INLAND EMPIRE, CA (April 18, 2012) – Commercial real estate investment banking firm George Smith Partners has successfully arranged $25 million in joint venture equity for the acquisition of a 14.7-acre development site (top left rendering) in Montclair, Calif. on behalf of GLJ Partners, according to Vice President, Malcolm Davies (middle right photo) and Vice President, Michelle Lee (lower left photo). The site will be used to develop a new 385-unit Class A multifamily property.
GLJ Partners is a fully integrated, residential development and construction company based in Carlsbad, Calif. According to Davies, the company is expanding its multifamily platform in Southern California, and GSP was asked to identify and secure an equity partner for the joint venture acquisition.
“We began by educating potential investors in order to articulate the value of the investment. Since we are in the recovery stage of the real estate cycle, it was essential that our team demonstrate the value of the Inland Empire market, as well as the site’s prime location,” said Davies.
According to Davies, the land was acquired through a competitive bid process, giving the GSP team a short timeframe in which to secure the equity partner. The acquisition also required a “closed as applied for” structure should GSP’s client secure the property.
“We launched a diligent search, conducted numerous property tours, and drew upon our strong industry network in order to find and secure an institutional partner for the joint venture,” Davies added. “With the new joint venture equity in place, our client was able to win the bid and acquire the site.”
The property is located across from Montclair Plaza Mall and Montclair Transit Center, and within a few miles from several colleges. According to Davies, the location provides consistent renter demand due to the large amount of employment opportunities in the area, the transit center which brings you to downtown L.A. within 45 minutes, as well as the consistent student population.
Contact:
Corynne Randel/ Judith Brower
Brower, Miller & Cole
(949) 955-7940
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