California + Inland Empire + Apartments | July 6, 2021

LuxLiv @ Tyler Supports New Owner’s Repositioning Strategy

LuxLiv @ Tyler, a 62-unit multifamily property located at 3901 Dawes St. in Riverside, recently sold for $23 million. The property was purchased from 3901 Dawes St. Riverside LLC and the buyer was undisclosed.

Northmarq’s Kyle Pinkalla and Erik Anderson represented the seller and sourced the buyer in the transaction.

“This transaction exemplifies the strength of the Inland Empire market and will support the new owner’s repositioning strategy to allow for the property to compete for some of the highest rents in the area,” said Pinkalla.

NorthMarq’s Wyatt Campbell and Eric Flyckt arranged the non-recourse interest-only bridge loan with one of NorthMarq’s correspondent insurance companies.

“We presented this deal to multiple lenders. The insurance company was selected as they offered a rate close to 3 percent and their other terms were very competitive.” said Campbell. “In addition to providing the buyer with over 75 percent of the initial purchase price, the loan will fund 100 percent of the buyer’s renovation budget.”

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Kyle Pinkalla

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

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