The two-building complex is at 3675 Banbury Drive and was sold by a private investor, says Jennifer Esser of Sperry Van Ness, who represented the seller. Rick Fowler of American Alliance represented the buyer. The apartment complex, built in 1991, includes eight one-bedroom units and 16 two-bedroom units with rents ranging from $700 to $875. This property was 100% occupied at the time of the sale.
In another Inland Empire sale that closed recently, according to Sperry Van Ness, Three Gem LLC bought the Sun Valley Estates mobile home park in Hemet from Twin Palms Associates for $2.4 million. The 115-unit community is at 1445 W. Florida Ave. William Pyle Jr of Sperry Van Ness in Irvine represented the seller and the buyer. Pyle says the property has a 35% vacancy that will provide substantial upside once the new owner fills it. The park was built in 1969. It includes 112 double wide spaces and three RV spaces with rents ranging from $240 to $295.
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