Bisnow Exclusive: Crystal Falls Sells
![Placeholder](https://cdn.bisnow.net/assets/website/placeholder.png)
The decline in energy prices seems to have had very little impact on the Class-B market, Berkadia’s Chip Nash, Greg Austin, Wade Schmitz and (not pictured) Bob Heard tell us. City-wide, those assets are the most sought after today. Take Crystal Falls, a 165-unit multifamily community that the team just traded from one Californian investor to another. It’s a value-add play for new owner Bear Valley Delaware Crystal Falls; it’ll upgrade the interiors. Seller Emerge Crystal Falls had simply reached the end of its short-term investment timeline. The deal included a loan assumption with very little maturity left on it, which caused the closing process to draw out for several months.
![Placeholder](https://cdn.bisnow.net/assets/website/placeholder.png)
Here's Crystal Falls, which was built in 1984 and was 96% occupied at time of sale. The community doesn't have many peers in its submarket, so it's been able to maintain a very high occupancy year-round. There's very little new competition being created for the Class-B properties, the Berkadia quartet tell us, which means the outlook for continued rent growth and stable occupancy is very good.