SAN FERNANDO VALLEY
Multifamily investment and management company New Standard Equities has acquired a pair of neighboring Pacific Northwest assets – Cedar Glen and Maple Manor – and rebranded the combined 144 units as Indigo Apartment Homes in Bremerton, Wash. The total purchase price for both properties was $20 million. With planned capital expenditures of about $3.3 million, the firm expects to reposition the property to compete alongside its other holdings in the area. “Despite the challenges faced over the past year, NSE’s acquisition team was able to secure this asset at a favorable basis relative to other recent trades in the area,” said NSE Chief Investment Officer Timothy Walters said in a statement. Added NSE’s Vice President of Acquisitions Connor Tien: “Acquiring these two deals, which we started chasing in June of 2020, from a local owner was a bit of a ‘no-brainer’ since we’ve owned and operated in Kitsap County for six years. Given our boots-on-the-ground presence with our management team, we felt we had near-perfect information on market conditions, rents, other operating income and operating expenses.” According to the company, New Standard Equities raised $8 million in equity from private investors and matched it with nearly $17 million of floating rate debt to finance the deal.
Hope of the Valley Rescue Mission and L.A. City Councilmember Bob Blumenfield have opened the West Valley’s first cabin community for local unhoused Angelenos. The Sycamore Cabin Community, located behind Blumenfield’s District Office at Vanowen and Yarmouth in Reseda, features 52 tiny homes with 100 beds for people experiencing homelessness in the West Valley district. “Our cabin community will improve the lives of both the homeless and the housed residents in the West Valley, providing a safe and stable environment for the most vulnerable folks in our city,” Blumenfield said in a statement. Hope of the Valley has opened three tiny home projects in the last year, with plans for an additional Tarzana community coming soon. The Sycamore Cabin Community features several changes that have reduced the cost of construction compared to those previously opened in L.A., including simple anchors replacing concrete pads for the foundations. Each tiny home measures 64 square feet and has two beds, heating and air-conditioning, windows and small desk. The development’s shared amenities include laundry, three meals a day, restroom facilities, 24/7 security as well as case management and drug and mental health counseling. “The streets cannot be the waiting room for permanent housing. At Hope of The Valley, we believe in interim housing and permanent housing. It’s not a question of either or, the fact is we need both,” Ken Craft, chief executive at Hope of the Valley, said in a statement.
A seven-story affordable housing complex with mixed-use elements will rise near the local Metrolink station, according to an application for entitlements filed with the Los Angeles Department of City Planning. Per city records, the development will rise at 8011-8027 N. Vineland Ave., where a vacated supermarket currently stands. The edifice will include 135 one-, two- and three-bedroom units built atop a 28,290-square-foot ground-floor commercial space. On-site amenities will include a rooftop deck, community room, central courtyard and 117 parking stalls. Downtown Los Angeles-based WPH Holdings is developing the project, which is designed by Coastal Architects and sits on roughly 2 acres. WPH also has plans to transform an adjoining parking lot at 11041 Strathern St. into a 97-unit senior complex with affordable housing. If the process follows through without any complications, WPH will embark on construction for both projects by late next year.
SANTA CLARITA VALLEY
Princess Cruises will resume U.S. operations beginning in July with a partial season of round-trip sailings to Alaska from Seattle. The announcement was made following the passage of the Alaska Tourism Restoration Act. Passengers and crew must be vaccinated in accordance with CDC guidelines and will undergo screenings prior to boarding the Majestic Princess vessel. The first voyage departs July 25. “We have been working towards this moment to return to service for over a year and starting with our Alaska cruise vacations is incredibly gratifying,” Jan Swartz, president of Princess Cruises, said in a statement. “Our passion has always been to provide our guests with a truly remarkable travel experience. We are thrilled to be able to do that again, safely with confidence.”
Loop Media Inc. has added new premium video content channels to its Loop for Business service. The Glendale short-form video distributor has added an action sports channel to its lineup through a partnership with FuelTV as well as a channel for the popular world of sneakers, through a partnership with SnkrInc., a media brand representing global sneaker culture. Additionally, the company has signed a partnership with VideoElephant in Dublin to distribute its entertainment and world news, food and travel, celebrity and gossip, fitness and health, MMA and boxing content. Greg Drebin, chief content officer at Loop Media, said that the partnerships illustrate the company’s focus on providing content for all of its out-of-home clients. “We are constantly looking to expand our music and non-music channels to target genres and subjects that will help our clients enhance their customer experience and environment through Loop for Business,” Drebin said in a statement. The Loop for Business service targets a clientele of bars and restaurants, nail and hair salons, doctors’ offices, college campuses, clothing and shoe retailers and airports.
Commuter rail operator Metrolink has launched a new Saturday service on its Ventura County Line, connecting stations in Moorpark and Simi Valley through to several San Fernando Valley stations and Union Station in downtown Los Angeles. The service departs Moorpark Station at 8:52 a.m. and arrives at Union Station at 10:07 a.m. The return trip leaves Union Station at 4:28 p.m. and arrives at Moorpark at 5:39 p.m. Weekend day passes will be $10 and as many as three children under the age of 17 ride for free with a paying adult. Monday to Friday, Metrolink operates multiple trains from as far as Ventura, with service to downtown L.A. in the morning and the opposite direction in the evening. The Saturday route begins in Moorpark and stops in Simi Valley, Chatsworth, Northridge, Van Nuys, Burbank Airport-South, Burbank Downtown, Glendale and Union Station.
The Ronald Reagan Presidential Library and Museum has reopened to the public after being closed the past year due to the COVID-19 pandemic. The historical center will be open Wednesday through Sunday between 10 a.m. and 4 p.m., and closed each week on Monday and Tuesday. For the period starting Wednesday through July 1, admission prices will be $16 for adults, $13 for seniors 62 years or older, $9 for youth between 11 and 17 years old, and $6 for children ages 3 to 10 years old. Children under the age of 2 will be admitted free. Starting Aug.1, the museum will host “FBI: From Al Capone to Al Qaeda” in its special exhibit space of 11,000 square feet. The exhibit covers the history of the investigative agency from inception to its modern-day efforts to fight domestic terrorism. Also, the museum has begun hosting in-person speaking events with upcoming speakers to include former Secretary of State Mike Pompeo, former Vice President Mike Pence and conservative commentator Michael Medved.
A subsidiary of Teledyne Technologies Inc. has sold two autonomous underwater vehicles to a company in Norway. Teledyne Gavia will supply the SeaRaptor 6000 robotic submarines to Argeo in Asker beginning in the fourth quarter. Financial terms of the sale were not disclosed. Argeo was founded in 2017 and uses autonomous surface and underwater robotic vehicles for imaging and mapping for sea infrastructure, offshore wind and the extraction of oil, gas and deep-sea minerals. Mike Read, president of Teledyne Marine, the business unit of Teledyne Technologies in Thousand Oaks that Gavia is part of, said the company was pleased to supply the SeaRaptors to Argeo. “We see the strategic partnership forming between our companies as being beneficial far into the future,” Read said in a statement.
— Compiled by Michael Aushenker