Message from the TeamWelcome to Centre Urban’s Third Quarter 2023 Market Insights Report, where we evaluate the current status of the commercial real estate market and review the key indicators we monitor. Commercial real estate investment continues to face headwinds primarily driven by the US Federal Reserve’s interest rate hiking campaign to combat persistent inflation. This has put pressure on the cost of borrowing and asset valuations, with interest rates on stabilized commercial real estate approaching 8.0% and cap rates expanding over 60 basis points from recent lows. There are a growing number of indicators and forecasts that predict a moderate recession in the next 12 months. However, as Ray Dalio says, “most of life’s greatest opportunities come out of moments of struggle”. Whether or not there is an impending recession or if it is a hard or soft landing, what is clear is this is a time of transition such as we have not seen for over a decade. As in the 2008 Global Financial Crisis, the last period of transition, those who are well-informed and disciplined will see successes. Centre Urban continues to stay informed on the economic data so that we are best able to identify opportunities and mitigate against potential risks. Within Centre Urban’s targeted geographies of Southern California and Honolulu, Hawai’i we are observing trends that support our investment thesis that supply-constrained, high-demand markets with high political and geographical barriers to entry, strong household incomes, and robust job infrastructure will better weather turbulent times compared to other major US markets that have experienced increasing new supply and volatile rents. Throughout our investment portfolio, Centre Urban prioritizes historic trends of strong net asset value appreciation, low vacancies and modest rent growth. We continue to monitor the market data to stay informed on major decisions for current assets under management and new investment opportunities. Key Indicators The Fed’s historic rate hike campaign is well underway to combat rampant inflation driven by the aftereffects of the COVID-19 pandemic. Our key indicators are Core Personal Consumption Expenditures, the Fed’s preferred measure for inflation, and the 10-year US treasury bond yield, which influence CRE interest rates and cap rates. The Fed has increased its benchmark borrowing rate 12 times, totaling 525 basis points from near zero in March 2022. The current range of 5.25%-5.50% is the highest in 22 years. The economic data we are currently observing is eerily similar to the period leading up to the 2008 Global Financial Crisis, which saw a Fed rate hiking campaign from 2004 to 2006 with a cumulative increase of 425 basis points. Inflation continues to trend downward in Q3, coming in at 3.68% - which is good progress from the peak of 5.55% in Q1 2022 - but was higher than projected and still well above the Fed’s 2% target. This increases the potential for an additional rate hike in December 2023 and a Fed policy of “higher for longer”. Alongside the increases to the Fed funds rate, the 10-year US treasury bond, seen as the “risk-free rate”, has seen an increase to 4.59% (and further increased in October). This has put upward pressure on multifamily cap rates and interest rates, as most investments reference the risk-free rate as a benchmark. We are eagerly anticipating the “high water mark”. These data points are highlighted in the table above. Economy Most investment segments - including stocks, bonds, and commercial real estate - are experiencing volatility as investors undergo price discovery. In an era of “bad news is good news” it is expected that the market will need to see further declines before economic growth returns. While the S&P 500 is up almost 12% for the year, it is worth noting that it declined by 3.65% in Q3, which ate into the strong growth seen in the first half of 2023. This follows the trend of most publicly traded stocks, which continues to be volatile after seeing a return of -18.1% in 2022. The average annualized return since the S&P’s inception in 1928 through 2022 is 9.82%. The bond market has not faired much better in terms of volatility, with the 10-year treasury bond yield increasing by 71 basis points since the beginning of the year, after increasing by 156 basis points in 2022. Since bond yields move inversely with price, this has resulted in a significant decline in bond values, which in part contributed to the failures of Silicon Valley Bank, Signature Bank, and other regional banks. Core Personal Consumption Expenditures (PCE), which is the Federal Reserve’s preferred measure of inflation, continues to trend downward to 3.7% in Q3, down from 4.3% in Q2 and well below the peak of 5.5% in Q1 2022. Core PCE excludes volatile food and energy prices. At the same time, the unemployment rate increased slightly to 3.8% in Q3 from 3.6% in Q2, driven in part by labor disputes throughout the country