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| David Baird |
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:
Darcie Giacchetto
Spaulding Thompson &
Associates
949.278.6224
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