NEW YORK—New York City-based Praedium Group and Davlyn, based in southern Californian have recapitalized Estancia Riverside in Riverside, CA for $31 million. Constructed in 2001, the property is a multifamily complex comprised for 208 units and is located in the Mission Grove neighborhood of Riverside.
Estancia Riverside is a community of garden-style apartments in 13, two-story multifamily buildings. The complex is comprised of one- and two-bedroom units with residences featuring nine-ft. high ceilings, walk-in closets, full-size washer/dryer and appliance packages and private balconies. Many homes include gas fireplaces and crown molding.
Amenities at the community include a fitness center, business center, pool, volleyball court, detached garages and clubhouse.
Situated in the Riverside submarket of the Inland Empire, Estancia is one of only two rental communities in the Mission Grove neighborhood and is in close proximity to retail and entertainment centers.
“Having owned Estancia for the past nine years, we were intimately familiar with the property’s performance in both up and down markets, and the property has always outperformed the market,” said Jon Williams, CEO of Davlyn Investments. “Our loan was maturing and it was time to either sell or recapitalize the asset, and we are pleased with the opportunity to partner with Praedium on this transaction.”
As part of its ongoingstrategy, Praedium continues to manage the properties within its existing portfolio, while also actively identifying and acquiring assets throughout the country through The Praedium Fund VII, LP, a $900 million real estate private equity fund with purchasing power in excess of $2 billion.