Berkadia Completes $123 Million Sale Of Multifamily Property In California
IRVINE, Calif. – June 29, 2022 – Berkadia Institutional Solutions announced today the sale of Camino Real, a 272-unit multifamily housing property located in Rancho Cucamonga, California. Managing Director Derrek Ostrzyzek, Senior Managing Directors Tom Moran Jr. and Rachel Parsons and Senior Director Mike Murphy of Berkadia Irvine Investment Sales completed the $123 million sale on behalf of the seller, California-based Acacia Capital Corporation. The buyer was an east coast-based institutional investor. The deal closed on June 15.
“Camino Real is a unique value-add investment with compelling attributes that would be difficult to recreate today,” said Ostrzyzek. “New ownership will be able to upgrade the unit interiors and reposition the common area space to compete with today’s modern multi-family properties.”
Located at 7951 Etiwanda Avenue, Camino Real features a low-density campus (13 units per acre) with one-, two- and three-bedroom floor plans all with private garages. Camino Real offers a bull-eye location with over 3.1 million square feet of retail within one mile, including Victoria Gardens Mall, which has 1.5 million square feet and is located within walking distance of the property. Single-family home values in adjacent neighborhoods range from $830,000 to $965,000. Additionally, all three schools assigned to Camino Real are California Distinguished Schools.
Camino Real marks the fifth institutional deal that Berkadia has completed in Rancho Cucamonga in the past 12 months. The other four properties include Victoria Arbors, Ironwood, Solamonte and Angelica.