This Week's LA Deal Sheet
Waterford Property Co. announced that, in partnership with the California Statewide Communities Development Authority, it acquired a 386-unit multifamily property in Anaheim to convert into workforce housing.
Waterford led the acquisition efforts of Parallel Apartments in partnership with CSCDA for $156M.
The project is part of a workforce housing finance program created last year by CSCDA that allows it to use tax-exempt bond financing to acquire multifamily projects for moderate-income households without the use of public subsidies. The apartment complex is 95.5% leased.
Waterford and CSCDA acquired the property from UDR. Joseph Smolen, Geoff Boler and Lee Redmond of Eastdil Secured represented the buyers and the sellers.
PEOPLE
City National Bank promoted Lindsay Dunn to executive vice president and head of real estate banking. Dunn will be responsible for providing a wide range of financial services to real estate developers and investors in markets in which the bank operates. Over the last 15 years, Dunn has held leadership roles at City National, most recently serving as regional manager of real estate banking and overseeing the greater Los Angeles area and Santa Barbara and Ventura counties.
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Kimberly Brown joined Cushman & Wakefield as managing director, asset services, focused on business development in California. Brown’s role will include guiding clients seeking to grow their real estate holdings and driving Asset Services expansion for Cushman & Wakefield’s office, industrial and retail platform. Brown brings over 30 years of experience in operations, leasing, accounting, project management, and business development nationally and regionally and across the office, industrial, retail and multifamily sectors.
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Partner Engineering and Science Inc. hired Bob Barone as its director of construction services. Barone previously held executive roles at CBRE Assessment & Valuation Service and IVI International. Barone was one of over a dozen recent major new hires at Partner. Partner grew by 8% in 2020, bringing it to more than 1,000 employees.
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The University of Southern California’s Lusk Center for Real Estate has announced the appointment of Bill Witte, chairman and CEO of Related California, as board chair and Nadine Watt, CEO of Watt Cos., as vice chair. Witte replaces Emile Haddad, chairman and CEO of FivePoint Holdings, who had served as chair since 2017.
SALES
Avanath Capital Management acquired The Grove Senior Apartments, an 85-unit senior housing community in Garden Grove, for $19.85M. Avanath is headquartered in Irvine, but this is its first acquisition in Orange County. According to Avanath Chairman and CEO Daryl Carter, the apartment complex has remained 100% occupied and maintained collections throughout the coronavirus pandemic.
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Nashville-based real estate investment firm Healthcare Realty Trust purchased a multi-tenant office building in Laguna Woods for $13.1M. The two-story building features 171 parking spaces and suites ranging from 800 SF to roughly 5K SF. The property was 89% leased to medical and professional tenants at the time of sale. CBRE’s Anthony DeLorenzo, Gary Stache, Doug Mack, Bryan Johnson and Keith Black represented the seller, a private local investor.
CONSTRUCTION AND DEVELOPMENT
Irvine-based Shopoff Realty Investments announced that its $90M condominium community, Parkhouse Residences, will begin construction in March. The complex’s 30 residences will break ground next month and open for sales in April. The condos will be part of the $1.25B master-planned development Uptown Newport, also developed by Shopoff and underway now.
FINANCING
Bank of America’s Community Development Bank provided $433M in Los Angeles in 2020. This represents a 17% increase in financing from the year prior. The financing resulted in more than 670 units of affordable housing for seniors, veterans and formerly homeless people.
One local project, the Hollywood Arts Collective, received a $56.9M construction loan and $50.7M Low-Income Housing Tax Credit equity. When complete, the building will hold 152 units available to renters making between 30% and 60% of the area median income, with a preference given to artists.
