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12/03/14
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Phoenix-based Alliance Residential closed on a large multifamily buy in the Inland Empire, paying $45 mil for Lasselle Place, a 304-unit ($148k/unit) community in Moreno Valley. The property, which was sold by a large Los Angeles-based institutional investor, is considered to be one of a very few large “value-add” residential assets to trade in Southern California this year.
Built in 2005, Lasselle Place is located at 15700 Lasselle St and is within the desirable Rancho Belago submarket of eastern Moreno Valley. The market-rate rental community in the area is highly amenitized and adjacent to over 142k sf of retail. Within a five-mile radius there are numerous new business developments including the Meridian Business Park, World Logistic Center, and March Air Force Base Redevelopment.
The garden-style community features a mix of one-, two- and three-bedroom apartment homes in 14 buildings, and situated on over 15 acres of land. A separate, large welcome center serves as a leasing center and hosts a fitness center, business center, and community lounge that opens to a central pool and spa.
Unit amenities include central air-conditioning, balconies or patios, full size washer and dryers, individual hot water heaters, and large storage closets. The property is conveniently located near both the (60) and (215) freeways and is within minutes of other major business hubs and transportation corridors leading into Los Angeles, Orange and San Diego County.
Dean Zander, Vince Norris, Margie Molloy and Spencer Scott of Berkadia represented the seller in the transaction. “This deal is proof of compelling strong demand in the value-add space for suburban California garden-style communities built during the last cycle,” Zander commented.
Alliance was one of the first developers to build Class A apartment communities in the Moreno Valley during the last development cycle and they continue to be bullish on the city’s need for quality rental housing. The Moreno Valley area has experienced meaningful rent growth over the past four years, totaling nearly 10%. Additionally, jobs have increased nearly 3% over the past year, faster than any part of California outside the Bay Area. It is projected that the area will continue to experience strong growth driven by an increase in demand for housing in a region that is significantly more affordable than the rest of Southern California.
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