A 56-unit apartment complex in Anaheim has been sold to an unidentified investor for $15.6 million or $279,000 per unit, according to CBRE.
CBRE’s Dan Blackwell represented the buyer and the seller.
“The Orange County market is very competitive right now, and we are working with many property investors on both on- and off-market opportunities to help execute multifamily trades,” Blackwell said in a statement.
The two-story property called The OC Apartment Homes at 1251 N. Placentia Ave. was built in 1973 and sits on 2.35 acres. The buildings include one- and two-bedroom floorplans. One-bedroom units rent for around $1,525, according to various rental websites. Amenities include a pool and a shared laundry facility.
The CBRE team said it has helped the buyer acquire a multifamily portfolio with a combined 84 units valued at $24 million. This was the team’s 80th Anaheim sale.
Placentia complex sells for $15M
Staley Point Capital has bought a 58,000-square-foot industrial property at 888 Crowther Ave. in Placentia for $15 million.
Staley Point Capital made the purchase with its joint venture partner Bain Capital Real Estate. The Placentia buy is the venture’s ninth infill industrial investment since it launched in September 2020. The firms also recently purchased a 42,000-square-foot industrial property in the San Fernando Valley and a 55,000-square-foot industrial property in Santa Fe Springs.
JLL represented the unidentified seller.
Coming up
Casey Lesher with the Newport Beach office of Coldwell Banker Realty is sponsoring Kure It Cancer Research’s Big Dill Pickleball Tournament on Sunday, Aug. 22, at the Tennis Club at Newport Beach.
The tournament will include live entertainment, a comfort station, food, drinks and an opportunity drawing. There are two forms of play available: the Competitive Schedule as well as the Fun and Friendly Schedule.
Kure It was started in Newport Beach about 10 years ago by Barry Hoeven, founder and CEO of Irvine-based Westport Properties and US Storage. Noting there was little funding for research, Hoeven, who was battling kidney cancer, used his Newport business connections to create Kure It to help bridge the underfunded cancer research gap.
To date, Kure It has granted $11 million in direct funds to cancer centers at UCI, UCLA, USC and City of Hope.
To buy tickets for The Big Dill Pickleball Tournament, go to kureitpickleball.org/tickets. To learn more about Kure It Cancer Research, go to kureit.org.
Industry people on the move
John Pierce has joined Laguna Beach-based McDonald Property Group, an industrial real estate development company, in a newly created position as senior vice president of development. He previously spent five years as vice president of development for Prologis and now will focus on all development aspects, including construction management, of pending and new ground-up McDonald industrial development projects in the Inland Empire.
John Racunas has joined Newport Beach-based Alliant Insurance Services as senior vice president of Alliant Real Estate. In this role, he will focus on providing solutions for commercial real estate, construction and large hospitality risks. Previously, Racunas served as senior vice president at a regional insurance brokerage firm where he focused on commercial real estate, hospitality and construction projects. Based in Newport Beach, CA, Racunas can be reached at 949-681-9058 or at John.Racunas@alliant.com.
Susan Rounds was named Newport Beach-based BKM Capital Partners’ new managing director of operations. She has 20 years of operational experience encompassing human resources, team management and business development. Previously, Rounds served nearly 18 years at Red Mountain Group, most recently as senior vice president of human resources, IT and marketing. Her primary responsibilities at BKM will be the implementation of HR initiatives and policies and procedures, recruiting, retention, performance management and coaching.
Expansions
The Mogharebi Group, a multifamily brokerage and advisory firm in Costa Mesa, has opened its first office in Seattle.
The Seattle office will be run by brokers Robert Parmar and Ryan Kidwell, who have joined the firm to lead its expansion into the Pacific Northwest.
The new office marks the second of five new Western U.S. markets that TMG plans to enter over the next three years, following the opening of the Salt Lake City office in April 2021.
Parmar joins The Mogharebi Group from Summerfield Cos., which he founded more than 20 years ago.
Kidwell was most recently as a managing broker at Summerfield Cos. alongside Parmar, who managed the sales team.
Good works
Irvine-based LPA recently donated 50 laptops to Orange Coast College.
The design firm said it “answered the call for help” from the Architecture Department at OCC, whose students have been especially affected by the pandemic. With help from the American Institute of Architects Orange County division, LPA said it would refurbish and donate 50 decommissioned LPA laptops.
“It’s important to LPA to help mentor and support the next generation of architecture and engineering professionals,” said Ozzie Tapia, an associate at LPA. “The pandemic has hit many college students and their families hard, and LPA is honored to help reduce some of the financial burden.”
Thirteen LPA volunteers removed outdated batteries, installed new ones, reset the computers to factory settings and installed the necessary software for students’ use. The refurbished computers will be given to students in time for the 2021-2022 school year.
Real estate transactions, leases and new projects, industry hires, new ventures and upcoming events are compiled from press releases by contributing writer Karen Levin. Submit items and high-resolution photos via email to Business Editor Samantha Gowen at sgowen@scng.com. Please allow at least a week for publication. All items are subject to editing for clarity and length.
Source: Orange County Register
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