Eight apartments at 10761 Chestnut St. in Los Alamitos have sold for nearly $4 million, according to brokerage Marcus & Millichap.
Two- and three-bedroom townhouse-style Chestnut Street apartments were priced at $489,375 per unit or $3,915,000, said Greg Bassirpou, the brokerage’s senior vice president.
Bassirpou represented the buyer, identified only as a local investor.
“The property is located in a highly desirable area within the award-winning Los Alamitos Unified School District and has provided the buyer with the opportunity to acquire a stable, well-maintained building with good rental growth,” said Basirpou.
ValueRock sells LB offices for housing for $42 million
A marina-view office building in Long Beach has been sold by Irvine-based ValueRock Realty for $41 million, according to Newmark.
Congressional Place, a two-story, 73,769 square foot office building, will be converted into a multi-family redevelopment.
The buyer was Holland Partners, who will partner with Invesco to turn the property into housing.
The building at 6700 East Pacific Coast Highway sits on the border of Long Beach and Seal Beach and offers stunning marina and ocean views.
“Given the disparity between office and multi-family market fundamentals and favorable zoning, office is no longer the highest and best use of this property,” said Anthony Muhlstein, chief executive of New mark.
The Newmark team represented ValueRock in the sale.
“We saw this as a great opportunity to sell the property as a potential future residential development and that it was the highest and best use for the community,” said Dennis Vaccaro, Vice President principal of ValueRock. “We plan to roll 1,031 the product into other Southern California locations.”
Buchanan Street buys storage units in Chino Hills for $24.5 million
Newport Beach-based Buchanan Street Partners has purchased a new three-story self-storage facility in Chino Hills for $24.5 million from an unidentified developer.
The 95,500 square foot facility has 920 self-storage units. The sale marked the third California self-storage facility that Buchanan has purchased in the past 12 months.
“We are excited to add this new facility to our storage portfolio. The Chino Hills transaction is a great opportunity for us to strengthen our presence in a strong and growing Inland Empire market,” said Feerooz Yacoobi, Vice President of Buchanan Street Partners.
Buchanan also purchased new self-storage facilities in Chula Vista and Vista.
Kairos buys apartments in Georgia for 35 million dollars
Rancho Santa Margarita-based Kairos Investment Management Co. recently acquired a 238-unit affordable apartment complex in Austell, Georgia for $34.6 million.
The 32-year-old community of Walton Crossing spans 20 acres and is approximately 15 miles from downtown Atlanta. Kairos said most units are income and rent capped at 60% of the region’s median income.
“We have found that the demand for high-quality affordable housing exceeds available supply across the country, especially in markets that attract renters due to job availability and lifestyle,” says Carl Chang, CEO and Founder of Kairos. “As a company that actively takes a proactive approach to asset management, our team is adept at identifying properties that can benefit from our value-added strategy and improve the lifestyle of current and future tenants.”
Industry Awards for Trumark Homes Communities in Northern OC
Two of Trumark Homes’ communities in Orange County have sold and won awards from the BIA and PCBC. Communities include West Village in Brea and Lewis + Mason in Anaheim.
West Village opened in February 2020, a collection of 62 three-story townhouses with approximately 2,246 square feet. The community won the 2020 PCBC Golden Nugget Award for Best Multi-Family Housing Community and the 2020 BIA So Cal Honors for Outstanding Attached Home Design – Building.
Lewis + Mason opened in September 2018, consisting of 153 townhouses ranging from 1,554 square feet to 2,185 square feet. The community won several BIA Excellence in Home Building 2019 awards, including Best Graphic Continuity, Best Signage Program, Best Interior Merchandising of an Attached Home Plan Priced Under $750,000, and Attached Community of the year.
Brooke Anderson has been promoted to senior vice president of business development and national recruiting at Tustin-based New American Funding. Previously Vice President of the same departments, she will be responsible for national retail growth and mortgage talent recruitment.
Real estate transactions, leases and new projects, industry hires, new companies and upcoming events are compiled from news releases by editor Karen Levin. Submit high-res articles and photos via email to Business Editor Samantha Gowen at [email protected] Please allow at least a week for posting. All elements are subject to change for clarity and length.