the local community and an elevated resident experience,” said Sean Burton, CEO of Cityview. “Baker Block exceeded our lease-up expectations and achieved one of the highest per-unit sale prices in the area. After leasing the project we saw significant investor interest in the market, which helped inform our decision to sell.”

Baker Block Associates, LP plans to hold the asset long-term and continue Baker Block’s current operations as a Class A multifamily apartment community. Located at 125 Baker Street East, the apartment complex features studio, one-, two- and three-bedroom units, and a variety of amenities including a resort-style poolside retreat, indoor/outdoor clubroom with full kitchen and wet bar, a two-story IMPACT fitness center with yoga and spin studios, rooftop sky lounge and gaming space, dog park with agility equipment, grab-and-go coffee bar, pet wash and multi-purpose spaces for relaxing, entertaining, events and co-working.

The community has become a local landmark, featuring Orange County’s largest mural created by world-renowned street artist Shepard Fairey, who also designed President Barack Obama’s iconic “Hope” poster during the 2008 election.

“We are very excited about our recent acquisition of Baker Block,” said a representative from Baker Block Associates LP. “We have long been looking to enter the Orange County multifamily submarket and believe our acquisition speaks to how highly we view Costa Mesa and all it has to offer. With a high barrier to entry and burgeoning social scene, Costa Mesa is absolutely somewhere that we wanted to be for the long-term.”

Cityview partnered with Red Oak Investments, Johnstone Moyer, Inc., AO and Inovus Design on the original construction of Baker Block. The 181,155-square-foot community opened to tenants in December 2017.

“We very much enjoyed working with Red Oak and each of our other partners on this development,” said Tony Cardoza, senior vice president and managing director at Cityview.

Baker Block has received several notable industry awards, including PCBC’s Gold Nugget Merit Award for Best Multifamily Community and MultiHousing News’ Excellence Award for Best Mid-Rise New Development and Design. The community was also awarded the 2019 Kingsley Excellence Award for Resident Satisfaction for going above and beyond to ensure residents are satisfied with their living experience.

“It was a pleasure working with Baker Block Associates, LP on the transaction, and we are confident that they will continue Baker Block’s best-in-class service as one of the top multifamily communities in Orange County,” said Burton.

Tom Moran Jr. from Moran & Company represented Cityview in the transaction.

Institutional Property Advisors brokers North Los Angeles county multifamily asset sale

The Summit at La Crescenta
Institutional Property Advisors announced the sale of The Summit at La Crescenta, a 92-unit apartment complex in La Crescenta-Montrose, California.


Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced today the sale of The Summit at La Crescenta, a 92-unit apartment complex in La Crescenta-Montrose, California. The property sold for $34,525,000, which equates to $375,272 per unit.

“The Summit at La Crescenta is one of only five buildings greater than 50 units in La Crescenta-Montrose and over the past 20 years, just 44 units have been added as supply is constrained by the lack of available land and the difficulty of aggregating parcels,” said Kevin Green, IPA senior director. “As a result, the area is a largely underserved market, as evidenced by the 1 percent residential vacancy rate.”

Green, Joe Grabiec, IPA senior director, and Greg Harris, IPA executive director, represented the seller, a joint venture between Stockbridge and NNC Apartment Ventures, and procured the buyer, Raintree Partners. “The property has received many interior and common area improvements over the last five years and strategic renovations can further augment the income stream,” added Grabiec.

Built in 1964 on 3.75 acres, The Summit at La Crescenta is adjacent to the Angeles National Forest, approximately five miles from Glendale Community College and about 10 miles from Woodbury University. There are 1.4 million jobs within a 30-minute drive of the community in Burbank, Glendale, Pasadena, and Downtown Los Angeles. “La Crescenta-Montrose’s affluent demographics, such as average annual income of $126,598, low density and highly regarded school system make it one of the most desirable places to live in the Tri-Cities submarket, which also includes Burbank, Glendale, Pasadena, and La Canada-Flintridge,” noted Harris.

