Joe Leon of Hendricks & Partners in Newport Beach and Paul Runkle of the company's Inland Empire office in Temecula represented the buyer and the seller of the property, which was 89% occupied at sale time. The Borgata's 308 units include 124 one-bedroom apartments, 144 two-bedrooms and 40 three-bedroom units.
The 40 buildings that compose the Borgata are all three-story structures of wood frame and stucco. The apartments average 842 sf and rent for an average of $1,058 per month.
Built in 1987, the complex occupies a parcel of approximately 15 acres at 10655 Lemon Ave. It was renovated extensively in 2001 and 2002, with substantial upgrades to the units, including new paint, new flooring and carpeting, track lighting and crown molding, along with new kitchen appliances, washers and dryers, wood-burning fireplaces, oversized patios and balconies, and dining room ceiling fans. Common area features at the guard-gated complex include three swimming pools, whirlpool, lighted tennis courts, barbecue and picnic area, landscaping throughout the complex, and covered parking.
The latest Inland Empire market report from Hendricks & Partners shows the region enjoying "success in harsh economic times," continuing the job growth that bolsters the apartment market and sets the Inland Empire apart from many other regions of California and the nation. Despite rising home prices in the Inland Empire, the Hendricks report says, for-sale housing in the area remains much more affordable than it is in Southern California's coastal counties. But those rising median home prices may soon surpass the local FHA loan limit of $184,000 (with 3% down), "promising further security for the multifamily home market" here, the report says.
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