TOWERS AT RIVERWALK
4204 and 4210 Riverwalk Parkway
Identification – Waterford utilized a relationship with an investment sales broker to acquire the 98% leased 196,000 SF two building Office campus from an institutional seller after a failed marketing process had failed to achieve the initial desired pricing.
Evaluation – Waterford utilized its strong market knowledge to underwrite the opportunity quickly and realized the sub-market was one of the best performing sub-markets in Southern California.
Business Plan – Waterford felt the project could achieve higher market rents given the quality of the asset coupled with the lack of competitive options for tenants in the submarket.
Capitalization – Waterford partnered with an Institutional real estate equity fund to acquire the project all cash for $32M within 30 days of going under contract.
Asset Management – Waterford immediately begin working with one of the existing tenants at the project to sell them their current building as they had a desire to be a long term owner. Waterford sold them their building exactly one year after acquiring the project a 25% profit. Waterford also renewed and expanded the majority of the tenants in the other building within the first 12 months of ownership.
Stabilization – Waterford is evaluating its desire to either sell or hold the remaining building now that is fully leased and stabilized.