(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
LOS ANGELES-Those who follow @GlobeStcom on Twitter may have seen a post teasing the announcement last week, but GlobeSt.com has learned that Acacia Capital Corp., a large Bay Area investment fund, has closed escrow on the largest single asset sale in the San Gabriel Valley since 2005. The 392-unit residential apartment community known as “Windsor at Victoria Heights” was sold for $56 million on behalf of Windsor Realty Fund-V, a co-investment fund managed by GID.
Windsor at Victoria Heights, located at 18600 East Colima Rd. in Rowland Heights was built in 1989 and was 100% leased at the close of escrow. The community caters exclusively to residents 55 years and older and is ideally positioned to capitalize on the growing demand from this demographic.
The garden style community features a mix of one and two bedroom apartment homes in 27 buildings situated on over 11.5 acres of land. The fully amenitized community also features a large leasing center, community room, library, classroom, fitness center, pool and spa. Unit amenities include central air-conditioning, balconies or patios, individual water heaters and large storage closets. The property is located near the Pomona Freeway and is within minutes of more than 7 million square feet of retail space.
Listing brokers Dean Zander and Vince Norris exclusively tell GlobeSt.com that they were “thrilled with this milestone achievement, and they anticipate other San Gabrial transactions will likely follow suit.” The marketing effort attracted multiple capital sources, from local private individuals, to institutional capital firms with state pension money.
The team conducted dozens of property tours which generated over 20 qualified offers. “Most investors were attracted to the opportunity due to the size, age and location, combined with the unbelievably strong occupancy and stability of the asset,” Zander says, “as well as the inherent upside.”
The property was offered free and clear of debt which allowed the buyer to capitalize on the historically low interest rates, adds Norris. “The combination of stable operations and the surging senior population ensure that Windsor will be a long-term winner,” he says. The new ownership plans considerable upgrades to the interiors and common areas to reflect the desires and needs of this particular demographic.
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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.
