The private equity investment group has paid $7.7 million for the property, which is located at 1005 Margarita. Known as Contadora Apartments, the four-building complex was 92% occupied at the time of sale.
Both CT Realty and the seller, Los Angeles-based Commercial Ventures, were represented by David Casper and Bruce Furniss of Grubb & Ellis Co.
Multifamily properties in the Inland Empire have been attracting the attention of local investors in recent months. "Many of today's patient money players are viewing certain submarkets of the Inland Empire with renewed interest," Casper says. He explains that the success of submarkets like Corona is due to their close proximity to Orange County, as they offer the lower rental rates of the Inland Empire and at the same time are within reasonable commuting distance of Orange County.
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