STANTON, CA—GlobeSt.com has learned that Briarwood Square, a 194-unit multifamily property at 7545 Katella Ave. here, was sold by Carmel Partners to A&M Properties for $40 million. JLL managing director Joe Leon and VP Javier Rivera led the firm’s team on the transaction.
As GlobeSt.com reported earlier this month, Walker & Dunlop VP Jason Krupoff led the team that structured a $24.9-million acquisition loan for Briarwood Square Apts. This was the first Freddie Mac loan for the Southern California-based borrower. In order to meet the tight timeframe stipulated by the borrower, Walker & Dunlop expedited the underwriting package, enabling Freddie Mac to process the loan and issue a firm commitment in 17 days, Krupoff and his team structured and closed the transaction 26 days after receiving the signed application, over the holiday season.
“Freddie Mac has a significant role in the financing of multifamily properties in Southern California,” Frazer told GlobeSt.com. “Freddie Mac, like Fannie Mae, are very reliable and durable sources of capital over the past several years, and we anticipate they’ll continue to be very relevant in multifamily finance in the future.”
Briarwood Square sits in the heart of Orange County, in one of the most desirable housing markets in the country, says Leon. “It is a well-maintained institutional asset that presents a strong value-add opportunity.”
The building is located along the Katella Commercial Corridor, a 10-mile stretch featuring numerous retailers, office spaces and entertainment venues such as Disneyland. The property is 95% occupied, and units may feature large living areas, walk-inn closets and private balconies and patios. Complex amenities include a fitness center, three swimming pools, a playground and a barbeque and gazebo.