LOS ANGELES-CNS Focused Investments, a joint venture between NNC Apartment Ventures LLC and Shane Shafer, has acquired the 288-unit Waterstone San Dimas multifamily complex for $47 million from a private California-based investment firm. The property is located in a submarket with a demand for luxury apartment homes.

“Waterstone San Dimas is a sizeable asset in a primary market with an attractive going-in yield,” says Gregory Harris, EVP of investments at IPA, a multifamily brokerage division of Marcus & Millichap focused on institutional and major private investors. Harris and IPA directors Kevin Green and Joseph Grabiec represented the seller in the transaction. “The acquisition provides the new owner with a value-add opportunity in a market where luxury apartment homes are in demand.”

The 213,680-square-foot property is located on 13.5 acres at 444 North Amelia Ave. in San Dimas. Interior units feature modern appliances and outdoor spaces through private patios or balconies. The building offers resort-style living with two swimming pools, tennis courts and a fitness center. Residents also have access to a business center and clubhouse.

As multifamily development soars, developers are beginning to look for value-add opportunities at existing properties. Yesterday, GlobeSt.com reported a similar example: a Westwood apartment complex sold for $21.5 million. The buyers plan to modernize the property and introduce technology that will make it attractive to students at the nearby UCLA campus.