RIVERSIDE, CA-Pacific Property Co. of Palo Alto has acquired the 304-unit Glenbrook Apartments complex from Morgan Stanley Real Estate Advisors Inc., according to Transwestern Multi Housing Capital Advisors. The Transwestern team of Curtis Palmer, Herb Chase and Alex Quintana, who brokered the sale, report that the buyer acquired one of the Inland Empire's highest quality multifamily properties.
Located at 3610 and 3625 Banbury Drive, Glenbrook Apartments is a 15-acre, garden-style community composed of 21 two-story buildings. Built in 1985, the property was more than 92% occupied at the time of the sale.
The location of the complex is in the La Sierra neighborhood just north of the 91 Freeway. It is close to major employment centers, Downtown Riverside, public parks, outdoor recreation areas, and numerous retail, restaurant and entertainment destinations.
Palmer comments that, with average new home prices achieving record gains in the Riverside area, "A growing percentage of potential homeowners are being priced out of the market for single family homes." Palmer adds that Glenbrook qualifies as a superior investment "for an apartment operator or a condominium converter," noting that the property is mapped for condominium conversion.
The 304 apartments comprise 128 one-bedroom units, 48 units with two bedrooms and one bath, and the remaining 128 units with two bedrooms and two baths each. The two bedroom units account for 58% of the overall unit mix.
The deal underscores the strong interest in Inland Empire multifamily properties among investors of all types. In recent years, investors ranging from high-net-worth individuals to REITs and other institutions have acquired apartment complexes in the region.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.