SAN GABRIEL VALLEY
Residential Acquisition: Irvine’s Bascom Group has acquired an Alhambra multifamily property for $20.9 million from Glendale’s Japanese Village Plaza Ltd. The 109-unit Villa Del Rey Apartments, at 1801 W. Garvey Ave., consists of two buildings on 2.9 acres and was 96 percent occupied at the time of sale.
DOWNTOWN LOS ANGELES
Getting Started: Co-founder and former Oversee.net Chief Executive Lawrence Ng has launched a $10 million incubator and seed fund named OnRamp Fund. The fund will make investments between $50,000 and $200,000 in early stage startups, often e-commerce companies, Ng said. Much of the money will come from Ng with contributions from a few outside investors. OnRamp has offices in downtown Los Angeles; Shanghai; and Taipei, Taiwan.
Residential Pickup: San Francisco’s Prana Investments has acquired a portfolio of two Koreatown and one Macarthur Park apartment properties for $16.6 million from a private trust. In Koreatown, Prana bought a 47-unit apartment building at 147 S. Normandie Ave. and a 76-unit multifamily property at 1057 S. Western Ave. The firm also picked up a 35-unit building at 2795 W. Eighth St. in Macarthur Park. The three properties total 90,080 square feet.
Put It on the Card: Santa Monica’s Card.com, a maker of customized prepaid Mastercard debit cards, announced that it has raised $9 million from investors Seattle’s Columbia Pacific Advisors and Fenway Summer Ventures in Washington, D.C. The company offers an alternative to traditional banking since customers are only required to use a debit card and their mobile phones or the Internet to access their accounts.
Real Estate Moves: Agent Ace, a real estate agent matching website in Santa Monica, has acquired home-search website Fypio of Toronto and rebranded as OpenHouse. As part of the acquisition and rebranding, Agent Ace and Fypio’s functions are being combined into an iOS app named OpenHouse, which will help house hunters find a home and then a real estate agent to buy that property. Financial terms of the acquisition deal were not disclosed. In additional news, OpenHouse has raised $13.5 million in a Series A round led by Carmel Valley’s Triangle Peak Partners and Santa Monica’s March Capital Partners.
New HQ: Van Nuys’ Bunim/Murray Productions, the reality TV show producer behind such hit shows as “The Real World” and “Keeping Up With the Kardashians,” has acquired a two-building campus in Glendale for $18.7 million from Atlantic Pearl Investments Inc. of West Hollywood. The Grandview Office Campus, at 1011 and 1015 Grandview Ave., totals nearly 110,000 square feet and sits on a 3.5-acre lot. Bunim/Murray intends to make the new property its corporate office.
Punching Own Ticket: Goldstar Events Inc., an online discount ticketing company in Pasadena, has raised $20.3 million in a financing round, according to a filing with the Securities and Exchange Commission. Goldstar, which competes against services such as Groupon and Living Social, sells half-priced tickets for venues that aren’t selling out and charges a 5 percent commission on each ticket sold.
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