OC Register: “Real estate briefs: Passco buys complex for $51 million; R.D. Olson breaks ground on San Carlos Residence Inn”
Apr. 22, 2016
BY ANGELA RATZLAFF / STAFF WRITER
New Ventures
Passco Companies, an Irvine-based developer and manager of commercial properties, has acquired The Overlook, a 452-unit multifamily community in Nashville, Tenn., for $51.4 million. The Overlook is 95 percent occupied. Russ Oldham, CBRE senior vice president, represented both Passco as the buyer and Olympus Properties as the seller in the transaction. Chris Black of KeyBank Real Estate Capital’s commercial mortgage group arranged acquisition financing for Passco Companies through Fannie Mae.
Newport Beach-based R.D. Olson Development hosted a groundbreaking ceremony for its latest hotel project, a 204-room Residence Inn by Marriott Silicon Valley in San Carlos. Los Angeles-based DLR Group will be the architects for the hotel, and Seattle-based Degen & Degen will do interior design. Construction is planned to be completed in summer 2017.
On the Move
James Fox Jr. has joined Jamboree Housing Corp., an Irvine-based affordable housing development nonprofit, as controller, a recently created position. Fox will oversee all finance, accounting and reporting activities and give that information to the governing board, finance and audit committees. He will also lead day-to-day finance operations and supervise the accounting team. Before joining Jamboree Housing, Fox worked as chief financial officer with Clippinger Investment Properties in Laguna Niguel, a real estate investment and management firm.
Irvine-based Brandywine Homes promoted Alex Hernandez to president of the company’s homebuilding division. He takes over for Brett Whitehead, who was promoted to the role of chief executive officer. Hernandez joined Brandywine in 2013 as senior vice president of land acquisition and project management. Before joining Brandywine, he worked as senior vice president at TELACU Development, which has headquarters in Commerce.
Real estate transactions, executive promotions and career milestones are compiled and written by Angela Ratzlaff. Send items to her at aratzlaff@ocregister.com.
