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8/24/18
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Korda Group paid $78.5 mil for Trails at San Dimas, a 288-unit ($272.5k/unit) apartment property in the San Gabriel Valley city of San Dimas. The property was sold by Stockbridge Capital Group and CNS Focused Investments.
Trails at San Dimas is located at 444 N Amelia Ave, west of the 57 Fwy and south of the 210 Fwy. Community amenities include: resident lounge with wifi; resort-style swimming pool; dog park with dog wash station; fitness center, outdoor grilling area; covered parking; tennis courts and laundry facilities. The complex offers studio, one- and two-bedroom floorplans with newly renovated interiros, stainless steel appliances, oversized closets, ceiling fans and extra storage.
Kevin Green, Greg Harris and Joseph Grabiec with IPA represented the sellers in the transaction. They also procured the buyer.
“Trails at San Dimas is a sizeable asset in a primary market that gives the new ownership an excellent strategic value-add opportunity,” said Green. “San Dimas continues to be a heavily supply-constrained market; there is a lack of available land and aggregating parcels is difficult. Only 156 units have been added to the apartment stock in San Dimas in the last 10 years, and the average vacancy is 2.5 percent.”
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