(Mark Your Calendars: RealShare Apartments 2011, October 20 in Los Angeles).
REDLANDS, CA-The Praedium Group, a New York City-based national real estate investment firm and Beverly Hills, CA-based StarPoint Properties, a multifamily development and management firm, have joint ventured to buy Parkview Terrace Apartments here. The partnership purchased the 558-unit apartment complex for $79 million.
According to a prepared statement, the sale marks the largest multifamily deal in the Inland Empire area this year. “This asset is an attractive investment opportunity in one of the strongest markets within the Inland Empire residential market,” says Robert Murray, managing director at Praedium.
Murray points out that “Its location combined with the opportunity to enhance the amenities makes it a desirable asset for our investors.” Parkview Terrace Apartments’ 43 garden-style buildings were built in 1987, and are currently 97% leased.
StarPoint Properties president and CEO, Paul Daneshrad, says that “Along with being one of the most significant purchases we’ve had in our company’s 16-year history, this acquisition is noteworthy because it represents a sizeable, high-quality asset in a high-quality location with extremely stable operations. This property has averaged less than 5% vacancy over the past three years and is in a top submarket, with average annual household incomes of approximately $85,000. It is a premier Inland Empire asset.”
The previous owner completed a renovation of all 558-units, which boasts a number of high-end amenities including green belts throughout the grounds, three swimming pools, beach volleyball, basketball and tennis courts, gym, clubhouse and business center, according to a prepared statement. The current owners plan to renovate the complex’s common areas and amenities, while improving upon its resort-style feel by adding a movie theater with projector screen, golf driving range and putting green, and built-in barbeques and seating in the pool area.
As part of its ongoing investment strategy, Praedium continues to actively enhance the properties within its existing portfolio, while also identifying new opportunities for acquisition through the Praedium Fund VII LP, a $900 million real estate private equity fund with purchasing power of $3 billion, and is readily acquiring assets across the country.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
