Northmarq announces $34,375,000 sale and financing of Cypress Village Apartments in Buena Park, CA
IRVINE, Calif. (Feb. 20, 2024) — Northmarq’s Shane Shafer, managing director in the Irvine Investment Sales office arranged the $34,375,000 ($390,625/unit) sale of Cypress Village Apartments in Buena Park, California. Northmarq represented the seller, Priya Living, in the sale.
“The Cypress Village sale shows the continued interest into 2024 for Orange County multifamily,” said Shafer. “These quality Orange County locations like Buena Park are in high demand for investors, are highly sought after and rarely trade. Orange County continues to be at the top of the lists for investors seeking consistent and stable returns with great market fundamentals.”
Northmarq’s San Francisco Debt + Equity team arranged $19.7 million in acquisition financing for the buyer. The team was led by Managing Director Nate Prouty and Vice President Briana Harney DeHaan with support from Andrew Deaver and Soraya Rios.
“The borrower had a tight timeline to meet their financing contingency and we were able to lock rate and proceeds in eight days,” said Harney DeHaan.
Learn more about Northmarq’s financing services here.
Cypress Village Apartments is in northwestern Orange County, about 24 miles southeast of downtown Los Angeles. The subject consists of 88 newly renovated, two-bed, two-bath units and is situated on 5.1 acres. The property was built in 1963, renovated in 2023 and is currently 95.5% occupied. The units feature vinyl plank floors, quartz countertops, modern pearl gloss cabinets, custom hardware, air conditioning, in-unit washer/dryer, refrigerators, private patio, breakfast bars, recessed lighting, ceiling fans and newly refinished showers. The community amenities include a swimming pool, courtyard and BBQ area and a clubhouse.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
