Waterstone San Dimas Fetches $47M

LOS ANGELES-CNS Focused Investments, a joint venture between NNC Apartment Ventures LLC and Shane Shafer, has acquired the 288-unit Waterstone San Dimas multifamily complex for $47 million from a private California-based investment firm. The property is located in a submarket with a demand for luxury apartment homes.

“Waterstone San Dimas is a sizeable asset in a primary market with an attractive going-in yield,” says Gregory Harris, EVP of investments at IPA, a multifamily brokerage division of Marcus & Millichap focused on institutional and major private investors. Harris and IPA directors Kevin Green and Joseph Grabiec represented the seller in the transaction. “The acquisition provides the new owner with a value-add opportunity in a market where luxury apartment homes are in demand.”