The Real Deal

For some in Malibu, glimpses of dolphins and birds from an oceanfront deck trump permitting delays and the constant push-pull with the elements. This past week’s sinkhole that sucked in Nicolas Cage’s Malibu driveway not only re-opened the conversation around the challenges with living on the coast, but just how much of a drag it can be to build or rebuild in the city. Eighteen months post-Palisades fire and not one certificate of occupancy has been issued in Malibu, according to a city dashboard tracking rebuilding. While agents this week generally spoke in tempered tones about the tradeoff homeowners make […] This article originally appeared on The Real Deal. Click here to read the full story.

Los Angeles County is doling out more than $200 million in grants to support nearly two dozen residential projects across the county. The Los Angeles County Affordable Housing Solutions Agency has issued its first social bond aimed to stimulate affordable housing development, with $220 million set aside for 20 projects slated to create 1,530 units for more than 4,000 people, L.A. Business First reported. The developments will consist of senior housing, family housing or housing for people who have experienced homelessness. The agency is providing developers with construction loans, grants and subordinate notes. Of the 20 projects, six are acquisitions […] This article originally appeared on The Real Deal. Click here to read the full story.

TA Realty is adding to its Southern California multifamily holdings with its latest nine-figure purchase in Orange County. Boston-based TA Realty acquired the Zia apartment complex at 1600 West Lincoln Avenue in Anaheim for $147.5 million, Bisnow reported. The seller was MBK Rental Living, which developed the property in partnership with Haseko and opened it two years ago. Cushman & Wakefield’s Marc Renard, Morgan Jackson, Manfred Schaub and Joyce Bee arranged the deal on behalf of MBK. The five-story Zia property boasts 315 units in studio to three-bedroom floor plans ranging from 600 to 1,900 square feet in size. Amenities […] This article originally appeared on The Real Deal. Click here to read the full story.

Broadcom is buying an Irvine office property that set an Orange County record when it last sold. The semiconductor and infrastructure software company bought two five-story office buildings it occupies, at 15101 and 15191 Alton Parkway, for $325 million, L.A. Business First reported. PRP Real Assets was the seller of the 661,000-square-foot campus. The price works out to $492 per square foot. Washington, D.C.-based PRP paid $355 million for the property in 2020, still the priciest office transaction in the county. The buildings were completed in 2017 and 2018, and Broadcom’s lease was set to expire in August 2037. The […] This article originally appeared on The Real Deal. Click here to read the full story.

In the wake of Senate Bill 79 going into effect earlier this summer, cities across California — despite some hesitation — are leaning on transit oriented development projects. The City of Arcadia approved a proposal for a mixed-use project one block east of the Arcadia Metro stop that would bring 130 units to 225 North Second Avenue, Urbanize Los Angeles reported. The North Village project, as it is known, was proposed by an entity affiliated with Giantech Construction. SB 79, known as the Abundant and Affordable Homes Near Transit Act, legalizes multi-story multifamily housing on sites zoned for residential, commercial […] This article originally appeared on The Real Deal. Click here to read the full story.