Sagard Debuts Value-Add Fund with Riverside Apartment Deal
Sagard Real Estate, formerly EverWest Real Estate Investors, acquired Vista Imperio, a 158-unit suburban garden-style multifamily property in Riverside, for an undisclosed sum. The acquisition is the first for Sagard’s newest, moderate value-add, open-end fund targeting seaport industrial, attainable rental housing and other niche property sectors.
“Green Street’s recent research commentary supports our view that rent growth in the Inland Empire has been among the strongest in the nation given spillover demand from Orange County and Los Angeles,” said Tyler Williams, co-portfolio manager. “We’re excited to execute on a value-add opportunity within the attainable housing space and capitalize on our proven ability to create value for both our apartment community residents and our investors.”
Sagard defines attainable housing as multifamily properties serving a tenant base earning 70-120% of the area median income. The value-enhancement plan for Vista Imperio includes improving operations and upgrades to amenities. Sagard will also renovate outdated units as they turn over.
