Property is projected to yield a 15% return over five-year holding period
Clear Capital, an investment firm specializing in multifamily housing, has announced its acquisition of Aspire Seneca, a 124-unit apartment community in Victorville, Calif.
Eric Sussman, one of Clear Capital’s founding partners, said they leveraged a 1031 exchange and capital raise to purchase the property for $15.5 million. Aspire Seneca is Clear Capital’s 14th asset in California and 39th investment offering.
Located in Southern California’s High Desert region, the property is an “outstanding investment opportunity in a community soon to be in high demand,” Sussman added.
Built-in 1984, Aspire Seneca features 124 one-, two-, and three-bedroom units with condo-style floor plans in classic condition averaging 770 square feet. The property has ample amenities, including two sparkling pools, sundecks, and covered parking. Victorville offers a central location with easy freeway access, located off I-15, US-395, and SR-18 between Los Angeles and Las Vegas—just 40 miles from I-10 and I-40.
“At Aspire Seneca, we have the opportunity to increase rents through renovating units, upgrading amenities and reducing costs by improving the assets operating efficiency and creating a compelling value-add investment opportunity for our clients,” Sussman said. “With planned renovations, the property is projected to yield a project-level IRR north of 15% over a 5-year holding period.”
Clarion, Clear Capital’s affiliate company, will be the property manager for this asset.
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