CBRE announced the sale of a multifamily complex in Moreno Valley, CA for $27.9 million.
Stew Weston and John Montakab of CBRE represented the seller, TruAmerica, a national multifamily investor and operator. The buyer, New Standard Equities, a local real estate investment and asset management firm, represented itself.
Located at 13400 Elsworth Street, this apartment complex is known as the Mediterranean at Townsgate. It features 227 units and totals 201,677 square feet, offering the opportunity to continue an interior renovation program to realize future rent increases. The property boasts an extensive amenity package, including two large swimming pools and spa, playground, sports court, outdoor barbecue areas, a resident lounge and a leasing office. The Moreno Valley mall, with national tenants such as Sears, Macy’s, and Forever 21, is located only a mile from the complex.
Mediterranean at Townsgate includes two affordable regulatory agreements, setting aside 45 units for residents making between 50% and 80% of the average median income.
CBRE’s Brian Eisendrath and Annie Rice secured financing for the buyer.
Moreno Valley is currently benefiting from a 95% multifamily occupancy and 8.3% year-overyear rent growth. The city is home to a variety of Fortune 500 companies such as Procter & Gamble, Walgreens and Lowe’s. Over the past five years, more than 15.5 million square feet of industrial space has been added in the Inland Empire, fueling demand for a variety of real estate.
“We received multiple offers for this property due to our team’s experience in Moreno Valley and our familiarity with development agency regulatory agreements,” said Weston. “This area has seen a lot of growth, and demand for housing is very strong, which makes this a great investment.”
Stew Weston and John Montakab of CBRE represented the seller, TruAmerica, a national multifamily investor and operator. The buyer, New Standard Equities, a local real estate investment and asset management firm, represented itself.
Located at 13400 Elsworth Street, this apartment complex is known as the Mediterranean at Townsgate. It features 227 units and totals 201,677 square feet, offering the opportunity to continue an interior renovation program to realize future rent increases. The property boasts an extensive amenity package, including two large swimming pools and spa, playground, sports court, outdoor barbecue areas, a resident lounge and a leasing office. The Moreno Valley mall, with national tenants such as Sears, Macy’s, and Forever 21, is located only a mile from the complex.
Mediterranean at Townsgate includes two affordable regulatory agreements, setting aside 45 units for residents making between 50% and 80% of the average median income.
CBRE’s Brian Eisendrath and Annie Rice secured financing for the buyer.
Moreno Valley is currently benefiting from a 95% multifamily occupancy and 8.3% year-overyear rent growth. The city is home to a variety of Fortune 500 companies such as Procter & Gamble, Walgreens and Lowe’s. Over the past five years, more than 15.5 million square feet of industrial space has been added in the Inland Empire, fueling demand for a variety of real estate.
“We received multiple offers for this property due to our team’s experience in Moreno Valley and our familiarity with development agency regulatory agreements,” said Weston. “This area has seen a lot of growth, and demand for housing is very strong, which makes this a great investment.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
