Sares Regis Multifamily Value-Add Fund II, L.P. (SRMF VA-II) has recently purchased Victoria Arbors, a 319-unit Class B+ apartment community built in 2006. The property consists of eight three-story, walk-up buildings on a beautifully landscaped 13.2-acre campus. This low-density environment offers a number of quality common area amenity spaces and a mix of spacious one and two-bedroom apartment homes averaging 1,009 sq. ft. The apartment homes feature all the physical attributes found in new, high-end “core” properties such as nine-foot ceilings, full-size washers and dryers, and attached garages. Victoria Arbors is a unique asset that rivals its newer competitors in its exterior design and construction, yet is in need of interior modernization and additional common area upgrades to capture the true rental income capabilities of newer competing projects located in inferior locations within the submarket.
Victoria Arbors is located in Rancho Cucamonga, often referred to as the “crown jewel” of the Inland Empire within San Bernardino County. The property is in a premier location, directly across the street from Victoria Gardens, a 1.5 million s.f. open-air mall. With over 150 miles of scenic trails, 29 public parks, and a wide array of retail and recreational amenities, Rancho Cucamonga is recognized as the preferred place to live within the Inland Empire. The city has attracted a highly affluent populace, boasting an impressive median household income of $78,743, which is on par with Orange County ($80,283). Over the past five years, the Inland Empire has experienced the fastest job growth rate in all of Southern California, adding more than 240,000 jobs over that time. Total employment in the region has now surpassed its pre-recession peak, with 41,200 jobs added in the past 12 months.