Sterling acquires CA apartment communities.LOS ANGELES Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , CA: Sterling American Property Inc, in a joint venture with Westdale Asset Management, acquired two apartment buildings totaling 924 units in Riverside County, a suburb of Los Angeles, CA, for $156 million. In the last 30 days Sterling American acquired four properties in California valued at over $560 million and has a fifth property currently under contract. "We are bullish on real estate in California, and are actively seeking additional acquisitions, particularly in Southern California's Inland Empire In·land Empire A region of the northwest United States between the Cascade Range and the Rocky Mountains, comprising eastern Washington, eastern Oregon, northern Idaho, and western Montana. Farming, lumbering, and mining are important to the area. region," said Tarak Patolia, head of acquisitions for Sterling American. Mr. Patolia added, "Strengthening demographic trends, increased barriers to entry and higher construction costs all make apartment investing in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, very attractive to us." The acquisition of Waterstone at Corona Corona, city, United States Corona (kərō`nə), city (1990 pop. 76,095), Riverside co., S Calif.; inc. 1896. The city developed as a primary citrus fruit producer and shipping center. There is also light manufacturing. Pointe pointe n. In ballet, dancing that is performed on the tips of the toes. [From French pointe (des pieds), point (of the feet), tiptoe; see point.] , a 628-unit residential community located in Corona, CA; and Copper Canyon The Copper Canyon (Spanish: Barranca del Cobre) is a canyon system in the Sierra Tarahumara in the southwestern part of the state of Chihuahua in Mexico. This canyon system is larger and deeper than the Grand Canyon in the neighboring United States, although the Grand Apartment Homes, a 296-unit rental development in Riverside, CA, brings Sterling's multi-family acquisitions under its fifth investment fund, Sterling American Property V, to over 3,000 units. To date, SAP V has invested over $1 Billion in multi-family and office assets throughout the country. Sterling American, with its joint venture partner Westdale Asset Management, will invest more than $3.5 million in capital improvements to upgrade these apartments. "We will enhance these properties through Westdale's hands-on management, upgrading both the buildings and grounds, and focusing on improving the quality of our residents at these properties," said Joe Beard, Westdale's president. Waterstone, built in 1987 is conveniently located near the Intersection of U.S. Interstate 15 and State 91 Freeway, at the gateway of Inland Empire. Copper Canyon, built in 1986 is, easily accessible by Highways 60 and 91 and only three blocks from the University of California The University of California has a combined student body of more than 191,000 students, over 1,340,000 living alumni, and a combined systemwide and campus endowment of just over $7.3 billion (8th largest in the United States). at Riverside campus. |
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