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1101 Alturas Rd. - Fallbrook, CA 92028
PROPERTY Stats
1980/2004
Built/Reno
OCCUPANCY
PROPERTY OVERVIEW
Pine View is a 101-unit affordable housing community located in Fallbrook, CA. The property is conveniently situated minutes from shopping, dining, outdoor recreation, schools, and major transportation arteries.
The property was built in 1980 and rehabbed in 2004 with California Multifamily Housing Revenue Bonds. There are existing regulatory agreements in place which require all units to be rented to income qualifying residents earning no more than 35%, 50%, 65%, and 80% of the Area Median Income (AMI) limits.
Additionally, the property is a recipient of HUD Section 8 project based rental income assistance pursuant to a Housing Assistance Payment (HAP) contract. The current contract has an effective beginning date of August 3, 2019 and provides assistance for 25 units. Within the contract, Section 2(a) states that the contract runs for an effective term of 15 years.
Pine View offers one and two bedroom apartment homes, as well as an array of community amenities, such as a swimming pool, and basketball court.
The property has a PBV Contract covering 25 units with a 7.35% rental increase in the contract rents taking place in October 2024
Excellent FMR Growth in the zip code, with an Overall Increase of 37% for One and Two Bedroom Apartments Since 2021
Very well performing asset with strong rental increases being implemented over the last 12 months while occupancy is currently at 97%
Fallbrook is located in San Diego County and directly to the East of the U.S. Marine Corps Camp Pendleton
INVESTMENT HIGHLIGHTS
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
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101
UNITS
97%
Managing Director
504.722.1999
chris.crump@berkadia.com
Chris Crump
Senior Managing Director
504.458.1626
tim.leonhard@berkadia.com
Tim Leonhard
MORTGAGE BANKERS
Managing Director
Multifamily
CA License #00886554
714.384.3262
bruce.furniss@berkadia.com
Bruce Furniss
Senior Managing Director
Affordable Housing
WA License #26367
253.653.3313
brandon.grisham@berkadia.com
Brandon Grisham
Director
Affordable Housing
WA License #22019732
425.999.1152
adam.tomberg@berkadia.com
ADAM TOMBERG
INVESTMENT SALES
3121 Michelson Dr.
Suite 400
Irvine, CA 92612
IRVINE
601 Union St.
Suite 3909
Seattle, WA 98101
seattlE
Contacts & Office Locations
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
