DALLAS-CBRE Capital Group, working on behalf of joint venture partners Pensam Capital LLC and BH Equities LLC, arranged $43.1 million in financing for the acquisition of a 1,188-unit multifamily portfolio spanning three states. The five-property, class B portfolio was acquired from Capreit, located in Rockville, MD.

The portfolio was built in the mid-to-late 1980s and is 95% occupied. CBRE vice chairman Jay Wagley, who helped lead the team that procured the financing from Fannie Mae, tells GlobeSt.com that the deal's appeal to the lender involved good sponsorship and quality multifamily product in decent markets.

"The properties were in decent shape and fairly attractive from a unit mix standpoint," he adds. "The average unit size was 844 square feet." Wagley goes on to say that there is plenty of capital available – both debt and equity – for good sponsors.

Working with Wagley on the deal were CBRE vice chairman Mike Bryant and the Dallas Debt and Equity Finance team of Chris Wong, Matt Goetz and Ian Walker.

The portfolio consists of:

• Summer Trace Apartments, 7425 Trouble Creek Rd., New Port Richey (Tampa), FL
• Lakes of Mayport, 2610 A1A State Rd., Atlantic Beach (Jacksonville), FL
• Paddock Place Apartments, 2707 SW 33rd Ave.,  Ocala, FL
• Boulder Ridge Apartments, 3861 Woodland Ave, West Des Moines, IA
• Paces River Apartments, 1817 Paces River Ave., Rock Hill, SC