Apartment Sale Approaches $76M

The 31-building wood frame and stucco complex is located at 7450 Northrop Drive in the Canyon Crest area of Riverside. The complex was built in 2001 and traded at a price that was significantly below replacement cost, according to John Daciolas of the Ontario office of Grubb & Ellis.

Daciolas and John Kalmikov of the Ontario office of Grubb & Ellis,represented the buyer, with the seller represented by L.J. Melody. The sale of the complex to a REIT continues the increased investment in the Inland Empire by institutional buyers, who have taken more notice of the Inland region in recent years.

In the Orange County transaction, a private investor paid nearly $1.5 million for a one-building, six-unit apartment complex at 7872 Aldrich St. in Huntington Beach. The location is near Beach Boulevard and Edinger Avenue, close to the 405 Freeway.

Alex Pavich of Sperry Van Ness in Irvine represented the seller, a private investor, with David Abu of Coastline West Realty representing the buyer. According to Pavich, the property garnered a premium price per unit after the seller held it for only a year.

Built in 1979, the complex was 100% occupied at the time of the sale.It consists of five two-bedroom, one-bathroom units and one three-bedroom, two-bathroom unit with rents ranging from $1,195 to $1,550. The property includes garages and is across the street from the newly remodeled Bella Terra Shopping Center.