Real Estate / Acquisitions & Dispositions
Sklar Kirsh assists clients in acquiring and selling commercial and residential real estate properties, whether it’s a single asset transaction, national portfolio of properties, raw land for ground up development or REO assets. We offer our clients depth of experience, range and breadth of industry contacts and a thorough understanding of the varied marketplaces in which our clients do business within Southern California and beyond.
We counsel clients in the acquiring and selling of all sectors of income producing assets as well as development projects. In addition to preparing the core transaction documents, such as the purchase and sale agreement and related closing documents, we assist our clients in performing all due diligence relating to the acquisition or disposition of property, such as (i) reviewing all title matters relating to the property, (ii) confirming all requisite land use approvals for the property have been obtained from the applicable governmental agencies, (iii) reviewing all leases and preparing abstracts to identify material matters, and (iv) consulting with our clients regarding any relevant tax concerns.
- Represented Tides Equities, LLC in connection with the $71,500,000 sale of the Tides at South Tempe Apartments, a 442-unit apartment complex in Tempe, Arizona. The project was acquired by Tides in August of 2018 through a joint venture with Capitol Solutions, Inc. for $55,500,000. The Buyer of the Property was FCP, a privately held national real estate investment company (although Tides is staying in the deal as a joint venture partner), which was represented by Arent Fox LLP.
- Represented Owner 301 Taylor, LLC, an affiliate of BLDG Partners, LLC, in its sale of an affordable housing multi-family residential project in Henderson, Nevada for a total purchase price $17,500,000. Seller was represented by Carle, Mackie, Power & Ross.
- Represented Letty Jane Bassler, Trustee of Trust A and Trust B of the Donald Victor Bassler and Letty Jane Bassler Trust (the Bassler family) regarding the acquisition of three parcels with existing ground leases with Chick-Fil-A, Whataburger, and Chipotle, as tenants, in the Waterview Towne Center in Richmond, Texas. The total purchase price was $9,150,601. Seller was represented by Jackson Walker LLP of Houston, Texas.
- Represented NextGen Apartments, LLC in its acquisition, through an affiliate entity of a multi-family residential property located in Redondo Beach, California, for a purchase price of $9,350,000. The acquired property was added to a previously 15-property portfolio containing more than $100,000,000 in assets owned by NextGen in a joint venture with Goldman Sachs. The transaction included both modifications to the joint venture with Goldman Sachs as well as a modification of the pre-existing financing with RBC Real Estate Capital Corp., increasing the loan amount to $77,664,336.00. Lender was represented by Gibson Dunn & Crutcher LLP. Goldman Sachs was represented by Fried, Frank, Harris, Shriver & Jacobson LLP. NextGen was also assisted by Allen Matkins Leck Gamble Mallory & Natsis LLP.
- Represented Springtree Apartments, LLC, an affiliate of The Lighthouse Group, LLC, in its sale of a multi-family property located in Arlington, Texas known as the 2121 Apartments for a total purchase price of $14,080,000. Buyer was represented by Munck Wilson Mandala, LLP out of Dallas, Texas.
- Represented 6125 Canterbury LLC, an affiliate of Vista Investment Group, in their acquisition of a multi-family apartment building located in Culver City, California, for a total purchase price $17,600,000. Financing was provided by CIT Bank as part of a portfolio loan covering a number of other multi-family properties. The lender was represented by Sheppard Mullin.
- Represented BLDG Brookside, LLC, an affiliate of BLDG Partners, LLC, in its acquisition of an affordable housing project located in Southern Pines, North Carolina for a total purchase price of $12,000,000. In order to fund the transaction we assisted our client in forming a syndication fund for its equity and also in obtaining a loan from Wells Fargo in the amount of $9,600,000. Lender was represented by Higier Allen.
- Represented 4325 Berryman LLC, an affiliate of Vista Investment Group, in its acquisition of a multi-family apartment building located in Los Angeles, California for a total purchase price $12,240,000.
- Represented 235 Camelback LLC, an affiliate of Vista Investment Group, in their acquisition of a large multi-family project known as the Northridge Apartments located in Pleasant Hill, California for a total purchase price $91,000,000. In order to acquire the property we assisted our client in forming a joint venture with Tokyu Land US Corporation and obtaining a loan in the amount of $62,817,600.00 from CIT Bank. Seller was represented by Barack Ferrazzano Kirschbaum & Nagelberg LLP out of Chicago, and CIT Bank was represented by Sheppard Mullin.
- Acted as co-counsel to TruAmerica Multifamily, LLC, along with Akerman LLP in connection with the $54,100,000 joint venture acquisition of the Mission Springs Apartments, a 306-unit multi-family apartment project located in Tempe, Arizona. Equity was provided Alberta Investment Management Corp. (AIMCo), an equity investor based in Canada. Seller was represented by Stein Law, PLC. Acquisition financing was provided by CBRE Capital Markets, Inc., which was represented by Seyfarth Shaw LLP.