USA Properties Fund, Irvine Co. Break Ground On 338 Tustin Apartments: The Los Angeles Deal Sheet

USA Properties Fund and Irvine Co. began construction on Terracina at Tustin Legacy, a 338-unit affordable apartment complex in a 1,600-acre master-planned development transforming a former Marine Corps Air Station in Tustin.

The Terracina at Tustin will feature one- to three-bedroom apartments as well as a clubhouse, swimming pool and parking garage. Construction is expected to be complete in mid-2029, with leasing and some move-ins in the second half of 2028.

PEOPLE

Hackman Capital Partners hired David Felman as chief financial officer. Felman will lead Hackman Capital Partners’ finance functions, guide financial strategy and work alongside the executive team. 

Felman has more than 20 years of experience in financial operations, corporate finance, capital markets, real estate and private equity. He most recently served as the chief financial officer of investment platform Anderson Holdings.

SALES

Positive Investments sold Terramonte at Foothill, a 138-unit multifamily complex in Pomona, for $36.7M, or just under $266K per unit.

Institutional Property Advisors’ Kevin Green, Chris Zorbas, Joseph Grabiec, Alexander Garcia Jr. and Greg Harris represented the seller, Positive Investments, and procured the buyer, Sack Capital Partners.

The Olson Co. bought an 8-acre office campus in Monterey Park for an office-to-residential conversion project. The two-building campus measures about 120K SF. The Olson Co. has filed plans to build 159 townhomes on the site, according to Urbanize LA. The Olson Co. paid approximately $24.9M for the property at 601 Potrero Grande Drive and 2100 Saturn St. 

NAI Capital Commercial’s Ryan Campbell represented the buyer. JLL’s Andrew Harper, Jeff Bramson and Will Poulsen represented the undisclosed seller.

Colliers announced the $8.5M sale of a multifamily complex located at 1775 Beloit Ave. in West Los Angeles. Colliers Vice Chair Kitty Wallace represented both the buyer, UCLA Housing Group, and seller, Enterprise Bank. 

The sale was completed through a court-appointed receivership process.

Constructed in 2023, the seven-story, coliving property is roughly 18K SF with 16 residential units totaling 48 beds. The transaction closed at $531K per unit, or approximately $472 per SF.

Shopoff Realty Investments sold the proposed 1-acre Newport Beach condo development, Park Palm, to Shea Homes. The property is part of the firm’s master-planned community, Uptown Newport Village, and is entitled for 23 townhomes. Construction for Park Palm is expected to begin in 2027, with completion expected before the end of 2029.

The sale price was not disclosed. Shopoff bought the 25-acre Uptown Newport Village site in December 2010 for $23.5M.

LEASES

Cactus Fabrication, a production fabrication company serving the entertainment industry, signed a 10-year lease agreement for a roughly 35K SF industrial property in Rancho Dominguez. The property at 2945 E. Maria St. will serve as the West Coast operations hub for Cactus. Total consideration of the lease is $6.4M, according to DAUM Commercial Real Estate Services, which represented the landlord, Crown Associates Realty Inc.