212-Units Trade for $40M in Moreno Valley
Crystal Asset Management acquired Vista Springs, a 212-unit garden-style multifamily property in Moreno Valley, California.
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.