Sentinel Buys Redlands Apartments For $148M: The Los Angeles Deal Sheet
Sentinel Real Estate acquired The Venue at Orange, a Redlands apartment community completed in 2023. The seller was LuxView Properties. The sale price was $148.4M, or $452K per unit, according to a release from Institutional Property Advisors, which brokered the deal.
The 328-unit, garden-style development is a seven-building property. The Venue at Orange offers a mix of one-, two- and three-bedroom units.
IPA's Chris Zorbas, Kevin Green, Joseph Grabiec, Kyle Pinkalla, Alexander Garcia Jr. and Gregory Harris represented LuxView, the seller and developer of the property.
PEOPLE
Kidder Mathews has hired Jamie Rogers to the firm as a vice president in Century City, where he will focus on tenant representation for office and retail occupiers across Greater Los Angeles. Rogers brings more than 20 years of commercial real estate experience spanning both Southern California and New York City. Before joining Kidder Mathews, he spent more than a decade at CBRE in Los Angeles.
SALES
RPK Development sold Pacific Trails, an 84-unit apartment community in Covina, to Langdon Park Capital and Standard Real Estate Investments for $21M.
Owned by RPK since 2018, the sale aligns with the firm's strategy to diversify its holdings beyond California. The Mogharebi Group advised RPK on the transaction.
Built in 1977, the apartment complex sits at 18615 Arrow Highway and features a mix of one- and two-bedroom units housed in nine two-story residential buildings on a 3.2-acre site. The community will be rebranded as Langdon Park on Arrow and will operate under a long-term affordability structure designed to benefit working families, according to a release from Langdon Park.
The Langdon-Standard joint venture secured equity financing from The Community Preservation Corp. Financing also included a Fannie Mae loan arranged by Walker & Dunlop.
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CBRE announced the sale of a 1.7-acre multifamily development site at 9700-9740 W. Pico Blvd. in Beverlywood. Pico BWB LLC acquired the property for $24M. CBRE’s Melinda Russell and Josh Samuels represented both the buyer and the seller.
The site can hold up to 200 units, according to a release from CBRE. It is within walking distance of Century City and adjacent to Beverly Hills.
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Rexford Industrial signed a new tenant to a 123K SF new industrial lease at 8888 Balboa Ave. in San Diego’s Kearny Mesa. Rexford, the property’s developer and the landlord in the lease transaction, leased the entire brand-new Class-A warehouse to an undisclosed tenant.
Colliers Executive Vice Presidents Evan McDonald and Mark Lewkowitz, and Senior Executive Vice President Tucker Hohenstein led the property’s marketing efforts and brokered the transaction on behalf of Rexford. Newmark Senior Managing Directors Wills Allen and Mike McQuaid represented the tenant.
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Civil litigation specialist Behar Gibbs Savage Paulson LLP signed a new two-floor, 36K SF office lease at 1 WTC in Long Beach. The law firm has seven offices, including Long Beach, Santa Ana, Corona, San Francisco, Sacramento and Los Gatos.
JLL’s Mike McKeever represented Behar Gibbs Savage Paulson, and JLL's Jason Fine represented the landlord, Greenlaw Partners/Walton Street Capital.
THIS AND THAT
Kidder Mathews listed for sale a historic movie theater property more recently used as a CVS Pharmacy. The property sits at 909 S. Atlantic Blvd. and was originally built in 1927 as the Golden Gate Theatre.
Senior Vice President Jay Martinez and Associate Vice President Sherwin Soumekh are marketing the 23K SF property for $11M.
