(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
RIVERSIDE, CA-The Praedium Group, a Manhattan-based national real estate investment firm, and Davlyn Investments, a Southern California-based real estate operating company, have recapitalized Estancia Riverside, a 208-unit multifamily complex, for $31 million. Davlyn, which has owned the complex for nine years, decided to recapitalize it because its loan on the property was maturing.
Built in 2001, Estancia Riverside is a community of garden-style apartment properties in 13 two-story multifamily buildings. The complex is composed of one- and two-bedroom units with residences featuring 9-ft.-high ceilings, walk-in closets, full-size washer/dryer and appliance packages and private balconies/patios. Additionally, many of the homes have gas fireplaces and crown molding. Amenities include a fitness center, business center, swimming pool, volleyball court, detached garages and carports and a community clubhouse.
“This transaction presented an opportunity to own a high-quality apartment asset in Riverside, CA, together with a seasoned operating partner,” said Robert Murray, managing director of Praedium, in a prepared statement. “With limited quality rental inventory in the desirable Mission Grove neighborhood, Estancia Riverside is poised to generate strong renter demand as the market continues to rebound.”
Estancia is one of two rental communities in the Mission Grove neighborhood and is conveniently located near major employment, retail and entertainment centers. It is also located within one of the area’s top school districts, the Riverside Unified School District.
“Having owned Estancia for the past nine years, we were intimately familiar with the property’s performance in both up and down markets, and the property has always outperformed the market,” said Jon Williams, CEO of Davlyn, in a prepared statement. “We are pleased with the opportunity to partner with Praedium on this transaction.”
As GlobeSt.com previously reported, in June Praedium and Los Angeles-based Empire USA LLC purchased the newly constructed 82-unit 33 North out of bankruptcy as a substantial discount to replacement cost. The purchase price was $36.4 million.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
