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Clovis, CA-based IDEAL Capital Group and Aegon Real Assets US acquired Novella Apartments in Redondo Beach, CA from Stockbridge Capital Group for $53.5 million. The 105-unit property is located at 616 Esplanade St.
The property experienced extensive water damage during storms in October 2018, causing significant water intrusion, which eventually resulted in 80% vacancy. The building underwent a $16 million renovation previously, and post-storm received a full roof replacement and common area waterproofing upgrades.
CBRE’s Dean Zander, Stewart Weston, and John Montakab represented the seller and the buyer.
Zander says, “This was a unique situation and opportunity for the buyer since it provides them with a blank canvas to create a premier residential community in Redondo Beach.” He notes the prime location and nearly-vacated shell “gave investors an opportunity to create the ultimate boutique coastal apartment community” in a market with no new product over the past 35 years, and only one project in the development pipeline.
Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services.
In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company.
In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix.
Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator.
Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements.
Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.
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