L.A. mansion once worth $500 million defaults on $100 million in debt, forcing a sale

A gargantuan residence in Los Angeles dubbed “The One” by its developer is now on track to be sold after the owner defaulted on more than $100 million in loans and debt, according to court documents.

In an Instagram post last summer, Nile Niami, the project’s developer, pitched the 105,000-square-foot home as having seven pools, a 50-car garage, a 10,000-bottle wine cellar and even its own nightclub. Promoted as being the largest and most expensive urban property in the world, “The One” was expected to come to market for $500 million, according to the video Niami posted on Instagram. But it suffered many delays and complications and now faces a court-ordered sale to pay debts.

Niami borrowed $82.5 million from Hankey Capital in 2018 to continue building the home. But in March of this year, Hankey served a notice of default sending the property toward a foreclosure sale. Niami had 90 days to pay or renegotiate the debt, which had grown to more than $110 million, according to court documents.

With no payment made by July, the home was placed in court-ordered receivership, which is an alternative to foreclosure for complicated real estate deals. The receiver, Theodore Lanes of Lanes Management Services, is tasked with accounting for debts against the property, readying then selling the property and, ideally, repaying lenders and creditors with the proceeds.

Hankey Capital declined to comment about the default or receivership. Nile Niami did not respond to a request for comment.

But despite promises by Niami that the property is nearly done — during a video tour of the home posted in April he said it would be “another four weeks, probably” — there is a complicated punch list left and the property is not ready for market, according to Lanes’ first report filed with the court.

Some items Lanes outlined are fairly typical final details when building a home — the gas company won’t provide service until there is a certificate of occupancy issued, for instance. But others are particular to the property: the permit to build a commercial-grade catering kitchen was denied and that space remains empty.

Lanes said in an email to CNN Business that he is still learning about new issues that need to be dealt with, including obtaining the plans and permits and sorting out agreements with artists whose work is in the house, a furniture staging company and the gardener.

“It’s a pretty extensive list,” he said.

Other problems the property faces, according to the report: the insurance had lapsed in early 2021, challenges from social media users to sneak onto the property have led to intruders.

“Clearly anything that would fall under safety would have priority,” said Lanes in his email. “As for the other projects, they are all being evaluated based on requirements to achieve the certificate of occupancy. If they are mandatory for certificate of occupancy, they are getting priority.”

The home also has more than $2 million in unpaid taxes and invoices to vendors for concrete, air conditioning and scaffolding, according to Lanes’s report.

“This is a very complicated property with quite a few open issues,” Lanes wrote in his report. “At present, the focus is to obtain complete insurance and develop a timeline and budget to secure the certificate of occupancy in order to maximize value and to make the property more marketable.”

Nearly a decade in the making, the home sits atop a hill in Bel Air, with views of the Los Angeles basin. The colossal home features 20 bedrooms, including eight bedrooms for the staff and a three-bedroom guest house, approximately 6 elevators, a library, cigar room and candy room, according to a two-part home tour posted on YouTube in April.

The home is promoted as having a four-lane bowling alley, a 50-seat movie theater, a putting green, wellness center and gym, beauty salon, juice bar and tennis court.

Despite Niami repeatedly teasing that the home was weeks away from coming to market, it never arrived.

Instead, over the past year, Niami has been unloading other properties — at discounted prices.

Earlier this year, he sold a West Hollywood mansion for $26 million, far below an earlier $35 million asking price, according to property records reported on Realtor.com. In April, he sold a Bel Air mansion for $36 million, a little over half of its original $65 million asking price in 2018, according to Zillow.

Other default notices arrived too, including one on a debt of $10 million on a home in the Hollywood Hills and another on a debt of $23.4 million on a home in Bel Air, according to the Los Angeles Times.

And Niami is being sued by other creditors looking to get their money. Real estate firm Compass is suing for non payment of a $200,000 loan he took out while trying to sell a different home in Bel Air, according to court documents.

