Royal Nutrition Gobbles Up 54-Unit Complex

ANAHEIM, CA-Locally based Royal Nutrition has swallowed up a 54-unit apartment complex in Moreno Valley, as investors are hungrily eyeing the Inland Empire’s tight multifamily market.

Royal has paid $3.6 million for the property, known as Palos Verdes Village. The complex is located at 24248-24254 Dracaea and 24247-24293 Atwood.

The buyer and the seller, San Rafael-based Taurus Distribution, were represented by Alex Mogharebi of Marcus & Millichap’s Ontario office.

Multifamily properties have been changing hands at a steady pace in the Inland Empire, as such high demand for housing here has made apartment product a strong investment. The demand is being driven mainly by strong population and job growth, which the area continues to experience despite a weakening national economy. Rents are expected to rise as the year progresses, since new supply will be unable to meet the high level of demand, according to local experts.