Silver Star Real Estate has paid $49.7 million for Amber Ridge Apartments, a 147-unit community in the Los Angeles suburb of La Verne, Calif. The seller was Fairmont Management, according to Yardi Matrix information. Working on behalf of the buyer, Berkadia secured $8 million in preferred equity from Harbor Group International.
Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of the firm’s Joint Venture Equity and Structured Capital Group arranged the financing. The same team secured $22 million in equity investments for the recapitalization of a 1,217-unit, six-property portfolio in May.
Situated on almost 10 acres at 2421 Foothill Blvd., the Class B community comprises 25 two-story buildings completed in 1973 and renovated in 2006. The unit mix features one- to three-bedroom floorplans averaging 1,040 square feet. Amenities include a swimming pool with spa, fitness center, clubhouse, business center and pet grooming salon.
Amber Ridge is less than 2 miles from the city center near U.S. Route 66, close to a dense retail area which includes La Verne Towne Center and Emerald Plaza. University of La Verne is roughly 1 mile south.