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Thursday, 02 August 2018

San Diego Apartment Property Trades for $132Mln

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Magnolia Capital has paid $132 million, or $348,284/unit, for the Domain apartment property in San Diego.

The Chicago investor acquired the 379-unit complex from Essex Property Trust, a Palo Alto, Calif., REIT, which had acquired it five years ago for $121 million from a venture of Wood Partners and a CBRE Global Investors fund.

The two-building property, at 8798 Spectrum Center Blvd., was constructed in 2012 and is part of the San Diego Spectrum master-planned community.

Its studio, one- and two-bedroom units range from 598 to 1,309 square feet and include stainless-steel appliances, granite countertops and washers and dryers. The property also has a fitness center, clubhouse, swimming pool, barbecue area and playground.

Magnolia Capital was founded in 2016 by Maxwell Peek, who previously was an executive vice president at Waterton Associates, a Chicago investment manager. The company owns 11 properties with 3,702 units in California, Colorado, Georgia, Illinois, North Carolina and Texas.

Comments? E-mail Tim Casey or call him at (267) 397-3347.



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Additional Info

  • Syndicate to Realpoint: No
  • Cities: San Diego
  • States: California
  • Sector: Multifamily
  • Subject: Property Acquisitions (ACQ)
  • Valuation: Between $100 million and $150 million
  • Private: No
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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