03/15/19 Real Estate News | The Ocean County Register
IRVINE, Calif. – March 1, 2019 – Berkadia announced today the $76 million sale of ReNew at the Shops, a 400-unit garden-style multifamily property in Mission Viejo, California. Managing Directors Joe Leon and Jeff Rowerdink and Associate Director Michael Thagard of Berkadia’s Irvine, California office completed the sale on behalf of the seller, San Francisco-based FPA Multifamily, LLC, and the buyer, California-based A & M Properties lnc. Berkadia’s Managing Director Jackson Cloak also facilitated the loan assumption and provided secondary supplemental financing for the acquisition on behalf of the buyer. The transaction closed on February 22.
“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.
ReNew at the Shops just completed a $20 million comprehensive renovation ($50,000/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 percent per year over the last three years and has an average household income of over $112,000.
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 billion. FPA is currently investing through its value-add focused FPA Apartment Opportunity Fund VI, which will acquire approximately $1.8 billion of assets, and its core plus focused FPA Core Plus Fund IV, which will acquire approximately $1.4 billion of assets. Headquartered in San Francisco, FPA also has offices in Irvine, Portland, Denver, Minneapolis, Dallas and Atlanta. For more information, please visit http://www.fpamf.com/.