The Korda Group has purchased Trails at San Dimas, a 288-unit community in San Dimas, Calif. Stockbridge Capital Group and CNS Focused Investment traded the property for $78.5 million, which equates to $272,569 per unit. Institutional Property Advisors represented the seller and procured the buyer in the deal.
Located at 444 N. Amelia Ave., the property is near the intersection of Freeway 57 and Interstate 210, roughly 30 miles from downtown Los Angeles. Additionally, the community is situated close to shopping and dining destinations, including San Dimas Plaza and San Dimas Marketplace.
“Located near the San Gabriel Valley’s major medical, tech and industrial sectors, the property provides tenants access to a vast array of employment opportunities in Orange County, the Inland Empire and Central Los Angeles,” said Joseph Grabiec, senior director at Institutional Property Advisors, in prepared remarks. “Its location expands the renter pool, promotes above-average rent growth and high occupancy levels.”
According to Yardi Matrix data, the property was built in 1977 and comprises a mix of studio, one- and two-bedroom units, averaging 753 square feet. The units feature vaulted ceilings, private balcony or patios and private entry. Communal area amenities include:
- controlled access
- tennis court
- volleyball court
- two swimming pools
- two spas
- five laundry facilities
- 350 grade level parking spaces
“Trails at San Dimas is a sizeable asset in a primary market that gives the new ownership an excellent strategic value-add opportunity,” mentioned Kevin Green, senior managing director at Institutional Property Advisors, in a prepared statement. “San Dimas continues to be a heavily supply-constrained market; there is a lack of available land and aggregating parcels is difficult. Only 156 units have been added to the apartment stock in San Dimas in the last 10 years, and the average vacancy is 2.5 percent.”
Earlier this year, Stockbridge Capital Group purchased The Quaye at Wellington for $120 million, a luxury garden-style community in Wellington, Fla.
Image courtesy of Yardi Matrix