Newmark Arranges Sale and Freddie Mac Financing for Crystal View Apartments in Garden Grove

Newmark has arranged the sale and financing of Crystal View Apartments, a 402-unit mixed-income workforce housing community in Garden Grove, California, the firm announced July 14, 2026. The buyer is a joint venture between Southern California-based Eagle Real Estate Partners and The Vistria Group, a Chicago-based private investment firm with approximately $17 billion in assets under management. The seller was Bridge Investment Group.

The financing was structured as a 10-year, interest-only, fixed-rate loan originated under Freddie Mac's Multifamily Targeted Affordable Housing program, underscoring the property's role in providing rent-restricted housing in Orange County.

Transaction Details and Newmark's Role

Newmark Vice Chairmen Jonathan Merhaut and Geoff Boler represented the seller, Bridge Investment Group, in the investment sales transaction. Senior Managing Director Ian McIntire and Vice Chairman Lee Redmond arranged the Freddie Mac financing on behalf of the borrower joint venture.

"The low-trade nature of Orange County, strong demographic fundamentals and the existing regulatory agreement at Crystal View made this an extremely attractive mission-driven acquisition target," Merhaut said. "In pairing a strong sale execution for housing with attractively structured Freddie Mac affordable financing, Newmark was able to deliver a complete capital markets solution for our clients on both sides of the transaction."

McIntire added: "The transaction reflects both the strength of Newmark's agency lending business and our commitment to delivering superior financing solutions for our clients."

Property Profile and Business Plan

Crystal View Apartments was constructed in 1968 and comprises 402 units. The property is located in Garden Grove, California.

The business plan for Crystal View centers on extending the property's soon-to-expire affordable regulatory agreement and implementing a targeted unit turnover program to enhance the resident experience. According to Newmark, this mission-driven approach is designed to preserve critical affordable housing in Orange County while upgrading amenities and resident services.

The Vistria Group and Eagle Real Estate Partners

The Vistria Group is described by Newmark as one of the largest dedicated affordable and workforce housing investment strategies in the United States, with approximately $17 billion in assets under management. The firm is headquartered in Chicago. Eagle Real Estate Partners is based in Southern California.

Multifamily Market Context

Newmark noted the transaction comes amid improving fundamentals across the U.S. multifamily sector. According to Newmark Research, demand remains resilient, with absorption totaling more than 300,000 units over the past year — approximately 40% above the long-term average — while new supply has begun to moderate following a peak development cycle. Elevated homeownership costs continue to reinforce renter demand, supporting occupancy and long-term investment performance, the firm said.

The sale price, loan amount, cap rate, and price per unit were not disclosed.

About the Firms

Newmark Group, Inc. (Nasdaq: NMRK) reported revenues of more than $3.4 billion for the twelve months ended March 31, 2026, and operates from over 185 offices with more than 9,600 professionals across four continents. The Vistria Group is a Chicago-based private investment firm with approximately $17 billion in assets under management. Bridge Investment Group is a national investment manager. Eagle Real Estate Partners is based in Southern California.

Sources: Newmark Press Release, July 14, 2026