NorCal 410-Unit Portfolio Trades for $52M
- Apr 20, 2017
Berkadia has brokered the sale and secured financing for six apartment properties totaling 410 units in Chico, Calif., all within 1 mile of California State University, Chico. Managing Director Ed Rosen, Associate Director Tyler Sinks and Director Erin Dammen of the San Diego brokerage team facilitated a total of $51.7 million in transactions, along with Steve Nelson and Dusty Haeling of Marcus and Millichap, representing the buyer and the seller. Properties include Timber IV, Timber Creek Apartments and Village at the Timbers and are marketed by Realty Center Management Inc.
Berkadia Senior Director Branden McBirney of the Los Angeles team arranged $38.9 million in combined financing on behalf of the buyer. The financing was provided via Fannie Mae’s Green Rewards programs. The 10-year permanent loans each feature five-years interest-only and a 4.33 percent interest rate, a 75 percent loan-to-value ratio and a 30-year amortization schedule. The deals closed on March 30.
Timber IV consists of four properties located at 555, 624, 712 and 828 Nord Ave. and features two-bedroom master suites. Berkadia sold the 176-unit property for $23 million and secured a $17.3 million loan. Amenities include a fitness center, a pool, a basketball court and walking and biking trails. Unit amenities include high-speed internet access, a washer and dryer and ceiling fans.
Timber Creek Apartments was built in 1976 and features 128 four-bedroom units with dishwashers, balconies, high-speed internet access and storage units. The property is located at 1253 W. 5th St., offering convenient access to Nord Avenue. Berkadia secured the $18.99 million sale and the $14.28 million loan for the property. The property features amenities such as a clubhouse, a business center, a fitness center and spa, a volleyball court and a pool.
Village at the Timbers is a 106-unit community built in 1970 and located at 725 Nord Ave. Berkadia secured the $9.74 million sale and $7.42 million acquisition loan for the property. The one- and two-bedroom units feature a washer and dryer, storage units, a dishwasher and Wi-Fi. Community amenities include a multimedia game room, billiards, shuffleboard, a pool and a student lounge for studying.
Berkadia has also recently completed the sale of Veranda Apartment Homes, a 128-unit multifamily community in Fullerton, Calif.
Images courtesy of Realty Center Management Inc.