Grand Hotel in Minneapolis Sold by Pebblebrook Hotel Trust at a Loss
Yesterday I received the following press release entitled “Pebblebrook Hotel Trust Completes Sale of the Grand Hotel Minneapolis”. But curiously, the release does not mention who purchased the property – or what brokers were involved. It’ also interesting that the hotel’s website appears to be offline …
According to a post at SanDiegoRealEstate.re, Del Mar – based Cazador Investments, LLC has closed on five separate acquisitions across San Diego County in the last nine months, totaling 44 multifamily units and 4 commercial spaces in several desirable submarkets. Hunter Beaumont, President of Cazador, comments, “These acquisitions were each situational opportunities where we could get into strong value-add candidates in attractive areas and at a great basis. Discount to replacement cost is one of our most important metrics, and these assets were all acquired at a substantial discount to what it would cost to build them today.”
Virtua High Growth Fund (VHGF) has completed the sale of its interest in Patchen Oaks Apartments, a 192 unit apartment complex located in Lexington, Kentucky.
In March 2016, VHGF purchased a minority interest in the Patchen Oaks property based on an equity valuation of $1,066,428. The apartment project was sold on April 20th with net proceeds of $4,812,188, which represents a fund level return of 317% IRR, or approximately 4.5X multiple.
MG Properties Group, a private San Diego-based real estate investor and operator, recently announced the acquisition of the Santa Rosa Apartments in Wildomar, California.
Built in 2008, Santa Rosa offers 320 luxury apartment homes in a desirable low density two-story walk-up design. Santa Rosa is adjacent to the Inland Valley Medical Center, Kaiser Permanente, and Southern California Edison’s regional service center, and is close to shopping, Interstates 15 and 215, and a future 80-acre community college campus. The property offers an optimal mix of large one-, two- and three-bedroom floorplans that average approximately 1,000 square feet of living space and feature a garage for each apartment home. MG Properties Group plans to perform modest interior renovations and to refresh the property’s common areas. Continue reading “Santa Rosa Apartments in Wildomar Sells to MG Properties Group for $74.5M”