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11/25/20
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Berkshire Laurel Creek, a 106-unit, garden-style multi-housing property in the northeastern San Francisco Bay Area, was acquired by Glencrest Group. The deal was financed with a $19.11 mil Freddie Mac loan.
Located at 2751 Peppertree Dr in Fairfield, off I-80 about midway between San Francisco and Sacramento, Berkshire Laurel Creek offers a mix of studio, one- and two-bedroom apartments and is 97% occupied. Community amenities include a clubhouse, fitness center, spa and pool, all renovated in the last two years.
Fairfield is home to various wineries and breweries, golf courses, premium outlet shopping and outdoor recreational and is home to Travis Air Force Base and a few miles from the growing Vacaville biotech corridor.
Charles Halladay, Peter Smyslowski and Jonah Aelyon with JLL Capital Markets arranged the 10-year, 2.75% fixed-rate loan. The loan will be serviced by JLL Real Estate Capital LLC, a Freddie Mac Optigo℠ lender.
This marks Glencrest Group’s fourth property acquisition since its founding last year. The seller, Berkshire Residential Investments, was represented by Salvatore Saglimbeni, Stanford Jones, Philip Saglimbeni and Alex Tartaglia with Institutional Property Advisors.
“Laurel Creek Apartments represents a compelling, long-term investment for the Glencrest Group,” commented Salvatore Saglimbeni. “The property’s low-density setting (18 units per acre) in a quaint residential neighborhood, combined with the community’s spacious, home-like floor plans with future upgrade potential, ideally suit today’s work-from-home renters focused on suburban markets.”
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