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Universe Holdings Closes on 160-Unit Multifamily Community in the Inland Empire

9/02/22

In a recent Inland Empire multifamily trade, Universe Holdings purchased Stonegate Apartments, a 160-unit multifamily asset in Riverside. The price was not given out, however, we can tell you that the deal was financed with an acquisition loan of $24.64 mil.

The property, located at 6506 Doolittle Ave, was built in 1987. Amenities at Stonegate Apartments include a fitness center, swimming pool, covered parking, four laundry rooms, and a business center. The average unit size is 800 sf.

The property’s location in Riverside’s Arlington neighborhood is close to five major freeways, California Routes 60 and 91 and Interstates 10, 15 and 215, giving residents access to over 1.9 million jobs in the Inland Empire and many more within commuting distance in Orange and Los Angeles counties. Shopping is nearby at Stater Brothers, Galleria at Tyler, Ontario Mills and Victoria Gardens. Riverside City College and the Jurupa Valley/Pedley Metrolink train station are a short drive away.

Alexander Garcia Jr., Christopher Zorbas, Kevin Green, Greg Harris, and Joseph Grabiec with Institutional Property Advisors represented the seller, Pacific Living Properties, and procured the buyer in the deal. Charles Halladay, Jonah Aelyon and Jolie Zhou with JLL Capital Markets arranged the acquisition money.

“With average rents in the Riverside submarket projected to grow 7.9% over the next 12 months and 27% over the next five years, Stonegate Apartments is poised to produce strong returns for the buyer,” said IPA’s Garcia Jr.




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