The joint development in downtown Los Angeles includes the 174-room Courtyard and 219-suite Residence Inn LA Live.

LOS ANGELES -- A pair of Marriott hotels have made their debut at LA Live in downtown Los Angeles. The $172 million project includes the 174-room Courtyard and 219-suite Residence Inn LA Live. 

Today's grand opening marks the West Coast debut of a Residence Inn and Courtyard by Marriott in one building -- a joint development that offered substantial savings on land, staff and amenities. The project was funded by 320 immigrant investors from 14 different countries. 

The hotels are located at the corner of Olympic Boulevard and Francisco Street. They are situated next to LA Live on an entitled site that was acquired from AEG, which owns and operates the 4 million-square-foot sports, residential and entertainment hub. 

"These hotels will employ more than 100 workers and are projected to generate more than $89 million annually in off-site taxable spending," says Jos� Huizar, a member of the Los Angeles City Council.

"With the support of labor and the city of Los Angeles, we are creating new permanent jobs, as well as new revenue sources to help pay for city services," continues Huizar. "We are also taking an important step forward toward our goal of creating more hotel options downtown in order to make the convention center competitive on a national level to further drive our economy and boost our tourism sector." 

The hotels share a lobby, as well as 11,754 square feet of meeting facilities and 5,100 square feet of restaurant space. The guestrooms feature the first rollout of Samsung Smart TVs on the West Coast, in addition to fully integrated wireless connectivity for the TVs and PDA devices. 

"These are the first select-service hotels to open in downtown LA in 20 years and the only purpose-built, extended-stay brand," says Janis Milham, senior vice president of Modern Essential and Extended Stay, Marriott International. "The two power brands represent the best in customer service and innovation in the upper-moderate tier." 

The 371,000-square-foot project was built by SODO Builders, American Life's in-house construction company. It was designed by GBD Architects. Construction was completed in two years, both on time and on budget. The hotels were built to LEED-Silver specifications. 

About 95 percent of the project's funds were provided through the EB-5 foreign investor program. The project partnership is headed by American Life Inc., a Seattle-based real estate development and management company that specializes in EB-5 equity funding from prospective immigrants, and by Williams & Dame Development, a Portland, Ore.-based development firm that has played a key role in the revival of downtown Los Angeles. 

Williams & Dame was also part of the group that helped develop Evo, Luma and Elleven residential towers in downtown's South Park neighborhood. Once completed in 2009, these communities represented the first new ground-up residential development projects downtown Los Angeles had seen in more than 20 years.

The industrial property at 9455 Cabot in San Diego is one of nine properties acquired by Rexford Industrial Realty. It is 84 percent leased to one tenant. (Photo courtesy of LoopNet)

LOS ANGELES -- Rexford Industrial Realty Inc., a real estate investment trust focused on owning and operating industrial properties in Southern California, has acquired an industrial portfolio for $88.5 million, or about $108 per square foot. 

The nine properties, all located in Southern California, total 817,166 square feet. The portfolio is currently 87 percent leased. 

"The properties are strategically located within Los Angeles County, Orange County and San Diego County with convenient access to key regional, interstate, rail, and airport infrastructure to support local and regional distribution," says Howard Schwimmer and Michael Frankel, co-CEOs of Rexford Industrial Realty. "We plan to execute on a range of opportunities to drive occupancy while enhancing functionality, cash flow and value through strategic repositioning," 

Eight of the nine properties are 96 percent leased on average, with the remaining property at 40 percent occupancy. Collectively, the nine properties contain 24 units leased to 17 tenants with staggered lease expirations. 

The nine properties include: 

Salt Lake, a 126,036-square-foot building located in City of Industry. The asset was built in 1979 and includes clear heights of 24 to 30 feet, as well as dock-high loading. The property is fully leased to four tenants. 

Valley, a 108,703-square-foot building located in Pomona. The property was built in 1980 and includes clear heights of 22 feet and excess land. The property is fully leased to one tenant. 

Hunter, a 119,692-square-foot building located in Anaheim. The property was built in 1987 and includes clear heights of 24 feet. The property is fully leased to three tenants. 

Alton, a 124,000-square-foot building located in Irvine. The property was built in 1974 and includes clear heights of 28 feet. The property is currently 40 percent leased to one tenant. 

9340 Cabot, an 86,564-square-foot building located in San Diego. The property was built between 1975 and 1976 and includes clear heights of 22 to 24 feet. The property is currently 84 percent leased to two tenants. 

