Crestavilla, a relatively new senior housing property in Laguna Niguel, has been sold, according to Cushman & Wakefield.
The brokerage represented a joint venture between Fremont Realty Capital and Steadfast Development in the sale to affiliates of Kisco Senior Living.
Terms of the deal were not disclosed.
At a cost of roughly $70 million, Crestavilla debuted in 2018, offering upscale senior housing in 201 units comprised of independent living, assisted living and memory care.
The community first met some resistance after it was initially approved in 2012. Residents protested the development at 30111 Niguel Road, citing traffic congestion issues and geological stability of the land. The plans were altered to reduce the number of rooms to 201 from 224 and lower the height of the buildings.
At the time it opened, apartment rental prices started at $6,600 per month, with premium apartments expected to lease for up to $15,000 per month.
Amenities include a fitness center and underground parking. There are five dining venues, a poolside lounge and a rooftop lounge. Outdoor amenities include a 15,000-square-foot active rooftop space with organic greenhouse, art studio and practice green; as well as a year-round heated pool, dog park and a kids’ play area.
Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker and Bailey Nygard handled the transaction.
Irvine-based SB Real Estate Partners has acquired Azura Apartments, a 387-unit, garden-style apartment complex in Phoenix, for $91 million. (Courtesy of SB Real Estate Partners)
Phoenix apartments acquired for $91 million
Irvine-based SB Real Estate Partners has acquired Azura Apartments, a 387-unit, garden-style apartment complex in Phoenix, for $91 million.
The firm said it will be rebranding the property as Portola North Phoenix and planning to spend $4 million to update the exterior and curb appeal, common area amenities and unit interiors.
Cliff David and Steve Gebing with Institutional Property Advisors represented the buyer.
Standard Communities has acquired the affordable senior housing complex Heritage Village Anaheim. The deal was part of a $195 million three-property acquisition for the firm that included a combined 559 rental units in California. (Courtesy of Standard Communities)
Anaheim senior complex sells in three-way deal
Standard Communities has acquired the affordable senior mixed-income housing complex Heritage Village Anaheim.
The community has 196 units on 5 acres at 707 West Santa Ana St.
The deal was part of a three-property acquisition for the firm that included a combined 559 rental units in California.
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Standard Communities paid $195 million for the portfolio, including more than $19 million dedicated to renovations.
The other complexes include Heritage Park Escondido (196 units on 4.95 acres) and Heritage Park Livermore (167 units on 8.17 acres).
Standard said it will update plumbing, HVAC electrical, fire safety and security upgrades, roof, door and window repair or replacement and re-painting of buildings.
The common areas and amenities also will be renovated and upgraded. All units will get new kitchen cabinets with energy-efficient appliances, plus bathroom renovations and new flooring.
Standard Communities completed the Heritage transaction in partnership with the non-profit Housing on Merit and an institutional joint venture equity partner.
Alan Pekarcik has joined Kidder Mathews’ Irvine office as executive vice president, specializing in investment properties. (Courtesy of Kidder Mathews)
On the move
Alan Pekarcik has joined Kidder Mathews’ Irvine office as executive vice president, specializing in investment properties. He has 35 years of experience in commercial real estate and previously was at both Avison Young and Voit Real Estate Services.
Real estate transactions, leases and new projects, industry hires, new ventures and upcoming events are compiled from press releases by contributing writer Karen Levin. Submit items and high-resolution photos via email to Business Editor Samantha Gowen at sgowen@scng.com. Please allow at least a week for publication. All items are subject to editing for clarity and length.
