Irvine-based Jamboree Housing Corp. on Thursday unveiled Clark Commons, a 70-unit multifamily property in Buena Park.
The affordable housing development, on a former Public Works yard, is part of a 10-acre site that includes a park and The Parker Collection, 128 solar-powered townhomes and lofts developed by City Ventures.
The property, Jamboree reps said, is 100 percent leased. The waitlist topped more than 3,000 applicants.
“The thousands more on the wait-list reflect the continuing need for a diversity of quality housing for families in Buena Park and surrounding Orange County,” Buena Park Mayor Elizabeth Swift said in a statement.
Monthly rents at Clark Commons range from $535 to $1,280 for households earning 30 percent to 60 percent of Orange County’s median income. The property includes 11 one-bedroom, 37 two-bedroom, and 22 three-bedroom units in three- and four-story structures. The property also includes a 3,000-square-foot community center.
Financing for development of the $29.3 million property includes $7.7 million in funds from the city and $18.4 million in tax credit equity invested by Bank of America, which also provided $2.9 million in permanent financing.
Danielian Associates provided architectural services. Portrait Construction served as the general contractor. Summers/Murphy & Partners was the landscape architect, CDC Designs was the interior designer, and FPI Management is the property manager.
BKM Capital Partners, an institutional fund manager in Newport Beach, has launched its second institutional fund, BKM Industrial Value Fund II, L.P. It will target $300 million in equity commitments and expects to deliver $850 million in buying power. The fund will invest in the acquisition, improvement and repositioning of undervalued multitenant light industrial business parks in markets across the western U.S. BKM’s portfolio encompasses 18 properties in four states including assets in Las Vegas, Seattle, Oregon and Phoenix, among others.
BKM Capital Partners also has relocated its headquarters to an office building in Newport Beach. Previously in Irvine, the firm is now based at 1701 Quail St., Suite 100.
CoStar Group in Washington, D.C., has launched a Spanish apartment-listing site, Apartamentos.com, built to meet the needs of Spanish language households in the U.S. Apartamentos.com is the seventh addition to the Apartments.com network – joining Apartments.com, Apartment Finder, Apartment Home Living, move.com, doorsteps.com and realtor.com.
Trammell Crow Co.’s SoCal-Newport Beach business unit has begun construction on Columbia Business Park, a 1.46 million-square-foot speculative industrial development in Riverside. TCC was selected by Washington Capital Management, adviser to property owner Operating Engineers Pension Trust, Local 12 (Operating Engineers), as the master developer for the 72-acre project. Construction of the three-building park will be phased.
Villa Real Estate has moved to a new office in Newport Center. The office, at 450 Newport Center Drive, Suite 100, encompasses the entire first floor. Key Escrow also has relocated to 450 Newport Center Drive, Suite 150, and offers customer service in escrow. Opening the new corporate office comes on the heels of a record-breaking year for Villa with the company posting total sales volume of nearly $1.5 billion and adding 30 new agents in 2016, for a total of 150 agents in the company’s four offices.
Patrick Lacey of Lee & Associates-Newport Beach represented GL Franklin in a $5.1 million purchase of a 24,570-square-foot industrial building at 14341 Franklin Ave. in Tustin. GL Franklin, a specialty cabinet manufacturing company, bought the property for expansion of its business and will be relocating from Costa Mesa. The property includes heavy power, an upgraded fire sprinkler system, a 5-ton crane, and a concrete paved parking area. The property was unlisted.
DAUM Commercial Real Estate Services represented the landlord in leasing approximately 24,400 square feet of industrial space in Santa Ana. Ink N Burn has signed a 72-month lease at 1124 E. 17th St. The six-year lease is valued near $1.24 million. DAUM coordinated renovations to the facility, including a new roof, HVAC, a climate-controlled warehouse area and 5,000 square feet of new office space. Craig Sullivan and Charlie Winn of DAUM’s Orange County office represented the landlord, while Dale Camera of Lee & Associates represented the tenant, in the transaction.
Western States Technologies has signed a four-year lease valued at $1.5 million with Parcel Pending, a package management company. The new lease is for 26,000 square feet at 1 Vanderbilt in Irvine. Last year, Parcel Pending signed a four-year lease with Western States for 13,500 square feet at 51 Parker in Irvine, according to Western States Vice President Todd P. Miller. A year later, Parcel Pending needed to double its space and will relocate to this larger facility. The company, which provides electronic package lockers for the apartment industry, will use the space at 1 Vanderbilt for its new corporate headquarters.
The real estate briefs are compiled by contributing writer Karen Levin and edited by Samantha Gowen, business editor at the Register.
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