RIVERSIDE, CA-Chicago-based apartment REIT Equity Residentialhas placed a 208-unit complex here and a 176-unit complex in RanchoBelago on the market, tapping Hendricks & Partners as listingagent. The Hendricks & Partners listing agents are Paul Runkleof the Inland Empire office, Vince Norris of the Warner Centeroffice and Dean Zander in the company's West Los Angelesoffice.

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The 208-unit property in Riverside is View Pointe ApartmentHomes, which was built in 1998. The 176-unit complex, which wasbuilt in 2005, is the Reserve at Moreno Valley along the MorenoValley Ranch Golf Course in Rancho Belago.

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The Hendricks & Partners brokers describe the complexes asclass A, low-density, core properties. In addition to the coreaspect of both properties, they cite a number of factors that areexpected to add to their appeal to both private and institutionalinvestors. These include their locations near freeways, the recentconstruction, the strong occupancy and the resurging interest inthe Inland Empire, as well as the proximity of jobs, shopping,entertainment and other amenities.

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Norris comments, “REITs and a handful of other multifamilyinvestors have dominated Southern California’s +100-unitacquisitions in 2010, leaving many institutional and large privateinvestors on the sidelines." The properties, Norris says, are beingoffered at "an elusive 6% cap rate."

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Zander adds that both complexes are professionally managed, inexcellent condition and maintain or exceed 96% occupancy.Additionally, both are strategically located within theirrespective markets and feature amenities including full-sizedwashers and dryers, central air, gated pools, abundant parking andfully furnished leasing centers, clubhouses, business centers andfitness facilities. View Pointe also features a lighted tenniscourt and has a recorded map for condominium purposes.

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“There are a few multifamily transactions brewing in the InlandEmpire right now,” notes Runkle. He points out that the Reserve wasdeveloped by Alliance Residential and View Pointe by AG Spanos, thelatter with a Canyon Crest location near UC Riverside.

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View Pointe includes 17 two-story buildings on over 26 acreslocated at 5059 Quail Run Rd. in Riverside; units there averageover 900 square feet and include one to three bedrooms and one ortwo baths. The Reserve comprises 20 two and three-storygarden-style buildings on over 17 acres at 15100 Moreno Beach Dr.;it consists of 73% two and three bedroom units that average nearly1,000 square feet. In-place rents at both properties average only$1.20 per foot, and $1,138 per month, "indicating significant roomfor future rent growth," Runkle says.

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Equity Residential is offering both properties debt-free, with abid deadline of Oct. 7.

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