Western National Group (WNG) announces the acquisition of Vista Imperio, a 158-unit garden-style multifamily community built in 2005 located in Riverside, California.
Vista Imperio was acquired in a joint venture partnership with Sagard Real Estate, ArrowMark Partners and WNG. The transaction was completed by Sagard Real Estate’s newest open-end fund in conjunction with ArrowMark Partners and WNG’s programmatic co-GP venture.
Located in the highly sought after Riverside enclave of Sycamore Canyon, Vista Imperio provides residents with access to top-rated schools, wilderness recreational parks, and quality retail. Vista Imperio is within a quarter mile of 12+ million square feet of class A industrial buildings, 2 miles from the University of California, Riverside, and uniquely situated between I-215, SR 91, and SR 60, allowing easy access to the Inland Empire’s major employers offering jobs in healthcare, education, financial services, and manufacturing. Nominal new construction starts and absorption outpacing near-term deliveries coupled with 5-year population growth estimates of 4.0% (vs 2.8% nationally) and job growth outpacing the national average will maintain strong demand for quality multifamily communities.
“Acquiring Vista Imperio with a respected partner like Sagard represents an important milestone as the beginning of a strategic relationship to invest in markets that we believe will provide strong fundamentals for multifamily owners,” said Michael K. Hayde, CEO of Western National Group. “This transaction is a testament to our firm’s ability to identify high-conviction opportunities at what we believe is an inflection point in the market to begin strategically acquiring high-quality multifamily communities for our portfolio.”
Vista Imperio offers a mix of one- and two-bedroom units, fifty percent of the units have direct-access garages while the remainder of the units have private garages, oversized patios, and a resort-style pool area. The investment allows for value-add opportunities to further the property’s desirability as best in the submarket with approximately one-third of the units with a classic finish and identified common area enhancements.
“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,” shared John Maurer, Senior Portfolio Manager and Head of Equity for Sagard Real Estate. “Late 2024 and 2025 appear to be attractive vintage years for new real estate investments.”
The property will be managed by Western National Property Management (WNPM), a subsidiary of WNG specializing in multifamily communities and commercial properties across California and Nevada. With one-third of Vista Imperio’s units unrenovated, the community presents an opportunity for targeted improvements that will modernize and enhance its appeal to middle-income residents.
“Our mission is to create vibrant communities tailored to our residents’ needs, with the agility to adapt and improve in ways that positively impact both renters and owners,” said Laura Khouri, President of WNPM. “In today’s sensitive multifamily landscape, we maintain a human-centric approach to management and remain committed to delivering exceptional services that exceed residents’ expectations and increase asset value for ownership.”
