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1/20/16
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Intercontinental Real Estate Corporation and MG Properties Group recently acquired Carmel Hacienda Heights Apartments, a 350-unit residential community in Hacienda Heights, in a deal reported to be worth around $82 mil ($234k/unit). It was 94% occupied at the time of sale.
Built in 1970, the property is located at 2401 S. Hacienda Blvd, south of the 60 Fwy. The complex offers a variety of one-, two- and three-bedroom units ranging from 650 sf to 1.1k sf in size. Community amenities include an expansive pool and spa, fitness center, and a community room for residents to gather and socialize.
The buyers are rebranding the property as The Hills at Hacienda Heights, and plan to execute a renovation program to upgrade unit interiors, common areas, the property exterior, and to address deferred maintenance items.
The seller was represented by Sean Deasy and Mark Petersen at HFF. The buyers represented themselves. The acquisition was financed with a 10-year fixed-rate mortgage from Freddie Mac, arranged by Brian Eisendrath at CBRE.
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