Marcus & Millichap's Institutional Property Advisors unit brokered the deal and arranged a $19.13 million loan to facilitate the purchase. The loan has a 10-year term and pays a 5.31 percent coupon. Its lender could not be identified immediately.
NextGen Properties Group has paid $49.63 million, or $387,734/unit, for the 128-unit Alivia Apartments in Whittier, Calif. The Irvine, Calif., real estate company purchased the property as part of a tax-deferred exchange from an affiliate of Fairfield Residential of San ...
98 percent occupied. Kimco funded the acquisition by assuming a $43 million mortgage against the property. It also structured its acquisition as a tax-deferred exchange, meaning it used capital it generated from the sale of other properties.
The purchase was financed with a loan that was arranged by CBRE.
97 percent leased.