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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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