Quest Capital Partners, Inc. is pleased to announce the acquisition of Royal Palms Apartments & Professional Building at 618-620 W Route 66 Ave in Glendora, CA. This mixed-use asset features 48 garden style apartments and 17k SF of retail and office space. Quest Capital acquired the asset in partnership with Portal Investment Management, LLC with the intent to renovate all of the apartment units and refresh and re-tenant the commercial building. The asset has been owned by the same group for over 30 years and has been mis-managed, with estimated average cash on cash of over 10% annually and project level IRRs in excess of 20%.
Quest Capital Principal Ken Leon says, “We are incredibly excited to pick up a very unique mixed-use asset in a dense high-demand sub-market such as Glendora. The combination of current cash flow and substantial rental upside is a rare find in Southern California today, especially with multi-family assets.”
Douglas McCauley of Marcus & Millichap acted as dual agent for the transaction. Scott Duntley of Balboa Financial procured bridge debt financing through Lument.