12/27/2023 0 Comments Expo walk apartments![]() ![]() Brent Hughes has been promoted to chief operating officer at C.W. The concrete tilt-up structures were completed in 2019. The business park has four buildings ranging in size from 81,000 square feet to 158,000 square feet. “Demand for modern industrial space in the Norco/Corona submarket is supported by its accessibility to Orange County,” said Alan Carmichael, a senior vice president at Alere. The complex is leased by Goli Nutrition, a vitamin and nutrition company. Terms of the transaction were not disclosed by either firm. (Courtesy of Alere Property Group) Alere buys industrial complex in NorcoĪlere Property Group in Newport Beach has bought Saddle Ranch Business Park, a 422,000-square-foot industrial warehouse complex in Norco.Īlere purchased the Class A property at 3300 to 3390 Horseless Carriage Drive from CapRock Partners, which is also in Newport Beach. Terms of the transaction were not disclosed. Alere Property Group in Newport Beach has bought Saddle Ranch Business Park, a 422,000-square-foot industrial warehouse complex in Norco. “We’re excited to enter the Inland Empire market and specifically the Redlands submarket, which has been one of the most supply-constructed areas in the country for quite some time,” said Srijin Bandyopadhyay, founder and managing principal at SBREP.īlake Rogers and Hunter Combs of Walker & Dunlop represented the seller, who was not identified. The acquisition is the first for SBREP within the Inland Empire market and is part of the firm’s plan to acquire more than $200 million in apartment assets during the second half of 2021 across the two-county region, Phoenix and Las Vegas markets. Sitting on nearly 8 acres, Portola Redlands also has a swimming pool, picnic and barbecue areas. The 39-year-old complex has two-bedroom garden-style units and townhome floor plans. Joseph Smolen, Geoff Boler, and Lee Redmond represented the buyers and the seller, UDR. Waterford says it has nine communities it has converted from market rate to essential housing, bringing its portfolio to 2,643 units and over $1.6 billion of tax-exempt bond issuances. The Anaheim acquisition is the firm’s third in the city with CSCDA. Rent increases each year are capped at no more than 4%.Įxisting tenants who do not meet the income restrictions are allowed to remain in place until they elect to move. Waterford, acting as administrator, anticipates tenants will see an average rental savings of 24.5% compared with other apartments for rent in the Platinum Triangle. Qualified residents must earn between 60% to 120% of the area median income under the CSCDA’s middle-income housing program. Waterford and the California Statewide Community Development Authority will lower rents at 1818 Platinum Triangle at 1818 S. for $127.3 million and will be converted to workforce housing. A 265-unit apartment complex in the Anaheim Platinum Triangle has been acquired by Newport Beach-based Waterford Property Co. ![]()
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