ANAHEIM, CA – LMC, a leader in apartment development and management, announced the start of leasing of Core, a luxury apartment community located in the Platinum Triangle district of Anaheim.

The five-tale community, which contains 400 apartment homes, features a commuter-friendly location and expedient access to many of Anaheim’s key attractions. Core joins a Platinum Triangle area that has morphed from an industrial site to a desirable urban locale with newly developed housing, office space and retail. First go-ins started June 1.

“Platinum Triangle is one of the hottest and most emerging districts in Orange County, and we’re thrilled to be a part of it,” said Ryan Gatchalian, division president of Southern California for LMC. “We believe Core, from its aesthetic design, top-of-the-line amenities and tech-related features, will provide a comfort and convenience that serve as a perfect fit for those moving to a new, on-the-rise neighborhood.”

Situated at 1815 S. Westside Drive, Core sits within a small drive of local attractions such as Disneyland, Angel Stadium, House of Blues and the Honda Center, home of the NHL’s Anaheim Ducks and high-profile concerts and events. The community also boasts prime access to Interstate 5 and California State Routes 22 and 57, which provide connectivity to the greater Los Angeles area and beyond. In addition, the Anaheim Regional Transportation Intermodal Center (ARTIC), with train, Metrolink, bus and other transportation services is located just over a mile from the community. 

Core is centrally located among some of Anaheim’s most notable nightlife options and breweries, such as Legends Craft Brewery, Packing House, Noble Ale Works, Karl Strauss Brewing Company, JT Schmid’s Restaurant & Brewery and BJ’s Restaurant & Brewery. Among the vast local retail options are Anaheim GardenWalk, Anaheim Plaza, Anaheim Hills Festival, Anaheim Town Square, Anaheim Marketplace and The Outlets at Orange. 

Core consists of studio, 1- and 2-bedroom apartment homes and townhomes ranging from 604 to 1,463 square feet. Included are 2-bedroom townhomes and 2-bedroom loft layouts. Apartment interiors are furnished with hardwood-style flooring in living areas, quartz countertops, stainless-steel appliances with slide-in gas ranges, under-mount cabinet lighting, designer plumbing fixtures, keyless entry, modern kitchen and bathroom cabinetry, and walk-in closets. Select homes feature nine- to 12-foot ceilings. 

Residents also have access to the “stlt” suite of amenities, which include an exclusive co-working lounge with private offices and conference capabilities; a state-of-the art fitness and training center with motivational Fit Wall; and Lennar Dream Suite by Lutron, which provides the ability to control automated shades, lights and thermostat from a smartphone. Additional community amenities include a resort-style pool with chaise lounges, outdoor sports bar with TVs, spa retreat with day beds and resident lounge with catering appliances. Residents also have access to electric-vehicle charging stations and 24-hour digital package lockers. 

Core will join the five apartment communities LMC has developed in southern California. Others include Malden Station(Fullerton), Olympic & Olive (Los Angeles), The Colony at the Lakes (West Covina), The Highland Residences (Hollywood) and Shift (San Diego; to open in June). Three others are currently under development, including Marisol, Luma and Oceanaire. Two others, North Park and Symphony, are slated for future development.

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PITTSBURGH, PA – Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Ascent Four Thirty, a 319-unit luxury apartment community located in the affluent northern Pittsburgh suburb of Wexford, Pennsylvania. The property sold for $61,025,000, which equates to $191,301 per unit.

“The Wexford area has experienced significant population and employment growth over the past decade and shows no signs of slowing down,” says Joshua Wintermute, IPA senior director.

“Ascent Four Thirty’s best-in-class resort-style amenity package, combined with its modern, high-end interior finishes and first-class location, make the community a highly desirable choice for discerning renters,” adds Michael Barron, IPA senior managing director. “As demonstrated by the asset’s 61 ‘Premium’ apartments, the implementation of select interior improvements will reposition the property for increased revenue.”

Wintermute, Barron and IPA senior managing directors Daniel Burkons and Victor Nolletti represented the seller, The NRP Group, and procured the buyer, a joint-venture between Buligo Capital and Graycliff Capital. Mark Taylor is Marcus & Millichap’s broker of record in Pennsylvania.

“The level of interest we were able to generate for this offering reaffirms Pittsburgh’s desirability on a national level,” notes Burkons. “Through our marketing efforts we were able to procure over 20 offers to buy the asset. The offers came from interested buyers ranging from high-net-worth private individuals to institutions, as well as foreign capital.”

The property is located 25 minutes north of the Pittsburgh Central Business District and the Pittsburgh International Airport. Nearby major employers include Alcoa, the Allegheny Health Network, PPG Industries Inc., the UPMC Health System and Westinghouse. There are multiple retailers and ample office and industrial space within a four-mile radius.

Ascent Four Thirty was built in 2015 and features 17 three-tale residential buildings, a 2,500-square-foot fitness center, large conference room and spacious gathering area. There is a resort-style heated swimming pool with an expansive sundeck.

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ORLANDO, FL – Inland Private Capital Corporation announced the sale of the Retreat at Orlando, an 894-bed student housing community located in Orlando, Florida. IPC, through its subsidiary, which serves as asset manager, facilitated the sale of the property on behalf of one of its 1031 investment programs.

Located approximately two miles southwest of the University of Central Florida (“UCF”) campus and 11 miles northeast of Orlando’s central business district, the 427,657-square-foot property is located at 11037 Retreat Avenue in Orlando. The Retreat at Orlando caters primarily to students enrolled at UCF, the second largest university in the nation.

Constructed in 2014, the Retreat at Orlando community consists of 143 apartment buildings with 964 parking spaces. Residents can select from 33 cottage-style floor plans that range from a two- to six-bedroom design with private bedrooms and bathrooms, gourmet kitchens, spacious closets, nine-foot ceilings, a full-size washer and dryer and a front porch or back patio with private access.

The property also features a resort-style, multi-tiered swimming pool with cabanas and hammocks, a 24-hour fitness center, an 11,000-square-foot clubhouse with a catering kitchen, computer lab, pool tables, lounge area and golf simulator, a sand volleyball court, tennis court, a picnic area with barbecue grills and shuttle service to the UCF campus.

“The Orlando Student Housing DST marks our Company’s first full-cycle transaction on our student housing platform for IPC’s investors,” said Keith Lampi, president and chief operating officer of IPC. “We bought the property in 2015, and it provided consistent income and a substantial profit on sale, resulting in a 10.48 percent average annualized return to investors.”

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