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8/31/16
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Tuscan Townhomes, a luxury, 63-unit, townhome project in Riverside, was acquired by a private investment entity in a recent $16.5 mil ($262k/unit) purchase. The property, located at 11511 Magnolia Ave, west of LaSierra Ave and just north of the 91 Fwy, was sold by San Diego-based Pathfinder Partners LLC.
Pathfinder and its partner, San Diego-based Stratford Partners, acquired the property in 2012 for $10.55 mil and completed a comprehensive interior and common area renovation program. Interior townhome upgrades include two-tone paint and the addition of kitchen backsplashes. Common area upgrades included improvements to the landscaping, pool, clubhouse and gym.
Tuscan was built in 2009 as for-sale townhomes but no units were sold. The two-story townhomes average 1.2k sf and include two bedrooms and two-and-one-half baths.
According to Scot Eisendrath, managing director of Pathfinder Partners, the community represented an attractive investment in a high quality multifamily property in a strong location. “One of the state’s fastest growing metro areas, Riverside is the 12th largest city in California and boasts the Inland Empire’s largest concentration of businesses and jobs,” Eisendrath said. “We were able to purchase Tuscan significantly below replacement cost and increase the property’s value through a capital improvement program and the implementation of best-in-class property management. During our ownership, the Riverside economy improved considerably. We remain bullish on Riverside and the Inland Empire and are actively seeking new investments in the region.”
The sale represents Pathfinder’s fourth disposition in the Inland Empire. Vince Norris and Margie Molloy of Berkadia’s represented the seller in the transaction.
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