Los Angeles

A brand new affordable housing complex recently held an official grand opening recently in the presence of a number of local officials and backers. The Lotus Garden Apartments is Affirmed Housing Group’s latest affordable residential complex project in the L.A. metro area. The ceremony was attended by Councilman Gilbert A. Cedillo, the President and CEO of Affirmed Housing Group, James Silverwood, as well as Rushmore Cervantes, the executive director of the HCIDLA.

ALTO Real Estate Funds has started its second investment vehicle in the American market with a retail purchase in Moreno Valley, CA. The New York-based private equity real estate investment company has closed on the purchase of the TownGate Center for a fee of $47.2 million. The property will be the first to be part of the new ALTO FUND 2, the investment vehicle registered in the state of Delaware and has a target investment value of $100 million.

A historic Los Angeles office building was the object of one of the most recent real estate transactions to take place in the city. Buyer SE Edinger LLC paid a fee of $14.5 million for the Hollywood property. The property was sold by Brentwood Capital Partners, a full service real estate investment, development and management company. The two parties involved in the transaction were represented by Industry Partners and Coldwell Banker Commercial WESTMAC.

Oprah can always make headlines by just appearing somewhere, but this time, her company, Oprah Winfrey Network is the one in the news. OWN recently completed a leasing deal for a large chunk of space in a new office facility developed by local real estate company, CIM Group.

One of the projects that marked a new uptick in development for Los Angeles is just months away from coming to the market. The One Santa Fe mixed-use development, featuring the backing of real estate company Canyon Capital Realty Advisors, will remodel an area of downtown L.A. The project, whose initial investor was Goldman Sachs Urban Investment Group, is now three quarters of the way into construction and will add retail, housing and art space to the area located between First and Fourth Streets, along Santa Fe Avenue.

The Inland Empire recently saw a large retail transaction completed when a Moreno Valley Property was acquired for a fee of approximately $42 million. TownGate Center was sold on behalf of the owning entity, a partnership between Walton Street and Fritz Duda Company, by a team headed by CBRE Senior Vice President Philip D. Voorhees. The SVP worked along with the National Retail Investment Group – West consisting of Megan Read, Jimmy Slusher, John Read and Brad Rable to represent the seller, as well as buyer Brixton Capital, a San Diego-based company in the all-cash deal.

The ownership structure of a major office portfolio recently suffered some changes after New York City-based SL Green Realty Corp. announced that it had sold its stake in a Southern California portfolio to an affiliate of its joint venture partner. SL received $100 million from an entity linked to Blackstone Real Estate Partners VII for its 43.74 percent interest. The properties that comprise the portfolio are located across Southern California in major markets including Los Angeles, Orange County and San Diego.