July 21, 2020
Orange County-based Silver Star Real Estate’s affiliated purchasing entity, Amber Property Investments LLC, acquired Amber Ridge Apartments, 147-unit garden-style apartment community in La Verne from an undisclosed party for $49.7 million. That pricing works out to about or $338,000-per-unit.
Built in 1973 and renovated in 2006, Amber Ridge is a garden-style apartment community located on nearly 10 acres off Historical Route 66. The community comprises 25, two-story residential buildings, with amenities including a swimming pool with spa, clubhouse with full kitchen and fireplace, business center, outdoor picnic area with BBQ, pet grooming salon and fitness center.
Berkadia closed on an $8 million preferred equity investment for the acquisition. Berkadia’s Joint Venture Equity and Structured Capital Group, led by Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick, delivered Harbor Group International (HGI) as the preferred equity partner.
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