Ramona Oaks Apartments, a garden-style 44-unit apartment community located in Riverside, California. Built in 1971 and situated on approximately 1.81 acres of land this gated community is adjacent to Riverside City College and a residential Historic District. The Ramona Oaks Apartments caters to both the large student population from the adjacent Riverside Community College, as well as small families and working professionals in the area.
Sale and Return on Investment
OneV Capital purchased the property from a professional operator that had completed many costly exterior upgrades including new siding, windows and sliding glass doors. In spite of these upgrades, the property lacked curb appeal and needed some interior enhancements. OneV Capital executed a renovation, which included renovating the main leasing office, solar heated swimming pool, BBQ area, video surveillance, fire sprinklers, and ample covered parking, and landscaping. In addition, significant unit interior upgrades included the addition of in-unit washers and dryers. As a result of OneV Capital's renovations, rents increased by over 21% and The Ramona Oak was sold in May of 2016 for $5,600,000 which yielded a 2.1 multiple.