Berkadia Completes $31M Sale of SoCal Property
- Nov 19, 2018
Berkadia has completed the $30.5 million sale of The Enclave at Town Square, a 124-unit multifamily community in Chino, Calif. The deal was financed with a $19.2 million Freddie Mac loan, according to Yardi Matrix data.
Managing Directors Jeff Rowerdink and Joe Leon completed the transaction on behalf of the seller, Essex Property Trust. The buyer was Klingbeil Capital Management of Columbus, Ohio.
Located at 11475 Central Avenue, the property is situated halfway between freeways 60 and 90. That puts residents within easy access of downtown Chino less than three miles away, as well as major employers in the Inland Empire.
Encompassing eight two-story buildings, The Enclave at Town Square offers a mix of one- and two-bedroom floor plan options. Residences feature dishwashers, microwave ovens, walk-in closets and fireplaces.
Among the common-area amenities of the community are a fitness center, pool, spa, clubhouse, barbecue area and 24-hour on-premise laundry facility.
“Eight different deals hit the market in the Inland Empire at the same time, which made it difficult for buyers to focus on one deal,” Rowerdink told Multi-Housing News. “We approached it with the thought that our listing was the youngest of the bunch, and with a great upside story based on very little deferred maintenance for the new buyer. We had over 20 tours and a great group of buyers to pick from at the end of our marketing efforts. Essex and Klingbeil were a great fit as they were very familiar with each other.”
The Riverside market’s strong economic expansion has driven growing demand for high-quality housing in Chino, said Klingbeil Capital Management Vice President Robert Conn. “We plan to make additional capital improvements in the property to make it even more desirable.”
Added Rowerdink: “Klingbeil was the perfect buyer for this asset as they saw the upside in a 1989 building just down the street from Copperwood, another multifamily property already in their portfolio. Essex had maintained the property at a very high level. Thus, Klingbeil will have very little deferred maintenance going forward.”
Earlier this month, Berkadia arranged $108.3 million in Fannie Mae financing for two multifamily properties in Michigan on behalf of Torchlight Investors.
Image courtesy of Berkadia