Alpha Wave Investors, a private equity firm in San Juan Capistrano, has acquired Orange Tree Village, a 110-unit multifamily property in Tucson. Alpha Wave Investors acquired the property for $10.55 million from a Texas-based private investor. Alpha Wave will invest more than $2 million in capital upgrades at the property, including new paint and roofing, an upgraded pool and clubhouse, a new fitness center and children’s playground, interior unit renovations, as well as a dog park. ABI Multifamily represented both buyer and seller in the deal. Alon Shnitzer, senior managing partner with ABI, was the lead broker for the buyer. Jon Ibrahim, vice president with ABI, was lead broker for the seller. David Walkin of Meridian Capital Group arranged acquisition financing for Alpha Wave Investors. The loan was provided by Los Angeles-based Thorofare Capital.
Guthrie Development Co. of Newport Beach has closed the sale of Placentia Office Park at 701 and 711 Kimberly Ave. in Placentia for $10.4 million. The property includes two office buildings totaling 72,897 square feet. Guthrie, the seller, was represented by Newmark Knight Frank’s senior managing director Paul Jones, director Blake Bokosky, and senior associate Brandon White. The buyer, a private investor, was represented by NKF senior managing director Drew Sanden.