Newport, Calif. – CBRE announced the sale of a 21-unit multifamily property, Magnolia Court, in Anaheim, Calif. to a private buyer for $6.3 million.
CBRE’s Dan Blackwell and Sean Farag represented the buyer in the transaction. The seller was represented by an outside firm.
Located at 527-537 N. Magnolia, Magnolia Court was originally constructed in 1987 and is comprised of 21 two-bedroom, two-bathroom units. The 20,475-square foot, two-story property features central heat and air, on-site laundry facilities and 42 parking spaces. The apartment community is strategically located within three miles of three major Southern California freeways, the I-5, SR 91 and SR 39.
“Our team found a suitable up-leg property for the 1031-exchange investor that matched the buyer’s criteria,” said Blackwell. “As the lending environment has become more challenging, the loan approval process was very management intensive, but we were able to meet all of the transaction timeframes and help close the loan and the deal on time.”
Farag added, “Before the buyer rate locked, COVID-19 hit and the original lender significantly reduced the loan amount and increased the interest rate. Our team was able to assist in sourcing a new mortgage relationship that provided much more competitive financing for the buyer in a volatile market.”
Blackwell and Farag have closed four deals in the last 45 days for a total of $14.3 million. The team recently represented both parties in the sale of an 18-unit apartment complex in Paramount, Calif. The team also represented both parties in the sale of an eight-unit apartment community in La Habra, Calif. in early April, and represented the buyer in the sale of a two-unit property in Long Beach, Calif. in May.
CBRE’s Dan Blackwell and Sean Farag represented the buyer in the transaction. The seller was represented by an outside firm.
Located at 527-537 N. Magnolia, Magnolia Court was originally constructed in 1987 and is comprised of 21 two-bedroom, two-bathroom units. The 20,475-square foot, two-story property features central heat and air, on-site laundry facilities and 42 parking spaces. The apartment community is strategically located within three miles of three major Southern California freeways, the I-5, SR 91 and SR 39.
“Our team found a suitable up-leg property for the 1031-exchange investor that matched the buyer’s criteria,” said Blackwell. “As the lending environment has become more challenging, the loan approval process was very management intensive, but we were able to meet all of the transaction timeframes and help close the loan and the deal on time.”
Farag added, “Before the buyer rate locked, COVID-19 hit and the original lender significantly reduced the loan amount and increased the interest rate. Our team was able to assist in sourcing a new mortgage relationship that provided much more competitive financing for the buyer in a volatile market.”
Blackwell and Farag have closed four deals in the last 45 days for a total of $14.3 million. The team recently represented both parties in the sale of an 18-unit apartment complex in Paramount, Calif. The team also represented both parties in the sale of an eight-unit apartment community in La Habra, Calif. in early April, and represented the buyer in the sale of a two-unit property in Long Beach, Calif. in May.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
