Matt Errecart Of The Garibaldi Co. Acquires Waterfield Square In Stockton For $65.3M

Waterfield Square is a 328-unit multifamily apartment community located at 8035 Mariners Drive in Stockton, CA. The property was sold for $65.3 million, translating to a per unit price of $199,085. It was previously owned by Blackstone's LivCor, which acquired it for approximately $48 million in 2017 and undertook $11.9 million in capital improvements, resulting in a value increase of nearly 36%.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $65,300,000
• Buyer: Matt Errecart - The Garibaldi Co.
• Seller: Michael Friedland - LivCor
• Brokerage: Philip Saglimbeni, Salvatore Saglimbeni, Stanford Jones, Alex Tartaglia & Rob LeDoux - Institutional Property Advisors - Marcus & Millichap
• Lender: Walker & Dunlop
• Units: 328
• Price Per Unit: $199,085

The transaction involved key individuals including Matt Errecart, representing The Garibaldi Co., as the buyer, and Michael Friedland from LivCor, acting as the seller. The property was financed through a $45.3 million loan provided by Walker & Dunlop, facilitating the transition of ownership from LivCor to The Garibaldi Co.