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4/01/15
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Intercontinental Real Estate Corporation and MG Properties Group have teamed up in the purchase of Madison Park Apartments, a 768-unit asset in Anaheim. We’re told that the transaction represents the largest single SoCal property – based on number of units -- purchased since 2013. The price was not disclosed.
Madison Park is centrally located in West Anaheim near the I-5 Fwy, between Disneyland and Knott’s Berry Farm. Apartment interiors have been recently renovated with high quality finishes and a contemporary aesthetic. The buyer intends to further invest in the property to improve common areas and select interiors.
Madison Park was purchased from a private multifamily investment firm. Institutional Property Advisors (IPA) executive vice president investments Greg Harris and IPA director Kevin Green represented the seller. The buyers represented themselves. The acquisition was financed with a 10-year fixed-rate mortgage from Fannie Mae, arranged by Brian Eisendrath at CBRE.
“The Orange County area continues to be a top performing market with favorable economic and real estate conditions. With convenient access to Anaheim’s major employers, Madison Park offers an affordable alternative to the area’s newer development projects,” says Jessica Levin, who is based in Intercontinental’s Los Angeles office.
Designed as a resort-style community, the property features exceptional common area amenities, including two swimming pools, sports courts, a large fitness center and group exercise room, clubhouse, movie theater, banquet room, and a business center.
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