Sequoia Equities Buys SoCal Community for $83M
- Jun 21, 2019
Sack Properties has sold the Sunridge Alta Loma Apartments, a 247-unit community in the Inland Empire, to Sequoia Equities for $82.5 million, according to Yardi Matrix. CBRE provided the buyer with $52 million in Fannie Mae acquisition financing for the purchase. The new owner has rebranded the asset as Sonora at Alta Loma Apartment Homes.
Located at 6653 Canary Pine Ave. in Alta Loma, Calif., the asset’s 18 two-story buildings are positioned along the southern side of the Foothill Freeway, less than 20 miles west of San Bernardino. Two public bus routes serve the area, which is home to several retail and self storage facilities.
The community contains a mix of one-, two- and three-bedroom apartments along with two- and three-bedroom townhouse units. Floorplans range from 800 to 1,283 square feet. The property’s amenities include three swimming pools, a dog park and a playground. Per Yardi Matrix data, the asset was 92.7 percent occupied as of May.
Rents in the Inland Empire have been steadily increasing in recent years, as new developments have remained limited in the face of strong population growth. Investors are taking note, with several noteworthy transactions closing in 2019 to date. In May, FPA Multifamily traded a 352-unit property 15 miles southwest of Sequoia’s new acquisition for $63.1 million.