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TEMECULA, CA-Beverly Hills-based Universe Holding Development Co. LLC has purchased a 320-unit property from Aspen Square Management for $52 million. The buyer says that the Temecula property will undergo a multi-million dollar rehabbing effort.
The 17-year-old property sits on approximately 16 acres and consists of 25 separate buildings. Tom McCarthy, COO of Universe Holding, tells GlobeSt.com that the purchase is roughly 97% occupied.
McCarthy says that upgrades will include a rehab of the parking lot, pool area and the installation of a new business center with Internet access. Units will receive new cabinetry, tiling, light fixtures, carpeting and marble countertops in the kitchen and bathroom.
The purchase is the first in Temecula for Universal Holding, a multifamily firm that specializes in value-add acquisitions. McCarthy tells GlobeSt.com that the company was drawn to the area in part for its booming population and casino activity. "There are many people who commute to San Diego and Orange County and even Los Angeles from Temecula," he says. "It's more affordable than those areas and a good place to invest money."
President and CEO Henry Manoucheri says he views Temecula as "a bridge between San Diego and Orange County" and the city's lack of crime and steady stream of tourists make it a prime spot for investment.
Universe Holding owns 31 properties from Santa Barbara to San Diego making up 2,600 units. McCarthy says the firm is looking to expand its portfolio into other markets such as Northern California, Denver, Austin, Phoenix and Denver.
Acacia Park Resort Apartment Homes is located on Solana Way, east of the 15 freeway. Amenities include two swimming pools, two spas, a basketball court, volleyball court and two lighted tennis courts.
According to the California Department of Finance, Temecula is among the nation's fastest growing cities.
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