SAN DIEGO – December 9, 2020 – Berkadia announced the recent sale of Lakehouse Apartments, a 128-unit value-add opportunity located in Lake Elsinore, California. Investment Advisors Tyler Sinks, Ed Rosen and John Chu of Berkadia’s San Diego office handled the transaction. Due to experience and successes in selling deals during the COVID-19 pandemic, the Berkadia team was able to generate record setting pricing.
Berkadia represented the seller, The Parker Equity Fund, LLC, an affiliate of Forge Partners, based in San Diego. The buyer was Prism Multifamily Group based in Ontario, Canada.
“Despite these uncertain times, we received tremendous interest in Lakehouse given the lack of available product in the Inland Empire. This transaction is a testament to the strength of Southern California multifamily properties and yet another example of record pricing being achieved,” said Sinks.
Located at 15195 Lincoln St., Lakehouse features one-, two- and three-bedroom floor plans complete with gas stoves, walk-in closets, wood-style flooring, in-unit washers and dryers and private patios or balconies. Community amenities include dual pools and spas with cabanas, picnic area with barbecues, a playground area and two laundry facilities.