Dec 23 2013
CNS Focused Investments (CFI) today announced that it has acquired Waterstone San Dimas for a purchase price of $47 million. As part of a comprehensive upgrade, CFI will rename the 288-unit apartment property Trails at San Dimas.
The property is located in the Los Angeles County community of San Dimas with superior access to the major employment centers of Pasadena, Los Angeles and Orange County by way of the 57 and 210 freeways. The property's park-like setting places residents within walking distance of nearby schools, services, shopping, dining, and recreation. Residents will further benefit from proximity to the new Metro Gold Line extension which will serve communities within the Glendora to Montclair corridor.
Over the next 24 months, CFI plans to modernize the 1977-built property with a series of renovations to provide residents with popular interior finishes and exterior amenities. Apartment interiors will take on a more contemporary look with granite countertops, stainless steel appliances, new cabinetry, flooring and lighting. The pool areas will be enhanced with the addition of resort-style cabanas and barbeques.
CFI principal Shane Shafer commented, "This purchase exemplifies CFI's investment strategy of acquiring well-located apartment communities with renovation potential. We are actively seeking more opportunities like Trails at San Dimas."
The property represents the initial investment by CFI, a new fund comprised of institutional and individual investors to acquire value-added apartment communities in the vital job and transportation centers of Los Angeles, Inland Empire and Orange County. CFI is led by apartment investors and operators Lee Carlson and John Nunn whose NYSE-listed and private company apartment experience spans more than 50 combined years and has most recently included NNC Apartment Ventures LLC, a $500 million portfolio in Southern California and Arizona.
Carlson and Nunn are joined in CFI by Shane Shafer, whose real estate brokerage experience spans 15 years and includes $1 billion in apartment acquisition and disposition transactions.
The sellers of the property were represented by Gregory Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors (IPA), the multifamily brokerage division of Marcus Millichap focused on major private investors.
Source: CNS Focused Investments