Completed in 1987, the Fountain View Apartments contains 41 studios, 64 one-bedroom units and 48 two-bedroom units. In addition, the recently renovated property offers garage parking, a swimming pool and a spa. The garden-style complex is located at 2301 Market St.
The property was funded with a seven-year fixed rate loan with 30-year amortization. Andrew Mackay of Capri was the originator of the Fannie Mae DUS loan.
The county's multifamily sector continues to shine, despite the slowing national economy and tech wreck that have affected other sectors of the area's commercial real estate market. In the Los Angeles Basin, Cushman & Wakefield Inc. reports a 12.5% increase in average rental rates over the past year and a jump in occupancy levels from 97.4% to 98.1%. In addition, the recent drop in interest rates has helped create a favorable climate, especially for fixed-rate loans.
"The environment couldn't be better for both lenders and borrowers," says Howard Levine, president/CEO of ARCS Commercial Mortgage Co. LP, one of the Southland's biggest apartment lenders.
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