Berkadia Completes Sale and Financing for Multifamily Property in California
IRVINE, Calif. And LOS ANGELES – September 5, 2023 – Berkadia Institutional Solutions announced today the sale of and financing secured for Union Place, a 125-unit garden-style multifamily property located in Placentia, California. Senior Director Mike Murphy and Senior Managing Director Rachel Parsons of Berkadia Irvine completed the sale on behalf of the seller, a California-based private owner, and buyer, Gelt Ventures LLC, also based in California. The deal closed on September 1.
“Originally conceived as a for-sale community, Union Place featured a unique mix of large two- and three-bedroom units and abundant parking not available elsewhere in the market, which is a perfect match for a suburban site in an award-winning school district,” said Murphy. “The potential for value-add enhancements to the community only added to the opportunity.”
Senior Director Ben Harris of Berkadia Los Angeles secured $37.977 million in permanent acquisition financing on behalf of the buyer. The seven-year bridge loan was financed through Freddie Mac.
“Union Place’s location in key employment zones coupled with a unit mix consisting of mostly large three-bedroom units led us to believe this property would fit in perfectly with our growing local portfolio,” said Josh Satin, Chief Investment Officer for Gelt. “Our success in renovating other properties in this market led us to believe a strategic interior and exterior renovation plan will continue to attract high quality tenants and make Union place a premiere property in the market.”
Located at 1500 Cherry St., Union Place was built in 2012 and is comprised almost exclusively of two-, and three-bedroom floor plans with an average unit size of 1,238 square feet. The property features in-unit washers and dryers, walk-in closets, and private garages for all units. Community amenities include a fitness center, a swimming pool, and a picnic area.
Union Place’s central location within North Orange County offers convenient access to a wide variety of recreational and entertainment venues. The property also provides easy access to the area’s major employment centers throughout Orange County and into Los Angeles County.
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