Crystal Asset Management acquired Vista Springs, a 212-unit garden-style multifamily property in Moreno Valley, California. The investor purchased the property from Providence II Vista Springs LLC for $39.5 million.
Located at 21550 Box Springs Road, the property offers one- and two-bedroom floorplans. Apartment amenities include washer/dryers, central heating and air, and common area amenities include a fitness center, playground, swimming pool, two spas and on-site leasing office.
The San Diego debt and equity team of Eric Flyckt and Aaron Beck procured a non-recourse, interest-only, bridge loan with a rate in the low four percent range, which will fund 100 percent of the extensive renovation budget.
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Kelsi Maree Borland
