Positive Investments Buys 272-Unit Senior Apartment Community in Rialto for $36.5MM

Positive Investments, Rialto, Greentree Senior Apartments LLC, Julia Palms Apartments, Azusa Pacific University, Azusa, Alosta Place, Bowles, University Park

By Catherine Sweeney

Positive Investments is growing its holdings in Southern California, recently acquiring a 272-unit senior housing community in Rialto. According to public records, Positive Investments paid $36.5 million, or about $134,191 per unit, for the 272-unit apartment community. The seller in the transaction was an entity affiliated with Greentree Senior Apartments LLC.

Located at 245 East First Street, the senior community is called Julia Palms Apartments. The property was built in 1989 and includes 16 buildings situated on 6.6 acres.

According to Apartments.com, Julia Palms Apartments offers both one- and two-bedroom unit types. Also located onsite are a number of amenities, including a fitness center and a pool.

The property is located in downtown Rialto, just south of Historic Route 66. The apartment community is primarily surrounded by other residential assets, with various retail and dining options within a short commute.

The acquisition of the Rialto property adds to recent deals made by Positive Investments in recent months. In October, the company also acquired a 316-unit portfolio in Azusa for $81 million. Sold by the Azusa Pacific University, the deal included three apartment properties: Alosta Place, a 118-unit condominium property located at 1130 East Alosta Avenue; Bowles, a 123-unit property located at 1150,1160 & 1170 East Alosta Avenue; and University Park, a 96-unit apartment property located at 1000 Alosta Avenue.

Positive Investments was founded in Arcadia in 1976. Currently, the owns and manages a mix of property types throughout the state of California, including multifamily properties, hotels and office properties.