August 5, 2016
Los Angeles-based Universe Holdings acquired Acacia Park, a 304-unit apartment community in San Bernardino, CA for $41-million. A controlling interest in the asset was secured from a special service partner, following a strategic recapitalization that was structured by HFF.
Universe’s Henry Manoucheri says, “Acacia Park is an asset that was severely impacted by the recession in 2009.” He notes Universe worked diligently with the special servicer, LNR Partners, to navigate through the crisis. That resulted in the asset being positioned for long-term hold, after Universe fulfilled its obligations to its original lenders and equity partners.
A nearly six-year turnaround plan culminated in the property returning to 95% occupancy, with significant improvement in rents and cash flow. HFF’s Charles Halladay led a team that represented Universe.
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