Boston, MA July 15, 2014
Intercontinental Real Estate Corporation Acquires Summit at Paradise Valley
Intercontinental Real Estate Corporation (“Intercontinental”) a national real estate investment, development, and management firm headquartered in Boston, MA announced the acquisition of Summit at Paradise Valley in Fairfield, California. The acquisition, made on behalf of Intercontinental’s U.S. Real Estate Investment Fund, LLC (“US REIF”), was led by Jessica Levin, Director, Acquisitions at Intercontinental.
Summit at Paradise Valley is a 127,052 square foot Class B apartment property located in the San Francisco East Bay city of Fairfield, California. Fairfield is considered the midpoint between San Francisco and Sacramento, and provides a short commute to many major employment centers throughout the area. Constructed in 1990, Summit at Paradise Valley consists of 180 units with one- and two-bedroom layouts and enclosed garages on first floor units. The Property is 99% leased and features a spacious average unit size of 978 sf. The complex is comprised of 32 two- and three-story structured buildings on nearly 15 acres of land. Property features include a pool, business center, al fresco kitchen, dog-friendly walking path, playground, clubhouse, and 325 parking spaces. Intercontinental will work with joint venture partner, TruAmerica to perform interior and exterior upgrades to the majority of the units.
This acquisition purchase price was $26 million and benefits from an attractive seven-year financing with full-term interest only payments arranged by Capital One Commercial Bank.
Intercontinental’s Jessica Levin commented, “The region’s strong market fundamentals and deep renter pool make this investment extremely attractive. We are fortunate to have partnered with TruAmerica again for this acquisition, and we look forward to more investments in California on behalf of Intercontinental’s union and public pension investors.”
Intercontinental Real Estate Corporation is an SEC registered investment adviser with expertise in real estate investment, development, asset management, and construction management. Since inception in 1959, Intercontinental has managed, developed, and owned over $8 billion in real estate property. Today, Intercontinental owns and manages a portfolio in excess of $3.2 billion for its clients. Intercontinental balances its portfolio both by robust property mix and by geographic diversification, while actively seeking opportunities to invest in both core and core plus, as well as value-add development projects. Visit www.Intercontinental.net or call (617) 782-2600 for more information.