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Real estate briefly: Berkadia buys Tustin complex for $11.4M

June 18, 2017

Berkadia in Irvine has brokered the sale of The Village at Old Town at 380 and 436 East 2nd Street in Tustin for $11.4 million. Senior director Peter Hauser and associate director Matt Hauser negotiated the transaction on behalf of both the seller and buyer. The seller was Village Apartments, a partnership formed by Arrimus Capital of Newport Beach, and the buyer was Cameron Properties Inc. of Covina. The property was fully occupied at the time of the sale. Built in 1965, the 38-unit property features three different floorplans of 2 studio units; 6 one-bedroom / one-bathroom units; and 30 two-bedroom / two-bathroom units. The buyer is planning to finish the apartment interior renovations including new cabinets, quartz counters, vinyl-plank flooring, and stainless appliance packages.

Trumark Communities, a residential land development platform for Trumark Cos., has acquired a 270-acre, 823-lot master-planned community in Chino through a public foreclosure auction June 1 on the steps of San Bernardino County Courthouse.  Peter Kiesecker, chief operation officer at Trumark Communities in Newport Beach, handled the acquisition. Trumark’s opening credit bid of $2.1 million was unchallenged by bidders at the auction and represented a portion of the $10.4 million in defaulted notes on the property. Concurrent with the acquisition of this 270-acre property, Trumark negotiated a two-year extension on an additional $19 million loan that was also in default on the property. “We are thrilled to expand our footprint in Southern California, particularly in Chino,” said Michael Maples, co-founder of Trumark Companies. “With its close commute proximity to Orange County buyers and desirable fleet of amenities, we are confident that homes in this community will be highly sought after. We are eager to advance the construction process and introduce an unmatched masterplanned community in the Chino region.”  Trumark is active in Tribella in Santa Ana and Bristol in Chino Hills, both of which are selling now.

Faris Lee Investments in Irvine has completed the $6.6 million sale of La Plaza Pacifica, a 14,900-square-foot, 95 percent occupied multi-tenant retail and office property in Dana Point.  Senior managing director Jeff Conover of Faris represented the Orange County-based seller, Trowbridge Vaughen Vivos Trust, as well as the local buyer, Raintree Evergreen. Built in 1990, the property is at the intersection of Golden Lantern and Pacific Coast Highway at 34052 La Plaza Drive. The property is within the newly revitalized Lantern District which has several mixed-use retail and apartment projects under construction.

JPI, a multi-family communities developer, has closed construction financing for Jefferson Stadium Park’s Phase II, which will consist of 376 luxury apartment homes, including 12 live-work units in Anaheim. The closing, which represents a total Phase II investment of $132 million, follows the announcement of the development’s Phase I finance closing, with an investment of $128 million. Phase II construction financing was provided by East West Bank in Pasadena and First Community Bank in Santa Rosa. The community on 17.6-acres sits within the Platinum Triangle adjacent to Angel Stadium. Jefferson Stadium Park, a master plan development, will consist of three phases and ultimately will include 1,079 luxury apartment homes, a 1.1-acre public park, as well as 14,600 square feet of community-oriented retail space.

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Pacific Hospitality Group in Irvine has appointed Robb Walker as its chief operating officer and Scott Meldrum as chief marketing officer. Walker will oversee the operational aspects of the company’s 12 hospitality assets, which include the Meritage Collection, a portfolio of lifestyle and luxury properties. He succeeds Steve Arnold who has resigned to pursue new opportunities after 15 years with the company. CEO Tim Busch will assume the title of president. Before joining PHG, Walker was senior vice president of operations at SilverBirch Hotels and Resorts. Meldrum has provided global marketing strategy and media solutions for leading brands in the automotive, entertainment and hospitality industries.

Johnny Chang has joined Kidder Mathews Orange County office as a vice president and he will specialize in multifamily investments. Before joining Kidder Mathews, he was with CBRE’s Newport office where he was involved in multifamily investment transactions of over $250 million.

The Orange County Association of Realtors (OCAR) launched its inaugural Leadership Academy in September 2016 and accepted 20 applicants into the program. The program, designed to train potential leaders, announced its graduates last week: Josh Atwood – Alpine Mortgage; Karen Benefield – Casa Bella Realty Group; Cheryl Carrera – @Vantage Real Estate; Lynn Clancy – New American Funding; Danielle Corliss – Corliss Realty; Dorinda Francois – Dorinda Francois Real Estate; Suzanne Gignoux – Keller Williams Realty; Torey Gilbert – Veranda Realty; Donna Hollingsworth – First Team Real Estate; Debra Krumboltz – HomeSmart, Evergreen Realty; Liz Lewis – RE/MAX TerraSol; Len Malena – Coldwell Banker; Katie Martin – First Team Real Estate; Ron Pascual – RE/MAX TerraSol; Lacy Robertson – Keller Williams Realty; Heidi Stoops – Star Estates; Cindy Uhrik – Uhrik Group; Kathy Wall – Sierra Pacific Mortgage; Eric Wu -Excelerate Capital; and Lorraine Zuschlag – HomeSmart, Evergreen Realty.

The 2017-2018 Leadership Academy is accepting applications with a deadline to apply by 5 p.m. July 28. For more information go to, ocar.org/leadership-academy or call 949-586-6800.

The real estate briefs are compiled by contributing writer Karen Levin and edited by Business Editor Samantha Gowen. Submit items to sgowen@scng.com. High-resolution photos are recommended. Allow at least one week for publication. Items are subject to editing for length and clarity.

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