Sterling acquires CA apartment communities

Real Estate Weekly,  July 11, 2007  

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LOS ANGELES, CA: Sterling American Property Inc, in a joint venture with Westdale Asset Management, acquired two apartment buildings totaling 924 units in Riverside County, a suburb of Los Angeles, CA, for $156 million.

In the last 30 days Sterling American acquired four properties in California valued at over $560 million and has a fifth property currently under contract.

"We are bullish on real estate in California, and are actively seeking additional acquisitions, particularly in Southern California's Inland Empire region," said Tarak Patolia, head of acquisitions for Sterling American. Mr. Patolia added, "Strengthening demographic trends, increased barriers to entry and higher construction costs all make apartment investing in Southern California very attractive to us."

The acquisition of Waterstone at Corona Pointe, a 628-unit residential community located in Corona, CA; and Copper Canyon Apartment Homes, a 296-unit rental development in Riverside, CA, brings Sterling's multi-family acquisitions under its fifth investment fund, Sterling American Property V, to over 3,000 units. To date, SAP V has invested over $1 Billion in multi-family and office assets throughout the country.

Sterling American, with its joint venture partner Westdale Asset Management, will invest more than $3.5 million in capital improvements to upgrade these apartments. "We will enhance these properties through Westdale's hands-on management, upgrading both the buildings and grounds, and focusing on improving the quality of our residents at these properties," said Joe Beard, Westdale's president.

Waterstone, built in 1987 is conveniently located near the Intersection of U.S. Interstate 15 and State 91 Freeway, at the gateway of Inland Empire. Copper Canyon, built in 1986 is, easily accessible by Highways 60 and 91 and only three blocks from the University of California at Riverside campus.

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