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8/06/14
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A partnership of Canyon Catalyst Fund and Sack Properties recently closed on two SoCal multifamily investments. One of the properties is an 85-unit, townhome-style rental community in West Covina and the other is a 136-unit property in Upland.
One of the acquisitions, South Hills Apartments, sits on five acres in West Covina with excellent access to I-10, and close proximity to two California distinguished schools as well as regional retail and employment centers that serve the San Gabriel Valley and greater Los Angeles area. The community includes 20 separate buildings ranging from two to three stories and it has a mix of one-, two-, and three-bedroom flats and large townhome-style floor plans.
The team’s property improvement program will focus on executing common area and unit interior upgrades. Joe Leon of JLL represented the seller in the transaction.
The Upland property is Parc Claremont, a fully-occupied apartment community located minutes away from the Montclair Metrolink and The Claremont Colleges, which include Claremont McKenna, Harvey Mudd, Pitzer, Pomona, and Scripps College among others.
The community includes 12 separate buildings on 6.3 acres with a mix of one- and two-bedroom apartments. As with South Hills, Parc Claremont will also undergo significant improvements including interior apartment upgrades, a fitness center, and updated landscaping and amenities.
Formed in 2013, the partnership between Sack Properties and the Canyon Catalyst Fund is focused on acquiring up to $100 mil in apartment communities in urban markets throughout California. Both purchases were made as part of an expansion in the investment mandate of Sack Properties to include Southern California in addition to their Bay Area target market.
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