SAN DIMAS, CA—Los Angeles-based the Korda Group has added the Trails at San Dimas apartment complex here to its portfolio in a deal valued at $78.5 million.
The trade of the 288-unit apartment property was reported by brokerage firm Institutional Property Advisors, a division of Marcus & Millichap. IPA’s Kevin Green, senior managing director; Greg Harris, executive director and Joseph Grabiec, senior director, represented the sellers, Stockbridge Capital Group of San Francisco and CNS Focused Investments of Long Beach, CA, and procured the buyer in the transaction. The asset sold for $272,569 per unit.
“Trails at San Dimas is a sizable asset in a primary market that gives the new ownership an excellent strategic value-add opportunity,” Green says. “San Dimas continues to be a heavily supply-constrained market; there is a lack of available land and aggregating parcels is difficult. Only 156 units have been added to the apartment stock in San Dimas in the last 10 years, and the average vacancy is 2.5%.”
Grabiec adds, “Located near the San Gabriel Valley’s major medical, tech and industrial sectors, the property provides tenants access to a vast array of employment opportunities in Orange County, the Inland Empire and Central Los Angeles. Its location expands the renter pool, promotes above-average rent growth and high occupancy levels.”