It is not clear at what price “The One” will ultimately be listed, or when it will come to market.

“I am still evaluating proposals and strategies from various potential listing agents,” Lanes said in an email.

Although the property hadn’t yet come to market earlier this year, a Google Forms application was available for potential buyers to fill out. Beyond contact information, it only asks one question: “Which influencer did you find out from?”

Several social media influencers have already featured it. Last April, Niami gave a home tour to YouTube personality Michael Blakey. The tour provides a glimpse of the nightclub with VIP area and a walk-through of the 4,000-square-foot master suite, with its own pool.

“I gave them everything here,” Niami said in the video. “We have everything anyone could ever want in this house.”

 

When a real estate deal stumbles, what fixes can be made?

Last week I reviewed the steps in buying commercial real estate. Whether you’re buying to house your company’s operation or simply to enjoy the rent a parcel produces, the steps are essentially the same.

The possible exception could be the financing portion, which some investors abandon in favor of deploying large sums of cash into the buy.

Today, I will complete the orbit and describe some deal challenges that can occur and some suggestions on how to overcome them.

From last week:

Due diligence, also referred to as a contingency period, ranges from as few as 15 days to as long as 90, and a ton of work must occur during this time frame. Financing must be secured, title exceptions approved, inspection of the building – roof, electrical, HVAC, etc. accomplished, vesting documents drawn, financial aspects of the tenancy – if any – analyzed, and environmental health diagnosed.

Whew! Within each of the main categories of approval, there are checkpoints which guide toward the end. Financing, for example, involves credit of the buyer, the tenant, an appraisal, an enviro report and lender concurrence. There’s a lot to be done in a short time. What if something isn’t approved?

That, dear readers, is a subject for today’s column.

So, here it goes.

Generally, purchase and sale agreements include a mechanism for solving issues that arise in a deal.

The most widely used contract is published by the Association of Commercial Real Estate, or AIR. Clearly defined within paragraph nine are the various categories of approval items — inspection, title, tenancy, other agreements, environmental, material change, governmental approvals and financing. Within the boiler plate language are roadmaps for resolution.

If your contract is not the standard AIR form, results may differ. As always, it’s wise to seek legal counsel before engaging. But within the document, typically there are three choices – cancel, accept or fix. A fourth can creep in, which is a buyer-seller compromise.

Indulge me as we walk through some quick examples.

Let’s say a building inspector discovers the HVAC units are past their useful life. From experience, I can say this scenario is quite common. So, here’s what happens.

The buyer objects to the condition of the cooling systems by disapproving a portion of the physical inspection contingency. You may be wondering, wait, I thought the buyer was buying the building “as-is, where-is, with no seller warranties.” She is, but she’s also relying on her inspection to alert her to any fixes necessary. Confusing? Yes, it is.

Sure, a seller may simply refuse to repair or replace the units and cancel the escrow, but they cannot do so immediately. You see, here’s where the “mechanism” takes place. The buyer objects; the seller has 10 days to respond — yes, no or maybe. A no vote on the recall – ooops, sorry. Wrong issue. If the seller refuses, the buyer can cancel the deal within another 10 days, opt to continue and buy with the faulty units, or accept a compromise — the “maybe” offered by the seller.

Financing is trickier.

You see, if the buyer is unsuccessful in their pursuit of a loan by the date specified, generally, the seller can walk away. Therefore, it’s imperative to be quite transparent with the seller during the loan approval process. Because prior to the financing condition date, there may be some leverage.

If an appraisal comes back less than the contract price – which causes a lender to renege on the amount – it’s recommended to level with the seller.

Yes, you or the seller can cancel, additional dollars can be added to adjust for the delta – accept, an appeal can be made to the lender – buyer fix, purchase price can be reduced – seller fix, or a compromise between buyer and seller can be struck whereby buyer adds some dough, seller reduces the price – and voila!

