TODAY’S DEALS: 300-Unit Rental Community Bought for $71M
- Sep 03, 2008
By Anuradha Kher, Online News EditorSan Diego–In the largest multifamily sale in San Diego County year-to-date, Cushman & Wakefield has arranged the sale of Cardiff by The Sea Apartment Homes to Property West for $71 million. The 300-unit apartment community is located at 2170 Carol View Dr. in the north San Diego county coastal community of Cardiff by the Sea.“This sale demonstrates the strength of the San Diego County rental market and long-term positive outlook for core locations and quality assets,” says Ed Rosen, executive director with Cushman & Wakefield. “This is a well-positioned property in a market that enjoys less than four percent apartment vacancy, a number that is anticipated to drop even further as demand for rental housing continues to grow.”Cardiff by The Sea Apartment Homes is located on a 21.86-acre site and totals 284,360 rentable sq. ft. The community offers one-, two- and three-bedroom units ranging from 700 sq. ft. up to 1,160 sq. ft. Amenities include two swimming pools, three spas, two tennis courts and a fitness center. Arbor Closes $1,838,700 Fannie Mae DUS LoanSavannah, Ga.–Arbor Commercial Funding LLC recently completed closed a $1,838,700 loan under the Fannie Mae DUS product line to finance Townwoods Apartments, a 57-unit project in Savannah, Ga. The seven-year loan amortizes on a 30-year schedule and carries a note rate of 6.39 percent.35-Unit Property Sells for $4.2MOceanside, Calif.–Hendricks & Partners recently arranged the sale of Tri-City Gardens, located at 4129 & 4130 Waring Rd. in Oceanside, Calif. The 35-unit apartment community was sold for $4,199,300.Investment Property Exchange Services Inc co-trustees of the Brian Marcus and Suzanne Marcus Family Trust and co-trustees of the Werbeloff Family Trust, sold the property to Tenth Street Properties.