Exclusive: LivCor Trades California Asset for $65M
The property's value grew nearly 36 percent during the firm's holding period.
Blackstone’s LivCor has divested Waterfield Square, a 328-unit asset in Stockton, Calif., according to Yardi Matrix data. The Garibaldi Co. purchased the community for $65.3 million. Walker & Dunlop originated a $45.3 million Freddie Mac acquisition loan. Institutional Property Advisors brokered the deal.
Waterfield Square previously traded as part of a $199.4 million, 1,196-unit portfolio deal in 2017. Blackstone paid roughly $48 million for the asset back then. The property’s valuation grew nearly 36 percent during the private equity giant’s hold of nearly a decade.
The community benefited from $11.9 million in common-area and exterior capital investments over the past seven years. Waterfield Square debuted in 1985, encompassing 43 buildings spread throughout a 19-acre site.
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Floorplans include one- and two-bedroom layouts that average 945 square feet. Amenities consist of two swimming pools, a spa and a gym, among other features. Located at 8035 Mariners Drive, Waterfield Square is within Stockton’s northwest submarket, less than 1 mile away from Interstate 5.
IPA Executive Managing Directors Philip Saglimbeni, Salvatore Saglimbeni and Stanford Jones, together with Senior Directors Alex Tartaglia and Rob LeDoux, brokered the deal.
Garibaldi’s Stockton holdings cluster around I-5
Since its inception more than three decades ago, The Garibaldi Co. has reached a portfolio of nearly 6,000 managed units, with a pipeline of 452 other apartments, according to the company’s website. The firm is active across California and Nevada.
Of its Stockton holdings, many communities are strategically located along the I-5 transportation corridor, Yardi Matrix reveals. These include Lakeview Village, a 120-unit property within walking distance of Waterfield Square, as well as the 112-unit Lincoln Village West and the 120-unit Lincoln Woods.
