SAN DIMAS, CA – Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Trails at San Dimas, a 288-unit apartment property in San Dimas, California. The asset sold for $78.5 million, or $272,569 per unit.

“Trails at San Dimas is a sizeable asset in a primary market that gives the new ownership an brilliant strategic value-add opportunity,” said Kevin Green, an IPA senior managing director. “San Dimas continues to be a heavily supply-constrained market; there is a lack of available land and aggregating parcels is hard. Only 156 units have been added to the apartment stock in San Dimas in the last 10 years, and the average vacancy is 2.5 percent.”

Green, Greg Harris, IPA executive director, and Joseph Grabiec, IPA senior director, represented the sellers, Stockbridge Capital Group and CNS Focused Investments, and procured the buyer, Korda Group.

“Located near the San Gabriel Valley’s major medical, tech and industrial sectors, the property provides tenants access to a vast array of employment opportunities in Orange County, the Inland Empire and Central Los Angeles,” added Grabiec. “Its location expands the renter pool, promotes above-average rent growth and high occupancy levels.”

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BROOKLYN, NY – $51,000,000, in two separate loans, was arranged by Brad Domenico, Partner at Progress Capital, for Jorge Madruga of Maddd Equities and Eli Weiss of Joy Construction to complete two borough acquisitions.  The acquisitions include 77,675 sf of paved parking along River Road at the intersection of McClellan Street in the Bronx and the 115,000 sf American Self Storage Building located at 202-208 Tillary Street in Brooklyn.

“Parking lots and self-storage facilities are an often-misunderstood asset class, and as such securing a mortgage when acquiring such properties can be challenging with the difficulty in forecasting future projections and potential uses while navigating zoning and height restrictions for future development. Working with Domenico we were able to not only secure financing quickly, but also increase the leverage of both borrowings with flexible prepayment terms,” mentioned Jorge Madruga of Maddd Equities. 

The River Avenue parcel will be the eventual site of two affordable housing towers which will include 172,000 sf of residential space, ground level retail and sub-grade parking. Ownership will continue to operate the Tillary site as self-storage until they finalize their plans to convert it into a 235,000 sf residential building.  The project will operate under the city’s mandatory inclusionary housing policy with 25% of its units to be permanently affordable.   

Both loans are interest only bridge loans to provide time for ownership to do their development plans.   Domenico negotiated the amount and terms of the loans with Jared Zimmel of Natixis.  Neal Sroka of Douglas Elliman brokered both sides of the sale transaction. 

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ANAHEIM, CA – The gorgeous beaches aren’t the only thing attracting residents to Orange County these days. With more than 1.4 million jobs identified in the area, this growing submarket has an overwhelming need for multifamily development and new living experiences.

JPI, who has called Southern California home for more than 20 years, intends to meet those needs with their newest Class A multifamily development. Rev at Platinum Park, which closed financing today, will start construction in Anaheim. The financial partners for the development are MORE Residential and Bridge Bank.

“We’ve been in this market for a long time, so we have a unique opportunity to serve the residents of Anaheim,” said Rosie Cooper, executive vice president and regional managing partner at JPI. “Our research has shown that residents aren’t just looking for a nice place to live – they are looking for a place that fits their lifestyle. Being in the heart of the prestigious Platinum Triangle opens up this community to the energy around it. We are excited to welcome Rev at Platinum Park to Anaheim and see the impact it will make.”

“We are excited to partner with JPI on such a high-caliber project,” said Mark Alfieri, chief executive officer at MORE Residential, the joint venture/equity partner on Rev at Platinum Park. “This well-thought-out development reflects our strategy of building a high-quality portfolio of multifamily properties through partnerships with exceptional development sponsors.”

Rev at Platinum Park, a 332-home community located in the Platinum Triangle area of Anaheim at the intersection of East Gene Autry Way and South State College Boulevard, will include 14,600 square feet of commercial space. This will be JPI’s third community within walking distance of the Platinum Triangle.

“JPI’s Rev at Platinum Park exemplifies Bridge Bank’s commitment to invest in vibrant developments in communities that are the cornerstone of economic growth. Anaheim’s Platinum Triangle, and JPI’s visionary development, is a perfect example of that commitment,” said Maggie Hsu, vice president and senior loan officer in Bridge Bank’s Construction Lending Group.

Residents will delight in being within walking distance of the 45,477-seat Angel Stadium of Anaheim, home to the Los Angeles Angels. Residents are also just minutes away from an array of nearby entertainment options including new eateries, breweries, the Packing District, Disneyland and the Honda Center concert venue, home of the Anaheim Ducks.

Rev at Platinum Park, a podium-style community, was designed with a mix of modern and industrial architectural styles. The design includes an expansive courtyard with a pool and a resort-style sunken island. This project boasts a large multiuse resident clubhouse and two rooftop decks, all designed with the community experience in mind. Residents can come together and delight in views of the ballpark and Disneyland’s nightly fireworks show. The community includes multiple barbecue areas, an outdoor lounge, and a state-of-the-art indoor fitness center with an outdoor workout space for those who delight in the breeze. Residents will also delight in access to the adjacent 1.09-acre dedicated public park, which includes an off-leash dog area.

For residents working at top employers in the area such as Disney, UCI Medical Center, PuroClean, Volt Information Sciences and Hilton, Rev at Platinum Park is convenient to the I-5 and SR-57 freeways and the $188 million Anaheim Regional Transportation Intermodal Center.

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