INLAND EMPIRE, CA-Hendricks-Berkadia‘s Dean Zander, Vince Norris and Spencer Scott tell GlobeSt.com that they have successfully completed the sale of 208 units in Riverside, CA just a few months after the sale of 176 units listing in Moreno Valley Ranch for the same seller, a private Bay Area investment group.
DLPG Real Estate Investment Fund, a private San Diego-based investor closed escrow on the View Pointe Apartments located in the residential submarket of Canyon Crest in the city of Riverside for $32 million or $153,846 per unit. The highly amenitized asset was completed in 1998 by AG Spanos Cos.
The property consists of 18 two-story residential buildings and retains a recorded condominium map. View Pointe’s “exceptional location” one mile from the University of California Riverside with visibility from 60/215 Freeway and close proximity to Downtown Riverside & Meridian (1,280-acre business park) made the property “very attractive to several potential investors.”
This past April, the multifamily team represented the same seller in the sale of the Reserve at Moreno Valley Ranch Apartments, a resort style community overlooking the 27-hole Moreno Valley Ranch Course. Completed in 2005 by Alliance Residential within Moreno Valley’s new Rancho Belago submarket, the asset sold for $23.75 million or $134,943 per unit on April 22nd. The buyer, the Reserve Apartments LP, a private San Diego investment group was represented by Margie Molloy of Hendricks-Berkadia’s Inland Empire office.
The directors of the firm’s institutional group, Zander and Norris explain that “both transactions represent the strong and continued demand for all well-located multifamily assets across Southern California’s landscape.”
They add that the company has “experienced record setting levels of buyer interest in all geographically desirable assets spanning the Inland Empire, Los Angeles County and most recently in Orange County.”
Check back in the next day or so with more from the buyer of this property and thoughts on the Inland Empire market.