9404 Cabot, a 46,846-square-foot building in San Diego. The property was built between 1975 and 1976 and includes clear heights of 22 to 24 feet. The property is fully leased to one tenant. 

9455 Cabot, a 96,840-square-foot building in San Diego. The property was built between 1975 and 1976 and includes clear heights of 22 to 24 feet. The property is currently 84 percent leased to one tenant. 

Distribution I, a 47,666-square-foot building located in San Diego. The property was built in 1974 and includes clear heights of 27 feet. The property is fully leased to two tenants. 

Distribution II, a 60,819-square-foot building in San Diego. The property was built in 1983 and includes clear heights of 22 to 24 feet. The property is fully leased to two tenants.

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Millington at Merrill Creek includes a business center, 24-hour fitness center, clubhouse, pool, spa, basketball court and playground.

EVERETT, WASH. -- The 344-unit Millington at Merrill Creek apartment complex in Everett has received $43.5 million in acquisition financing. The 18-building community is located at 1401 Merrill Creek Parkway. 

The building's amenities include a business center, 24-hour fitness center, clubhouse, pool, spa, basketball court and playground. 

The seven-year, interest-only loan was arranged for Security Properties by NorthMarq Capital's Denver regional office. The firm secured the financing through its seller/servicer relationship with Freddie Mac.

The 388-unit Aspen Park apartment community will undergo a $1.4 million upgrade.

NORTHGLENN, COLO. -- BMC Investments has acquired the 388-unit Aspen Park apartment community in Northglenn for $32 million. The community is located at 301 Malley Drive, just north of Denver. BMC plans to invest $1.4 million to upgrade the property. 

"BMC is investing in this property in part because of its strong submarket with low vacancy, minimal new supply in the pipeline, neighborhood gentrification and investment going into older properties in the area, strong demand drivers and a light rail under construction within one mile," says Matthew Joblon, BMC's CEO. "With our renovations and its excellent location, Aspen Park will be a much-desired, affordable and convenient place to live." 

The investment includes the assumption of a $25.5 million Freddie Mac loan through Centerline Capital Group. The loan carries a 3.7 percent fixed interest rate with six more months of interest-only payments. There are 5.5 years remaining on this loan, and it carries a 30-year amortization schedule. BMC financed this equity internally. 

BMC purchased the property from ICO Development. This is the firm's first acquisition so far this year. It acquired 400 units in 2013, and 1,600 multifamily units in 2012. 

"Our goal for 2013 and 2104 was to acquire 2,000 units each year," says Joblon. "We looked at a lot of deals. However, we just have not been able to get comfortable with the valuations some sellers are expecting and what some buyers are paying. The market feels really 'frothy' to us. This was the right deal for us, it met our investment criteria. BMC will continue to remain disciplined in our underwriting on potential future investments."

The Class B community was built in 1988 and remodeled in 2007.

GLENDALE, ARIZ. -- Rance King Properties Inc. has acquired the 420-unit Northern Greens apartment complex in Glendale for $21 million. The Class B community is located at 8150 N. 61st Ave. It was built in 1988 and remodeled in 2007. 

Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers HSK Multifamily represented both the buyer and the seller, GA Northern Greens LLC, in this transaction. 

"Northern Greens was a great example of a B-quality asset trading in a rising West side rental market," Sherman says. "Modest common area improvements will position the building to capture the most out of rising rents and occupancy in the submarket. During the escrow period alone, the property's occupancy improved by 6 percent, further evidence of the economic momentum in the area."

The Class B community was built in 1988 and remodeled in 2007.

GLENDALE, ARIZ. -- Zanjero Falls, a 147,405-square-foot office property in Glendale, has sold to a joint venture for $9.1 million. The space is located at 7410 N. Zanjero Blvd. The venture includes Select Healthcare Solutions LLC, Phoenix Cyberknife, and Radiation Oncology Center LLC. The acquisition also includes about 10 acres of developable land. 

The Class A office development has never been occupied. It is currently configured as eight fully improved lots for future development. Zanjero features a single-story and a three-story office building, both of which are in shell condition. It was built in 2008. 

The joint venture was represented by TJ Zaharis of COBE Real Estate. The seller, RCFC Zanjero Falls, was represented by Steve Lindley, Bob Buckley, Tracy Cartledge, Eric Wichterman and Mike Coover of Cassidy Turley's Capital Markets Group.