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June 17, 2018
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Moreno Valley Res Community Traded in $34 Mil Transaction


Legends at Rancho Belago, a 206-unit apartment property in Moreno Valley, was acquired by a 1031 exchange investor in a recent transaction valued at $33.85 mil, or about $164.3k/unit. The asset was sold by The Reliant Group.

Situated on just over 13 acres at 13292 Lasselle St, south of Hwy 60 and east of Perris Blvd, Legends was originally built as a 40-unit, for-sale condominium property in 1993. The remaining 166 apartment units were built in 2006. In February 2016, the entirety of the units commenced operating as a rental community.

The low-density, garden-style property offers a mix of 42 one-bedroom/one-bath units and 164 two-bedroom/two-bath units. On-site amenities include a resort-style swimming pool and Jacuzzi, fitness center, clubhouse, playground, barbeque and picnic areas, and controlled access entry.

The Reliant Group had recently renovated a number of the units and completed an extensive renovation and expansion of the clubhouse. The buyer plans to improve upon the level of current renovations to meet the tenant demand for quality rental residences in the market.

Peter Sherman with Avison Young represented the buyer, Cherry Heights LLC. The Reliant Group was represented by the Institutional Property Advisors team of Alexander Garcia, Jr., Christopher Zorbas, and David Sperling.

“My client was on a tight timeframe to acquire a multi-family asset as part of the upleg in the 1031 exchange,” comments Sherman. “Legends at Rancho Belago was an outstanding fit. The property is well-poised to appreciate and see future rent growth, as the demand drivers in Moreno Valley are strong.”

This part of the Inland Empire has been seeing significant population growth and an influx of higher-paying jobs, bolstered by the recent development of new logistics centers, such as Amazon’s approximately 2 msf facility and a growing concentration of medical services and education embodied by the Riverside University Health System and the new Kaiser Permanente.

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