A 21-year-old senior apartment complex in Placentia has been sold for $44 million, or $250,000 per unit, according to the brokerage Morgan Skenderian Investment Real Estate Group.
The buyer was Positive Investments Inc., which also bought a 101-unit complex in Hawaiian Gardens for $22 million.
Bradford Terrace Senior Apartments, a 176-unit complex at 1112 N. Bradford Ave., has a mix of one- and two-bedroom units. A search online showed the complex is fully occupied with no vacant units. Amenities include an exercise room, library, clubhouse and beauty salon.
The seller was Bradford Terrace Placentia Apartments LP.
Rick Applebaum, Paul Espinosa and Doug Rodermund of the firm’s Newport Beach office represented the buyer and sellers in both deals.
Final phase of office campus begins
The final phase of construction at Spectrum Terrace in Irvine has begun, according to owner Irvine Co.
This third phase of the complex will add three four-story buildings with a combined 345,000 square feet to the office hub. Construction should be done by August 2022, the company said in a statement.
Unique to most office settings, Spectrum Terrace also will have poolside cabanas set alongside an Olympic-length pool. There will be outdoor meetings spaces, too. The campus will include high-end locker rooms and gourmet grab-and-go food.
The first two phases of the complex are 80% leased to Alteryx, CoStar Group, iHerb, Kajabi and RSM. The office campus is at the intersection of the 405, 5, and 133 freeways.
R.D. Olson lands desert resort contract
R.D. Olson Construction in Irvine has been awarded the construction contract for a luxury resort in La Quinta.
The Robert Green Co. has building permits to begin work on SilverRock Resort and a single-family home community.
“We are excited to be part of the multi-phased construction for the long-awaited SilverRock Resort that has been in the works for many years,” said Bill Wilhelm, president at R.D. Olson Construction.
SilverRock Resort will have 29 single-family homes and 55 condominiums along with two hotel brands.
Construction on the first hotel is set to begin this month, which includes 134 casita-style guestrooms and suites, along with a full-service spa and convention/meeting center.
Irvine building sells for $5.4M
A 16,750-square-foot industrial building at 1711 Langley Ave. in Irvine has sold for $5.4 million, according to Lee & Associates in Orange.
Christopher J Destino and Peter Sowa, both principals of Lee & Associates Orange office, represented the buyer, BB Simon LLC. The seller was not identified by the firm.
Shopoff sells Arizona lots
Irvine-based Shopoff Realty Investments has sold the third and final phase of Desert Moon Estates in Buckeye, Arizona, including 229 single-family lots.
No terms were provided by Shopoff.
All three phases, which combined include 739 lots on 200 acres, were sold to Forestar Real Estate Group Inc., which plans to develop the site into for-sale single-family homes.
The second phase, with 256 lots, was sold in October 2020, Shopoff said. The first phase of 254 lots was sold in October 2019.
Land deal in La Mirada
In other Shopoff news, the firm has bought the ground lease on 7.25 acres of land in La Mirada.
Terms of the deal were not disclosed.
“This property provides an exceptional opportunity to create various commercial-oriented uses that benefit from its I-5 frontage,” said William Shopoff, CEO of Shopoff Realty Investments. “The Shopoff team will work to create sub-ground leases for uses such as restaurants, convenience stores, gas stations, billboard advertising and more.”
The land, which is adjacent to the 5 freeway, is on Firestone Boulevard, with access to the new Valley View Avenue bridge, which will connect motorists to the freeway when completed in 2022.
Westcliff Properties, a real estate and property management company in Santa Ana, has earned a $10,000 grant from Founders First CDC.
Founders First announced the winners of its Job Creators Quest Grant to support underrepresented entrepreneurs in the Southern California region. Ten local businesses each received a portion of the $30,000 grant as well as a full scholarship to one of Founders First CDC’s accelerator programs.
Funding for this program was facilitated by a $1 million grant from the Rockefeller Foundation in conjunction with Founders First Capital Partners’ recent $9 million Series A financing.
The other winners in Orange County was Topflight and owner Joe Tuan in Irvine. The company received a $1,000 grant.:
The Westin Anaheim Resort has received the AAA Four Diamond designation by the American Automobile Association.
The honor recognizes the resort’s hospitality, customer service, cleanliness and other qualities that meet the AAA rating.
Along with its diamond designation, the hotel also passed AAA’s new Inspected Clean enhancement, which includes testing to measure cleanliness in high-touch areas and surfaces.
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 firstname.lastname@example.org. Please allow at least a week for publication. All items are subject to editing for clarity and length.
Source: Orange County Register