SAN DIEGO, CA - San Diego-based Sunroad Enterprises is proud to announce the acquisition of Clocktower Village, a 188-unit multi-family community located in DuPont, Washington. The purchase is the first acquisition made in a new partnership between Sunroad Enterprises, Wermers Properties and R&V Management, with Loma Linda University as the Limited Partner.
“Clocktower Village provided the right combination of a high-quality property with significant upgrade potential,” said Dan Feldman, President of Sunroad Asset Management and Managing Partner of the partnership. “Combining our passion, understanding and keen knowledge of the multi-family industry, this partnership is eager to continue investing in new properties similar to Clocktower Village.”
Originally built in two phases during 1997 and 2005, Clocktower Village is comprised of 33 buildings. The unit mix includes one-, two-, and three-bedroom units, with an average unit size of 1,045 square feet. Clocktower Village also includes a 24-hour fitness center, pool and spa area, and attached garages, among other amenities.
Clocktower Village is centrally-located in the master-planned community of Northwest Landing in DuPont, and is adjacent to Northwest Landing’s Town Center, which offers various services, restaurants and eateries. The community is also located less than ten miles south of Joint Base Lewis McChord, the largest military base on the west coast with more than 50,000 military and civilian employees, and is near major employers like Amazon and State Farm Insurance.
“With its prime location and mixed-use component, Clocktower Village is the ideal first venture embarked by this new partnership,” said Tom Wermers, CEO and President of Wermers Properties. “Our strong partnership, who owns or has developed more than 50,000 multi-family units combined, aims to pursue innovative new projects and business ventures that ultimately help strengthen the multi-family market in the Northwest region.”
The deal represents Sunroad’s first partnership with Wermers Properties and R&V Management. Founded in 1979, R&V Management is the largest owner of multi-housing in San Diego County, with 9,900 units across 38 communities primarily in San Diego County. R&V is also heavily involved in the development of new multifamily properties in San Diego, including 2,000 recently completed and under construction units.
Wermers Properties is a San Diego-based, full-service, multifamily, development, investment and general contracting company. Since its founding in 1957, Wermers has completed 40,000 apartment units in California, Texas, Nevada and Arizona, and created more than $3 billion in value. The company is currently leading the development of some of the country’s largest multifamily projects across the southwestern United States, including 3,000 units under development and thousands more under construction.