California RealEstateRama

Global real estate investment and services firm Kennedy Wilson (NYSE: KW) today announced that the company acquired Montiavo at Bradley Square, a 208‐unit apartment community located in Santa Maria, CA. The property was purchased for $47 million, with the company investing $10.4 million of equity in the transaction (inclusive of closing costs) and securing $37.7 million of 10 year mortgage financing on the property through Freddie Mac with a fixed rate of 3.77%, interest only for five years.

The California Housing Finance Agency (CalHFA) today announced the Conduit Issuer Program, a new program that helps affordable housing developers access tax-exempt and taxable bond funds to aid in the preservation and development of affordable housing projects throughout California.

Next Wednesday, May 6th, Congressmen Jared Huffman (CA-02), Earl Blumenauer (OR-03), and Mark DeSaulnier (CA-11) will hold a public forum on transportation infrastructure. The public forum will be held at Autodesk headquarters in San Rafael and focus on innovation in transportation infrastructure and the impending insolvency of the Highway Trust Fund, which funds transportation projects across the United States

NAI Capital Senior Vice President Jeremy Barbakow, with the Encino office, who specializes in office and medical leasing in the San Fernando Valley, represented landlords and tenants in nine office leases in Sherman Oaks, Encino and Tarzana, eight of which were on Ventura Boulevard.

NAI Capital completed the $14.5 million sale of Tustin Medical Arts Center in Tustin, Calif., on behalf of Klingbeil Medical Partners. The seller was a real estate investment firm specializing in medical office reposition opportunities. Klingbeil purchased the property through NAI Capital in 2008

For thousands of California residents, finding a safe and affordable place to live is one of their biggest worries in life. This is especially true for those who are faced with a mental or physical disability

A 32-unit multifamily property in the Los Angeles community of Van Nuys has sold at an $80,000 premium over listing price after multiple offers were tendered for the property, according to Warren Berzack, president of Berzack Investment Property Advisors, www.berzackadvisors.com a multifamily specialty group of Lee & Associates-LA North/Ventura, www.lee-associates.com who represented the seller in the transaction.

Announced with Fresno Mayor Ashley Swearengin, Modesto Mayor Garrad Marsh, and Stockton Mayor Anthony Silva, Wells Fargo launched the new HomeLIFT program to help boost homeownership and strengthen Central Valley neighborhoods.

Environment California applauds Governor Jerry Brown for issuing an executive order today to establish a statewide greenhouse gas reduction (GHG) target of 40 percent below 1990 levels by 2030. Environment California's Clean Energy Advocate Michelle Kinman released the following statement in response:

A 10-unit apartment property in Thousand Oaks, CA has traded for $4,320,000 or $432,000 per unit, according to John Battle SIOR, a principal of Lee & Associates-LA North/Ventura who represented the seller, HH Sugar Shack LLC, with Lee Associate Matt Benwitt.

U.S. Representative Jeff Denham (R-Turlock) today introduced two pieces of legislation designed to help the Central Valley cope with ongoing drought by examining ways to protect native fish and restoring local control of the New Melones dam. The first, H.R. 2086, establishes a pilot program on the Stanislaus River to protect native salmon and steelhead fish populations. The second, H.R. 2085, establishes a process for local organizations to regain control of New Melones, ensuring agencies with the best understanding of the Valley’s needs will be able to manage the reservoir

Meta Housing Corporation has completed its first “family arts colony” apartment project - a new, 49-unit arts-focused affordable apartment community that integrates artistic live/work space in the San Pedro neighborhood of Los Angeles, California

DTZ, a global leader in commercial real estate services, announced today that it has represented developer Cruzan in its 45,000 square foot lease with GoPro (NASDAQ: GPRO), enabler of some of today’s most engaging content, at Cruzan’s “MAKE” coastal redevelopment in Carlsbad, CA. GoPro will serve as “MAKE’s” anchor tenant.

Governor Edmund G. Brown Jr. today issued an executive order to establish a California greenhouse gas reduction target of 40 percent below 1990 levels by 2030 - the most aggressive benchmark enacted by any government in North America to reduce dangerous carbon emissions over the next decade and a half.

Governor Brown, meeting with mayors from across the state, today announced he will propose legislation to help local officials better enforce conservation requirements and will direct state agencies to streamline environmental review of local water supply projects.

The Bill Sorro Community will be comprised of 67 units of affordable family housing: eight studios, 24 one-bedroom, 25 two-bedroom, and 10 three-bedroom apartments. Fourteen of the units will serve low-income adults with developmental disabilities and are being financed using the HUD 811 program.

At a news conference today, Tuesday, April 28, 2015 at 1 p.m., officials from the U.S. Department of Housing and Urban Development will announce that Sacramento has received Promise Zone designation,

Smart & Final Extra!, a new concept store by Smart & Final that expands the space and services of the company’s brand, has signed a long-term, $13.9 million lease for 42,200 square feet in the Lemon Grove Plaza, located at 2021 N. Oxnard Blvd., Oxnard.

On April 24th, Watsonville Mayor Dr. Nancy Bilicich and other City leaders celebrated the Grand Re-Opening of the newly renovated Sunny Meadows, an affordable rental apartment community developed and owned by MidPen Housing. Renovated units will be open for viewing

About 50 SILVAR members joined over 2,000 of their fellow REALTORS® from across California in Sacramento on Wednesday for Legislative Day. At the morning briefing, REALTORS® heard from the state's dynamic political leaders and the C.A.R. leadership. They enjoyed a special luncheon, then met with their state legislators to discuss important issues that affect the real estate industry.