A private investor represented by Marcus & Millichap Real Estate
“The previous owner purchased the note on El Dorado Pointe and took title to the property through foreclosure,” says Alexander Garcia, a senior vice president of investments at Marcus & Millichap.
“Much work was put in to stabilize the property before the seller, a global investment management firm, returned the property to the market,” says Garcia. “The buyer obtained an attractive bridge loan to finance the purchase.”
Garcia and Steven Hsu, a vice president of investments, represented the buyer. Garcia and Hsu work from the firm’s Ontario, Calif. office.
The 330-unit property at 12159 Calle Sombra is just north of
El Dorado Pointe was and renovated from 2007 to 2008. The unit mix features 150 one-bedroom units and 180 two-bedroom units. At 283,320 sq. ft., the purchase price equates to roughly $81 per sq. ft.