The seller, CT Realty, had recently completed a $2 million redevelopment of the community. Improvements included repairing the exteriors of the buildings, renovating the interiors of the units and adding washer/dryer hook-ups to all units.
Located at 15773 High Knoll Dr., the complex encompasses 13.5 acres. It consists of 26 two-story buildings and is currently 95% occupied. On-site amenities include two pools, two spas, a fitness center, basketball court, playground, community meeting room and daycare facility.
CT Realty and the buyer, a pension fund client of Invesco Realty Advisors, were represented by Mary Ann King and Scott Davis of Moran & Co.'s Costa Mesa office.
"Village Oaks represented strong upside potential for our multifamily portfolio when we purchased it in December 1998," says Raymond Polverini, CT Realty's vice president. "The key was to complete the redevelopment work within the scope of our original budget and timeframe, and to successfully reposition the community in the marketplace."
The Village Oaks sale comes as the Inland Empire's apartment market is beginning to really take off. It was recently named as one of the top 10 tightest multifamily markets in the nation, with higher-end units demanding between $1.10 per sf and $1.40 per sf.
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