LJ Melody & Co., the real estate banking division of real estate services firm CB Richard Ellis, orchestrated the loan on behalf of borrower ING Clarion, which serves as an advisor to an institutional client that is the owner of the 246-unit property. Ultimately, mortgage lender Freddie Mac will purchase the loan. LJ Melody's Tom Fish, Mike Melody and Holly Minter were behind the deal.

Developed in 1989, the property features a 4,000-sf clubhouse, a business center, indoor racquetball court, fitness center and a swimming pool. The complex hasa 95% occupancy rate.

The apartment market here continues to thrive. According to Delta Associates' Fourth Quarter 2004 class A Apartment & Condo report, the Fair Oaks area's garden-style apartment communities boast a low stabilized average vacancy rate of 1.7%; a notable decrease from fourth quarter 2003's figure of 2.5%.