Sagard Real Estate, previously known as EverWest Real Estate Investors, has recently acquired Vista Imperio in Riverside. The property is a suburban garden-style multifamily complex with 158 units and the exact purchase price has not been disclosed. This acquisition marks the first for Sagard’s newest fund which focuses on moderate value-add properties in niche sectors such as seaport industrial and attainable rental housing.
According to Tyler Williams, co-portfolio manager at Sagard, recent research from Green Street supports their belief that rent growth in the Inland Empire is strong due to demand spillover from neighboring Orange County and Los Angeles. They are excited about this opportunity to add value within the attainable housing market and utilize their expertise in creating value for both residents of their apartment communities and investors.
Sagard defines attainable housing as multifamily properties catering to tenants who earn between 70-120% of the area median income. Their plan for enhancing Vista Imperio includes improving operations, upgrading amenities, and renovating outdated units when they become available.
This deal represents Sagard’s debut into its new fund focused on adding value through renovations within specific property sectors like Riverside apartments.