I’ve witnessed these go every way you can imagine over my decades in the business. One certainty – there will always be issues. It’s a thing.

The next deal I close without one will be the first. But, fair warning. In today’s overheated industrial market, I’d not plan on a seller being terribly receptive to what’s referred to as a “re-trade.” Chances are there is a line of suitors waiting for the chosen buyer to blink.

Allen C. Buchanan, SIOR, is a principal with Lee & Associates Commercial Real Estate Services in Orange. He can be reached at abuchanan@lee-associates.com or 714.564.7104.

Supercar collector Manny Khoshbin buys former Trinity Broadcasting campus for $22 million

The former Trinity Broadcasting Network campus in Costa Mesa has changed hands again, this time selling to Khoshbin Co. for $22 million, according to CBRE.

Khoshbin Co. is owned by real estate developer and supercar collector Manuchehr “Manny” Khoshbin (pronounced kaash-bin).

Plans for the campus remain somewhat fluid, Khosbhin told the Register on Friday via email. An early vision to add a car museum, restaurant and creative office spaces could shift if a tech company shows interest in the space.

Khoshbin has 2.3 million followers on Instagram where he can often be seen posting photos and videos about supercars. Car enthusiast websites estimate his personal car collection is worth at least $50 million.

In a video posted to YouTube, Khoshbin shares details of a custom Hermes Bugatti Chiron, one supercar in a $17 million collection he ordered a year ago. Other supercars included a McLaren Speedtail, Koenigsegg Jesko and a Mercedes AMG Project ONE.

  • The former Trinity Broadcasting Network campus in Costa Mesa has been sold to Khoshbin Co. for $22 million, according to CBRE. (File photo: Leonard Ortiz/Orange County Register)

  • The former Trinity Broadcasting Network campus in Costa Mesa has been sold to Khoshbin Co. for $22 million, according to CBRE. The new owner plans to renovate the campus, adding a car muesum, club, restaurant and creative offices. (Photo by Mark Rightmire, Orange County Register/SCNG)

  • A view from the second floor of the stairway and ceiling in the lobby in the former Trinity Broadcasting Network building located on Bear Street and the 405 freeway in Costa Mesa.(Photo by Mark Rightmire, Orange County Register/SCNG)

  • The former Trinity Broadcasting Network campus in Costa Mesa has been sold to Khoshbin Co. for $22 million, according to CBRE. The new owner plans to renovate the campus, adding a car muesum, club, restaurant and creative offices. (Photo by Mark Rightmire, Orange County Register/SCNG)

  • A view from the second floor of the stairway and ceiling in the lobby in the former Trinity Broadcasting Network building located on Bear Street and the 405 freeway in Costa Mesa, across the freeway from South Coast Plaza on Wednesday, September 11, 2019. (Photo by Mark Rightmire, Orange County Register/SCNG)

  • The former Trinity Broadcasting Network campus in Costa Mesa has been sold to Khoshbin Co. for $22 million, according to CBRE. The new owner plans to renovate the campus, adding a car muesum, club, restaurant and creative offices. ( File photo: MINDY SCHAUER, ORANGE COUNTY REGISTER)

  • The dining room is seen in the former Trinity Broadcasting Network building on Bear Street and the 405 freeway in Costa Mesa. The campus has been sold to Khoshbin Co. for $22 million, according to CBRE. The new owner plans to renovate the campus, adding a car muesum, club, restaurant and creative offices. (Photo by Mark Rightmire, Orange County Register/SCNG)

  • A view from the third floor looking down to the second floor just beyond the lobby in the former Trinity Broadcasting Network building located on Bear Street and the 405 freeway in Costa Mesa. (Photo by Mark Rightmire, Orange County Register/SCNG)

  • A view of the rotunda of the former Trinity Broadcasting Network campus located on Bear Street and the 405 freeway in Costa Mesa. (Photo by Mark Rightmire, Orange County Register/SCNG)

of

Expand

The real estate developer and investor is buying a property that had long been known for its Christmas light decorations that brightened the 405 freeway near South Coast Plaza.

