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Beverly Hills Firm Makes $52M Buy

TEMECULA, CA-Universe Holding Development Co. LLC picks up Acacia Park Resort Apartment Homes. The firm plans major renovations for the 320-unit property.

By Amanda Paxson | Updated on June 19, 2006

(To read more on the multifamily market, click here.)

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.

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