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11/05/25
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Claremont Park, a 75-unit, garden-style multifamily property in Claremont, CA, was acquired by an Irvine-based private investor in a recent $26 mil ($346k/unit) deal. The property is located at 510 S. Indian Hill Blvd, north of I-10 and just minutes from minutes from the Claremont McKenna Colleges and Historic Claremont Village.
Claremont Park was built in 1971 and features 75 units on over 4.3 acres of park-like grounds with resort-like amenities, including a sparkling swimming pool with a spa, cabanas, BBQ area, sauna, fitness center with cardio machines, playground, dog park, and on-site leasing office. Most units feature in-unit washers and dryers and have been renovated with granite countertops, upgraded cabinet faces, and energy-efficient stainless-steel appliances.
Adrienne Barr, Nancy Badzey and Bruce Furniss with Berkadia brokered the sale. The transaction closed at a 5.46% cap rate on the in-place rent roll. Michael Manolides and Landon Domenico, also with Berkadia, arranged $17.6 mil in acquisition financing through Fannie Mae. The five-year (four-year interest only) non-recourse loan featured a 68% loan-to-value ratio.
“Claremont Park offered a rare opportunity to purchase in bucolic Claremont where owners hold long-term and properties rarely trade. No other 50+ unit market rate apartment communities have sold in Claremont in the last 10 years,” commented Barr. “Investor interest was strong, resulting in approximately 200 confidentiality agreements and multiple offers. The property offered investors a unique opportunity to purchase over four acres of land with ADU potential with a value-add opportunity to renovate the remaining six unrenovated units, add washer/dryers in the remaining units, renovate the gym and modernize the exterior of the building.”
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