La Habra Apartments Change Hands for $19 MillionLocal Buyer Acquires 1960s Il Pompeii Complex Sunday, May 5, 2013
Il Pompeii, an apartment complex in La Habra, has changed hands for $19 million.
The 111-unit complex near Beach Boulevard and Lambert Road traded for about $171,170 per unit, or $204 per square foot. The property has 11 buildings and was built in 1969.
“Il Pompeii Apartments is atypical of many properties within its vintage,” said Stewart Weston, senior director for the Irvine office of Institutional Property Advisors, the multifamily brokerage division of Marcus & Millichap Real Estate Investment Services that represented the seller in the transaction. “The seller and original developer incorpor-
ated a number of forward-thinking key amenities and construction features into the original plan.”
Those amenities include barbecue and picnic areas, central air conditioning and heating, a community room and several other features.
The name of the property’s buyer, described by brokers as a “local capital buyer,” wasn’t disclosed. Property records show the new owner having ties to Tarzana-based JB Partners Group Inc.
JB Partners is an apartment investor that owns about 50 properties in California; recent acquisitions the company has been involved in include a Tustin apartment complex that was sold to it for $25.5 million in late 2011.
The seller was an affiliate of La Habra-based Villelli Enterprises Inc., according to property records.
Weston represented the seller in the deal, along with IPA colleague W. Michael Cavner and Marcus & Millichap’s John Nguyen.
Silicon Valley Lease
Irvine-based Bixby Land Co. has leased a recently renovated 165,000-square-foot office campus it owns in San Jose to data storage company Nimble Storage. The lease is one of the larger office deals the Silicon Valley office market has seen this year.
Nimble Storage, a developer of flash-optimized storage products, signed an eight-year lease for Bixby’s River Oaks office campus, a three-building campus in Silicon Valley’s Golden Triangle area.
Bixby bought the 30-year-old property in mid-2011 for a reported $19.5 million and spent an estimated $5 million renovating it.
Nimble Storage’s lease is said to be worth more than $31 million.
The company plans to move its U.S. headquarters to the property from a nearby location. It also has offices in Australia, Germany and the U.K.
An affiliate of Newport Beach-based KBS Realty Advisors is paying $44.9 million for an apartment complex in Frederick, Md.
The company’s KBS Legacy Partners Apartment REIT Inc., an investment fund run in conjunction with Foster City-based Legacy Partners, said it’s buying Crystal Park at Waterford, a 314-unit complex
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