including Southern California. While the increase in unemployment is not significant, it is worth monitoring this new upward trend, given unemployment has remained between 3.5% and 3.6% for the past two years. The Fed has a dual mandate of stable prices, defined as a 2% inflation rate, and maximum sustainable employment. With inflation remaining well above the Fed’s 2% target, the current elevated interest rate environment will likely remain the status quo for the foreseeable future, likely through most of 2024 barring a major shock to the economy that causes unemployment to increase dramatically. These market indicators have pushed mortgage rates to historic highs for both commercial and residential properties. The 30-year residential mortgage rate increased to 7.31%, in Q3 up dramatically from the low of 2.67% at the end of 2020. The WSJ prime rate, typically used as a benchmark for commercial mortgages, has increased to 8.5% in Q3, up from a low of 3.25% in 2020. The high interest rate environment has put pressure on real estate values and cashflow. Further, while national new multifamily supply continues to grow, primarily in the Midwest and Southeast, the majority of these were approved prior to the current market environment. We anticipate a significant decline in new supply over the next few years as the development pipeline slows. Southern California Real EstateCentre Urban defines Southern California as Los Angeles County, Orange County, San Diego County, Ventura County, and the Inland Empire, comprising San Bernardino and Riverside Counties. Market fundamentals in Southern California are turbulent due to macroeconomic headwinds and local labor disputes, though various submarkets have demonstrated resilience.  Multifamily Insights Rents throughout Southern California remain among the highest in the nation, with a weighted average rent of $2,304, well above the national average of $1,653. However, rent growth after a series of high growth quarters has started to slow, with a weighted average growth rate of 0.77% over the past 12 months. This is significantly down from the 3-year average rent growth of 5.6%. Renters remain cautious in the face of economic uncertainty and inflation. As a result, vacancy increased from 3.3% one year ago to 3.9% today, though remains relatively tight compared to the national vacancy rate of 5.6%. The weighted average market cap rate for Southern California saw a slight compression to 4.40% in Q3, a 62-basis point expansion from the recent low of 3.77% in Q4 2021, and moderately above its trailing three-year average of 4.07%. This trend outperforms that of the greater US, which saw a 78-basis point increase in cap rates to 5.64% from the recent low of 4.86% in Q1 2022. Multifamily sales activity has dramatically slowed, primarily driven by a combination of high interest rates and costly local regulations, such as the City of Los Angeles’s ULA transfer tax of 4.0% for any sale above $5 million and 5.5% for any sale above $10 million. The new transfer taxes are on top of the 0.45% transfer tax the city had in place before April 2023. As such, Q3 2023 multifamily sales activity in LA County has declined to $856 million, which is just a third of the average quarterly sales over the past decade of $2.2 billion. Demand for rental housing in Southern California is further driven by the high cost of homeownership, where the median sale price for a single-family home is now $820,000, with average home prices being as high as $1.3 million in Orange County, as reported by the California Association of Realtors. Southern California has a weighted 2023 area median income of approximately $113,400, ranging from a low of $94,500 in the Inland Empire to a high of $127,800 in Orange County. Notwithstanding the relatively high incomes, due to increased high home prices and interest rates, homeownership is simply not feasible for many households. Economy With a total population of over 23.7 million, the leading industries driving the Southern California economy are entertainment, tourism, international trade, fashion, tech, and aerospace. Ongoing labor disputes have resulted in economic disruptions throughout Southern California, though the Southern California Association of Governments (SCAG) reports a moderate unemployment rate of 5.4%. The lowest unemployment rate is in Orange County at 3.9%. Though the West Coast ports’ agreement with International Longshore and Warehouse Union (ILWU) dock workers and Writer’s Guild of America (WGA) strike have been resolved, those and the Screen Actors Guild-American Federal of Radio and Television Artists (SAG-AFTRA) and the hospitality industry labor disputes are being felt severely in the region, especially in LA County. Particularly concerning are the ripple effects on the industry’s supply chain. These disputes bring uncertainty to the economy, putting financing for investments at risk. The transportation sector sustained growth through