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7/16/15
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MJW Properties, an LA-based private real estate investment firm, closed on institutional-quality residential buy in the Inland Empire, paying $44 mil for Broadstone Overlook, a 256-unit ($172k/unit) asset in Moreno Valley. The community, located at 12963 Moreno Beach Dr, is situated within the desirable Rancho Belago submarket of eastern Moreno Valley.
Broadstone Overlook was built in 2007 by Alliance Residential, one of the first developers to build Class A apartment communities in the Moreno Valley during the last development cycle. It was sold by Broadstone at Valley View LLC, with Alliance still handling the management at the time of sale.
Broadstone Overlook is highly amenitized and located next to Moreno Beach Plaza, Stone Ridge Towne Centre, and the Moreno Valley Auto Mall. Within a two-mile radius of the community are nearly 45 msf of new business developments including the ProLogis Eucalyptus Industrial Park, Aldi Foods Regional Headquarters, Skechers Factory Outlet, and the proposed World Logistic Center.
The garden-style community features a mix of one-, two- and three-bedroom apartment homes in 15 buildings, and situated on over 16 acres of land. A separate, large welcome center serves as a leasing center and community lounge that opens to a central pool and spa; an adjacent structure hosts a fully-equipped fitness center and business center. Unit amenities include central air-conditioning, balconies or patios, full-size washer and dryer, individual hot water heater, and large storage closets.
Recently, ownership began to upgrade the unit interiors with wood-style flooring throughout the entire home and all new stainless steel appliances in select units. 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 Counties.
The Berkadia brokerage team of Dean Zander, Vince Norris and Margie Molloy represented both parties in the transaction. The listing attracted the attention of over 160 capital sources from active investors including private individuals, sponsored equity groups and institutional capital markets. The new ownership plans to continue upgrades to the interiors to reflect the desires and needs of this rapidly improving submarket.
“The Moreno Valley area has seen substantial rental improvement over the past four years, totaling nearly 10%, propelled in part by its tremendous employment growth,” added Norris. “It’s projected that the area will continue to experience continued expansion driven by robust submarket fundamentals combined with an increase in demand for housing in a region that is significantly more affordable than the rest of Southern California”, Zander continued.
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