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Luxury Temecula Apartment Community Trades

TEMECULA, CA—CBRE arranged loan for MIG Real Estate to acquire Cape May at Harveston.

By David Phillips | davidphillips | | Updated on August 24, 2016

TEMECULA, CA— CBRE Capital Markets’ Debt & Structured Finance team has arranged a $48.8 million loan for the acquisition of Cape May at Harveston , a 300-unit, class A apartment community here.

Cape May at Harveston Cape May at Harveston
Bill Chiles, Scott Peterson and Brian Cruz of CBRE’s San Diego office secured the aggressively priced, ten-year floating rate loan on behalf of MIG Real Estate . Financing was provided by Fannie Mae. According to Peterson, “It continues to be a borrower’s market as interest rates continue to remain low and fundamentals remaining exceptionally strong. This represents a great opportunity for MIG to pick up such high-quality real estate.” Built in 2006, the garden-style community sits on a 15.3-acre landscaped campus and offers tenants in-demand amenities. Unit features include nine-foot ceilings, full-size washers and dryers, central air conditioning, built-in microwaves, crown molding, expansive walk-in closets, built-in computer desks, linen closets, pantries, patios/balconies with storage closets, stainless steel sinks and attached garages in select units.  Community amenities include a heated swimming pool and spa, clubhouse with kitchen, fitness studio, business center, three barbecue areas, gazebo and a playground. The property is located near public schools, employment centers and shopping, including the 1.2-million-square-foot Promenade Mall . The city of Temecula is known for its award-winning public schools, safe neighborhoods and exceptional amenities. MIG Real Estate, through multiple investment vehicles, owns and operates a diverse portfolio of properties throughout the Western United States. Currently the firm is engaged in an aggressive expansion strategy, seeking investment opportunities in hospitality, retail, office, industrial/flex and multifamily product types throughout the Western United States. MIG Real Estate focuses primarily on value added and opportunistic investments. CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue).

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