Berkadia Arranges $8M Preferred Equity Investment in Amber Ridge Apartments Near Los Angeles
LA VERNE, CALIF. — Berkadia has has arranged $8 million preferred equity investment for Silver Star Real Estate’s purchase of Amber Ridge Apartments, a garden-style multifamily property located in La Verne, 30 miles east of Los Angeles. Orange County, Calif.-based Silver Star Real Estate acquired the property through its affiliated purchasing entity, Amber Property Investments, for $49.7 million, or $338,000 per unit.
Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia’s Joint Venture Equity and Structured Capital Group delivered Harbor Group International as the preferred equity partner.
Built in 1973 and renovated in 2006, Amber Ridge features 147 units spread across 25 two-story residential buildings. On-site amenities include a swimming pool with spa; clubhouse with full kitchen and fireplace; business center; outdoor picnic area with barbecue; pet grooming salon; and fitness center.