MORENO VALLEY, CA—Alliance Residential, a Phoenix-based multifamily owner, operator and developer, has closed on the sale of the 304-unit Lasselle Place. The buyer was a Los Angeles-based institutional investor, and the property sold for $45M.
The listing Berkadia brokerage team of Dean Zander, Vince Norris, Margie Molloy and Spencer Scott represented the seller.
“This deal is proof of compelling strong demand in the value-add space for suburban California garden-style communities built during the last cycle” said Zander.
Lasselle Place, located at 15700 Lasselle Street was built in 2005 and is located within the desirable Rancho Belago submarket of eastern Moreno Valley. The market rate community is highly amenitized and adjacent to over 142,000 square feet of retail. Within a five mile radius of the community is over 100 million square feet of new business developments including the Meridian Business Park, World Logistic Center, and March Air Force Base Redevelopment. The garden style community features a mix of one-, two- and three-bedroom apartment homes in 14 buildings, and situated on over 15 acres of land. A separate, large welcome center serves as a leasing center and hosts a fitness center, business center, and community lounge that opens to a central pool and spa. Unit amenities include central air-conditioning, balconies or patios, full size washer and dryers, individual hot water heaters, and large storage closets. The property is conveniently located near both the (60) and (215) freeways and is within minutes of other major business hubs and transportation corridors leading into Los Angeles, Orange and San Diego Counties.
Alliance was one of the first developers to build class A apartment communities in the Moreno Valley during the last development cycle and they continue to be bullish on the city's need for quality rental housing. The Moreno Valley area has experienced meaningful rent growth over the past four years, totaling nearly 10%.
The marketing effort attracted numerous capital sources from both private individuals and institutional capital markets. The team conducted dozens of tours in August and September which culminated in 20 qualified offers. The new ownership plans considerable upgrades to the interiors and common areas to reflect the desires and needs of this rapidly improving submarket.
Berkadia is one of the largest real estate multifamily services firms in the country.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
