NEWPORT BEACH, CA – HFF announced the closing of a $121.7 million participating mortgage for the development of Anton Milpitas 730, a 266-unit, Class A multi-housing community with 1,800 square feet of retail in Milpitas, California.

The HFF team worked on behalf of the developer, Anton DevCo, to arrange the participating loan through an institutional partner. This is the second phase of Anton’s two-phase development. The HFF team also arranged a participating mortgage for Phase I, which is already under construction, in a transaction that closed in May 2017.

Anton Milpitas 730 is due for completion in 2020 and has been designed to LEED Silver specifications. The five-tale, wrap-style building will offer a unit mix ranging from studios to two-bedroom units averaging 762 square feet. Plotted project amenities include co-working space; dining and community courtyards; outdoor social space; a resident lounge; rooftop fitness center and pool overlooking the city; pet spa; bike repair station; lounge and a 372-space, six-tale parking garage. Units will feature high-speed internet, various smart technology features and upgraded finishes, including quartz countertops and gas ranges.

The transit-oriented project is located on 3.34 acres at 730 E. Capitol Avenue directly across from the nearly completed Milpitas BART station with access to the BART station and VTA Montague light-rail platform through a common access point immediately adjacent to the project. BART will provide residents with a less-than-one-hour commute to San Francisco’s Financial District, and the VTA light rail will provide access throughout Greater San Jose.

The HFF equity placement team included senior managing director Sean Deasy, senior director Mark Erland and director Matthew Benson.

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LOS ANGELES, CA  – TruAmerica Multifamily in partnership with Intercontinental Real Estate Corporation has bought the leasehold interest in the largest transit-oriented development in San Diego County, the 527-unit Alterra & Pravada at Grossmont Station in La Mesa, CA. 

“High-density, transit oriented development such as Alterra & Pravada is an example of smart growth and sustainability principles that promote housing affordability and reduce traffic congestion on our streets and highways,” said TruAmerica CEO and founder Robert E. Hart.  “We continue to seek accretive investments where we can add value and generate appropriate risk adjusted returns for our investors, while at the same time contribute to the solution of quality affordable workforce housing with access to jobs, not just here in California but throughout the United States.” 

Completed in 2010 by the seller Fairfield Grossmont Trolley LLC in partnership with the Metropolitan Transit Authority, the LEED Gold certified community features one- and two-bedroom units situated in six, four-tale buildings on a high-density eight-acre site.   Of the 527 units, 15% are dedicated for rent to moderate and very low housing wage earners. 

TruAmerica and Intercontinental will undertake a capital improvement program that will consist of a modest refresh of the nearly 10-year-ancient interiors as units turn, and will upgrade the common area amenities that include Alterra & Pravada’s two clubhouses, two pools and pool decks.  The exterior renovation program also will include new landscaping and paint to improve the overall curb appeal of the community.  

“Upon the execution of our business plot, residents will benefit from an upgraded living experience, complementing Alterra & Pravada’s greatest amenities which are its location, walkability and commutability, setting it far apart from other properties in the competitive set,” said Jessica Levin, Senior Director, Acquisitions for Intercontinental Real Estate Corporation.  “We believe that this compelling combination will make this asset an brilliant long-term investment for our investors.”

The largest of 23 transit-oriented developments (TOD) in San Diego County, the poperty is located immediately adjacent to the Grossmont Transit Center at 8727 Fletcher Parkway in La Mesa, 11 miles east of downtown San Diego. Served by the Orange and Green Lines of the San Diego Trolley and Metropolitan Transit Center bus lines, The Grossmont Traffic Center is a key trolley system transfer point providing direct routes to the region’s major entertainment and employments hubs including El Cajon, Mission Valley and Downtown San Diego. Much of the success of Alterra & Pravada as a TOD is reflected in the average weekday boarding count of more than 2,600 riders at Grossmont Trolley station making it one of the heaviest used stops in San Diego County. 

Alterra & Pravada is also within walking distance to The Grossmont Shopping Center with more than a million square feet of retail shops and restaurants, as well Sharp Grossmont Hospital, La Mesa’s largest employer. 

In 2012, The League of California Cities recognized Alterra & Pravada for combining many of the current smart growth points, utilizing existing infrastructure, promoting transit and providing measures for sustainability with close proximately to jobs and entertainment.

With the acquisition of Alterra & Pravada, TruAmerica Multifamily’s San Diego portfolio totals more than 1,600 units with assets in Oceanside, Vista, Escondido and El Cajon.     

This is the seventh joint venture for TruAmerica and Intercontinental, which together own more than 2,200 units in California and Washington.  

Kevin Mulhern, Rachel Parson, Stewart Weston and John Montakab  of CBRE’s San Diego Multifamily Investment Group represented TruAmerica and Intercontinental and the seller, Fairfield Grossmont Trolley LLC in the transaction.

The acquisition was leveraged with 10-year financing through Fannie Mae’s preferred borrower program, Borrower Channel, arranged by CBRE’s Capital Markets group led by Vice Chairman Troy Tegeler in the firm’s Orange County, CA office.  

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CHICAGO, IL – CIM Group and Golub & Company announced the sale of a 40-tale, 397-unit luxury multifamily residential tower at 1001 South State Street in Chicago’s South Loop neighborhood. The companies jointly developed the 440-foot tall building at the corner of 9th and State Streets and delivered it for occupancy in August 2016.

CIM Group and Golub & Company brought contemporary residences offering an array of technology-focused amenities to the South Loop, one of Chicago’s fastest-growing and desirable neighborhoods. 1001 South State features a communal workspace where residents have access to a state-of-the-art CNC milling machine and a 3D Laser Printer, equipment that appeal to many in the technology start-up and related businesses. The property also provides a co-working space with an interactive whiteboard technology presentation system, common areas outfitted with USB stations, and a shared media and game room.

1001 South State also offers residents abundant outdoor gathering and recreation options including an outdoor pool and sundeck, an outdoor hot tub, a terrace with cabanas and grilling stations, and a birch grove. Residents also have access to a fitness center, a specialty yoga studio, a conference room, a bike share and repair room, a dog run and pet grooming area, a resident lounge, and services including automated package pick-up and dry cleaning. Complimentary Wi-Fi is available throughout common areas and adding to the buildings top-tier connectivity, units are fitted with smart phone-compatible thermostats and USB ports in the kitchens and bedrooms.

CIM and Golub continue to bring community-focused mixed-use properties to Chicago, including luxury condominiums at Tribune Tower and 1550 on the Park. The companies together also own and operate the 625 North Michigan Avenue office building.

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