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12/17/24
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Western National Group has purchased Vista Imperio, a 158-unit garden-style multifamily community in Riverside, in a joint venture partnership with Sagard Real Estate, ArrowMark Partners and WNG. The price was not disclosed.
Built in 2005, Vista Imperio is located at 5880 Lochmoor Dr, within the highly sought after Riverside enclave of Sycamore Canyon. The community provides residents with access to top-rated schools, wilderness recreational parks, and quality retail.
Vista Imperio offers a mix of one- and two-bedroom units, with 50% of the units having direct-access garages while the remainder of the units have private garages. Tenants enjoy oversized patios and a resort-style pool area. The investment allows for value-add opportunities to further the property’s desirability as best in the submarket with approximately one-third of the units with a classic finish and identified common area enhancements.
Vista Imperio is within a quarter mile of 12+ msf of class A industrial buildings and is just two miles from the University of California, Riverside. The property is uniquely situated between I-215, SR 91, and SR 60, allowing easy access to the Inland Empire’s major employers offering jobs in healthcare, education, financial services, and manufacturing.
Nominal new construction starts and absorption outpacing near-term deliveries coupled with 5-year population growth estimates of 4.0% (vs 2.8% nationally) and job growth outpacing the national average will maintain strong demand for quality multifamily communities.
The transaction was completed by Sagard Real Estate’s newest open-end fund in conjunction with ArrowMark Partners and WNG’s programmatic co-GP venture.
The property will be managed by Western National Property Management (WNPM), a subsidiary of WNG specializing in multifamily communities and commercial properties across California and Nevada. With one-third of Vista Imperio’s units unrenovated, the community presents an opportunity for targeted improvements that will modernize and enhance its appeal to middle-income residents.
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