the pandemic as warehousing demands increased by retailers and ecommerce operators. Much of the demand draws from the ports of Los Angeles and Long Beach, which rank first and second in the U.S. in terms of annual containers (TEUs) handled. The twin ports handled 19 million containers in 2022, which if combined would make them the fifth busiest port in the world. However, the ports face several potential challenges and trade flows have sharply fallen. Some trade is being diverted to the east coast, which has been facilitated by the expansion of the Panama Canal in 2016 and which can place many items closer to their destination. U.S. imports from China, a significant place of origin for goods entering through L.A.'s ports, have also been declining since tariffs were imposed in 2018. Employment in the accommodations sector is 11% below the pre-pandemic high in February 2020 across the SCAG region, 14% below the pre-pandemic high in Los Angeles County, and 17% below pre-pandemic levels in the Inland Empire counties of Riverside and San Bernardino. While employment in the region’s tourism industry is not quite back to pre-pandemic levels, international passenger traffic at Los Angeles World Airports increased by 42% from January to July relative to last year. The region’s other airports have also observed a surge in passenger traffic. Honolulu Real EstateMarket fundamentals in Honolulu continue to remain robust relative to other urban markets throughout the United States, with continued low multifamily vacancies and modest cap rate expansion. This is indicative of the historic housing supply shortage plaguing the Honolulu market for decades.  Multifamily Insights Average apartment rents in Honolulu are just under $2,100/month, which is a 2.9% increase from where they were a year ago. In the past three years, rents have increased a cumulative 11.0%. Vacancy in the Honolulu multi-family market is 3.6%, which is slightly below the 3.8% it was a year ago. The market cap rate for Honolulu is 4.49%, showing a slight compression in Q3, a 68-basis point expansion from the recent low of 3.81% in Q4 2021, and moderately above its trailing three-year average of 4.13%. This trend outperforms that of the greater US, which saw a 78-basis point increase in cap rates to 5.64% from the recent low of 4.86% in Q1 2022. Demand for rental housing in Honolulu is further driven by the high cost of homeownership, where the median sale price for a single-family home is now over $1.1 million. Despite robust area median incomes of $113,000 that outpace national levels, homeownership is simply not feasible for many households. Economy With a population just under 1 million, the leading industries driving the Honolulu economy are tourism and defense. The unemployment rate current stands at a low 2.9%, well below the US unemployment rate of 3.8%. Currently there are over 70,000 active duty, reserve, and civilian defense personnel across all six branches of the US military located in Hawai’i. The Basic Allowance for Housing (BAH) for military personal and their families stationed in Hawai’i increased by 16.75% in 2023, compared to the national average of 12.1%. According to the Hawai’i Department of Business, Economic Development and Tourism (DBEDT), in the first half of 2023 there were just over 2.74 million visitors to O’ahu, compared to approximately 2.26 million visitors (+21.4%) in the first half of 2022 and approximately 3 million visitors (-9.3%) in the first half of 2019, which was a record-setting year for arrivals. In the first half of 2023, total visitor spending was $10.78 billion, up significantly from $9.23 billion (+16.9%) in the first half of 2022 and from $8.86 billion (+21.7%) in the first half of 2019. Market Insight Take-Aways
This report has been prepared by Centre Urban Real Estate Services and its affiliates for use by a limited number of parties and has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it, and make no guarantee, warranty or representation about it. It is your responsibility to confirm, independently, its accuracy and completeness. CA Broker Lic. 01527042, HI Broker Lic. RB-24080 © 2023 Centre Urban Real Estate Services, Inc. All rights reserved.
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LOS ANGELES, CA — DECEMBER 29, 2021 — Centre Urban Real Estate Partners has successfully sold Rock Hill Retail Center, a 4,800 sf retail center in St. Louis, Missouri for $1.45 million or $302 per square foot, and Dollar General #718, a net leased asset located in Jackson, Alabama for $475,000 at a 7.3% cap rate. These two assets were part of a portfolio owned by the families that had once owned a prominent tile company in the Los Angeles South Bay. The families originally purchased the properties in 2016 and 2017. Centre Urban was initially brought in to analyze the family's existing portfolio in 2018 and was ultimately asked to be the investment manager on behalf of the family trusts.
