Park Plaza
Sundance Bay purchased park Plaza in November 2018 through a joint venture with a California-based developer. The property was 40% leased to Loma Linda University Health Care. The venture successfully leased the remaining 60% of the building to Loma Linda University Health Care over 18 months. The venture sold the property 11 months earlier than projected at strong pricing.
Property Summary
State
Redlands, CA
Units
Year Built
2007
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Investment Summary
Purchase Price
Total Investment
$12,600,000
NOI Increase %
Sales Price
$18,250,000
Equity Investment
$1,000,000
Net IRR
31.7%
Net Multiple
1.76X
Hold Period
25 Months
