October 31, 2016
New York-based Berkadia handled the $115-million sale of Amerige Pointe, a 292-unit apartment community in Fullerton, CA. The property includes 10,300 square feet of retail space and is located within the master-planned community of Amerige Heights.
The community sits on 12.5 acres and consists of 17 three-story residential buildings with a mix of studio, one-, two- and three-bedroom units, as well as a variety of live-work and townhome apartments.
Berkadia’s Joe Leon, Jeff Rowerdink and Dean Zander represented the undisclosed seller and the buyer, a global fund.
The new owner plans to upgrade the interiors to a more modern luxurious finish and improve some of the common area spaces.
Zander says, “Since the interiors were over 10 years old, Amerige represented a rare opportunity to acquire an institutional quality multifamily asset in North Orange County with a value-add component.”
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