Saturday, February 25, 2017
Sperry Commercial Global Commercial Affiliates, LLC Completes $27.4 Million Sale of 320-Unit Apartment Property Portfolio in Victorville, CA
Victorville, CA -– Sperry Commercial Global Affiliates, LLC has completed the $27.4 million sale of a two-property, fully occupied apartment portfolio totaling 320 units in Victorville, Calif., a city in the High Desert region of the Inland Empire.
The properties, which are located approximately 2.5 miles apart, are both garden-style assets built in 1988 and renovated in 2014. In total, they include 41 two-story buildings and are situated on just under 17 acres of land.
David Baird, National Director Institutional Investments with Sperry Commercial Global Affiliates, represented the seller, Dublin, Calif.-based Thomas Tomanek & Assoc., as well as the buyer, Denver, CO-based Sagebrush Capital Holdings. The closing cap rate was 6.5 percent.
“This transaction proved beneficial to both the buyer and the seller,” said Baird. “The seller, which is moving its portfolio to Northern California and has owned this property since 1998, was able to realize a significant return on investment.
“The buyer, which made its first acquisition in California with this transaction, acquired a quality, stabilized portfolio that stands to see a steady increase in rents and appreciation over the coming years in an up-and-coming tertiary market that continues to grow its job base and population.”
For a complete copy of the company’s news release, please contact:
Spaulding Thompson & Associates
Posted by Alex at 10:07 AM