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7/03/18
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Arcadia-based Positive Investments closed on the acquisition of two multifamily properties in Victorville, totaling 320 units, for a combined price of $33 mil.
One of the properties, The Colony, is located at 14450 El Evado Road. It contains 200 units and was 94% occupied at time of sale. It features such amenities as a fitness center, basketball court, designated pet stations and two swimming pools.
The other property, Golden Sands, is located at 15930 Nisquali Road. That property contains 120 units and was 97% occupied. The site also features two swimming pools and spas and BBQ areas.
Both properties are in proximity to a variety of retailers, including Nčktar Juice Bar and Costco. Both are well maintained, and the portfolio features a unit mix comprised primarily of two- and three-bedroom apartments.
John Montakab and Stewart I. Weston of CBRE represented Positive Investments and the seller, Sagebrush Companies of Denver, which purchased the portfolio in January 2017 and executed a successful value-add strategy.
According to Montakab, Positive Investments purchased the properties as part of a 1031-exchange. “The company is extremely knowledgeable of operating properties in secondary markets and have successfully been able to improve operations at similar assets,” commented Montakab.
Demand for rental property in the Inland Empire is likely to stay strong. The area has one of the fastest-growing populations in the country, according to recent estimates from an analysis by the U.S. Census Bureau. Victorville had 7.5% year-over-year rent growth between 2016 and 2017, and the market has maintained a 96% occupancy rate.
“This market has seen tremendous economic and population growth, which has resulted in ever-increasing demand for housing,” said Weston. “These two extremely well-maintained buildings cater to this demand and represent fantastic, stable and income-producing investments.”
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