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ONTARIO, CA-Landmark Equity Partners LLC of Irvine has purchased the 134-unit Palmetto Villa Apartments at complex, located at 1031 West B St., from Palmetto Villa Apartments LLC of the San Fernando Valley for close to $10.7 million.

Charlie Kennedy of the Sperry Van Ness Irvine office notes that the property is close to the Interstate 10 Freeway as well as near the Ontario National Airport, shopping, restaurants and businesses. Kennedy represented the buyer, with the seller represented by Neil Schimmel and Eddie Lorin, both with Investors Management Group in Westlake Village. Palmetto Villa Apartments, built in 1964, is a six-building complex on six acres that features two swimming pools, a clubhouse and covered parking.

Johnson Capital’s Irvine office arranged both debt and equity financing for the purchase. The financing included more than $9.1 million in debt and $3 million in joint venture equity provided by a Northern California-based pension fund adviser on behalf of one of its pension fund clients. According to Johnson Capital, the borrower plans upgrades to the property’s landscaping, extensive interior upgrades and moving the leasing center to a more visible location. The construction and upgrades are expected be completed within 12 to 18 months.

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