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7/28/15
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The Praedium Group has purchased The Vineyards at Paseo Del Sol, a 288-unit, Class A apartment community in Temecula, for $69.65 mil ($242k/unit). The property was sold by The Dinerstein Companies.
Completed in 2014, the 286k sf community is located at 31901 Campanula Way, north of Hwy 79 between Margarita Rd and Butterfield Stage Rd. It is currently 87 percent occupied and is the only LEED Gold-Certified apartment development in Temecula. It is situated within walking distance to parks, Temecula Valley Hospital, and more than 1 msf of shops, cafes, grocery stores, and other retail amenities.
The Vineyards at Paseo Del Sol is comprised of one- and two-bedroom apartments and two- and three-bedroom townhomes with two-car garages, averaging 993 sf per unit. Amenities include a resort-style pool and spa with cabanas and outdoor televisions, state-of-the-art gym and yoga studio, dog park, bicycle sharing, and Wi-Fi throughout the indoor and outdoor common areas.
Curtis Palmer and Peter Sherman of CBRE’s Beverly Hills office, along with Paul Runkle of CBRE’s Ontario office represented the seller in the deal.
According to Palmer, “The Vineyards is located in a thriving area with an estimated 2015 average annual household income of nearly $99,000. Its limited development pipeline, strong rental market fundamentals, outstanding schools and diverse growing employment base create a highly desirable submarket for the institutional multifamily investor.”
CBRE Capital Markets’ Debt & Structured Finance team secured $43.3 mil in financing for the acquisition of The Vineyards. Brian Eisendrath and Annie Rice of CBRE’s Beverly Hills office arranged the five-year, full-term, interest-only, fixed-rate loan on behalf of the borrower.
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