MJW Property Buys SoCal Asset for $44M

Berkadia completed the sale of the 230-unit community in Menifee, Calif., at a sub-4.4 percent cap rate. The asset had an occupancy rate of 95.7 percent last month.
Cantabria Apartment Homes, Menifee, Calif.

Cantabria Apartment Homes, Menifee, Calif.

MJW Property Group acquired Cantabria Apartment Homes, a multifamily community in Menifee, Calif., from Strata Cantabria LLC for $43.7 million. Berkadia’s Director Kyle Pinkalla along with managing directors John Chu and Ed Rosen in the firm’s La Jolla office completed the sale on April 25.

“This trade, at a sub-4.4 percent cap rate, reflects the aggressiveness of capital chasing newer constructed assets that are well positioned for continued rent growth in the Inland Empire,” said Pinkalla in prepared remarks. “Cantabria is one such property, and its Southern California locale made it a particularly attractive investment opportunity.”

Located at 30951 Hanover Lane, just off Interstate 215 and close to Interstate 15, the 230-unit property is adjacent to San Jacinto College and one mile from retail amenities in downtown Menifee. Built in 2009, the property features one- and two-bedroom floor plans with balconies, dishwashers, washer and dryer units, and attached garages. Community amenities include a resort-style pool with cabanas, a courtyard fireside lounge and a fully equipped fitness center.

According to Yardi Matrix, the property had an occupancy rate of 95.7 percent in March 2017. The previous owner, Strata Equity, purchased the property in 2013 for $31 million from Fairfield Residential. Earlier this month, Berkadia also closed on the sale $35 million community in Fullerton, Calif.

Image via Yardi Matrix