Bobby Larsen And Evan Curtis Of Vanamor Acquire LuxLiv Apartments From Redhill For $19.75M

The asset involved in this transaction is LuxLiv Apartments, a condo-built multifamily community, located at 3905 Dawes Street in Riverside, California. The property encompasses 62 units within a total square footage of 85,054. The sale price for the property amounted to $19,750,000, resulting in a price per unit of $318,548 and a price per square foot of $232.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $19,750,000
• Units: 62
• Square Footage: 85,054
• Price Per Unit: $318,548
• Price Per Square Foot: $232
• Buyer: Bobby Larsen & Evan Curtis - Vanamor
• Seller: Redhill
• Brokers: Kyle Pinkalla, Brian Eisendrath & Cameron Chalfante - Institutional Property Advisors
• Discount to Replacement Cost: 30%+
• Cap Rate: 6.3%
• Projected Stabilized Return on Cost: 6.9%

The key individuals involved in the transaction include Bobby Larsen and Evan Curtis, representing the buyer, Vanamor. The selling party, Redhill, was represented by brokers Kyle Pinkalla, Brian Eisendrath, and Cameron Chalfante from Institutional Property Advisors. The team plans to enhance the property through various renovations and value-add strategies to position it for strong future returns.