 |
|
| Search RENTV |
 |
|
|
|
| Video Programs |
|
| News |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| R. E. Marketplace |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Executive Subscribers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7/27/12
|
A joint venture of Cigna Realty Investors and Pacific Urban Residential closed on the purchase of The Arbors at Warner Center, a 250-unit multifamily community in the west San Fernando Valley. The property was sold by a private Northern California based investment firm in an off-market transaction.
Mark McGovern and Scott Peterson of CBRE’s San Diego Debt & Equity Finance team originated equity and debt financing of $46.15 mil for the acquisition. The financing included the assumption of an existing Freddie Mac fixed loan with seven years remaining at 52.3 percent LTV.
Located at 6333 Canoga Ave, The Arbors at Warner Center consists of seven three-story buildings and five two-story buildings on 6.69 acres. The unit mix is primarily comprised of one- and two-bedroom units with some studios and three-bedroom units.
“The equity and lending markets are very strong for multifamily assets, especially very well-located projects like The Arbors,” McGovern said. “Investors and commercial lenders still see well-positioned multifamily assets in Southern California as a secure investment.” CBRE San Diego Debt & Equity Finance was awarded the assignment in March of this year and closed the transaction in July.
The seller renovated select unit interiors during its ownership with stainless steel appliances, granite countertops, refrigerators, tile flooring and new cabinet fronts. The Pacific / Cigna joint venture will complete the interior renovations upon unit turnover. Additionally, an upgrade to the building exteriors, signage and landscaping are envisioned. The project was nearly 100 percent leased at the time of sale.
|
|
 Return to the Archive page
|
|
|
|
|
|
Printer-friendly Version
Email an Associate
