Landmark Properties opened a 1,261-bed student housing complex at 3900 S. Figueroa St., less than half a mile from the University of Southern California. 

The complex holds 429 units, a mix of studios up to five-bedroom units. Each unit comes with in-unit laundry and private bathrooms for each bedroom, as well as kitchens. 

Called The Standard, the property is Landmark’s second ground-up project in Los Angeles. The first was delivered just last year near the University of California, Los Angeles.

Landmark Properties also acquired Icon Plaza and West 27th Place, which serve students attending USC.

PEOPLE

Capstone Advisors hired Jamas Gwilliam as executive vice president. In this role, Gwilliam will lead Capstone Advisors’ asset management, land development, redevelopment and value-creation initiatives. Gwilliam has more than 20 years of institutional real estate experience and joins Capstone Advisors after almost a decade as managing director and partner at Merlone Geier Partners.

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Cresa has hired Bart Pucci as a managing principal in the firm’s Century City office. Pucci advises clients in acquisitions, dispositions and leasing. Pucci joins Cresa from Savills, where he recently represented Smart & Final in a 1.4M SF Rancho Cucamonga distribution center lease. 

SALES

Tishman Speyer announced its acquisition of Rise, a 376-unit apartment complex in Anaheim’s Platinum Triangle. Completed in 2020 and now 95% leased, Rise offers apartments ranging from studios to three-bedroom units. 

Tishman Speyer acquired the 340K SF property on behalf of its TS Plus fund. The purchase was financed in part by an $88M loan through Freddie Mac.   

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CBRE announced the roughly $7M sale of an approximately 24K SF office property located at 2210 E. Route 66 in Glendora to an undisclosed local business that will occupy the space as an owner-user. CBRE's Mark Shaffer, Anthony DeLorenzo, Natalie Bazarevitsch and Dylan Rutigliano represented the seller, Barbary Coast LLC.

LEASES

The Klabin Co./Corfac International completed a $7.2M lease renewal involving a nearly 91K SF industrial facility at 16901-16905 Keegan Ave. in Carson. The Klabin Co.’s Matt Stringfellow and Courtney Bell represented the tenant, Dovetail Furniture & Designs, in the 66-month lease with the self-representing landlord, Alere Property Group. Dovetail is a longtime South Bay-based furniture company.

FINANCING

The Samuel, a 197-unit, Class-A multifamily development in San Diego, secured $80M in construction financing. JLL Capital Markets represented the borrower, CEDARSt. Cos.

When complete, the eight-story development will feature 82 studios, 93 one-bedroom units and 22 two-bedroom units, as well as 189 parking spaces. The project qualifies for ministerial, by right approvals under the city of San Diego's Complete Communities program, which provides expedited permit review for qualifying residential projects near transit.

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Gantry secured a $22M cross-collateralized permanent loan to refinance maturing debt on a Southern California industrial portfolio totaling just under 316K SF. Four buildings in the portfolio are located in Redlands, while an additional building is in Rancho Dominguez. The 10-year, fixed-rate, nonrecourse loan was provided by a private capital lender and includes prepayment flexibility. Gantry will service the loan for the lender.

Gantry’s Stephan Coste and Nick Severson with the firm’s Irvine production office represented the borrower, an undisclosed private real estate investor.

THIS AND THAT

NAI Capital Commercial Executive Vice President David Maling was awarded the exclusive leasing assignment for two newly renovated, adjacent retail centers along Anaheim Street in Long Beach. The centers at 1320 Atlantic Ave. and 955 E. Anaheim St. have undergone extensive renovations and are anchored by Smart & Final and Aldi. Combined, the properties offer more than 140K SF of retail space.