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October 22, 2020
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Crystal Asset Management Inc Makes $39.5 Mil Res Buy in the Inland Empire


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 Managementís 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.

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