TODAY’S DEALS: Marcus & Millichap Arranges Sale of 42-Unit Community for Close to $10M
- Nov 20, 2008
By Anuradha Kher, Online News EditorFoster City, Calif.–Marcus & Millichap Real Estate Investment Services recently arranged the sale of Kula Kai Apartments (pictured), a 42-unit multifamily community in Foster City, Calif. Although the sale price remains confidential, it is close to the listing price of $10.9 million, or nearly $260,000 per unit. The sale price reflects an overall cap rate that is under five percent, well below the predominant range of capitalization rates evidenced by similar apartment transactions in recent months, and the purchase was financed by Freddie Mac.Located at 808 Comet Dr., the 37,641-sq.-ft. apartment community consists of one three-story building situated on 54,014 square feet. Kula Kai Apartments features a mix of studio, one- and two-bedroom units. Interior amenities include large, private patios or balconies, ceiling fans and a fully equipped kitchen with a new dishwasher, stove, garbage disposal and microwave. Community amenities include a private, gated swimming pool, on-site laundry facilities, sauna, private courtyard and covered parking with storage area.NorthMarq Capital Arranged $3.727M First Mortgage Financing for 24-Unit Rental PropertyLos Angeles–NorthMarq Capital Inc.’s Los Angeles regional office has arranged a $3.727 million first mortgage for Eastborne III Apartments, a 24-unit multifamily property, located in Los Angeles. Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its affiliation with Fannie Mae DUS lender AmeriSphere Multifamily Finance.Arbor Closes $2.136M Fannie Mae DUS LoanIthaca, N.Y.–Arbor Commercial Funding LLC recently completed funding of a $2,136,000 loan under the Fannie Mae DUS small loans product line to acquire the 36-unit complex known as Cliffside Terrace in Ithaca, N.Y.The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.46 percent.