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$47M Loan for Jamboree; Park Heights Fetches $11M

RANCHO CUCAMONGA, CA-The 358-unit, 44-building Jamboree Apartments was only 50% occupied when owners locked the interest rate. Four months later, occupancy hits 90%. Park Heights Apartments in San Bernardino sells at a 6.9% capitalization rate.

By Mark Ruda | Updated on October 07, 2003

RANCHO CUCAMONGA, CA-Multifamily assets here and in San Bernardino are hot properties for lenders and buyers. The 358-unit, 44-building Jamboree Apartments was only 50% occupied, but the owners were able to get a $47 million loan with a 10-year term and 30-year amortization.

Meanwhile, the 192-unit Park Heights Apartments in San Bernardino has sold for $11.46 million, which represents a 6.9% capitalization rate. A Los Angeles-based investment partnership bought the 18-year-old multifamily asset, which is 95% occupied, from Capital Foresight Inland.

The Fannie Mae MBS/DUS mortgage on Jamboree Apartments closed four months after a low interest rate was locked, and after occupancy at the complex hit 90%. The sales price of Park Heights Apartments also was at $59,714 per unit and $77 per sf, which indicates there is an upside for the new owners, says Marcus & Millichap Real Estate Investment Brokerage Co. vice president of investments Alex Mogharebi. The property includes 96 one-bedroom and 95 two-bedroom apartments, ranging from 640 sf to 920 sf. The units rent from $503 to $795 a month.

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