JOINT VENTURE ACQUIRES 156-UNIT MULTIFAMILY PROPERTY IN SANTA CLARA

SANTA CLARA, CALIF. — TRECAP Partners has formed a joint venture with Pacific Property Company to acquire a majority interest in Waterstone at Santa Clara, a multifamily property located in Santa Clara. Built in 1972, the 18-building community offers 156 one- and two-bedroom apartment units. Community amenities include a heated swimming pool, a recreation center with a home theater, a fitness center, on-site laundry facilities and reserved covered parking. TRECAP has partnered with Pacific Property on 29 separate transactions. Mitch Thurston and Andy Ahlers of Berkadia Commercial Mortgage’s San Francisco office originated the long-term, fixed-rate acquisition financing through its Freddie Mac program. Terms of the acquisition were not released.