The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
March 28, 2024
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



SOUTHERN CALIFORNIA NEWS
Printer-friendly Version   Email an Associate
Moreno Valley Multifamily Community Sells for Almost $100 Mil

9/12/16

Weidner Apartment Homes has purchased Stonegate at Towngate, a 552-unit apartment complex in Moreno Valley, for $98.55 mil ($178k/unit) in a deal we’re told represents one of the highest prices for a single asset market rate sale in the Inland Empire in the past year. The property was sold by San Diego-based Davlyn Investments Inc, who acquired the community just after it was completed in 2007.

Located in the Towngate master-planned neighborhood, the property is located at 12640 Memorial Way Dr, just southeast of the Hwy 60 and I-215 interchange. Stonegate at Towngate sits across the street from over 2.3 msf of commercial space including the Moreno Valley Mall and four associated retail centers. It is just minutes from two multi-billion dollar business parks being developed or planned within Moreno Valley.

Stonegate at Towngate is the largest apartment community in Moreno Valley and the 12th largest asset in the Inland Empire, boasting some of the most generous unit sizes and most complete amenity packages within the market. Tenants enjoy amenities including two pools and spas, an outdoor media lounge, a luxurious leasing office, fully-equipped fitness center, indoor and outdoor kitchens, a large clubhouse, business center and more, situated on over 26 acres of landscaped grounds.

The complex offers mostly two- and three-bedroom units, averaging nearly 1.1k sf in size. The units feature in-suite washer/dryers, central air, nine-foot ceilings, private patios or balconies and many include a private garage as well.

Dean Zander and Spencer Scott with Berkadia represented the seller in the transaction. Weidner is out of Kirkland, WA. Berkadia also arranged the new 75% LTV acquisition financing.

According to Zander, “Stonegate represented a strategic value-add opportunity; with only one-third of the units upgraded to some degree. Minimal additional interior upgrades will allow the buyer to achieve a significant rent premium over the current rental rates, while maintaining very strong occupancy.”

According to Realfacts Inc, the average apartment market rent in Moreno Valley has increased more than 7% over the last 12 months while maintaining one of the highest occupancy rates in the Inland Empire at 96.8%. The City of Moreno Valley reports an inventory of less than 2,400 approved multifamily units and AXIOMetrics Inc currently reports no construction activity. Rents are expected to increase further as the market struggles to meet the housing needs of the expanding population.





Return to the Archive page


 


 


 


 
 





Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media