Biz News: Newport firm sells apartment properties for $482 million
JH Real Estate Partners Inc. of Newport Beach has sold a 14-property portfolio containing 2,669 apartments to a Los Angeles investment firm. It is one of the largest multifamily asset purchases in Southern California in two decades.
TruAmerica Multifamily, in partnership with institutional investors including Allstate and Guardian Life Insurance Co. of America, bought the properties for $482 million. The apartment communities are mostly 1980s-vintage “Class B” complexes in Orange, Los Angeles, San Bernardino and Riverside counties.
The properties fit TruAmerica’s business strategy to acquire mid-tier apartment complexes in Western markets and upgrade them to higher-quality housing that is still affordable for working families, Chief Executive Robert Hart said.
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UCI Medical Center chief to retire
Terry Belmont, chief executive of UCI Medical Center in Orange, plans to retire in June after six years in the job.
Belmont, who also is retiring as associate vice chancellor for medical center affairs, said his last day will be June 30.
Belmont was named CEO in March 2009 and led the hospital to recognition by U.S. News & World Report as one of the nation’s best hospitals. He has led several expansion and renovation projects, including the UC Irvine Douglas Hospital.
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Microsoft tech strategist to speak
Josh Condie, a partner technology strategist at Microsoft, will speak at a luncheon presentation Tuesday in Irvine titled “Increase Staff Productivity and Security With KME and Microsoft.”
The free public event will be held from 11:30 a.m. to 1:30 p.m. at the Microsoft Technology Center, 3 Park Plaza, Suite 1600. It is being presented by KME Systems, an information-technology company based in Lake Forest.
For more information and to register, visit kmesystems.com/microsoft-productivity.
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New pizzeria coming in Newport
Sal Maniaci, owner and chef of Sapori Ristorante in Newport Beach, plans to open Pizzeria Sapori adjacent to the restaurant on Bayside Drive.
The pizzeria, scheduled to be open for lunch and dinner starting in February, will feature wood-fired Neapolitan pizza along with appetizers, salads and a bar serving Italian wines, craft beers and cocktails.
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Irvine Co. donates $2.15 million to schools
The Irvine Co. recently presented the Irvine Unified School District with a check for $2.15 million, the latest installment of a 10-year, $20-million Excellence in Education Enrichment Fund pledge for enhanced art, science and music education.
Robin Leftwich, the company’s vice president of community affairs, presented the check to the district board of education on Jan. 13.
“Our goal has always been to create sustainable communities that help our children learn and flourish and achieve their dreams, and the Excellence in Education Enrichment Fund is playing an important role in realizing that goal,” Leftwich said.
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Opus Bank acquiring two L.A. companies
Opus Bank of Irvine said it has reached agreement to acquire Los Angeles-based Commerce Escrow Co. and RPM Investments Inc.
Under the agreement, shareholders of Commerce Escrow and RPM will receive a combined $25 million, with 55% payable in Opus Bank common stock and the rest in cash. The transaction is expected to close later in the first quarter of the year. CEC and RPM will operate as separate divisions in Opus.
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Irvine lawyers named to Super Lawyers list
All six principals and three partners of Irvine-based law firm Berger Kahn have been selected to the Southern California Super Lawyers list, a publication of Thomson Reuters that recognizes outstanding peer recognition and professional achievement.
“We have a phenomenal group of attorneys at Berger Kahn, and I am very proud to see all six shareholders — who have all practiced together at Berger Kahn for over 20 years — named to the … list,” Craig Simon, managing partner of Berger Kahn, said in a prepared statement.
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Immigration law firm opens Irvine office
The Law Offices of Elsa Martinez, a Los Angeles-based immigration law firm, has opened an office in Irvine, at 15615 Alton Parkway, Suite 450.
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William Lyon Homes forms mortgage company
Newport Beach-based William Lyon Homes announced an agreement with Stearns Lending of Santa Ana to form William Lyon Mortgage, which will offer mortgage banking services.
William Lyon Mortgage will be launched in phases across California, Arizona, Colorado and Nevada and is expected to be fully operating by the second half of the year, the home builder said.
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Irvine company to open office in Dubai
Flatirons Solutions Inc., an Irvine-based provider of content management consulting, technology and outsourcing for aviation, publishing, semiconductor, financial services, healthcare and other industries, is opening a regional office in Dubai, United Arab Emirates.
The new office is scheduled to open in midyear and will provide local sales and customer support for the region’s airline operators and maintenance, repair and overhaul providers, and technology and service partners there.
“Our initiative to open a Dubai office … will allow us to provide essential support and continuity that customers and partners in the Middle East require and to support long-term relationships in the region,” said Geoffrey Godet, Flatirons’ chief executive.
— From staff reports