Shane Shafer, Managing Director at Northmarq’s Irvine Investment Sales office, recently facilitated the sale of Cypress Village Apartments in Buena Park for $34.4 million. The transaction equated to $390,625 per unit and was on behalf of seller Priya Living.
Shafer commented on the sale saying that it is a testament to the continued interest in Orange County multifamily properties through 2024. He also noted that high-quality locations like Buena Park are highly sought after by investors due to their strong market fundamentals and consistent returns.
Northmarq’s San Francisco Debt + Equity team led by Managing Director Nate Prouty and VP Briana Harney DeHaan with support from Andrew Deaver and Soraya Rios arranged $19.7 million in acquisition financing for the buyer.
According to Harney DeHaan, they were able to secure rate lock and proceeds within eight days despite a tight timeline set by the borrower for their financing contingency.
The article titled “Northmarq Facilitates Sale of Multifamily Property in Buena Park” originally appeared on Connect CRE.
