Empire USA proposes 270-unit condo complex in Sherman Oaks
Los Angeles - Investment firm Empire USA is planning a 270-unit condo project in Sherman Oaks. The developer would construct five separate four story condo buildings with one level of subterranean parking. The condo complex would sit on a nearly 4-acre lot and would have balconies for each unit, two courtyards, two swimming pools, and more than 600 parking spaces.
Empire purchased the property for an undisclosed amount in 2012, according to CoStar. The company, largely active on the West Coast, has invested in various types of real estate, including multifamily residential, retail, and commercial projects. Some of its most recent acquisitions in Los Angeles include five contiguous apartments in Valley Village and a 12-acre complex in Ventura.
Empire purchased the property for an undisclosed amount in 2012, according to CoStar. The company, largely active on the West Coast, has invested in various types of real estate, including multifamily residential, retail, and commercial projects. Some of its most recent acquisitions in Los Angeles include five contiguous apartments in Valley Village and a 12-acre complex in Ventura.
Empire USA Acquires its Third Hotel in Prestigious Lake Oswego (Portland), OR
Portland – HREC Investment Advisors is pleased to announce it has arranged the sale of the 161-guestroom, full service, first class Crowne Plaza Lake Oswego Hotel to an affiliate of Empire USA. Located in suburban Portland, the Crowne Plaza is the only full service hotel in the competitive set. With high barriers to entry, Lake Oswego was eagerly sought after by investors.
Empire USA and The Praedium Group Acquire Multifamily Complex in San Rafael, CA
New York – The Praedium Group, a New York City-based national real estate investment firm, and Empire USA, LLC, a Los Angeles-based real estate services firm, acquired 33 North, a newly-built, 82-unit property in San Rafael, CA through a 363 bankruptcy sale. The luxury property cost nearly $60 million to construct. Completed in 2012, 33 North is one of only a handful of new properties constructed in the Marin County submarket of San Francisco during the past two decades.
Empire USA Purchases Sheraton Four Points Hotel in Marin
San Francisco - Empire USA, LLC purchased the 235 room Sheraton Four Points hotel located in Marin County north of San Francisco. The 6.75 acre property was previously operated by a joint venture between Downtown Properties and Core Capital. The property includes 6,600 SF of flexible meeting space and a full service restaurant, The Marin Steak and Spirits Co. CBRE Hotels San Francisco will broker the sale.
Empire Purchases 342 Units in Las Vegas for $21.6m
Las Vegas - Los Angeles-based Empire Properties acquired the 342-unit Cobblestone Creekside Apartments at 4200 Paradise Rd. in Las Vegas, NV for $21.6 million, or about $63,000 per unit.
The multifamily complex consists of 284 one-bedroom, 28 two-bedroom, one-bath units, and 30 two-bedroom, two-bath units, ranging in size from 600 square feet to 1,050 square feet. Amenities include washer/dryers, high speed internet, fitness center, and swimming pool. The asset was 91 percent leased at closing.
The multifamily complex consists of 284 one-bedroom, 28 two-bedroom, one-bath units, and 30 two-bedroom, two-bath units, ranging in size from 600 square feet to 1,050 square feet. Amenities include washer/dryers, high speed internet, fitness center, and swimming pool. The asset was 91 percent leased at closing.
Empire and GE Capital Buy Multi Family Portfolio
New York - Empire and GE Capital have partnered to purchase a portfolio of multifamily properties valued at $84,567,000. The portfolio sale closed in one month.