“Including Summit at La Crescenta, we have acquired eight assets in the Glendale/La Crescenta submarket for $114 million over the last nine months,” commented Raintree Partners managing director Aaron Hancock. “Our total portfolio in the area now totals 323 units and we intend to add more.”



CGI Strategies starts construction on third Koreatown multifamily development

CGI Strategies started construction on a 200-unit apartment community at 837 S. Fedora in the heart of Los Angeles’ Koreatown.


Real estate investment and development firm CGI Strategies has started construction on a 200-unit apartment community at 837 S. Fedora in the heart of Los Angeles’ Koreatown. Fedora, which is being developed at a cost of $50 million, is CGI’s third ground-up multifamily development in the Koreatown neighborhood in the past 36 months.

Fedora is a seven-story concrete and wood building, over two levels of subterranean parking, that will feature a mix of studio, one- and two-bedroom floor plans ranging in size from 622 to 1,000 square feet. Each unit will feature walk in closets, balconies, stone countertops, contemporary lighting fixtures and stainless steel appliances. Ten percent of the units will be dedicated for low-income earners. Amenities will include a fully equipped fitness center, 6,500-square-foot community lounge and clubhouse, exterior courtyard and a 5,400-square-foot rooftop deck.

With Fedora, CGI continues to establish a significant footprint in Koreatown, a vibrant submarket located four miles east of downtown Los Angeles with a proven appeal to the millennial workforce. Having successfully brought to market 182 market-rate and affordable rental units, with an additional 121 units, 6,000 square feet of retail space and 125 hotel rooms in the pipeline, CGI is one of the most active multifamily developers in Koreatown.

The start of construction on Fedora coincides with the completion of the nearby Mariposa, a mixed-use development with 122-unit apartment homes over 4,600 square feet of street level retail space at 269 S. Mariposa Avenue, on the northwest corner of Mariposa and W. 3rd Street. CGI completed its first Koreatown development in 2018. Kodo, a 60-unit mixed-use development near the Wilshire/Vermont Metro Station was sold last month to a local investment firm for $30 million.

Members of the Fedora construction team include: Frymer Construction and KFA Architecture.

Construction is expected to be completed in April 2022.



Institutional Property Advisors brokers North Los Angeles county multifamily asset sale

The Summit at La Crescenta
Institutional Property Advisors announced the sale of The Summit at La Crescenta, a 92-unit apartment complex in La Crescenta-Montrose, California.

Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced today the sale of The Summit at La Crescenta, a 92-unit apartment complex in La Crescenta-Montrose, California. The property sold for $34,525,000, which equates to $375,272 per unit.

“The Summit at La Crescenta is one of only five buildings greater than 50 units in La Crescenta-Montrose and over the past 20 years, just 44 units have been added as supply is constrained by the lack of available land and the difficulty of aggregating parcels,” said Kevin Green, IPA senior director. “As a result, the area is a largely underserved market, as evidenced by the 1 percent residential vacancy rate.”

Green, Joe Grabiec, IPA senior director, and Greg Harris, IPA executive director, represented the seller, a joint venture between Stockbridge and NNC Apartment Ventures, and procured the buyer, Raintree Partners. “The property has received many interior and common area improvements over the last five years and strategic renovations can further augment the income stream,” added Grabiec.

Built in 1964 on 3.75 acres, The Summit at La Crescenta is adjacent to the Angeles National Forest, approximately five miles from Glendale Community College and about 10 miles from Woodbury University. There are 1.4 million jobs within a 30-minute drive of the community in Burbank, Glendale, Pasadena, and Downtown Los Angeles. “La Crescenta-Montrose’s affluent demographics, such as average annual income of $126,598, low density and highly regarded school system make it one of the most desirable places to live in the Tri-Cities submarket, which also includes Burbank, Glendale, Pasadena, and La Canada-Flintridge,” noted Harris.

“Including Summit at La Crescenta, we have acquired eight assets in the Glendale/La Crescenta submarket for $114 million over the last nine months,” commented Raintree Partners managing director Aaron Hancock. “Our total portfolio in the area now totals 323 units and we intend to add more.”