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3/04/19
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A & M Properties lnc paid $76 mil for ReNew at the Shops, a 400-unit ($190k/unit), garden-style multifamily property in Mission Viejo. The property was sold by San Francisco-based FPA Multifamily LLC.
ReNew at the Shops just underwent a $20 mil comprehensive renovation ($50k/unit). The property has an irreplaceably low density of only 16.8 units/acre. The community is adjacent to Saddleback College and the Mission Viejo Mall, which features over 150 retailers and restaurants. The city of Mission Viejo also has a very high average occupancy of almost 96% per year over the last three years and has an average household income of over $112,000.
Joe Leon, Jeff Rowerdink and Michael Thagard of Berkadia’s Irvine office represented the buyer and the seller in the deal. Jackson Cloak, also with Berkadia, facilitated the loan assumption and provided secondary supplemental financing for the acquisition on behalf of the buyer.
“South Orange County is an extremely difficult marketplace to acquire apartment properties. In fact, the submarket has averaged only two sales per year over the last 20 years,” said Leon.
FPA Multifamily, LLC is a private equity real estate firm focused on the acquisition, renovation and management of both core plus and workforce housing apartment communities. Founded in 1985, FPA has owned over 110,000 apartment units valued at over $12 bil.
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