The University of Antelope Valley sold a hotel-turned-university building for $14.4M. The 88K SF former university campus sits on approximately 6.4 acres in Lancaster. The university closed in 2024. 

The buyer, 44049 Sierra Hwy Propco LLC, acquired the vacant campus with plans to reposition the property as a regional hub providing community support services, workforce development programming and administrative help for residents, in partnership with Los Angeles County. Daum Commercial’s Dennis Marciniak represented the seller.

PEOPLE

Echelon Studios Management announced that Jamie Crosbie has joined the company as executive vice president and head of studio operations. Crosbie will be responsible for overseeing studio operations, client and production services, and facilities. Crosbie was at NBCUniversal for nearly a decade, overseeing soundstage and backlot operations as well as production services.

Echelon Studios Management is based in Hollywood, but Crosbie will oversee the studios in Hollywood and two in New York: Echelon Studios Bushwick and Echelon Studios Red Hook. 

SALES

CBRE facilitated the $21M sale of Tournament Patio Apartments, a 60-unit multifamily community at 4111 W. 239th St. in Torrance. 

CBRE’s Derrek Ostrzyzek, Anna Kampling, Rachel Parsons, Kenji Thomas and Mike Murphy represented the seller, JS Bower Foundation. The buyer was Good Capital Group. 

***

Marcus & Millichap sold 1345 S. Beverly Glen Blvd., a 21-unit multifamily property in Los Angeles. The property sold for $8.7M, or just under $412K per unit. The 25K SF property was built in 1988. Marcus & Millichap’s Sam Liberow had the exclusive listing to market the property on behalf of the seller, Southview Investment Co., and procured the buyer, Xenon Investments. 

CONSTRUCTION AND DEVELOPMENT

Hanover Co. began construction on an approximately 200K SF ground-up industrial development at 903 Quimisa Drive in Simi Valley. The project will feature 36-foot clear heights, an 8.5-inch slab, skylights and employee parking, with completion anticipated in summer 2027.

The 13-acre project is Hanover Industrial’s first in Southern California. It is being developed with Hanover’s capital partner, a real estate fund advised by Crow Holdings Capital. 

FINANCING

Canyon Partners Real Estate LLC jointly provided a $74.7M senior construction loan with J.P. Morgan to BCT Development, a joint venture between Bain Capital Real Estate and Cherry Tree Development, for the ground-up development of a Class-A rental townhome community in Riverside.

The development will feature 180 rental townhomes across three-story walk-up buildings, offering a mix of two-to-four-bedroom units. The project is designed to offer larger unit sizes than apartment-style multifamily, private entrances and direct-access garages. It will include a pool, fitness center and clubhouse.

***

Priority Capital Advisory’s Zachary Streit closed a $13.7M bridge loan for the refinance of a 33-unit student housing property at 8833 Reading Ave. in Westchester. The owner is a joint venture of Six Peak Capital and Grandview Partners, which acquired the 0.3-acre site in 2018 and completed construction in April 2025. The property is approximately 88% occupied and contains a unit mix of one-to-six-bedroom floor plans.

THIS AND THAT

Producer Manny Halley acquired a Pacoima studio operated by Quixote North Valley Studios. Halley, through Imani Media Group and Manny Halley Production LLC, immediately assumes 100% operational control of the 125K SF facility under a 25-year lease agreement.

The studio will be rebranded as Imani Studio. The land the studio sits on remains under Rexford Industrial Realty.