George Smith Partners Arranges $25 Million in Joint Venture Equity for Multifamily Land Acquisition in Montclair, CA
“We began by educating potential investors in order to articulate the value of the investment. Since we are in the recovery stage of the real estate cycle, it was essential that our team demonstrate the value of the Inland Empire market, as well as the site’s prime location,” said Davies.
According to Davies, the land was acquired through a competitive bid process, giving the GSP team a short timeframe in which to secure the equity partner. The acquisition also required a “closed as applied for” structure should GSP’s client secure the property.
“We launched a diligent search, conducted numerous property tours, and drew upon our strong industry network in order to find and secure an institutional partner for the joint venture,” Davies added. “With the new joint venture equity in place, our client was able to win the bid and acquire the site.”
The property is located across from Montclair Plaza Mall and Montclair Transit Center, and within a few miles from several colleges. According to Davies, the location provides consistent renter demand due to the large amount of employment opportunities in the area, the transit center which brings you to downtown L.A. within 45 minutes, as well as the consistent student population.
Corynne Randel/ Judith Brower
Brower, Miller & Cole