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4/11/17
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A portfolio of six apartment properties totaling 410 units in Chico, CA traded hands in a recent $51.7 mil transaction ($126k/unit). The buyer utilized $38.9 mil in Fannie Mae financing to purchase the properties, which are all located within one mile of California State University, Chico, about 85 miles north of Sacramento.
Ed Rosen, Tyler Sinks and Erin Dammen of Berkadia, along with Steve Nelson and Dusty Haeling of Marcus and Millichap, brokered the sale, representing the buyer and the seller. The names of the parties were not given out.
Berkadia’s Branden McBirney arranged the financing, which was provided via Fannie Mae’s Green Rewards programs. The 10-year permanent loans each feature five years of interest-only payments, a 4.33% interest rate, a 75% loan-to-value ratio and a 30-year amortization schedule.
The properties in these transactions included:
• Timber IV -- consists of four properties located at 555, 624, 712 and 828 Nord Ave that feature two-bedroom master suites. The 176-unit property sold for $23.01 mil and was financed with a $17.25 mil loan. Property amenities include a fitness center, a pool, a basketball court and walking and biking trails. Unit amenities include high-speed internet access, a washer and dryer and ceiling fans.
• Timber Creek Apartments – was built in 1976 and features 128 four-bedroom units with dishwashers, balconies, high-speed internet access and storage units. The property is located at 1253 W. 5th St, affording convenient access to Nord Ave. The property sold for $18.99 mil and was financed with $14.28 mil loan. It features community amenities such as a clubhouse, a business center, a fitness center and spa, a volleyball court and a pool.
• Village at the Timbers -- is a 106-unit apartment community located at 725 Nord Ave that was built in 1970. It sold for $9.74 mil and was financed with a $7.42 mil acquisition loan. The one- and two-bedroom units feature a washer and dryer, storage units, a dishwasher and Wi-Fi. Community amenities include a multimedia game room, billiards, shuffleboard, a pool and a student lounge for studying.
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