Tuscany Hills Apartments Benefits from Area’s Low Vacancy Rate
A $23 million HUD 223(f) loan was recently obtained for Tuscany Hills Apartment Homes, a 144-unit garden-style apartment complex located in Moreno Valley, CA. Built in 2005, the gated property consists of 15 one- and two-story apartment buildings, and three common area buildings on more than 8.6 acres. Its amenities include a pool and spa, fitness center and community park.
Tuscany Hills Apartments is 98% occupied. This is no surprise given the surrounding area has an overall low vacancy of 2.7 percent year-to-date, according to CoStar. This vacancy rate is projected to stay consistent in the coming years with the area’s strong demand, which is helping drive up rental rates.
The loan benefited from a Green Mortgage Insurance Premium reduction set at 25 basis points because the property is Energy Star-certified. Josh Sasouness, Dwight Capital managing principal, and Daniel Malka, Dwight Capital vice president, originated this transaction.
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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