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9/10/12
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Tuscan Luxury Townhomes, a 63-unit apartment complex in Riverside, sold for $10.55 mil, or about $167.5k/unit. The 76.5k sf property, located at 11511 Magnolia Ave, off California State Route 91 in western Riverside, was 100% occupied at the time of the sale.
Built in 2009, Tuscan Luxury Townhomes features five floor plans, all of which are two-bedroom/2.5-bath units with attached double-car garages. All units have hardwood floors, custom cabinetry, granite countertops, stainless-steel sinks and dual master bedrooms.
The property is individually metered for both gas and electricity. Community amenities include a swimming pool with an ample deck, outdoor shower and exercise facility with both weight lifting and cardio machines.
Jim Kordell, a senior associate in Marcus & Millichap’s Ontario office, represented the seller, a private Washington State-based owner. Eric Chen, also a senior associate in the firm’s Ontario office, repped the buyer, a real estate fund specializing in the acquisition of multifamily properties in the western United States.
“Tuscan Luxury Townhomes is currently the newest apartment complex to have been built in Riverside and its occupancy rate shows the willingness of renters to pay premium rents for modern living spaces,” commented Chen. “This transaction illustrates the growing demand for new high-quality multifamily properties and is an indication of the Inland Empire’s improving investment market.”
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