Antelope Valley Campus Sells for $14.4M
The University of Antelope Valley sold its former 88,000-square-foot campus in Lancaster for $14.4 million to a buyer planning a community services hub.
The University of Antelope Valley sold its former campus in Lancaster for $14.4 million. The 88,000-square-foot property, which sits on roughly 6.4 acres, closed in 2024.
The buyer is an entity called 44049 Sierra Hwy Propco LLC. It plans to reposition the vacant hotel-turned-university building into a regional hub. The hub will provide community support services, workforce development programming, and administrative help for residents. This will be done in partnership with Los Angeles County. Daum Commercial's Dennis Marciniak represented the seller in the transaction.
Major Multifamily Sales
Two significant apartment complex sales closed in the Los Angeles area.
CBRE facilitated the $21 million sale of the Tournament Patio Apartments in Torrance. This multifamily community contains 60 units.
Separately, Marcus & Millichap sold a 21-unit apartment property at 1345 S. Beverly Glen Blvd. in Los Angeles. The sale price was $8.7 million, which works out to just under $412,000 per unit. The 25,000-square-foot building was constructed in 1988. Sam Liberow of Marcus & Millichap handled the exclusive listing for seller Southview Investment Co. and found the buyer, Xenon Investments.
| Property | Units | Sale Price | Price Per Unit | Brokerage |
|---|---|---|---|---|
| Tournament Patio Apartments, Torrance | 60 | $21M | Not Specified | CBRE |
| 1345 S. Beverly Glen Blvd., Los Angeles | 21 | $8.7M | ~$412K | Marcus & Millichap |
Construction and Financing Deals
New industrial construction is underway in Simi Valley. The Hanover Co. began building a roughly 200,000-square-foot ground-up development at 903 Quimisa Drive. The project will feature 36-foot clear heights and an 8.5-inch slab. It is expected to be completed in the summer of 2027.
In financing, a large loan was secured for a rental townhome project in Riverside. Canyon Partners Real Estate LLC and J.P. Morgan jointly provided a $74.7 million senior construction loan. The loan is for BCT Development, a venture between Bain Capital Real Estate and Cherry Tree Development. The project will create 180 Class-A rental townhomes in three-story buildings.
The townhomes will offer two-to-four-bedroom units. They are designed with larger sizes than typical apartments, along with private entrances and direct-access garages. A pool, fitness center, and clubhouse are also planned.
Another financing deal involved student housing. Priority Capital Advisory's Zachary Streit closed a $13.7 million bridge loan. The loan refinances a 33-unit student housing property in Westchester. The owner is a joint venture of Six Peak Capital and Grandview Partners. The venture acquired the 0.3-acre site in 2018 and finished construction in April 2025. The property is currently about 88% occupied and offers one-to-six-bedroom floor plans.
Other Market Activity
In Hollywood, Echelon Studios Management hired Jamie Crosbie as executive vice president and head of studio operations. Crosbie will oversee operations, client services, and facilities. She previously spent nearly a decade at NBCUniversal managing soundstage and backlot operations. She will manage studios in Hollywood and two in New York: Echelon Studios Bushwick and Echelon Studios Red Hook.
In a separate studio deal, producer Manny Halley acquired operational control of a Pacoima facility. The 125,000-square-foot studio was operated by Quixote North Valley Studios. Halley, through Imani Media Group and Manny Halley Production LLC, assumes 100% control under a 25-year lease. The studio will be rebranded as Imani Studio. The land beneath it is still owned by Rexford Industrial Realty.
