|
12/04/19
|
Los Angeles-based Crystal Asset Management Inc paid $39.5 mil for Vista Springs, a 212-unit ($186.3k/unit) garden-style multifamily property in Moreno Valley. The seller was Providence II Vista Springs LLC, an affiliate of San Diego-based Providence Capital.
Located at 21550 Box Springs Rd, the property offers one- and two-bedroom floorplans. Apartment amenities include washer/dryers, central heating and air, and common area amenities include a fitness center, playground, swimming pool, two spas and on-site leasing office.
Kyle Pinkalla and Shane Shafer with NorthMarq Capital represented the buyer in the transaction. DWG Capital Group's Judd Dunning and NKF's Brian Bowis arranged a $25 mil JV equity tranche with JCR Capital for Crystal Asset Management’s acquisition and expansion into the Inland Empire market. Eric Flyckt and Aaron Beck, also with NorthMarq, procured a non-recourse, interest-only, bridge loan with a rate in the low four percent range, which will fund 100% of the extensive renovation budget.
|
|
Return to the Archive page
|
|
|
|
|