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Azusa Pacific University sold a three-building apartment complex near its campus for $81M.
The buildings contain 316 studio, one- and two-bedroom units in properties along Alosta Avenue in Azusa, The Real Deal reported. The buyer, Positive Investments, bought a 220-unit portfolio across Rosemead and El Monte in January for $68M.
PEOPLE
Matthews Real Estate Investment Services has promoted its former executive vice president David Harrington to president. Harrington began his career at Marcus & Millichap, specializing in debt origination, before moving into multifamily investment sales. He joined Matthews in 2016.
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CapRock Partners hired Mike Kent as senior vice president of asset management and Sean Grubbs as first vice president of capital markets. Kent is responsible for leading the firm’s asset management initiatives and overseeing its industrial portfolio. Grubbs leads the firm’s debt efforts, including managing existing lender relationships, sourcing all new loans and managing the company’s interest rate hedging strategy.
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MedWest Realty hired Kellie Hill, a 25-year industry veteran, as senior vice president. Hill will expand MedWest’s presence in the Southwestern United States in both landlord and tenant advisory services. Before MedWest, Hill was a vice president with JLL, overseeing the company’s healthcare practice in Orange County and throughout the Southwest. In her time there, she negotiated over 800K SF of deals in California, Arizona and Texas.
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Ramser Development Co. hired Adam Deermount as chief investment officer. Deermount has more than 20 years of CRE and capital markets experience. In his new role, Deermount will direct the strategic expansion of Ramser Development’s established portfolio of storage assets across the U.S., including recreational vehicle and boat storage, self-storage and industrial outdoor storage facilities.
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LEASES
E-commerce fulfilment company ShipLab signed a sublease for a freestanding, 86K SF industrial building at 3055 Enterprise Court in Vista. The sublessor was Peloton. ShipLab will use the space for the expansion of its business.
CONSTRUCTION AND DEVELOPMENT
EAH Housing, in partnership with St. Joseph Center, one of Los Angeles’ largest providers of services for low-income and unhoused individuals and families, will build a 61-unit supportive housing community at 4507 Main St. in South Los Angeles. The four-story building will be designed by GGA Architects.
FINANCING
Geoff Palmer locked down a $120M refinance for his Da Vinci Apartments in Downtown LA. George Smith Partners arranged the financing, which was provided by Walker & Dunlop.
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Citizens led a $98.7M loan to Houston-based Hanover Co. to finance the construction of a six-story multifamily housing project in Laguna Niguel. Citizens served as joint lead arranger and administrative agent in the transaction.
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