Denver Investor Buys Inland Empire Apartment Properties

Sagebrush Capital Holdings has acquired a two-property, fully occupied apartment portfolio totaling 320 units.

The Colony Victorville BairdVictorville, Calif.—Denver-based Sagebrush Capital Holdings has acquired a two-property, fully occupied apartment portfolio totaling 320 units in Victorville, Calif., for $27.4 million. The investor bought the properties from Dublin, Calif.-based Thomas Tomanek & Assoc.

The properties, which are located about 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 on just under 17 acres.

The portfolio includes The Colony Apartments, a 200-unit community at 14450 El Evado Road, as well as Golden Sands Apartments, a 120-unit community at 15930 Nisqualli Road. The mix of units at The Colony is made up of two- and three-bedroom units, while the Golden Sands Apartments consists of a mix of one- and two-bedroom units.

Both properties offer such common amenities as two pools each, a basketball court, on-site management and maintenance, barbeque areas, and a playground. Victorville is a city in the High Desert region of the Inland Empire that has experienced robust industrial and retail expansion over the last 15 years or so.

David Baird, national director institutional investments with Sperry Commercial Global Affiliates, represented the seller as well as the buyer in the deal. The closing cap rate was 6.5 percent.