BUENA PARK, CA-Calera Investment Group has acquired the 184-unit Brookstone Apartments from Irvine, CA-based Western National Realty Group for $31.6 million and plans a $2 million renovation of the complex that will include comprehensive exterior and interior upgrades. The property is a garden-style complex at 7400 Artesia Blvd. that features a mix of one- and two-bedroom units, with floor plans ranging from 700 sf to 950 sf.

Calera has contracted with Pacific West Management Co. to implement a repositioning program to drive revenues to current market levels. According to Jerry Binkley, president of Calera, the purchase was “one of the most challenging acquisitions we have ever made due to the volatility in the debt markets.” He adds that the company continues to be “aggressive acquirers in our pursuit of California value-add product.” The Brookstone property represents Calera’s fourth acquisition in the past five months.

Marcus & Millichap Capital Corp. arranged a $23.4 million fixed-rate loan for the acquisition. The financing was arranged by Jake Roberts and Anita Paryani, senior directors in the West Los Angeles office of MMCC.

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