Rock Hill Retail Center was originally built in 2017 and anchored by Pacific Dental Services, operating as Rock Hill Dentistry. The buyer is an owner-user and plans to occupy the adjacent vacant suite as Hotworx Fitness Studio & Gym. Centre Urban was represented by CBRE, Inc. and the buyer was represented by Morrow Hill, LLC in the transaction. Dollar General #718 was originally built in 1997 with a corporate-guaranteed NN lease to Dollar General (NYSE: DG), a publicly-traded Fortune 500 Company with an S&P Investment Grade Credit Rating of BBB. The buyer is Wolfe Investments of Dallas, Texas. Centre Urban was represented by Sands Investment Group and the buyer was represented by Wynmark Commercial in the transaction. Centre Urban's Investment Management Platform is available for family offices and Accredited high-net worth individuals that desire professional portfolio or asset management of their real estate investments. Centre Urban can advise on an existing portfolio or execute an appropriate strategy for new investments, whether it is through comingled investment vehicles or separate accounts, that achieves the goals of our investors. ### Interested in Investment Opportunities? Fill our our Investor Questionnaire here. For more information: Centre Urban Investment Management (213) 265-7505 investing@centre-urban.com  LOS ANGELES, CA — DECEMBER 29, 2021 — Centre Urban Real Estate Partners has successfully sold Desert Springs Spa & RV Park comprising of 96 RV and mobile home pads in Riverside County, California for $2.4 million or $25,000 per pad. Desert Springs Spa & RV Park is a legacy asset of Tahiti Partners Properties Corporation, which originally purchased the property in distressed condition for $1.8 million or $18,750 per pad in early 2017. The property was originally built in 1974 and features a swimming pool and spa heated by natural hot springs, which is the namesake of the nearby City of Desert Hot Springs. Centre Urban successfully executed a renovation and stabilization business plan that saw significant value-creation as demonstrated by the ultimate disposition.
Centre Urban was represented by an affiliated Centre Urban company, and the buyer was represented by the Martinez & Associates, Inc. in the transaction. Located in the Coachella Valley, Desert Hot Springs is a historic city that rests upon a large alluvial plain that fills the cavity of the ancient Mission Creek, which flows from the snowpack on the peak of Mt. San Gorgonio, a protected nature reserve. A short drive from Desert Springs Spa & RV Park and Desert Hot Springs is the world-famous City of Palm Springs, which is known for its hot springs, stylish hotels, golf courses and spas. It's also noted for its many fine examples of midcentury-modern architecture. ### For more information: Centre Urban Marketing (213) 265-7505 info@centre-urban.com  LOS ANGELES, CA -- October 27, 2021 — Centre Urban Real Estate Services executed the sale of 2010 Lincoln Park Avenue, consisting of a portfolio totaling approximately 113,490 square feet of land located within the Lincoln Heights neighborhood near Downtown Los Angeles. The 2.60-acre portfolio was sold for $14,000,000, or $123.36 per square foot of land. The full portfolio includes a social service campus located on a full city block, an ancillary surface parking lot, a single-family home, two retail units and a three-unit multifamily building. The buyer was Ronald Mayer, a private real estate investor, and the seller was PAMC, Ltd.
Centre Urban’s Eugene F. Page and Martin M. Q. Nguyen served as advisors to the seller in a transaction process that was executed through the height of the COVID-19 pandemic. The buyer was represented by Louis Chavez of Century 21 Allstars and Alex Jimenez. Located just outside Downtown Los Angeles, Lincoln Heights is one of L.A.’s oldest neighborhoods. It dates back to the 1870s and was founded within one of the original four Spanish leagues pueblo of the Los Angeles land grant. The portfolio is ¼ mile from the University of Southern California’s prestigious 79-acre Health Sciences Campus, which is undergoing massive expansion. Established in 1885, the USC Keck School of Medicine is the oldest medical school in Southern California. As advisors, Centre Urban managed a marketing and listing strategy that produced a competitive number of qualified offers. Centre Urban, as a fully integrated commercial real estate firm, continues to seek new third-party advisory and brokerage opportunities while raising capital for its direct investment opportunities located in Southern California and Honolulu. “Centre Urban is able to leverage its unique experience as both principals and advisors for the benefit of its clients and investors,” said Page, who notes the Lincoln Heights Portfolio assignment required Centre Urban to examine the site from multiple perspectives to convey the vision of what a potential buyer could bring to fruition. “Whether we are deploying investment capital on behalf of investors or advising a family office’s real estate portfolio, we approach every client’s investments with the same intensity and level of care as our own,” concluded Page. About Centre Urban Real Estate Services Centre Urban Real Estate Services is the brokerage, property management and advisory arm of Los Angele-based Centre Urban Real Estate Partners, Inc., a privately held, vertically integrated commercial real estate investment, development, advisory, and asset management company that traces its roots to 2000. Centre Urban’s principals take decades of institutional experience and pair it with an entrepreneurial mindset to further the on-going evolution of Southern California’s urban fabric. Centre Urban and its legacy companies have completed more than $500 million in full-cycle transaction value and its principals have in excess of 85 years of combined real estate experience as advisors, brokers, and principals. ### For more information: Eugene F. Page Principal, Brokerage & Advisory (213) 265-7505 page@centre-urban.com Centre Urban Marketing (213) 265-7505 info@centre-urban.com  LOS ANGELES, CA -- January 29, 2021 — Centre Urban Real Estate Services executed the sale of 717-759 North Hill Street, consisting of approximately 82,120 square feet of land located within the rapidly expanding Chinatown market near Downtown Los Angeles. The 1.89-acre property was sold for an undisclosed price. The buyer was TRJLA LLC, a privately held real estate development company, and the seller was PAMC, Ltd.
