Tailwind Investment Group And The Roxborough Group Acquire Value-Add Multifamily Asset In High Growth Inland Empire Market
Tailwind Investment Group — a Newport Beach-based privately held commercial real estate investment management company focused on value-add and core-plus multifamily investments in the Western U.S. — and The Roxborough Group – a real estate private equity firm based in San Francisco— today announced the acquisition of The Vue, a 197-unit multifamily property in San Bernardino, Calif., directly adjacent to California State University, San Bernardino. “The Vue presents a strong opportunity in today’s market to execute a value-add business plan on the majority of the property’s units, which have yet to be renovated and do so in a high growth market where we continue to see strong fundamentals as they relate to population and employment growth,” says Tailwind Managing Partner Parker Pinkalla. “Inland Empire submarkets like San Bernardino offer renters an attractive alternative to higher cost areas such as Los Angeles County. With a shortage of new rental housing supply in the construction pipeline, we feel strongly about our ability to attract our target renter demographic and give them a quality housing experience.”
CBRE announced the sale of 197-unit apartment property in California’s Inland Empire to Tailwind Investment Group, an Orange County-based real estate investment firm, for $53.6 million. Tailwind plans to perform unit interior and common area upgrades to better-position The Vue in this highly desirable submarket.
The 276-unit multifamily complex is being acquired by TIG Devonshire LLC, which is jointly managed by Tailwind Investment Group and Kairos Investment Management Company. “The Devonshire Apartments offer a range of affordable residential facilities and conveniences in a desirable location featuring ready access to shopping, restaurants and numerous area employers,” said Peter Kurzeka, Partner of Tailwind Investment Group. “CIT worked in quick order to structure the acquisition financing in a manner that best allows our partnership to successfully execute on our business plan of repositioning the asset.”