Eagle Real Estate Partners and The Vistria Group acquired Crystal View Apartments, a 402-unit workforce housing community in Garden Grove.
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The $132.5 million sale closed June 11.
Eagle and Vistria said they would extend the existing affordable rents to 20% of the complex units that are restricted to households earning (roughly $64,050 for a family of four) and also will establish long-term affordability restrictions for an additional 30% of units at 80% ($102,450) of AMI.
The partnership also said it’s going to launch capital improvements “to enhance the property and resident experience.”
Crystal View features 402 garden-style units built in 1968 and renovated in 2012. The property at 12091 Bayport St. includes 555 parking spaces and amenities such as a resort-style pool, fitness center and sports-complex.
“Investments like Crystal View demonstrate how strong partnerships can preserve affordable housing in high-opportunity, supply-constrained markets,” said Yusef Freeman, partner in the Real Estate division at The Vistria Group.
The Bascom Group on July 13 acquired the 183-unit Castlewood Park Apartments in Buena Park for $53 million or $290,301 per unit. Bascom said AMC will provide property management services for the community, while SD-Cap will oversee the planned property renovations. (Photo courtesy of Bascom Group)
Bascom spends $53M for Buena Park complex
The Bascom Group on July 13 bought the 183-unit Castlewood Park Apartments in Buena Park for $53 million or $290,301 per unit.
Bascom said AMC would provide property management services for the community, while SD-Cap will oversee planned property renovations.
Originally built in 1963, Castlewood offers apartment floorplans averaging 1,028 square feet, garages for every unit and private yards for about 60% of residences.
The complex at 6968 Campus Drive includes 46 buildings on 8.7 acres in a garden-style design with 21 units per acre. The units include two-, three- and four-bedroom apartments, plus there’s a swimming pool.
Bascom said it will “elevate the property through interior renovations, amenity enhancements and the addition of full-time onsite management to further improve the resident experience.”
IPA Capital Markets arranged the acquisition financing, with Brightspire Capital Inc. providing the acquisition loan. The IPA Investment Sales team led by Kevin Green and Joe Grabiec represented the unidentified seller.
Founded in 1996, the investment firm has acquired more than 369 multifamily communities across 20 states.
Fullerton complex snags $2 million
A six-unit apartment complex in Fullerton recently sold for $2 million, according to Morgan Skenderian Investment.
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The complex at 2024 E. Whiting Ave. was built in 1961 and is not far from Downtown Fullerton and Cal State Fullerton.
The property features four two-bedroom, one-bathroom units and two one-bedroom, one-bathroom units, in 4,660 rentable square feet.
Amenities include an on-site laundry facility, a gated courtyard with outdoor seating, six enclosed garages and one additional open parking space.
The brokerage said the owner in recent years has spent some $200,000 in capital improvements. Neither the owner nor the buyer were identified.
Crown Valley Mall sells for $20.5M
Crown Valley Mall, a 62,627-square-foot grocery-anchored shopping center in Laguna Niguel, sold June 30 for $20.5 million.
JLL, which represented the seller, said the same family had owned the property since it was completed in 1969. The buyer, Asana Partners, also was represented by JLL.
The shopping center at 30252 Crown Valley Pkwy. is anchored by Smart & Final and also features Baja Fish Tacos, Dominos, Avis and several other local shops.
”Grocery-anchored centers in south Orange County held by the same family for nearly six decades rarely come available…” said Daniel Tyner, a managing director at JLL. “We look forward to seeing Crown Valley Center continue to thrive under Asana Partners’ ownership.”
Laguna Hills complex trades for $14 million
Alcalde Business Center, a 37,318-square-foot, multitenant industrial park in Laguna Hills, sold June 16 for $14 million to Mosaic Industrial, according to documents viewed online at PropertyShark.
Mosaic Industrial plans to reposition the complex “to serve continued demand from small-bay industrial users in South Orange County,” according to CBRE, which represented both the buyer and seller in the transaction.
The business center includes three buildings and was 94% leased at the time of sale, according to the brokerage.
On the move
Lee & Associates in Newport Beach has added seven commercial real estate team members to its office. They include four senior vice presidents and principals: Ashley McKinley, Bridgette K. Sanossian, David Girty and Dave Stassel. The firm also hired three associates: Nick Sefarian , Alec Griffith and Reese DeAngelo.
The real estate roundup is compiled from news releases and written by Business Editor Samantha Gowen. Submit items and high-resolution photos via email to [email protected] . Please allow at least a week for publication. All items are subject to editing for clarity and length.
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