SAN DIEGO, CALIFORNIA (December 2, 2019) – NorthMarq announced today that it sold and financed Vista Springs, a 212-unit garden-style multifamily property in Moreno Valley, California.
The Southern California investment sales team of Kyle Pinkalla and Shane Shafer completed the $39.5 million sale on behalf of the buyer, Los Angeles-based Crystal Asset Management, Inc. The seller is Providence II Vista Springs LLC, an affiliate of San Diego based Providence Capital.
The San Diego debt and equity team of Eric Flyckt and Aaron Beck procured a non-recourse, interest-only, bridge loan with a rate in the low four percent range, which will fund 100 percent of the extensive renovation budget.
“This transaction was a terrific collaboration between our investment sales and financing platforms. It enabled the buyer of Vista Springs the perfect opportunity to enact a full renovation strategy to position the property to compete with the newer vintage properties in Moreno Valley,” said Pinkalla.
“Growth markets like the Inland Empire are generating a tremendous amount of interest due to its current and expected great fundamentals,” said Shafer.
Located at 21550 Box Springs Road, the property offers one- and two-bedroom floorplans. Apartment amenities include washer/dryers, central heating and air, and common area amenities include a fitness center, playground, swimming pool, two spas and on-site leasing office.