The property is currently zoned C2-2D Regional Commercial and Transit Oriented Community (TOC) Tier 3, a key designation for sites within a half mile of a transit station. 717-759 North Hill Street is near the Metro Gold Line’s Chinatown Station. Furthermore, the property is located within the DTLA 2040 Community Plan update area, which allows for further development opportunities. Project details are expected to be available later in 2021. Centre Urban’s Eugene F. Page and Martin M. Q. Nguyen served as advisors to the seller in a transaction process that was executed without the parties being able to meet in-person as a result of the health pandemic. “Centre Urban recognized the potential for this site to serve as a catalyst in Chinatown and is confident we found a buyer who also understands the value and the opportunity this crucial development site represents for one of Los Angeles’s most historic districts,” said Page. “Getting a deal of this size across the finish line was remarkable given the health pandemic restrictions that prevented us from meeting the buyer in-person. I believe this is the first assignment in which I’ve been involved dating back to the 1970s where that happened.” As advisors, Centre Urban managed a formal Request for Proposal (RFP) process that produced a competitive number of qualified offers, despite the economic uncertainty caused by the onset of the COVID-19 pandemic during the process. Nguyen added, “This sale is the most significant development land transaction in Downtown Los Angeles since the COVID-19 pandemic started in March 2020. Chinatown has faced many challenges in the past year, and the opportunity is now there for this high-profile development site to further Chinatown’s burgeoning renaissance. The buyer understood the site represents an opportunity to transform an overlooked site in an underserved market into a project that truly serves the community.” Kevin Chen, TRJLA CEO, stated, “This is a lifetime opportunity to contribute to Chinatown’s revitalization and improve the Hill Street corridor. We are evaluating development options, which we trust will improve the quality of Chinatown’s physical environment and add to Los Angeles’ character as a diverse, sustainable and global destination.” Joseph Chang, TRJLA CFO, added, “We have partnered with AC Martin, a Los Angeles-based architecture firm with over 170 employees and a strong history in DTLA, to design the mixed-use project.” Centre Urban, as a fully integrated commercial real estate firm, continues to seek new third-party advisory and brokerage opportunities while raising capital for its direct investment opportunities located in Southern California and Honolulu. “Centre Urban is able to leverage its unique experience as both principals and advisors for the benefit of its clients and investors,” said Page, who notes the Hill Street assignment in Chinatown required Centre Urban to examine the site from a development perspective in order to convey the vision of what a developer could bring to fruition. “Whether we are deploying investment capital on behalf of investors or advising a family office’s real estate portfolio, we approach every client’s investments with the same intensity and level of care as our own,” concluded Page. About Centre Urban Real Estate Services Centre Urban Real Estate Services is the brokerage, property management and advisory arm of Los Angele-based Centre Urban Real Estate Partners, Inc., a privately held, vertically integrated commercial real estate investment, development, advisory, and asset management company that traces its roots to 2000. Centre Urban’s principals take decades of institutional experience and pair it with an entrepreneurial mindset to further the on-going evolution of Southern California’s urban fabric. Centre Urban and its legacy companies have completed more than $500 million in full-cycle transaction value and its principals have in excess of 80 years of combined real estate experience as advisors, brokers, and principals. ### For more information: Eugene F. Page Principal, Brokerage & Advisory (213) 265-7505 page@centre-urban.com Centre Urban Marketing (213) 265-7505 info@centre-urban.com  LOS ANGELES, CA — DECEMBER 8, 2020 — Centre Urban Real Estate Services successfully solicited, negotiated and arranged the $1,318,000 debt recapitalization of the existing loan on 1700 Camino Real located in Palm Springs, California. The lender is Farmers & Merchants Bank of Long Beach. The loan is fixed for six years at 3.75%. Despite the severe impacts of the COVID-19 pandemic on commercial retail, particularly on food & beverage, the property was able to maintain 100% occupancy and is now at full collections. Centre Urban capitalized on the property’s quality, market resiliency, tenant performance, and low leverage to generate attractive loan terms.
