LOS ANGELES – Trion Properties, a Los Angeles-based real estate investment company acquired two multifamily properties in the California cities of El Cajon and Sacramento.In El Cajon, Trion acquired a 22-unit apartment building for $2,350,000, or $106,818 per unit. In Sacramento, the company acquired a 128-unit apartment building from a lender for $4,900,000, or $38,281 per unit.
SAN DIEGO – OliverMcMillan, a San Diego-based real estate development firm, and Capri Capital Partners, are building The Lofts at 688 13th Street, with a two-year construction schedule. The Lofts at 688 13th Street is planned as a five-story residential building fronting 13th Street between Market and G Streets in the East Village Arts District of downtown San Diego. Covering three-quarters of a city block, the new construction includes 208 mid-rise and ground-level apartments with studio, one-bedroom and two-bedroom residences and about 5,000 sf ground-level retail.
FORT LAUDERDALE, Fla. – The Morgan Group, a Houston-based multifamily developer has broken ground on a 331-unit midrise apartment development in Flagler Village in south Florida. Morgan acquired the site, which is located just north of the Las Olas River in downtown Fort Lauderdale, in December 2012. First move-ins are projected for Summer 2014. The site, which fronts Federal Highway, marks the return of The Morgan Group to south Florida and the company’s first development within Broward County. Said Chairman and CEO Mike Morgan. “We were very active in the area until the late 1990s and are looking forward to growing our presence here once again. Richard A. Buck is leading our regional development efforts and we’ve recently opened an office in Fort Lauderdale.”
PLAYA DEL REY, Calif. – Hendricks-Berkadia announced the sale of Tiffany Apartments, located at 8040 W. 83rd Street in Playa Del Rey. The 18-unit apartment community was sold for $4,325,000, $125,000 over asking price. The sellers had received 25 offers on the building, eight of which were at or over asking price. The transaction was negotiated by Steffan Braunlich and Mike McKinney of the South Bay Los Angeles office of Hendricks-Berkadia.