$100M Finances 672-Unit Multifamily Deal

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THOUSAND OAKS, CA-New owners have secured $100 million in acquisition funding for the purchase of the Knolls Apartments and Westlake Canyon Apartments in a financing arranged by Newmark Realty Capital Inc. Knolls Apartments Investor LLC and Westlake/Canyon Apartments Investor LLC acquired the two complexes, which comprise 672 units, in a direct deal between the buyers and the seller, a private investment group.

Principal Mark Ritchie of Newmark Realty Capital tells GlobeSt.com that the two complexes were nearly 100% occupied at the time the loan closed. The lender was TIAA-CREF, which provided a 10-year loan at what Ritchie calls “a very competitive rate.”