Huntington Beach Senior Living Community Sells For $35M: The Los Angeles Deal Sheet
Bascom Group has sold Huntington Breeze, a 114-unit 55-and-over multifamily property in Huntington Beach, for $35M. The coastal development for active seniors holds a mix of studio, one- and two-bedroom apartments.
The seller was represented by Marcus & Millichap’s Senior Managing Director, Investments Joseph Berkson, Voit Senior Vice President Joe Leon, Voit Vice President Nick Ingle, and Newmark Vice Chairman Dean Zander.
Newmark's Vincent Punzi and Lowell Takahashi facilitated acquisition financing on behalf of the buyer, WSW Property Ventures, headed by Steve Wasserman, Pamela Scott and George Wu.
PEOPLE
Matthews Real Estate Investment Services has hired commercial real estate debt and equity specialist Chase Calderon as first vice president.
Based in Encino, Calderon is joining the Matthews Capital Markets division, where he will work nationally. Most recently, Calderon worked at Slatt Capital in Los Angeles, playing a key role in sourcing and structuring debt and equity for predevelopment, construction, bridge and permanent financing.
SALES
Concord Capital Partners acquired a 537-unit, five-property multifamily portfolio in Los Angeles from two separate sellers for $79M. The properties were acquired with a $60.5M senior loan provided by Arbor, supplemented by approximately $30M in equity, according to a release from Concord.
The buildings, all in Koreatown, Westlake or Hollywood, were built in the 1920s. The acquisition includes the 51-unit Fontenoy at 1811 Whitley Ave., the 181-unit Langham at 715 Normandie Ave., the 61-unit Sir Francis Drake at 841 Serrano Ave., the 74-unit Piccadilly at 682 Irolo St., and the 170-unit Park Wilshire at 2424 Wilshire Blvd.
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Lowe purchased Tenth & G, a 207-unit mixed-use apartment complex not far from Petco Park in downtown San Diego. The eight-story concrete complex features a mix of studio, one- and two-bedroom floor plans averaging about 700 SF.
The property sold for $71M, or about $343K per unit, which was well below replacement cost, according to a release from Lowe.
CBRE's Rachel Parsons, Derrek Ostrzyzek, Mike Murphy and Kenji Thomas represented the seller in the transaction. The seller was an entity tied to JPMorgan Chase, according to Commercial Observer.
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ParkTerra and JEN Partners purchased Axis, a 307K SF office portfolio at 2121-2170 Towne Centre Place, 2190 Towne Centre Place and 2390 Orangewood Ave. in Anaheim, for $62.5M.
CBRE National Office Partners’ Anthony DeLorenzo, along with Sammy Cemo and Bryan Johnson, represented the seller, a joint venture of an undisclosed global banking giant and Pendulum Property Partners. CBRE’s Greg Sullivan, Jennifer Whittington, David Dowd and Matt Didier also advised the seller on the sale.
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Elysian Housing and Capstone Equities have purchased a roughly 75K SF office building in Encino for $20.6M with the aim of converting it to affordable housing.
The Lee & Associates LA North/Ventura team of Darren Casamassima and Scott Romick represented the seller, 5435 Balboa LLC, and the buyer in the sale of the property at 5435-5445 Balboa Blvd.
Elysian Housing and Capstone Equities will convert the office building into an affordable housing community called The Oaks on Balboa, which will include 117 studio and one-bedroom apartments.
LEASES
Avison Young negotiated a full-building lease renewal of a Class-A, 206K SF industrial facility at 100 Walnut Ave. in Perris. The tenant, GPA Logistics, signed a 65-month lease renewal.
Avison Young's Cody Lerner and Kameron Graylee worked on behalf of the landlord, a fund managed by Ares Management. Dillon Dummit of Savills represented GPA Logistics.
Ares Industrial Management manages the property, which was constructed in 2022 and features a 36-foot clear height, 27 dock doors and 1,200 amps of power. GPA Logistics has occupied the facility since it was developed.
FINANCING
Parkview Financial, an alternative investment firm specializing in U.S. commercial real estate credit, has announced the close of a $64M construction loan for a new mixed-use development at 8500 Haven Ave. in Rancho Cucamonga, California.
The project will feature six residential buildings, one retail building, and one mixed-use building with 248 garden-style apartment units and ground-floor commercial space. Completion is expected in Q3 2026.
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The owner of the Civic Center Plaza in Simi Valley locked in a $26M bridge loan to refinance maturing debt for the retail center. Gantry arranged the loan for the borrower.
The 145K SF shopping center sits on 11.5 acres. Anchor tenants include a renovated Regal Imax Cinema and a new grocery tenant set to open next year.
Gantry's Mark Ritchie and Austin Ridge represented the borrower, a private real estate operator. The three-year, nonrecourse loan with a variable rate and interest-only terms was provided by funds managed by affiliates of Fortress Investment Group.
UPDATE, AUG. 14, 9:30 P.M. PT: This story has been updated with information about the Bascom Group's representation in the sale of 114 units in Huntington Beach.
