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FPA Multifamily sells 2 apartment communities in California, Washington

FPA Multifamily LLC sold a pair of multifamily communities in Mission Viejo, Calif., and Federal Way, Wash., in separate transactions worth $76 million and $71.5 million, respectively.

The 20-building, 400-unit ReNew at the Shops property at 28032 Marguerite Parkway in Mission Viejo was acquired by A & M Properties lnc., while The MIRO at Dash Point Apartments containing 386 units at 31004 19th Place SW was sold to RedHill Realty Investors.

A & M assumed an existing Freddie Mac loan against the Mission Viejo property, which amounts to $37.6 million and is due August 2026, Multi-Housing News reported.

Berkadia brokered both transactions. FPA is a unit of private equity firm Fowler Property Acquisitions LLC.