"All four of these properties are great assets," Riccio says in a release. "Despite the difficult lending environment and a hectic year-end closing push, our specialized Freddie Mac division came through and delivered on time for our client with an attractive deal that met all of our objectives."

The portfolio includes two properties in Scottsdale, AZ totaling 736 units in 46 two-story garden-style apartment buildings. The units are one, two and three bedroom apartments. There is also an apartment community just outside Denver, with 472 units in 25 three-story garden-style apartment buildings, while the final property is an apartment community in American Canyon, CA. The final property consists of 216 units within nine three-story buildings.

Rocco Mandala in Phoenix, Eric Tupler and Mike Easter in Denver and John Nelson in San Francisco all assisted in acquiring the refi, from the CBRE Capital Markets groups in their respective cities. The owner of the property was not disclosed.