The 5,800 square foot commercial property is a legacy asset of Tahiti Partners Properties Corporation, which successfully acquired, designed, entitled and developed the property in 2008 as a component of Oceo Palm Springs, its larger, award-winning development of nine private courtyard homes and 25 townhomes of built in the style of mid-century modern design. The property is located across from the renovated $35 million Ace Hotel. Amidst a local population of over 45,000 and within walking distance of over 1,000 hotel rooms, the property’s location would be considered prime. The strikingly pristine mid-century modern architecture has remarkable desert mountain views and produces high visibility from heavily trafficked East Palm Canyon Drive and Camino Real. The property is anchored by award-winning Koffi. Voted Coachella Valley's best coffee shop, Koffi is a Palm Springs staple for locals and visitors alike. Established in 2002, Koffi is locally owned and operated, with four locations in Palm Springs and Rancho Mirage. In 2019, Centre Urban successfully leased up 4,200 square feet of vacant restaurant space, equipped with a state-of-the-art kitchen and a transformable dining space, to P.S. Underground. Established in 2012 and described as a “dining adventure” where menus are kept secret, ingredients are sourced from local seasonal ingredients, and no two events are the same, P.S. Underground had called art galleries, rooftops, gardens, private estates, shuttered restaurants, and warehouses home until establishing its permanent location at the property. Both tenants continue to successfully navigate the COVID-19 pandemic under Centre Urban’s management of the property. Centre Urban Real Estate Services is the brokerage, property management and advisory arm of Centre Urban Real Estate Partners, Inc., a privately held, vertically integrated commercial real estate investment, development, advisory, and asset management company originally founded in 2001. Part of Centre Urban's suite of services include third-party investment advisory on debt placement and capitalization. ### For more information: Eugene F. Page Principal, Brokerage & Advisory (213) 265-7505 page@centre-urban.com Centre Urban Marketing (213) 265-7505 info@centre-urban.com LOS ANGELES, CA — MAY 20, 2020 — Centre Urban Real Estate Partners received unanimous approval to build 32 for-rent townhomes in eastern Riverside County via a City of Banning Planning Commission hearing. The hearing was held virtually, due to the ongoing COVID-19 pandemic. Named Vista Serena, the 32-unit project is a legacy asset of Tahiti Partners Properties Corporation, which is purchasing the 32 finished lots in a previously developed project that already includes 96 finished townhomes in a gated community. The Vista Serena complex was originally approved and developed in the early 1970s but the final 32 lots had never been improved with townhomes. The 32 townhomes being built by Centre Urban will range in size from 1,000 square foot to 1,220 square foot and will feature two bedrooms and two and one-half baths, with two-car garages. Each unit will include a master suite, kitchen, pantry, living room, dining room, laundry closet, patio and deck.
Loren G. Smets, A.I.A., formerly of LGS Architects and Pardee Homes, designed the 32 units, which incorporate the Spanish-style architectural design of the existing 96 townhomes. Feiro Engineering is the Civil Engineer, Gouvis Engineering Consulting Group is the Structural and Title 24 Engineer, and Hermann Design Group is the Landscape Architect. The existing units have demonstrated a strong occupancy history, comprised mostly of longer-term tenants, with rents steadily increasing over the years. Vista Serena is located within five miles of Desert Hills Premium Outlets, an asset of Simon Property Group, and the Morongo Casino Resort & Spa, which is currently undergoing a significant remodel of its 27-story resort tower, encompassing 310 guest rooms, and 65,000 square foot expansion of its casino. Centre Urban was able to facilitate significant risk-adjusted returns by structuring an innovative acquisition strategy while offsetting risks by identifying the existing market demand through the strong occupancy and rent history of the existing complex. The purchase and development of Vista Serena is part of Centre Urban’s investment strategy to focus on creating moderate and workforce housing in areas with demonstrated or anticipated demand growth. Construction on Vista Serena is anticipated to begin in the third quarter of 2020. ### For more information: Centre Urban Marketing (213) 265-7505 info@centre-urban.com  LOS ANGELES, CA — MARCH 19, 2020 — Centre Urban Real Estate Partners as exclusive advisor is pleased to present for sale 717-759 North Hill Street, an irreplaceable development opportunity comprised of approximately 82,120 square feet or 1.89 acres of land located within the rapidly expanding downtown-adjacent market of Chinatown in Los Angeles, California. With favorable C2-2D Regional Commercial zoning and Transit Oriented Community (TOC) Tier 3, the opportunity allows for incredible development flexibility.
