Stanton, Calif.—Carmel Partners has closed its sale of Briarwood Square, a 194-unit community located in the Stanton submarket of Orange County, Calif. A&M Properties picked up the asset for $40 million. JLL’s Capital Markets represented Carmel in the sale.
“Briarwood Square sits in the heart of Orange County—one of the most desirable housing markets in the country,” says Joe Leon, managing director at JLL. “It is a well-maintained institutional asset that presents a strong value-add community.”
Leon worked alongside JLL vice president Javier Rivera in leading the transaction. Briarwood Square was 95 percent occupied at the time of sale. Community amenities include a fitness center, three swimming pools, a playground, barbecue area and gazebo.
Cocke Finklestein grabs 194-unit asset in Virginia
Winchester, Va.—Full-service multifamily investment firm Cocke Finkelstein Inc. (CFI) has added Peppertree Apartments to its portfolio. The 194-unit community is located about 80 miles south of Washington, D.C., in Winchester, Va. The $14.1 million price tag translates to $72,680 per unit. Occupancy stood at 94 percent at the time of closing. CFLane, the apartment management subsidiary of CFI, will manage the garden-style asset.
“Expanding the presence of CFI and CFLane in the Mid-Atlantic region is a major goal of ours in 2014, and this acquisition is an important step toward meeting that objective,” says Byron Cocke, CEO of CFI and CFLane. “The Mid-Atlantic is a great area for the company’s growth because of its strong employment and economic drivers, and its adjacency to our existing footprint.”
CFI was founded in 2004. Its property management subsidiary currently manages approximately 40,000 owned and third-party units in 18 states in a region stretching from Maryland to Nevada.
NorthMarq finalizes $21M in life company financing for acquisition
Los Angeles–Robert R. Hervey, executive vice president/senior managing director of NorthMarq Capital’s Los Angeles based regional office arranged the $21 million acquisition for Mediterra Apartments, a 223-unit multifamily property located at 43-100 Palm Royale Drive in La Quinta, Calif.
The transaction was structured with a 10-year term with two-years interest-only followed by a 30-year amortization and was arranged for the borrower by NorthMarq through its relationship with a correspondent life company. The transaction was co-brokered with Troy Tegeler of CBRE Capital Markets.
“Due to the nature of the relatively quick closing, all of the parties involved worked together diligently to close on time,” says Hervey.