The Christian-based television network bought the 6-acre facility in 1996 for $6 million and sold it in 2017 for an undisclosed sum to Greenlaw Partners. The property at 3150 Bear St. has since changed owners, and property records show the seller was Alliance South Coast Properties LLC.

According to city and state documents, the LLC is owned by EFEKTA Orange Inc., an education provider based in Delaware. The company in 2019 requested an infrastructure change with the city to create a 627-student international language school with three dormitories at the property.

TBN Founder Paul Crouch – who said he heard God tell him to start a Christian TV network nearly 45 years ago – died in 2013. His wife and co-founder, Jan Crouch, died in May 2016.

The network continues to broadcast from a studio in Tustin.

Anthony DeLorenzo, Gary Stache, Doug Mack, Bryan Johnson and Justin Hill of CBRE represented the seller. Khoshbin Co. was self-represented.

Representatives from Khoshbin Co. could not be reached by telephone Thursday afternoon.

 

 

Readers express ire for glue traps, creative staging ideas and more

Based on the email feedback I receive from time to time, I figure there are a few people who actually read this column. I am happy the information and opinions represented here are reaching some homeowners and potential homebuyers (and their friends and relatives).

It feels like an appropriate time to share some of this feedback with you, in case you can learn something from those around you who may see things differently than I do.

For starters, one reader suggested that sticky mouse traps are inhumane and cruel. It should also be noted that several editors agreed, disclosing they would never use such a device, inclining more toward a type of rodent deterrent that would more swiftly bring the unwanted animal to its demise. Let it be known that I am in favor of whatever legal means you choose to rid your home and its surroundings of critters that can cause nuisance, damage and potential disease to you, your family, your pets or potential buyers.

My suggestion that home sellers buy and return decorative items used to put a little lipstick on a house for sale was regarded as tantamount to thievery, deception and dishonesty. I, on the other hand, am of the opinion that this sort of behavior is one creative way of using the gracious and generous return policies of fine brick and mortar retail establishments. The goal is to return items in exactly the same shape as when you purchased them.

And trust me when I tell you that some of my clients and myself have kept many of the items bought from Home Goods and other such stores. This is a win-win situation in my book.

I don’t quite recall the exact scenario when it occurred, but I did mention there is more than one way to skin a cat.  This caused one reader to take offense for the entire feline population, while I was merely using a turn of phrase, which is meant to indicate there are a number of ways you might choose to get a similar result.

Let it be known, I have owned several pet cats, have never skinned an actual cat, nor have I ever been inclined to skin my cat or any other cat, nor would I ever suggest the actual skinning or anyone else’s cat. Hyperbole, metaphor, imagery, personification, oxymoron and alliteration are all examples of literary devices. As long as I have the pen, I’ll pick my devices.

Most recently, a reader emailed me his opinion of my suggestion for sellers to “de-politicize” their home when putting it on the market for sale. It isn’t up to the owner/seller to turn her/his life upside down for folks who are prospective buyers,” this reader wrote. “Buyers are the ones who ought to be on their best behavior as they seek a home or property.”

As we all like to say, everyone is entitled to their opinion. Thanks for reading mine!

Leslie Sargent Eskildsen is an agent with RealtyOne Group West and on the Board of Directors for the California Association of Realtors.  She can be reached at 949-678-3373 or leslie@leslieeskildsen.com.

How a workforce rent program aims to plug ‘missing middle’ affordable housing gap

Imagine asking a landlord how much they want for rent and being told, it depends on how much you can afford.

The rent, the landlord says, is based on your income, not the highest amount we can squeeze out of you in a tight rental market.

A fantasy, you think. This couldn’t happen in California, which has some of the nation’s highest and fastest-growing rents.

But it turns out programs to help middle-income tenants do exist. And they’re proliferating rapidly across the state.

