Park Place at Petworth Metro Sells to TA Associates Realty
WASHINGTON, DC – National real estate investor, Canyon-Johnson Urban Funds, has sold Park Place at Petworth Metro, a 161-unit luxury mixed-use apartment community in northwest Washington, DC to TA Associates. Randal Howard, Mid-Atlantic Regional Partner of Moran & Company, represented the seller in the transaction. The sale closed on October 6th, 2014 for $62 million ($385,093 per unit).
American Realty Advisors Acquires The Millennium Del Rey
MARINA DEL REY, CA – National multifamily developer, The Dinerstein Companies, has sold The Millennium Del Rey, a 196-unit luxury apartment community in Marina Del Rey, CA to American Realty Advisors.
Red Oak Investments Closes on Baker Street Apartments Site
COSTA MESA, CA – Red Oak Investments closed on the Baker Street Apartments site in partnership with CityView. “We are delighted to be in partnership with CityView, a premier equity partner with deep experience in both the capital side and the development side,” said Red Oak principal Joe Flanagan.
Moran & Company Sells Waterstone at Murrieta
MURRIETTA, CA – Strata Equity Group has acquired Waterstone at Murrieta, an institutional grade garden-style community in Murrieta, CA from a joint venture between Silverado Canyon Partners and The Wolff Company. Thomas P. Moran of Moran & Company’s California office represented the seller in the transaction. The sale closed September 4, 2014.
Wood Partners Sells Alta Warner Luxury Apartment Community in Woodland Hills, California
WOODLAND HILLS, CA – Wood Partners, one of the nation’s leading multifamily developers, has sold Alta Warner Center – a 298-unit luxury multifamily community in the Warner Center submarket of Los Angeles to an institutional multifamily investor.
The Springs closes in Corona, CA
CORONA, CA—The Bascom Group LLC and certain funds managed by Oaktree Capital Management LP have structured a new venture to acquire $250 million in value-added multifamily properties throughout the US. The venture was launched with its first acquisition, the Springs Apartments, a 320-unit garden style community located at 650 Ebbcreek Dr. here in Corona, CA, which was purchased for $43.2 million.
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.