Crystal Acquires Moreno Valley Multifamily for $40M

NorthMarq has sold and financed Vista Springs, a 212-unit garden-style multifamily property located at 21550 Box Springs Rd. in Moreno Valley, CA.

The Southern California investment sales team of Kyle Pinkalla and Shane Shafer completed the $39.5-million sale on behalf of the buyer, Los Angeles-based Crystal Asset Management, Inc. The seller is Providence II Vista Springs LLC, an affiliate of San Diego-based Providence Capital.

The San Diego debt and equity team of Eric Flyckt and Aaron Beck procured a non-recourse, interest-only, bridge loan with a rate in the low four percent range, which will fund 100% of the extensive renovation budget.

“This transaction was a terrific collaboration between our investment sales and financing platforms. It enabled the buyer of Vista Springs the perfect opportunity to enact a full renovation strategy to position the property to compete with the newer vintage properties in Moreno Valley,” said Pinkalla.

“Growth markets like the Inland Empire are generating a tremendous amount of interest due to its current and expected great fundamentals,” said Shafer.

For comments, questions or concerns, please contact Dennis Kaiser