Berkadia Closes $35M SoCal Apartment Sale
- Apr 06, 2017
Berkadia has completed the sale of Veranda Apartment Homes, a 128-unit multifamily community in Fullerton, Calif. Managing Director Shane Shafer and Senior Director Peter Hauser of the Irvine office completed the sale, which closed on March 24. A California-based investor purchased the property for $35 million, with $28 million in financing secured by Meridian Capital Group.
Built in 1987, the residences feature one- and two-bedroom floor plans with dishwashers, balconies, vinyl plank flooring and ample storage. Property amenities include a pool, jacuzzi and spa, a fitness center, a clubhouse and gated entry.
Located at 140 W. Hill Ave. in Fullerton, Calif., the two-story property is within walking distance of a retail center and has easy access to Highway 91 and Interstate 5, with downtown Los Angeles 25 miles north. Nearby attractions also include Disneyland and Angel Stadium of Anaheim. Top employers in the area include Kaiser Permanente, Fullerton College and California State University at Fullerton.
“Downtown Fullerton is in the midst of a revitalization effort that will continue to benefit owners as rents continue to increase,” said Shafer in prepared remarks. “These strong market fundamentals are attracting investors from all over the country to deploy capital in the Orange County submarket.”
Bascom Group bought Veranda from Fifth Street Partners & Angelo Gordon for $20.4 million in 2012.
Image via Veranda Apartments Homes’ Facebook Page