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Stephen Ho And Robert Lee Of Spira Equity Partners Acquire Dorado Senior Apartments For $34M

Property Image
SOLD
$34,000,000
Brandon Grisham
Tim Leonhard
Justin Sigmon

California

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MultiFamily
Sold 12/16/2025
the dealplayerscompscontact
Property Image
SOLD

Stephen Ho And Robert Lee Of Spira Equity Partners Acquire Dorado Senior Apartments For $34M

8622 Stanton Avenue

See Similar Deals
MultiFamily
Sold 12/16/2025
Brandon Grisham
Tim Leonhard
Justin Sigmon
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale

The asset involved in the transaction is a multifamily property located at 8622 Stanton Avenue in Buena Park, which encompasses 150 units. The transaction price for the sale was $34,000,000. The property is part of the affordable housing community sector.

Summary of transaction details:

The transaction also included significant financing, with Berkadia facilitating a $20 million bridge acquisition loan for the buyer, Spira Equity Partners, along with additional financing for the preservation of the property. Overall, the deal reflects key involvement from Berkadia in both the sale and financing aspects.

Players

Tim Leonhard
Berkadia
Tim Leonhard
6 deals$347.5M volume
BROKER
Brandon Grisham
Berkadia
Brandon Grisham
3 deals$99.8M volume
BROKER
Justin Sigmon
Berkadia
Justin Sigmon
1 deal$34M volume(980) 218-0624
BROKER
Berkadia
Berkadia
BROKERAGE
SP
Spira Equity Partners
BUYER
SP
Spira Equity Partners
BUYER

Details

SOLD
IMAGE: Robert Lee, Brandon Grisham, Tim Leonhard & Justin Sigmon DATE: 12/16/2025 ADDRESS: 8622 Stanton Avenue MARKET: Buena Park ASSET TYPE: Multifamily BUYER: Stephen Ho & Robert Lee - Spira Equity Partners BROKERS: Brandon Grisham - Berkadia (@Berkadia) MORTGAGE BROKERS: Tim Leonhard & Justin Sigmon - Berkadia SALE PRICE: $34,000,000 UNITS: 150 ~ PPU: $226,667 NOTE: Berkadia facilitated the $34 million sale of Dorado Senior Apartments, a 150-unit affordable housing community in Buena Park, California, and provided a $20 million bridge acquisition loan for buyer Spira Equity Partners. The transaction also included $28.5 million in permanent tax-exempt acquisition and rehabilitation financing and $15.25 million in Low-Income Housing Tax Credit equity to support long-term preservation of the LIHTC property.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,813,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$120,794.83
Cash-on-Cash Return-1.27%
Monthly Debt Service$161,177.35
Annual Debt Service$1,934,128.15