April 27, 2017
Cantabria Apartment Homes, a 230-unit multifamily property in Menifee, CA traded hands for $43.68 million. California-based MJW Property Group acquired the asset from San Diego-based Strata Cantabria LLC. Berkadia’s Kyle Pinkalla, along with John Chu and Ed Rosen, handled the deal.
Pinkalla said, “This trade, at a sub-4.4% cap rate, reflects the aggressiveness of capital chasing newer constructed assets that are well positioned for continued rent growth in the Inland Empire. Cantabria is one such property, and its Southern California locale made it a particularly attractive investment opportunity.”
Built in 2009, the property features one and two-bedroom floor plans, as well as community amenities ranging from a resort-style pool with cabanas, a courtyard fireside lounge to a fully-equipped fitness center.
Located at 30951 Hanover Ln., Cantabria Apartment Homes is near State Route 215 and Interstate 15, and adjacent to San Jacinto College.
For comments, questions or concerns, please contact Dennis Kaiser