Dec. 12, 2024 10 AM PT
Sagard Real Estate acquired Vista Imperio, a 158-unit garden-style apartment located at 5880 Lochmoor Drive in Riverside for $49.9 million, or $316,000 per unit. The investment firm, formerly known as EverWest Real Estate Investors, acquired the property from Blackstone Group, which had acquired it as part of a $2-billion portfolio, in 2016.
The property was built in 2004 in the Sycamore Canyon area of Riverside, which is in close proximity to a 12-million-square-foot industrial park and about two miles from UC Riverside. The property has a mix of one- and two-bedroom units. One-third of the units have not been renovated, which offered a value-add opportunity.
“We’re pleased to begin building a portfolio of quality attainable apartment investments like Vista Imperio in markets we believe will outperform in the coming years, at what we predict to be bottom market pricing this cycle,” said John Maurer, senior portfolio manager and head of equity for Sagard Real Estate, in a statement.
Founded in 1997, Sagard Real Estate has $4.9 billion in assets under management and is part of a larger investment firm that manages $25 billion across private equity, venture capital, private credit and real estate.