According to HFF senior managing director Don Curtis, who arranged the deal, the financing consists of two fixed-rate loans at 5.75%. One is a $16.89 million loan for Sunscape Apartments and the other is a $16.45 million financing for Linden Court.
Sunscape Apartments consists of 172 one- and two-bedroom units averaging 806 sf each. Some of the two-bedroom units have attached one-car garages, and additional garages are available for rent. On-site amenities include a pool and spa, a fitness center, a playground, a lounge and tennis courts. The 97% occupied property is located at 8840 19th St., adjacent to a Von's-anchored retail center close to the 210 Freeway in Alta Loma.
The Linden Court Townhomes property is located at 372 S. Ironwood, near the 10 and 210 freeways in Rialto. The property features 180 two- and three-bedroom townhomes averaging 1,084 sf each. Units include washer/dryers, private patios and direct access one- and two-car garages.
Curtis notes that the Inland Empire apartment market continues to maintain vacancies in the 5% range, and rents "have been increasing at a robust pace," he points out. The Lewis Group of Cos. was founded in 1955 and has developed into a dominant player in Southern California's Inland Empire real estate market.
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