Latest news with #Oceanside-based
Los Angeles Times
3 days ago
- Business
- Los Angeles Times
Redlands Apartments Acquired for $148 Million
New York-based investment firm Sentinel Real Estate Corp. acquired The Venue at Orange, a newly built, 328-unit apartment complex in Redlands, for $148.4 million, or $452,000 per unit. The property was sold by Oceanside-based LuxView Properties in a transaction brokered by Institutional Property Advisors, a division of Marcus & Millichap. 'Completed in 2023, The Venue at Orange is a stabilized, best-in-class multifamily asset that achieved a swift and successful lease-up to a tenant base with an average annual household income of $135,000,' said Chris Zorbas, IPA executive managing director of investments. The Venue at Orange comprises seven three-story buildings with gated access and resort-style amenities, including a full-size swimming pool and spa, fitness center, co-working spaces, lounge and outdoor barbecue area. Apartment interiors have nine-foot ceilings, stainless-steel appliances, quartz countertops, walk-in closets and a private patio or balcony. The property is situated near major retail and employers, including Brookside Plaza, Downtown Redlands, Loma Linda Hospital, Loma Linda University, Amazon, Costway, Clorox and AutoZone. 'Affluent renters are increasingly drawn to the high quality of life in the Redlands. High single-family home values, rising interest rates and demand for low-density living have created ideal conditions for rent growth, low vacancy and healthy multifamily operations,' added Kevin Green, IPA executive managing director of investments. 'The Venue at Orange is the first high-quality, stabilized multifamily asset to trade hands in the Inland Empire since 2021.' Information for this article was sourced from Institutional Property Advisors.
Yahoo
24-07-2025
- Business
- Yahoo
San Francisco credit union to buy California bank
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. Dive Brief: San Francisco Federal Credit Union has agreed to acquire Oakland, California-based Summit Bank in an all-cash transaction, the companies said Tuesday. The transaction will add three Summit branches in Oakland, Emeryville and Walnut Creek to the $1.3 billion-asset credit union's seven-branch footprint across San Francisco and San Mateo counties. The deal — expected to close in the first quarter of 2026 — awaits regulatory and shareholder approvals. Dive Insight: The transaction would be the seventh whole-bank purchase by a credit union this year and the second such announcement in California in 2025. In January, Oceanside-based Frontwave Credit Union agreed to buy El Centro-based Community Valley Bank in an all-cash transaction valued at $56.4 million. San Francisco FCU's latest move would bolster the credit union's financial solutions for its customers with enhanced digital tools and offer broader commercial services for member businesses while scaling its operations in the Bay Area with a total of 10 branches, according to the press release. 'Community is central to our mission, and as we grow, we look forward to continuing to contribute to the economic vitality of Bay Area communities,' said Ray Shams, president and CEO of San Francisco FCU, in a statement. 'We are committed to helping our members achieve their financial goals while fostering strong local partnerships.' San Francisco FCU, established in 1964, is a not-for-profit organization serving nearly 47,000 members. The terms of the deal were not disclosed. The California credit union plans to retain the bank employees, to offer their knowledge of the East Bay and to ensure a smooth transition, according to the frequently asked questions section of San Francisco FCU. Founded in 1982, Summit Bank, the oldest woman-founded bank in California, has roughly $4.5 million in assets and caters to medium-sized businesses, professionals, and individuals, according to the press release. 'As we combine Summit Bank with San Francisco Federal Credit Union I am convinced that our customers will continue to see the can-do philosophy as our staff will continue into this larger financial institution that has the same values of Summit Bank,' Shirley Nelson, chairman and CEO of Summit Bank, said in a statement Tuesday. 'While it has been difficult to let go of something that I started over 43 years ago, I still plan to be involved supporting Summit Foundation.' In 2024, credit union-bank deals reached a record of 22 whole-bank acquisition announcements. Although this year's number is off pace compared to last year, Michael Bell, a partner at the law firm Honigman, said there are more deals in the works. 'The pace will pick up now,' Bell said in an email, adding this year's deal announcements might break or get close to that of last year's. In May, Idaho Falls-based Frontier Credit Union's proposal to buy First Citizens Bank of Butte marked its expansion into Montana. Credit union-bank deals irk trade groups like the Independent Community Bankers of America, which argues that credit unions' tax exemption allows them to offer a higher purchase price for small or struggling banks than bank competitors. San Francisco FCU's deal drew the attention of ICBA President and CEO Rebeca Romero Rainey, who noted that since 2010, credit unions with more than $1 billion in assets have been involved in more than 80% of acquisitions. She voiced similar concerns when the first California credit union-bank deal was announced in January. 'Credit unions have a mandate from Congress to serve people of modest means, though we repeatedly see growth-obsessed credit unions exploit their federal tax exemption to acquire taxpaying community banks and widen their already-massive footprints,' Romero Rainey said in a statement Tuesday. 'Policymakers must uphold market choice for small businesses and consumers alike by addressing taxpayer-subsidized consolidation of the financial services landscape by billion-dollar credit unions,' she added. Recommended Reading California credit union to buy in-state bank Sign in to access your portfolio
