MORENO VALLEY, CALIF. — DWG Capital Group and Newmark Knight Frank have closed a programmatic equity joint venture with an initial $25 million investment with Denver-based JCR Capital, on behalf of Los Angeles-based Crystal Asset Management.
The funds will be used for Vista Springs, a 212-unit apartment development located at 21550 Box Springs Road in Moreno Valley. Built in 1989, the 174,360-square-foot property features one- and two-bedroom units with in-unit washers/dryers and central heating and air. Community amenities include a fitness center, playground, swimming pool, two spas and an on-site leasing office.
The $25 million equity line was deployed for Crystal Asset Management’s expansion into the Inland Empire market that commenced with the $39.5 million acquisition of Vista Springs.
Judd Dunning of DWG Capital Group and Brian Bowis of Newmark Knight Frank’s Capital Markets team closed the programmatic equity joint venture. Eric Flyckt and Aaron Beck of NorthMarq’s San Diego office arranged the debt, which will fund 100 percent of the renovation budget.