With its walkability and access, Chinatown is currently one of the hottest neighborhoods experiencing rapid development and revitalization. Chinatown has had consistent delivery of new product in the past couple years. Most recently, the historic Capitol Mill Building has been converted to creative office, and LA Plaza Village has brought 355 new residential units to the neighborhood. Major planned developments to be completed in the coming years include College Station with 725 planned units and Llewellyn Apartments with 318 planned units. The Property is offered on an unpriced basis. Please email info@centre-urban.com to be qualified as a respondent for the Request for Proposal that will be distributed on March 23, 2020. All responses will be due on or before April 30, 2020 at 5:00PM PDT.  LOS ANGELES, CA — DECEMBER 12, 2019 — Centre Urban Real Estate Partners has successfully sold Beaumont Cove Apartments comprising of 136 garden-style apartments in Tulsa, Oklahoma for $5.385 million or $39,600 per unit. Beaumont Cove is a legacy asset of Tahiti Partners Properties Corporation, which originally purchased the property in distressed condition for $2.856 million or $21,000 per unit in late 2010. The property was originally built in 1974 and comprises of 24 one-bedroom units and 112 two-bedroom units. Tahiti Partners successfully executed a renovation and stabilization business plan that saw significant value-creation as demonstrated by the ultimate disposition.
Centre Urban was represented by Evolution Management Corp., an affiliate of Centre Urban, and the buyer was represented by the CBRE in the transaction. The sale of Beaumont Cove is part of Centre Urban’s efforts to dispose of legacy assets not consistent with its current investment strategy. Located in the northeast plains of Oklahoma, Tulsa is a historic city of nearly half a million people on the banks of the Arkansas River. Known for more than a century as a major oil and gas production center, Tulsa’s economy has grown into the aerospace and technology sectors more and more in the last few decades, and is home to a blossoming media industry as well. Beaumont Cove is located in East Tulsa, a primarily residential and industrial community located in eastern Tulsa County. With a manufacturing industry that continues to thrive, East Tulsa also supports many retail and service sector jobs, including jobs in Tulsa's primary hospitality district. ### For more information: Centre Urban Marketing (213) 265-7505 info@centre-urban.com  LOS ANGELES, CA — NOVEMBER 22, 2019 — Centre Urban Real Estate Partners has successfully sold Compass Pointe Apartments comprising of 86 garden-style apartments in Tulsa, Oklahoma for $2.709 million or $31,500 per unit. Compass Pointe is a legacy asset of Tahiti Partners Properties Corporation, which originally purchased the property in distressed condition for $516,000 or $6,000 per unit in early 2010. The property was originally built in 1964. Tahiti Partners successfully executed a renovation and stabilization business plan that saw significant value-creation as demonstrated by the ultimate disposition.
Centre Urban was represented by Evolution Management Corp., an affiliate of Centre Urban, and the buyer was represented by the SVN Oak Realty in the transaction. The sale of Compass Pointe is part of Centre Urban’s efforts to dispose of legacy assets not consistent with its current investment strategy. Located in the northeast plains of Oklahoma, Tulsa is a historic city of nearly half a million people on the banks of the Arkansas River. Known for more than a century as a major oil and gas production center, Tulsa’s economy has grown into the aerospace and technology sectors more and more in the last few decades, and is home to a blossoming media industry as well. Compass Pointe is located in central Tulsa, near major freeways with access to downtown, shopping, medical facilities, and recreation. The 86 units all maintain the ease of apartment living amid beautifully landscaped grounds. Residents have the time to pursue their interests while enjoying maintenance-free living in a family-oriented community, complete with a playground and barbecues. ### For more information: Centre Urban Marketing (213) 265-7505 info@centre-urban.com |
