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GRAND TERRACE, CALIF. — TruAmerica Multifamily and Investcorp have acquired The Highlands, a 556-unit garden-style apartment community near Loma Linda, for $92 million. The community is located at 11750 Mt. Vernon Ave. in Grand Terrace, about 60 miles east of downtown Los Angeles.
The Highlands was built in two phases between 1986 and 1988. It features a mix of one- and two-bedroom floor plans, each with a patio or balcony.
The new owners plan to upgrade the unit interiors, exteriors and common area amenities. HFF’s Charles Halladay and Mike Gigliotti arranged financing.