Murrieta Apartment Moves for $4.1 Million

NEWPORT BEACH, CA—Local developer Warmington Land Co. has sold 17.4 acres at California Oaks Road and Jackson Avenue in the Riverside County community of Murrieta for a 264-unit apartment complex. California Oaks-Jackson Avenue Multi-Family LLC bought the land for $4.1 million from Warmington in a deal brokered by O’Donnell/Atkins Co. The property in the city’s California Oaks master-planned community has full entitlements and is near the Colony Golf Course.It’s little wonder investors are rushing to build apartment complexes. Existing properties, even those in B-list rental markets, are selling like crazy. In two recent deals, Marcus & Millichap Real Estate Investment Brokerage handled the sale of 44- and 50-unit complexes in San Bernardino. The 50-unit Mountain Terrace property at 4296 Sepulveda Blvd. fetched $1.3 million, while the 44-unit Sterling Villas on Sterling Avenue sold for $1.1 million.