Berkadia Completes $26M Sale and Secures $17.6M in Financing for Multifamily Property in Claremont, California
Claremont, California – October 20, 2025 – Berkadia, a distinguished leader in the commercial real estate sector, announced today the sale and financing of Claremont Park, a 75-unit, garden-style multifamily property in Claremont, California. Senior Managing Director Adrienne Barr and Director of Transaction Services Nancy Badzey of Berkadia Los Angeles and Managing Director Bruce Furniss of Berkadia Irvine led the $26 million sale. The property sold for $346,666 per unit, $400 per square foot, and a 5.46% cap rate on the in-place rent roll.
Senior Director Michael Manolides of Berkadia Bellevue and Associate Director Landon Domenico of Berkadia Irvine secured $17.6 million in acquisition financing through Fannie Mae on behalf of a private investor based in Irvine. The 5-year (4-year interest only) non-recourse loan featured a 68 percent loan-to-value ratio. The deal closed on October 10.
“Claremont Park offered a rare opportunity to purchase in bucolic Claremont where owners hold long-term and properties rarely trade. No other 50+ unit market rate apartment communities have sold in Claremont in the last 10 years,” said Adrienne Barr. “Investor interest was strong, resulting in approximately 200 confidentiality agreements and multiple offers. The property offered investors a unique opportunity to purchase over four acres of land with ADU potential with a value-add opportunity to renovate the remaining six unrenovated units, add washer/dryers in the remaining units, renovate the gym and modernize the exterior of the building.”
“There were a lot of moving parts on this transaction, with rate volatility, restored units coming back online, and a tight 1031 deadline,” said Manolides. “Ultimately, we were able to outperform the initial application terms at final approval and were in position to close well in-advance of the required deadline. The 5-year fixed term with 48 months of interest only should provide a great blend of flexibility and cash flow for the buyer in the near term.”
Located at 510 S. Indian Hill Boulevard in Claremont, the property is minutes from the Claremont McKenna Colleges and Historic Claremont Village, with convenient access to the Claremont Metrolink Red Line station and the 10 and 210 freeways. Claremont Park was built in 1971 and features 75 units on over 4.3 acres of park-like grounds with resort-like amenities, including a sparkling swimming pool with a spa, cabanas, BBQ area, sauna, fitness center with cardio machines, playground, dog park, and on-site leasing office. Most units feature in-unit washers and dryers and have been renovated with granite countertops, upgraded cabinet faces, and energy-efficient stainless-steel appliances.
Claremont Apartment Asset Sells in $26 Mil Transaction | RENTV