During the past 2 ½ years, 28 new workforce housing programs  — the so-called “missing middle” of the housing market — have been created, with 21 of them cropping up this year alone.

What’s more, most of these income-restricted apartments are in newer buildings with pools and fitness centers, quartz countertops and new appliances — properties that otherwise command some of the market’s highest rents.

“We noticed an increasing middle-income housing crisis where the vast majority of our middle-income workforce won’t qualify for low-income housing and can’t afford to live where they work,” said Jordan Moss, founder of Catalyst Housing Group, an affordable housing provider that created the first workforce programs in the state. “We can’t have fully functioning communities if we can’t house our workforce anywhere near the communities they serve.”

Nonetheless, not every city is jumping on the opportunity to take advantage of this new housing model.

During the past year, the city of San Jose studied the program and opted not to participate. Oakland and San Francisco reportedly passed as well.

The city of Long Beach approved one income-restricted apartment complex in March, but only as “a pilot project” after a city consultant raised questions about possible financial risks to the city, building upkeep and a lack of third-party oversight.

Since property taxes get waived for these projects, one affordable housing advocate questioned whether the rent gets lowered enough to justify the cost to the taxpayers.

Matt Schwartz, president and CEO of the California Housing Partnership Corp., also questioned whether the program is bailing out troubled properties with high vacancy rates and whether there’s enough incentive to maintain the buildings properly.

“I wish people would take a deep breath and take their time and kick the tires much more on these transactions,” Schwartz said. “How much benefit is being gained and for what benefit in return?”

Long commutes

The need for middle-income housing has long worried business groups and housing advocates who say rising costs are forcing teachers, police, firefighters, nurses, office and retail workers to make longer and longer commutes to their jobs, creating more traffic congestion and pollution.

High housing costs also impact employee recruitment and retention and have even been blamed for California’s recent population drop as low-income and young workers flee the state in search of more affordable homes.

A 2019 study by the California Housing Partnership found residents with median household incomes can’t afford modest two-bedroom rents in six coastal California counties, including San Francisco and Los Angeles, where monthly rents average about $2,800 and $2,000, respectively.

While there are billions of dollars in tax credits and rent subsidies to create affordable housing for the low- and very-low-income households, there’s little public support for middle-income tenants.

“Tax credits in itself were not going to be the solution to our state’s housing crisis,” said Moss, of Catalyst Housing.

Under the workforce housing program, an agency called a “joint powers authority,” or JPA, made up of cities and counties across the state, sells bonds to finance the purchase of apartment buildings. Once they buy the buildings, the JPA lowers the rent and limits about two-thirds of the units to middle-income tenants, or those making between 80-120% of their median income. For a family of four, that’s an income of $80,000 to $96,000 a year in Los Angeles County and $106,700 to $128,050 in Orange County. 

The rest of the units are leased to lower-income tenants who make less than 80% of the median.

Newport Beach-based Waterford Property Co., in partnership with the California Statewide Communities Development Authority, has acquired a 507-unit apartment complex called Altana at 633 N. Central Ave. in Glendale for $300 million. This deal is part of CSCDA’s middle-income housing program, which uses tax-exempt bond financing to convert existing apartments into workforce housing. (Courtesy of Dave Tonnes-Panaviz)

In exchange, the building owners are freed from paying property taxes for the life of the bonds, ranging from 30-35 years. Once the bonds reach maturity, the host city can either keep the building after paying off any remaining debts or sell it.

As of Aug. 31, 28 projects had been set up in 17 California cities over the past three years, of which 21 were purchased this year. Three JPAs have spent almost $2.3 billion buying apartments, acquiring 8,130 units that are gradually being converted to income-restricted housing as vacancies occur.

More programs are in the works in cities like Pasadena, Orange and Costa Mesa.

For-profit real estate investment firms act as a go-between, finding and arranging the purchase of apartment buildings, then staying on as “asset managers.”

