One of Fullerton’s larger apartment complexes has traded hands in a $38.3 million deal.
University Crossings—a 248-apartment complex next to California State University, Fullerton—recently sold to San Mateo-based Acacia Capital Corp., according to brokers with the Newport Beach office of CB Richard Ellis Group Inc. who worked on the deal.
The sale works out to about $154,000 per apartment for the complex, which is located at 2404 E. Nutwood Ave. and caters to students.
It’s the only local complex Acacia has bought of late, according to Business Journal records. The real estate investor has bought more than 20,000 apartments in total since it started, according to the company’s website.
Acacia also invests in residential land deals and has helped homebuilders finance more than 40,000 home lots.
Seattle-based Security Properties Inc. sold the Fullerton complex, which was built in 1975.
Apartments at University Crossings run from 600 square feet to 800 square feet, and monthly rents range from about $1,100 to $1,500, according to rental websites.
The deal was brokered by CB Richard Ellis’ Ray Eldridge and Michelle Jeffcoat, who work in Newport Beach, as well as Andrew Behrens, who works in the company’s San Francisco office.
Olen’s Refi
Newport Beach developer and property owner Olen Properties Corp. has refinanced an eight-property portfolio of complexes in Florida and Nevada that represents a large chunk of its apartment holdings.
Olen owns more than 10,000 apartments across the country, primarily in the Las Vegas and South Florida areas.
It’s also Orange County’s second-biggest office landlord behind Newport Beach-based Irvine Company.
Olen’s refinancing deal, valued at $220 million, is for about 2,500 apartments, according to the Irvine office of Holliday Fenoglio Fowler LP, which helped arrange the deal.
Three of the complexes, totaling about 1,000 apartments, are in Las Vegas. Two others, which combine for another 392 apartments, are in nearby Henderson and Summerlin.
The Florida complexes are in Coral Springs, Palm Beach and Weston.
The eight complexes are said to have an average occupancy of more than 90%.
Holliday Fenoglio Fowler executives, led by senior managing director Don Curtis, said they secured eight separate fixed-rate loans for Olen through M&T Realty Capital Corp.
The 10-year loans cut Olen’s cost of capital and boost liquidity, according to Holliday Fenoglio Fowler, which provides capital-markets services to commercial real estate companies.
In addition to owning more than 36 apartment complexes, Olen’s real estate portfolio counts more than 6 million square feet of commercial properties, with a large percentage of its office and industrial portfolio here.
Donahue, Too
Costa Mesa-based shopping center developer Donahue Schriber has pulled off a large refinancing of its own on a 10-property portfolio of buildings.
The company said it recently completed a $248.5 million refinancing for the bunch, which total about 1.3 million square feet of retail space.
Local properties involved in the refinance include the 113,000-square-foot Aliso Pacific Plaza, a shopping center in Aliso Viejo anchored by a Ralphs grocery store. Also included is a pair of Fountain Valley properties totaling more than 150,000 square feet, including an Albertson’s grocery store.
The financing was arranged by the Newport Beach office of CB Richard Ellis’ capital markets debt and equity finance group.
Allstate Life Insurance Co. provided $204 million of the financing at a fixed rate and $44 million at a floating rate.
Donahue Schriber’s holdings total about 12 million square feet of shopping centers in California, Nevada, Arizona and Oregon.
Brandywine’s Latest
Irvine-based Brandywine Homes said it’s set to break ground next year on a new townhouse project in Rancho Santa Margarita.
The homebuilder is planning a $31 million, 66-home project on a 4-acre parcel of land it recently bought near the Foothill (241) Toll Road.
The project, called the Bungalows, calls for 11 buildings at 30482 Avenida De Las Banderas. It will include two- and three-story homes priced from the $400,000s to the mid $500,000s.
The townhomes will range from about 1,600 to 2,100 square feet, according to Brandywine President Brett Whitehead.
Construction on the townhomes is scheduled to begin early next year. The entire project is expected to be finished in 2015.
