Korda Group, a Westside-based property management company, has purchased Trails at San Dimas, a two-story, 214,000-square-foot, 288-unit apartment complex at 444-445 N. Amelia Ave. in San Dimas, for $78.5 million, or nearly $272,600 per unit, from real estate firms Stockbridge Capital Group of San Francisco and CNS Focused Investments of Long Beach.
The property is located near the 57 freeway’s junction with the 210 freeway. It also offers 527 free covered parking spaces as well as six free surface parking spaces, according to CoStar Group Inc.
Kevin Green, senior managing director at Institutional Property Advisers, a division of Marcus & Millichap, Greg Harris, IPA executive director, and Joseph Grabiec, IPA senior director, represented the sellers. IPA “procured” the buyer, the firm said in a statement.
“San Dimas continues to be a heavily supply-constrained market; there is a lack of available land and aggregating parcels is difficult,” Green said in a statement. “Only 156 units have been added to the apartment stock in San Dimas in the last 10 years, and the average vacancy is 2.5 percent.”
Real estate reporter Ciaran McEvoy can be reached at firstname.lastname@example.org or (323) 556-8337.