Hanes Properties LLC, a Los Angeles-based real estate investment and management firm, has purchased Golden Sands, a 120-unit apartment complex in Victorville, for $14.25 mil ($118.8k/unit). The complex, located on just over eight acres at 15930 Nisquali Rd, was sold by Los Angeles-based real estate and property management firm Positive Investments.
The apartment community consists of 96 two-bedroom units and 24 one-bedroom units. The buyer plans to completely renovate the asset in 2020 with major enhancements to five large courtyards to include a 50-person gazebo, two large pavilions, cabanas at two pool/spa locations, a playground and tot lot, and a 77 fruit tree orchard-maze and sport court.
John Montakab, Stew Weston, and Dean Zander of CBRE represented Positive Investments in the deal. The listing received multiple offers from a variety of buyers, including private investors, exchange buyers and fund advisors. The property ended up selling at the highest price per unit for a building of this size in the city, according to CBRE