Rents vary by income but generally are limited to 35% of the tenant’s income. Rent increases also are capped at 4% annually.

“While there’s a loss of property taxes in the short run, the cities make (money) hand over fist in the long run,” said Ben Barker, financial adviser to the California Municipal Finance Authority, one of the JPAs involved in these programs. “If, at the end of the day, the city gets (title to) a project that’s free and clear — even assuming if there’s no appreciation — I don’t see any losers on these deals.”

Leaving the state

Part-time art teacher Victoria Dries was one tenant who got that “how much can you afford” response when she asked about renting at Long Beach’s Oceanaire Apartments.

Dries and her wife had decided to quit their jobs and leave California. They were struggling to pay their $2,600-a-month rent for a one-bedroom apartment following rent hikes and fluctuating work hours.

The couple hired a mover, put down a deposit, and made plans to relocate to Pittsburgh, where Dries has family.

Then, on a whim, they decided to ask about the rent at the Oceanaire, unaware the building had become a workforce housing project last March when a JPA bought the 216-unit complex.

The leasing agent said they would pay just $2,102 a month for a one-bedroom unit and $2,370 for a two-bedroom because they qualified for reduced rent.

The Long Beach City Council voted Feb. 16, 2021, to enact moderate-income deed restrictions at the luxury downtown apartment complex, Oceanaire at 150 W. Ocean Boulevard. (Photo by Brittany Murray, Press-Telegram/SCNG)

Since Dries’ hours have increased this year, she could afford the bigger apartment. The couple is still saving $230 a month, or $2,760 a year.

“We were really considering packing up,” said Dries, 27. “I could never have fathomed myself and my wife in a two-bedroom apartment … in downtown Long Beach.”

In exchange for lowering the rents, the JPA — California Statewide Communities Development Authority, or CSCDA — will save about $1.5 million a year in property taxes on the Oceanaire, a consultant determined. Rent reductions will total about $1 million a year.

The city’s consultant estimated CSCDA, property managers and other entities will collect $20.8 million in fees during the project’s first 15 years.

Consultant’s concerns

Consultant HR&A Advisors raised numerous concerns ahead of the sale of Oceanaire, which was 29% vacant before the purchase.

The affordability benefits were modest when compared with market rents, the consultant wrote, especially since rent will be set at 35% of a tenant’s income rather than affordable housing’s traditional 30%.

Citing HR&A’s analysis, a staff report said the city isn’t guaranteed to make money on the deal either. Projections are based on the assumption that Long Beach’s rent will grow at least 3% a year — something that has only occurred in three of the last 20 years, the report said.

“There are likely situations where the city and other taxing bodies do not recover foregone property tax or make a profit,” the report said. It’s also uncertain the project will have enough money for major maintenance and renovation after paying $6.2 million in acquisition fees and almost $1 million a year in management fees.

Nonetheless, Long Beach city council members decided to give the program a try: “I’m happy to consider this as a pilot project only, so we can first analyze the impacts prior to setting any precedent for other developers,” said Councilmember Cindy Allen.

The Club Room at Jefferson Platinum Triangle Apartments in Anaheim, CA, on Thursday, August 26, 2021. A public entity called a “joint power authority” floats bonds to buy newer apartment buildings in desirable locations, then lowers the rent and limits occupancy to moderate-income tenants, or those earning between 80-120% of the median income. Local governments must agree to forgo the usual property taxes, allowing the buildings to earn enough to pay off the bonds. Jefferson Platinum Triangle is now one of at least 28 such projects. (Photo by Jeff Gritchen, Orange County Register/SCNG)

San Jose opted not to participate after taking a deeper look at the program. According to an April staff report, the rent would be “essentially market rate” for middle-income tenants in a city where average rents are almost $2,500 a month.

The city’s staff said it’s too soon to tell if this new model will work. They also worried the JPA would have “a perverse incentive” to prioritize bond repayment over affordability.

