Bethesda, Maryland – September 7, 2017
Walker & Dunlop, Inc. (NYSE: WD) (the “Company”) announced today that it arranged structured capital in the amount of $4,800,000 for the acquisition of Country Club Apartments, a 79-unit, Class B apartment complex. The property is located in the Arrowhead area of San Bernardino, California, one of the best neighborhoods in a rapidly growing submarket. Walker & Dunlop’s Irvine-based team, led by Mark Strauss and Rob Quarton, placed the joint venture financing with a Newport Beach-based private equity group on behalf of repeat borrower, Crystal Asset Management (the “Borrower”).
The Company’s team accomplished the Borrower’s goal to capitalize a new venture partnership to complete a value-add business plan for the renovation of the property. Immediately after acquiring the asset, the Borrower began making capital improvements to revitalize the unit interiors and improve the community’s exterior to rival any properties built near the asset.
Built on 5.44 acres in 1986, Country Club Apartments consists of 11 two-story buildings, a swimming pool and spa, play and barbeque area, fitness center, and dog park. Located 60 miles east of downtown Los Angeles, the Arrowood neighborhood features Arrowhead Country Club and Golf Course and is near California State University at San Bernardino. The asset is within walking distance of transportation, employment, education, and local amenities including TJ Maxx, Bank of America, Golden Valley Middle School, Parkside Elementary, Community Hospital of San Bernardino, and a premium Starbucks Reserve store.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate services and finance companies in the United States providing financing and investment sales to owners of multifamily and commercial properties. Walker & Dunlop, which is included in the S&P SmallCap 600 Index, has over 600 professionals in 28 offices across the nation with an unyielding commitment to client satisfaction.