August 3, 2017 Comments Off on RedHill, Shelter Acquire 204-Unit MF in Diamond Bar Views: 1066 California News, Inland Empire

RedHill, Shelter Acquire 204-Unit MF in Diamond Bar

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San Diego-based RedHill Realty Investors and Los Angeles-based Shelter Asset Management acquired The Hills of Diamond Bar from Sares-Regis Group. The 204-unit multifamily community is located at 1020 S Grand Ave. in Diamond Bar, CA, near Cal Poly Pomona.

RedHill Realty Investor’s Russell Dixon says, “We typically look for assets that are proximate to robust employment centers, provide access to great school systems, and are shielded from the threat of new supply. We liked that no new apartment stock has been delivered in the submarket since 1989, due to strict zoning ordinances. Additionally, we liked the Property’s proximity to the City of Industry with 80,000+ jobs.”

Sares-Regis acquired the property in 2013 and partially renovated the community. RedHill will continue renovating the community by addressing interiors, exteriors, and the HVAC systems.

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