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8/25/16
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MIG Real Estate financed its recent acquisition of Cape May at Harveston, a 300-unit, Class A apartment community in Temecula, with a $48.8 mil loan arranged by CBRE and provided by Fannie Mae.
Built in 2006, the garden-style community sits on a 15.3-acre, landscaped campus and offers tenants in-demand amenities. Unit features include nine-foot ceilings, full-size washers and dryers, central air conditioning, built-in microwaves, crown molding, expansive walk-in closets, built-in computer desks, linen closets, pantries, patios/balconies with storage closets, stainless steel sinks and attached garages in select units. Community amenities include a heated swimming pool and spa, clubhouse with kitchen, fitness studio, business center, three barbecue areas, gazebo and a playground.
The property is located near public schools, employment centers and shopping, including the 1.2 msf Promenade Mall. The city of Temecula is known for its award-winning public schools, safe neighborhoods and exceptional amenities.
CBRE’s Bill Chiles, Scott Peterson and Brian Cruz secured the aggressively priced, ten-year floating rate loan for the buyer. Tom Moran Jr. with Moran & Company was involved in brokering the sale. The price was not disclosed.
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