Sperry Commercial Global Commercial Affiliates Completes $27.4 Million Sale of Apartment Portfolio
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.”
Offering quick access to the 15 freeway, the portfolio includes The Colony Apartments, a 200-unit community located at 14450 El Evado Road; and Golden Sands Apartments, a 120-unit community located at 15930 Nisqualli Road. The mix of units at The Colony is made up of two-bedroom and three-bedroom units, while the Golden Sands Apartments consists of a mix of one-bedroom and two-bedroom units. Both properties offer two pools, a basketball court, on-site management and maintenance, barbeque areas, and a playground.