RANCHO CUCAMONGA, CA—ASB Real Estate Investments have acquired a 521-unit garden apartment complex here for $227 million in a joint venture partnership with Western National Group. ASB made the investment on behalf of its Allegiance Fund, a $7.4 billion core investment vehicle.
The seller was Mesirow Institutional Real Estate Direct Investments, which offers a series of risk-balanced, multi-family value-added investing opportunities to a growing base of large domestic and international institutional investors.
ASB Vice President Kavita Mathews, said in a prepared statement that "This Inland Empire submarket offers strong population and job growth in surrounding areas as well as significant supply constraints that promise to limit future competing development, providing a market dynamic to increase the asset's net operating income over time. Solamonte has particularly attractive amenities and layouts, and there are plans to complete cosmetic upgrades on unrenovated units that provide opportunities to generate further income growth. The investment is part of ASB's ongoing portfolio strategy to expand multifamily investments in leading U.S. suburban markets."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, 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.
