Legacy Managing Maui Condos; Bascom Buys Apartments
COMMERCIAL
Irvine-based LPA Inc. has landed what it called the largest contract in the architectural firm’s 35-year history.
Toyota Motor Sales, the U.S. sales arm of Toyota Motor Corp., has tapped LPA to provide building design, interior design and landscape architecture for a five-building expansion of its headquarters in Torrance.
The new three-story buildings will sit on 40 acres adjacent to the existing 30-acre Toyota campus. The buildings call for 625,000 square feet of space for Toyota’s customer service and financial services divisions. Those units are expected to begin their move to the new buildings in early 2003.
Plans call for Toyota to break ground on the $87 million project on Sept. 7.
As part of the contract, LPA also is redesigning 175,000 square feet of space on the existing 30-acre Toyota campus.
Once completed, the Toyota campus is set to include 70 acres and 20 buildings. To compensate for the increased traffic, Toyota also is funding improvements to nearby streets and landscaping.
LPA is designing the new Toyota buildings to meet the U.S. Green Building Council’s standard for environmentally sound buildings. The standard,dubbed the Leadership in Energy and Environmental Design Green Building Rating System,measures environmental and energy efficiency for the life cycle of a building. The system was adopted in 2000 by The American Institute of Architects, and, so far, only about 35 buildings have been certified nationwide.
Bits and Pieces:
Costa Mesa-based Musser Architects has signed on to design renovations at The Glen, a 147-unit condominium community in La Mirada. Valued at more than $1.4 million, the renovation project has a completion date of March 2002 Irvine-based Avalon Financial Group Inc. has arranged and negotiated $3.3 million in financing for the acquisition of Birch Centre in Newport Beach. A private trust in Los Angeles purchased the 23,000-square-foot office building from CT Realty. The building is 100% occupied The Irvine office of Phoenix-based Opus West Corp. will make its first dip into the multifamily market with two projects on tap in the Santa Rosa area. The two projects are joint ventures with Sausalito-based Thompson Residential Partners LLC and total 202 units. Thompson was formed in 1999 by Will Thompson and Bruce Dorfman, two former senior executives with Irvine Apartment Communities.
RESIDENTIAL
Legacy to Manage Maui Site
The Irvine office of Foster City-based Legacy Partners Residential Inc. makes its first step into the Hawaii market with plans to manage the Maui Park Condominium Apartments. Del Mar Pacific Group selected Legacy to manage the 288-unit, multifamily community.
“We are excited about expanding our portfolio into Hawaii,” said Alfred Somekh, senior vice president of business development, Legacy Partners Residential. “With our extensive experience in residential real estate management, we hope to help reposition Maui Park as premier apartment homes in one of the country’s most picturesque locales.”
With the agreement, Legacy becomes the fifth firm in Hawaii designated by the Institute of Real Estate Management as an “Accredited Management Organization,” according to the company.
Bascom Group Buys Apartments
Irvine-based The Bascom Group LLC paid $11.9 for the 336-unit Oasis at Palmdale Apartments.
Built in 1987 in Palmdale, the complex includes 40 two-story buildings of one, two and three bedroom units. Rents range from $685-$845.
Bascom plans more than $3 million in improvements on the Oasis apartments. Improvements include upgrades to unit interiors, building exteriors and landscaping, office and fitness room renovations as well as signage and entry upgrades.
Bascom is betting Oasis will be a good investment in light of the city’s ongoing improvement projects. Incorporated in 1962, Palmdale’s downtown section has experienced a revitalization push with the completion of the Palmdale Youth Library, Poncitl & #225;n Square, Sierra Bike Trail and the opening of the new $11 million City Hall building and Palmdale Courthouse.
The Palmdale apartment market is currently 96.8% occupied and has seen rents increase 5.8% in the past year.
Stratus Real Estate, Inc., based in Sherman Oaks, is set to provide property and construction management services. Jerome Fink, managing director for Bascom, oversaw the transaction while John Walsh of Marcus & Millichap represented the buyer and the seller, Monterey Palmdale 336. Residential Funding Corp., a wholly owned subsidiary of General Motors Acceptance Corp., provided debt financing.
