The Los Angeles-based firm paid $66 million for the 250-unit Pearce at Pavilion apartments at 3603 Pavilion Palms Circle in Riverview, roughly nine miles southeast of downtown Tampa Bay. The sale price equates to $264,000 per unit.

As part of the deal, Universe assumed a Fannie Mae loan at a 4.13 percent interest rate with several years left until its maturity date.

Properties with assumable debt are particularly attractive among investors in today’s market, amid high interest rates and tough lending standards. For Universe, the relatively low mortgage payment was a factor in its decision to buy.

“It is comforting knowing we have below market rates fixed and locked in for several more years while the market hopefully cools down,” said Universe CEO Henry Manoucheri. “Waiting closer to loan maturity to refinance the property when interest rates should be lower at that time.”

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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for Universe to acquire a stabilized asset with the ability to add value by upgrading a portion of units that are outdated.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.

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