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California  + Orange County  + Apartments  | 

Mission Viejo MF Trades for $76M

ReNew at the Shops, a 400-unit garden-style multifamily property in Mission Viejo, CA, has sold for $76 million. The buyer was California-based A & M Properties lnc., while the seller was San Francisco-based FPA Multifamily, LLC.

A $20 million comprehensive renovation, that works out to $50,000 per unit, was recently completed. The property has an irreplaceably low density of only 16.8 units per acre. The community is adjacent to Saddleback College and the Mission Viejo Mall, which features more than 150 retailers and restaurants.

Berkadia’s Joe Leon, Jeff Rowerdink and Michael Thagard completed the sale on behalf of the seller. Berkadia’s Jackson Cloak also facilitated the loan assumption and provided secondary supplemental financing for the acquisition on behalf of the buyer.

“South Orange County is an extremely difficult marketplace to acquire apartment properties. In fact, the submarket has averaged only two sales per year over the last 20 years,” said Leon.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
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