Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale and financing of Birch Terrace Apartments, a multifamily property located at 601, 613, & 617 East Birch Street in Brea, California. The 36-unit asset sold for $13,605,000 million. Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap, arranged $5,000,000 in acquisition financing.
Tyler Leeson and Matt Kipp, investment specialists in Marcus & Millichap’s Orange County office, had the exclusive listing to market the property on behalf of the seller, a limited-liability company based out of California. The buyer, an individual investor, was also procured by Leeson, Kipp, and Nick Kazemi, also an investment specialist in MMI’s Orange County office.
“Given the very limited availability of fully renovated apartment buildings, Birch Terrace Apartments represents a rare sale within the Orange County market,” said Leeson. “Both buyer and seller were able to achieve their goals with the successful closing of Birch Terrace. The property is well-positioned for the new ownership as it will continue to capture the strong tenant base the city of Brea has to offer.”
Michael Derk, executive managing director, capital markets, based out of MMCC’s Newport Beach office, secured the financing with a national bank. “This recently renovated property is located in the growing Orange County multifamily market. We were able to secure attractive financing, with a 30-year term including 5 years of interest only followed by 25 years of amortization. The all-in rate of 5.40 percent is based on a 182-basis point spread over the 10-year Treasury,” said Derk.
