08/30/2024
Vanamor is pleased to announce that we have successfully acquired LuxLiv Apartments, a 62-unit, condo-built multifamily community in the highly sought-after city of Riverside, California. Strategically located just off the 91 freeway, a major corridor connecting the Inland Empire, LuxLiv represents a prime investment opportunity in a supply-constrained market.
๐๐ฒ๐ ๐๐ฐ๐พ๐๐ถ๐๐ถ๐๐ถ๐ผ๐ป ๐๐ฒ๐๐ฎ๐ถ๐น๐:
๐ฃ๐๐ฟ๐ฐ๐ต๐ฎ๐๐ฒ ๐ฃ๐ฟ๐ถ๐ฐ๐ฒ: $19,750,000 ($318,544 per unit | $232 per square foot)
๐๐ถ๐๐ฐ๐ผ๐๐ป๐ ๐๐ผ ๐ฅ๐ฒ๐ฝ๐น๐ฎ๐ฐ๐ฒ๐บ๐ฒ๐ป๐ ๐๐ผ๐๐: 30%+
๐๐ฎ๐ฝ ๐ฅ๐ฎ๐๐ฒ: 6.3% (T3 Income / Tax-Adjusted Expenses)
๐ฃ๐ฟ๐ผ๐ท๐ฒ๐ฐ๐๐ฒ๐ฑ ๐ฆ๐๐ฎ๐ฏ๐ถ๐น๐ถ๐๐ฒ๐ฑ ๐ฅ๐ฒ๐๐๐ฟ๐ป ๐ผ๐ป ๐๐ผ๐๐: 6.9%
Our team is set to enhance LuxLiv Apartments through renovations, bedroom conversions, installation of solar, and other value-add strategies, positioning the property for strong future returns.
Brian Eisendrath and Cameron Chalfant of Institutional Property Advisors (IPA) arranged the financing for the acquisition with Freddie Mac. The seller was represented by Kyle Pinkalla with IPA. Mitch Surowitz with Gallagher provided A+ service on insurance with extremely competitive rates. Sunrise Management, based in San Diego, CA, will provide property management services, adding to their growing Vanamor portfolio. And, most importantly, thank you to all of our limited partners for your continued trust and support.
Finding the right opportunities in a world of distress has become the reward for those that have remained patient and diligent over the past four years. Vanamor remains highly active in pursuing new opportunities throughout the United States that are Class A/B, newer construction with strong cashflow and significant upside through value-add strategies. Our strategy is built on a foundation of conservatism, utilizing low to moderate ~65% loan-to-value leverage on stabilized or near-stabilized properties.
We partner with high-net-worth individuals, family offices, and middle-market focused institutions. If youโre interested in participating in future offerings, please contact a member of our team and/or register to our portal at https://lnkd.in/g-epYfRK.
