Universe Holdings has acquired the Stonegate Apartments (Stonegate), a 160-unit multifamily community in Southern California’s Inland Empire city of Riverside, in an off-market transaction worth $53.370 million.
Built in 1987, Stonegate offers a mix of one- and two-bedroom floorplans and a strong amenity package, including a fitness center, swimming pool, spa, barbecue area, pet park, playground, covered parking, four laundry rooms and a business center. The property’s location at 6506 Doolittle Ave. in west Riverside gives residents access to five major freeways (60, 91, 10, 15, 215) that connect the area to the Inland Empire’s more than 1.9 million jobs, as well as Los Angeles and Orange counties.
Stonegate represented an opportunity for Universe to acquire a stabilized asset with the ability to add value by upgrading a portion of units that are outdated. The Los Angeles-based real estate investment firm plans to invest $100 million in the market over the next 24 to 36 months, according to Universe Founder and CEO Henry Manoucheri.