A 28-unit coastal multifamily property at 901 Ocean Ave. sold to MDNI Group for $23.5M, or more than $839K per unit. The buyer also assumed roughly $2.4M in transaction-related obligations.
The sale was completed through a court‑supervised receivership, with CBRE representing the court-appointed receiver. CBRE announced the sale but did not name the buyer. The Real Deal reported it was Sherman Oaks-based investor MDNI.
The seller was Coastline Real Estate Investments, which bought the three-story building in 2021 for $33M.
PEOPLE
Cityview has hired Gabi Franco as managing director of asset management. As part of his new role, Franco will oversee the firm's development and value-add assets. Previously, he was partner at Interstate Development and partner and head of asset management at Carmel Partners.
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RDC has named Sean Unsell principal. Unsell is a co-leader of RDC’s retail, grocery and market group, a design practice focused on grocery stores and retail centers. Unsell leads RDC’s Aldi team and has also worked on Sprouts locations. He has been with RDC for more than 38 years.
SALES
Marcus & Millichap announced the sale of 2029 S. Hacienda Blvd., a roughly 24K SF shopping center in Hacienda Heights. The property sold for $13M, or about $550 per SF.
The buyer plans to maintain the property's established tenant base while growing rental income over time, according to a release announcing the sale.
Marcus & Millichap’s Ron Duong had the listing on behalf of the seller, an unnamed Orange County-based private partnership. The buyer was an undisclosed Los Angeles-based private investor.
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Marcus & Millichap announced the sale of 7203 Rubio Ave., a 30-unit multifamily property in Van Nuys. The property sold for $9.5M, or more than $316K per unit. Built in 2013, the property is not subject to the Los Angeles rent stabilization ordinance.
Marcus & Millichap’s Neema Ahadian and Leonardo Laterza had the exclusive listing to market the property on behalf of the seller, which, along with the buyer, was not named.
Marcus & Millichap Capital Corp., a subsidiary of Marcus & Millichap, secured $6.2M in acquisition financing. The firm’s Danny Abergel secured a five-year loan at 67% loan-to-value with a national bank on behalf of the buyer.
CONSTRUCTION AND DEVELOPMENT
Shopoff Realty Investments has secured unanimous approval from the Buena Park City Council for 5600 Beach Blvd., a 13.76-acre residential development in Buena Park. The property is occupied by Amway Corp., with a corporate sale-leaseback in place, and consists of two industrial buildings totaling approximately 370K SF. The development aims to deliver 231 three-story townhomes and duplex units, along with 50 for-rent senior affordable housing units, for a total of 281 new residences in Buena Park.
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Lennar unveiled a planned 351-residence project in Carson that will include a mix of condos and townhomes, according to Urbanize LA. The homes are selling now, though there's no information on the timeline for the project.
