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Multifamily

Canyon Crest & Starlight Grove

Ramona, CA

200 Units

Built in 1985

Value Add

Investment Highlights

  • Potential to capture $465 rent premiums by executing an interior and exterior renovation enhancement program
  • Newly executed leases have grown by 8.2% without any interior renovations as the submarket rent growth drives loss-to-lease increases
  • Rare opportunity to acquire Canyon Crest (148 units), the largest apartment community in Ramona, and Starlight Grove (52 units) for a combined total of 200 units; 16% of Ramona's apartment stock
  • Canyon Crest is comprised entirely of two bedroom / two bathroom floorplans averaging 930 square feet; Starlight Grove boasts majority three- and two- bedroom floorplans
  • With current rent growth of 10.2% and current vacancy rate of 1.6%, Ramona is exhibiting one of the steadiest rates of demand and annual growth in the region over the past 12 months
  • Two-property assemblage providing an investor with the distinct advantage of potentially selling off the properties separately to appeal to a broad spectrum of buyer profiles on an exit
  • Properties may be sold together or on an individual basis

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