March 5, 2019
ReNew at the Shops, a 400-unit garden-style multifamily property in Mission Viejo, CA, has sold for $76 million. The buyer was California-based A & M Properties lnc., while the seller was San Francisco-based FPA Multifamily, LLC.
A $20 million comprehensive renovation, that works out to $50,000 per unit, was recently completed. The property has an irreplaceably low density of only 16.8 units per acre. The community is adjacent to Saddleback College and the Mission Viejo Mall, which features more than 150 retailers and restaurants.
Berkadia’s Joe Leon, Jeff Rowerdink and Michael Thagard completed the sale on behalf of the seller. Berkadia’s Jackson Cloak also facilitated the loan assumption and provided secondary supplemental financing for the acquisition on behalf of the buyer.
“South Orange County is an extremely difficult marketplace to acquire apartment properties. In fact, the submarket has averaged only two sales per year over the last 20 years,” said Leon.
For comments, questions or concerns, please contact Dennis Kaiser