The Springs closes in Corona, CA
According to Tom P. Moran, Director in the California Office of Moran & Company who represented the seller, “The Springs offers a compelling interior and common area value-add opportunity for Bascom, particularly since the deal was acquired well below replacement costs. In addition, the acquisition is perfectly timed as the Inland Empire is in full recovery mode, showing strong job growth at 3.9%
Parc Belmar Closes in Lakewood, CO
The Moran Mountain States team recently closed Parc Belmar (512 units) in Lakewood, Colorado. The transaction represents a value-add opportunity for the new owner within this Denver submarket. For further information about this deal and other opportunities within Colorado, please contact David Martin and Pam Koster.
Ares Management and Thompson | Dorfman Sell Major San Francisco Multifamily Site
SAN FRANCISCO, CALIF. – KB Home has purchased a shovel-ready, 81-unit site at 2655 Bush Street in San Francisco's Lower Pacific Heights from Los Angeles-based investor Ares Management LLC and Mill Valley, CA-based multi-family developer Thompson | Dorfman Partners LLC, who 16 months ago bought the mixed-use site to build a high-end apartment community. Brett Betzler, director of Chicago, IL-based Moran & Company, represented KB Home in their off-market purchase of the property. The purchase price could not be disclosed.
Alta Aspen Grove’s $57m Sale Sets Record
A Boston-based company paid $56.75 million for the 280-unit Alta Aspen Grove apartment community in Littleton.
The purchase by Berkshire Property Advisors is believed to have set a new record of $203,000 per unit for a suburban Denver property. The sale price equates to $203 per square foot, also apparently a record.
“I think it might be a record,” said David Martin, managing partner of the Mountain States division of Moran & Co., who represented the seller, Wood Partners.
“I can’t think of any other suburban property that has sold for $200,000 a door,” Martin said.
“I think it is
637-Unit Enclave Sells in Largest California Apartment Transaction of 2012
San Jose, Calif. – Berkshire Property Advisors has purchased the Enclave Apartments for $173,750,000 in the largest California apartment transaction of 2012. The 637-unit property, built in 1998, was purchased from a fund controlled by Essex Property Trust. Enclave is comprised of eight three-story buildings, each over a below-grade single-level garage. It is situated on a 15.6 acre site at 4343 Renaissance Drive in San Jose, California.
Archstone Warner Center Sells in Largest 2012 Southern California Apartment Transaction
Warner Center, Calif. – AMLI Residential has purchased Archstone Warner Center (now called AMLI Warner Center) in the largest Southern California apartment transaction of 2012. The 522-unit property, built in 2006, was purchased from Archstone. Brett Betzler, a director, and Mary Ann King, president, of Moran & Company brokered the sale.