The sale closed at a 7.2% cap rate, says Alex Mogharebi of the Ontario office of Marcus & Millichap. Mogharebi brokered the sale, which represented a 1031 Exchange for the seller.
The Casa Mediterrania was constructed in 1980 and occupies approximately 10 acres. The unit mix includes 24 studio apartments, 112 one-bedrooms and 66 two-bedroom apartments. The units range from 493 sf to 1,073 sf, with rents that range from $420 to $990 per month. The property was fully occupied at the time of the sale, an indication of the strong demand for apartments in the Inland Empire, where a recent Marcus & Millichap report said apartment market fundamentals were among the soundest in the nation.
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