JCM Sells Central Valley Apartments for $22M

Berkadia provided the buyer of the 124-unit multifamily asset with more than $16 million in acquisition financing through Fannie Mae.
Fairway Estates Apartments

RCMI has acquired the Fairway Estates Apartments, a 124-unit community in the Central Valley. According to Yardi Matrix, JCM Partners sold the asset for $21.8 million, or $175,806 per unit. The buyer financed the acquisition with a $16.4 million Fannie Mae loan originated by Berkadia.

Located at 1155 W. Center St. in Manteca, Calif., the garden-style community is positioned on 4.9 acres just north of the Yosemite Avenue retail corridor, 1 mile from California Route 120. Two bus routes operate in the immediate area, connecting the asset to the rest of Manteca. The city hall is next door, on the eastern edge of the property.

Built in 1972, Fairway Estates’ 13 buildings contain a mix of one- and two-bedroom units, with floorplans ranging from 636 to 904 square feet. Community amenities include a business center, a swimming pool, a fitness center, covered parking and five laundry facilities. The property was fully occupied as of February, per Yardi Matrix data.

In the past three years, JCM has reduced its California footprint by nearly 4,000 units. In October, the firm traded a 417-unit community in Sacramento for $61 million.

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