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| Waterstone San Dimas Apartments, 444 North Amerlia Avenue, San Dimas, CA |
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| Gregory Harris |
SAN DIMAS, CA, Dec.
16, 2013 – Institutional Property Advisors (IPA), a multifamily brokerage
division of Marcus & Millichap serving the needs of institutional and major
private investors, has arranged the sale of
Waterstone San Dimas, a 288-unit apartment home community in the
Los Angeles County city of San Dimas.
The $47 million sales price equates to
$163,000 per unit.
Gregory
Harris, an IPA executive vice president investments, along with IPA
directors Kevin Green and Joseph Grabiec advised the seller, a
private California investment firm.
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| Kevin Green |
The buyer is CNS
Focused Investments, a newly created joint venture investment company formed by
NNC Apartment Ventures LLC and Shane Shafer to identify, acquire,
renovate and manage level “B” and “C” multifamily investments in 35 core
“workforce” markets within Southern California.
“Waterstone San Dimas is a sizeable asset in a primary market with an
attractive going-in yield,” says Harris.
“The acquisition provides the new owner with a value-add opportunity in
a market where luxury apartment homes are in demand.”
Located
at 444 North Amelia Ave. in San Dimas, the property provides convenient
access to interstates 210 and 57, which lead to west San Gabriel Valley and
Orange County and a host of major employers in industries ranging from
education and tourism to healthcare.
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| Joseph Grabiec |
The
213,680-square-foot Waterstone San Dimas is situated on 13.5 acres and offers
its residents quiet living in a lush and tranquil setting.
Unit amenities include private patios or balconies, ceiling
fans, modern appliances and large closets. Select residences feature vaulted
ceilings.
Community amenities include two swimming pools and spas,
tennis courts, a dog park, barbecue and picnic areas, a fitness center with
free weights, a resident business lounge and clubhouse, covered parking and
professionally landscaped grounds.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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