CBRE Closes $113M in Multifamily Deals
CBRE arranged $69.6 million for two Florida apartment communities, Hawthorne Village in Port Orange and Hawthorne Groves in Orlando.
The real estate services firm also sold two Sacramento, Calif. multifamily properties for $42.9 million.
In Florida, CBRE Senior Vice President David Borge, Executive Vice President Monica Newman and Senior Production Analyst Kyle Schlitt originated a $69.6 million permanent non-recourse loan for Qapa Investments from an agency lender at a 75 percent loan-to-value ratio.
Hawthorne Village includes 378 units and dates to 2006. The 328-unit Hawthorne Groves delivered in 2001. Borge said both Class A garden-style properties were 98 percent occupied at closing.
“We had to navigate through several complex details over the course of re-financing both of these loans,” Borge said.
In Sacramento, CBRE sold Sierra Village, a 185-unit, Class B apartment community in the city’s North Highlands submarket for $15.5 million. Senior Vice President Marc Ross represented both buyer Oracle Properties Development and seller Trion Properties.
“Sierra Village has undergone considerable exterior and interior renovations over the past couple of years” Ross said. He called the property poised for continued success “in a region that is thriving with rising employment, increasing population, continued rent growth, and limited new multifamily supply.”
Apartment research firm Axiometrics, Dallas, ranked Sacramento first nationally for annual effective apartment rent growth, with 11.6 percent rent growth year-over-year in August.
Ross also sold Gold Ridge Apartments, a 268-unit Class B apartment community in Sacramento’s Rancho Cordova submarket for $27.4 million, or $102,000 per unit. He represented seller Oakmont Properties and Marcus and Millichap represented the private investor purchaser in the 1031 exchange deal.
