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4/18/08
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Financing for a recent $23.4 mil Orange County multifamily investment deal was provided by SoCal-based Mesa West Capital. The property is Brookstone Apartments, a 184-unit complex located on the corner of Artesia Blvd and Western Ave in the city of Buena Park in North Orange County. Purchased by Calera Investment Group, a CA-based multifamily operator that focuses on re-positioning and re-leasing, it is located approximately 21 miles southeast of Downtown Los Angeles and eight miles northwest of Anaheim.
Calera’s business plan includes renovating the unit interiors through kitchen, bathroom, bedroom and living room upgrades; adding washer/dryers and refrigerators; re-painting the exterior; upgrading the landscaping, pool area, and other common area amenities; upgrading the leasing office; upgrading the resident lounge, installing a new workout room/gym, displaying new signage; and raising the current rent rates to market levels.
"Given the property’s location within a strong infill market, we believe it will remain active and continue to demonstrate upside potential," said Whitney Asher, Vice President at Mesa West Capital. "The renovation and repositioning of this asset will boost the property’s appeal and attract a higher quality tenant allowing Calera Investment Group to increase rental rates.”
The financing was arranged by Jake Roberts of Marcus & Millichap Capital.
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