Berkadia Brokers $55.5M Sale of Property
- May 15, 2015
Oxnard, Calif. –Berkadia announced the sale of The Vines, a Class A multifamily property that is part of RiverPark, a master planned community located at 3040 N. Oxnard Boulevard in Oxnard, Calif. Partner Adrienne Barr of the West Los Angeles office negotiated the transaction. The property sold for over $55.5 million on April 10, 2015. The sale price reflects a per-unit price of $338,628, which is the highest per-unit price paid in the last 10 years in Ventura County among multifamily rental communities with 100 or more units.
The buyer was Champion Real Estate, led by Bob and Parker Champion based out of Los Angeles. The sellers were Corona Riverpark Promenade LLC and Corona Riverpark Luminaria LLC, negotiated by Tony Koeijmansof RSF Partners, based in Dallas.
The 164-unit property was built in two phases: the first 80 units were built in 2013 and the remaining 84 units were completed in 2014. The community features two- and three-bedroom layouts, and unit amenities include fully equipped kitchens with granite countertops, washer and dryer units, balconies or patios, walk-in closets, hardwood flooring and attached two-car garages. RiverPark amenities include seven different parks with playgrounds, basketball and tennis courts, picnic areas with barbecues, water fountains. Leasing an average of two units per week, Cirrus Asset Management delivered the property at 95 percent occupancy.
The Vines is situated near Pacific Coast Highway and State Route 101. It is within walking distance to high-end retail shops, dining, entertainment and less than 10 miles from both Ventura Beach and Channel Island Beach. The top employers in the area are St. John’s Regional Medical Center, Boskovich Farms Inc., Ventura Superior Municipal Court and Walmart Supercenter.
Apartment vacancy in the Ventura County metro area declined 70 basis points last year, reaching 3.7 percent by year-end. Average asking rent was $1,710 per month by the end of 2014.
BMC Capital provides a $2.512M loan for a property in Austin
Austin, Texas —Hank Crane of BMC Capital’s Austin office has arranged for a $2,512,000 purchase loan for a 36 unit multi-family property located in Austin.
The loan featured a 75 percent LTV, five-year fixed rate at 4.375 percent, and a 30 year amortization. The loan was arranged through one of BMC Capital’s credit union correspondent relationships.