“It is not at all clear that the benefits of the products outweigh the risks and costs to the public,” the San Jose staff report said.

“This is new and scary to cities,” said Barker, the CMFA financial adviser. “Some cities say it’s too good to be true, so we’re not doing it. … (But) there’s tons and tons of leverages and mechanisms to make sure these are great projects.”

While cities get the building’s title after bonds mature, they’re not required to reimburse other taxing entities, like water, sanitation or cemetery districts, for their lost revenue.

But most cities are volunteering to make sure other taxing authorities are made whole, said Jon Penkower, managing director of CSCDA.

School districts don’t have to worry about lost revenue, in most cases, because the state makes up any shortfall in property taxes, added Troy Flint, spokesman for the California School Boards Association. But he thinks the program is still worthwhile, even in years where schools could lose some revenue.

“It’s a question of tradeoffs,” said Flint. “You measure the size of the loss against the benefit of more affordable housing.”

Schwartz said he’s not buying it.

“What do the taxpayers want out of this?” he asked. “Do they want to make it cheaper for people to rent places with granite countertops and swimming pools?”

There will always be critics, the CSCDA’sPenkower countered, saying there aren’t any other models to help the missing middle afford a home.

“This is making a difference. We’re seeing the outcomes,” he said. “I’d love to hear other ideas.”

Middle-income housing projects in California

— Santa Rosa: Annadel Apartments, 390 units, sold for $173.5 million in April 2019

— Fairfield: Verdant at Green Valley, 286 units, sold for $108 million in August 2019

— Larkspur: Serenity at Larkspur, 342 units, sold for $222.5 million in February 2020

— Livermore: The Arbors, 162 units, sold for $49 million in August 2020

— Carson: Renaissance, 150 units, sold for $66 million in December 2020

— Anaheim: CTR City Anaheim, 231 units, sold for $110 million in December 2020

— Walnut Creek: Stoneridge Apartments, 209 units, sold for $90 million in February 2021

— Anaheim: Parallel Apartments, 386 units, sold for $157.6 million in February 2021

— Anaheim: Jefferson Platinum Triangle, 400 units, sold for $161.6 million in February 2021

— Hayward: Creekwood, 309 units, sold for $128.5 million in March 2021

— Glendale: Next on Lex, 494 units, sold for $290 million in March 2021

— Glendale: Brio, 205 units, sold for $110 million in March 2021

— Long Beach: Oceanaire Apartments, 216 units, sold for $121.2 million in March 2021

— Anaheim: The Mix at CTR, 276 units, sold for $115 million in March 2021

— Antioch: Mira Vista Hills, 280 units, sold for $68 million in April 2021

— Dublin: Aster, 313 units, sold for $163 million in April 2021

— Monravia: MODA at Monrovia Station, 261 units, sold for $100.1 million in April 2021

— Glendale: Altana Apartments, 507 units, sold for $302 million in April 2021

— Carson: Union South Bay, 357 units, sold for $185 million in June 2021

— Pasadena: Westgate, 340 units, sold for $237 million in June 2021

— Pasadena: The Hudson, 173 units, sold for $98.1 million in June 2021

— Glendale: The Link Apartments, 143 units, sold for $81 million in June 2021

— Dublin: Fountains at Emerald Park, 324 units, sold for $190 million in July 2021

— Sausalito: Summit at Sausalito, 198 units, sold for $122 million in August 2021

— Huntington Beach: Breakwater, 402 units, sold for $185 million in August 2021

— Hercules: Exchange at Bayfront, 172 units, sold for $113.5 million in August 2021

— Dublin: Waterford Place Apartments, 390 units, sold for $208.5 million in August 2021

— Huntington Beach: Elan Huntington Beach, 214 units, sold for $134 million in August 2021

Sources: Catalyst Housing Group, California Statewide Communities Development Authority, California Municipal Finance Authority