Orange County Community Lands $28M Refi
- Oct 24, 2019
Palos Verdes Investments has secured a $28 million refinancing for Vio Tustin, a 165-unit community in Tustin, Calif. IPA Capital Markets, a division of Marcus & Millichap, arranged the financing on behalf of the owner. The refinancing comes after a deal from earlier this month, when IPA arranged the sale of RedHill Pines, a 168-unit community in Kent, Wash.
Located at 15742 Williams St., the five one- and two-story buildings sit on approximately 4.5 acres. There are more than 8,700 residents earning an average of $64,214 median income within a 3 miles radius of the property. Various dining, shopping and entertainment venues including The Home Depot, Bodega R Ranch Market, Frontier Park, Little Caesars Pizza and El Camino Plaza are nearby.
Built in 1968, Vio Tustin features a mix of one- and two-bedroom units ranging from 706 to 1,100 square feet. Common-area amenities include a clubhouse, swimming pool, spa, five laundry facilities and 230 parking spaces. According to Yardi Matrix data, the community had an average rental rate of $1,820 and was 98.2 percent occupied as of September. The property last traded in 2016, when Palos Verdes Investments acquired the asset for $41.2 million, or $249,848 per unit, Yardi Matrix data shows.