Western Real Estate Business

JUN 2018

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

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C A L I F O R N I A www.REBusinessOnline.com Western Real Estate Business • June 2018 • 13 MOGHAREBI GROUP FACILITATES $12.2 MILLION SALE OF APARTMENT COMMUNITY BAKERSFIELD, CALIF. — The Mogharebi Group (TMG) has ar- ranged the sale of Case Del Sol Apart- ments, a 205-unit multifamily com- munity located at 2601 Fremont St. in Bakersfield. A San Fernando Valley, Calif.-based private investment group purchased the property for $12.2 mil- lion. Built in 1965, the gated commu- nity features a mix of studio and one- bedroom layouts, a swimming pool, 24-hour maintenance and a central laundry facility. Alex Mogharebi, Otto Ozen, Robin Kane and Mark Bonas of TMG represented the buyer and seller, a San Diego-based private investment group, in the deal. CARLTON SENIOR LIVING TO BUILD $30 MILLION SENIORS HOUSING COMMUNITY SANTA ROSA, CALIF. — The Sonoma County Board of Zoning Adjustments has approved plans by Carlton Senior Living LLC to build a senior living complex in Santa Rosa. The Concord- based Carlton owns and operates 11 Northern California seniors housing communities. The company expects to break ground soon on the 134 rental apartments on the 3.7-acre site. Devel- opment costs were estimated at $30 million. The property will offer in- dependent living, assisted living and memory care. Construction is expect- ed to take approximately 14 months. INVESCO CLOSES $80 MILLION LOAN FOR 344-UNIT MULTIFAMILY PROPERTY SAN DIEGO — Invesco Real Estate has originated an $80 million senior loan for the acquisition and full rede- velopment of Bella Posta Apartments, a 344-unit multifamily property lo- cated in San Diego's Mission Valley submarket. The sponsor is Sares Regis Multifamily Value Add Fund II, an af- filiate of Sares Regis Group. Loan pro- ceeds will be used to acquire, as well as renovate and upgrade, the prop- erty. Planned renovations include the full modernization of exteriors, com- mon areas and amenities. STARBOARD COMMERCIAL BROKERS $4.5 MILLION SALE OF RETAIL PROPERTY ROSEVILLE, CALIF. — Starboard Commercial Real Estate has arranged the sale of a retail property located at 318 N. Sunrise Ave. within Centre Pointe Regional Shopping Center in Roseville. A San Francisco-based inves- tor acquired the property for $4.5 mil- lion. Pet Club currently occupies the 24,750-square-foot building. Richard Gumbiner of Starboard Commercial Real Estate brokered the transaction. MONEY360 SECURES $5 MILLION LOAN FOR MANUFACTURED HOUSING COMMUNITY IN SACRAMENTO SACRAMENTO, CALIF. — Money360 has arranged a $5 million bridge loan for a manufactured housing com- munity in San Francisco. The non- recourse, three-year loan features an interest-only amortization and a 46 percent loan-to-value ratio. The bor- rower was not disclosed. LEVIN JOHNSTON NEGOTIATES $15 MILLION SALE OF APARTMENT COMMUNITY REDWOOD CITY, CALIF. — Levin Johnston has arranged the sale of Velocity at Sequoia Station, a 30-unit multifamily community located at 1331 Jefferson Ave. in Redwood City. Old Adobe Management Co. sold the property to a private owner and in- vestor for $15 million. Adam Levin and Robert Johnston of Levin John- ston represented the seller and buyer in the 1031 exchange transaction. *Services provided by Red Capital Markets, LLC (Member FINRA/SIPC) and its registered representatives. DUS ® is a registered trademark of Fannie Mae. redcapitalgroup.com RED is committed to serving the multifamily industry as a direct lender – offering a full menu of lending programs for affordable, workforce, market-rate, green, and small balance financing. FHA MAP Fannie Mae DUS® Freddie Mac Small Balance Balance Sheet Direct Lending Bond Financing* CMBS Sales & Trading* Lasting relationships begin with a pop of red. Velocity at Sequoia Station in Redwood City, Calif., features 30 apartment units.

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