FPA Grabs Age-Restricted Inland Empire Community

Positive Investments, which picked up the 177-unit Class C property in 2016 for $11.9 million, traded the asset for more than $14 million.
Zen Diamond Valley

FPA Multifamily has acquired Zen Diamond Valley, a 177-unit age-restricted community in the Inland Empire, for $14.4 million from Positive Investments, according to Yardi Matrix. The Class C acquisition comes on the heels of FPA’s $15.1 million purchase in August of the 137-unit ReNew Diamond Valley community located across the street.

Located at 1000 S. Gilbert St. in Hemet, Calif., the community’s 12 two-story buildings are situated near the Stetson Avenue retail corridor. A skilled nursing facility operates just north of the property, with the Meadowbrook Health Care Center half a mile to the east. A bus stop situated a short walk to the south links the asset with the wider Riverside County area.

The community contains one- and two-bedroom apartments with floorplans ranging from 600 to 700 square feet. The property’s amenity mix includes a swimming pool, a communal library, a business center, a fitness center and laundry facilities.

In October, FPA paid $131 million for a 758-unit community in the Chicago area.

Image courtesy of Yardi Matrix