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MRK Partners scoops up 150-unit Claremont complex
The affordable developer paid $54M for the property
An affordable housing developer purchased a 150-unit apartment complex in Claremont for $53.5 million, according to property records.
Century City-based MRK Partners paid roughly $357,000 per unit for the nearly nine-acre Claremont Village complex, which was built in 1970.
Freddie Mac provided a $41.8 million first mortgage, according to Real Capital Analytics.
The seller was KDF Communities, a Newport Beach affordable developer. The complex at 955 Arrow Highway includes two- and three-bedroom units and is enrolled in both the federal Section 8 and Section 42 housing programs.
MRK has an interest in 11 assets around the country, including the 83-unit Buckingham Apartments complex in Baldwin Hills. The firm’s portfolio is valued at about $309 million. MRK did not comment on its plans for Claremont Village.